Cows rescued' by vigilantes in coastal Karnataka end up in slaughterhouses'

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

Bengaluru, Feb 22: Student activist Amulya Leona, who was arrested on sedition charge after she raised ‘Pakistan Zindabad’ slogans during an anti-CAA event at Bengaluru’s Freedom Park on Thursday evening, has now criticised the organisers of the event for snatching away microphone from her hand.

The event was organised by ‘Hindu Muslim Sikh Isaai Federation’. Soon after she started pro-Pak slogans All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi rushed and tried to snatch mic from her hand. When she continued to speak, her microphone was deactivated.

According to police, the 19-year-old BA journalism student blamed her predicament on the organisers of the protest for not allowing her to complete what she wanted to say on stage.

"Maybe she had intended to say what she had recently posted on her Facebook page where she has said ‘Zindabad’ to all the countries, including India and Pakistan. But it went awry. She was not answering any of our questions, but kept saying she had not done anything wrong," a senior police officer was quoted as saying by a news paper.

The police have booked Leona for sedition and promoting enmity between groups. After her arrest, she was thoroughly questioned by the police for over two hours. After recording her statement, the police produced her before a magistrate in the wee hours of Friday. When she was taken to the judge’s residence, located at the National Games Village in Koramangala, Leona pointed towards the TV cameras and flashed a victory sign.

As the police did not seek her custody, the judge remanded her to judicial custody and she was subsequently taken to Bengaluru Central Prison at Parappana Agrahara. Her advocate is expected to file a bail application in the court on Monday.

When the police took her into custody at Freedom Park and quizzed her, she reportedly did not answer any of their questions but kept insisting that she had not done anything anti-national to be charged with sedition.

"It was the organisers’ mistake to snatch the mike from me before I completed what I had to say. Because of them, I have been arrested today. If they had given me a chance to complete what I had to say, nothing like this would have happened. Now, there is no point in telling you what I intended to speak there. But I can say that there was nothing anti-national in what I did. You can initiate action against me and my advocate will fight the case," a source, citing Leona, said.

The police recorded whatever she said as her voluntary statement and submitted it to the magistrate. "We tried to find out why she did what she did and whether there was anyone else behind her making such a statement. But it appears she had done it on her own," the police official said.

Bengaluru, Mar 5: Karnataka is facing unprecedented economic difficulties following a Rs 8,887 crore reduction in the state's share in central taxes, cut in allocation under 15th finance commission and a Rs 3,000 crore hit in GST compensation, Chief Minister B S Yediyurappa indicated on Thursday.

Presenting the state budget for 2020-21 in the Assembly, he said Karnataka's share in central taxes has come down by Rs 8,887 crore in 2019-20 as per the revised budget estimates of the central government. Therefore the state's revenue resources have been reduced. Apart from this, Rs 3,000 crore GST compensation will also be reduced as collection from the GST compensation cess is not as expected, the Chief Minister said. "With all this it has become difficult to reach to reach the 2019-20 budget targets and to manage this situation within the bounds of the Karnataka Fiscal Responsibility Act, an inevitable situation has arisen this year to cut down the expenditure of many departments," he added.

As per the interim report submitted by the 15th finance commission, there is a reduction in the state's share of central taxes to 3.64 per cent compared to 4.71 per cent fixed by the 14th finance commission. In view of this, there will be a reduction of Rs 11,215 crore in the state's share of central taxes in 2020-21 budget, when compared to the previous one.

He, however, noted that the allocation recommendation of the 15th finance commission is limited to one year only and the complete report for the period 2021-22 to 2025-26 will be submitted in October 2020.

"Our government will soon submit a revised memorandum to the commission to set right the loss caused to the state with regard allocation for the year 2020-21 and give more allocation for the remaining period," the Chief Minister said. He also said, when compared to the previous year, there is an increase of approximately Rs 10,000 crore for 2020-21 with regards to government employees salary, pension and interest on government loans, but there is no proportionate increase in resources as compared to committed expenditure. "Due to this reduction of the state's share of central taxes as per the 15th finance commission report and other developments, serious difficulties are being faced in resource mobilisation efforts of the state," Yediyurappa said. "This magnitude of economic difficulties was never faced in the previous years by our state," he added.

However, the state's own tax revenue collection is excellent during this year, he said. As compared to the previous year, there is a growth of 14 per cent in State GST collection. "Based on this, in the new budget, efforts are being made to manage the reduction in the share of central taxes by stabilising the state's own resources more", the Chief Minister said.

Karnataka recorded a gross state domestic product growth rate of 7.8 per cent in 2018-19 and Yediyurappa said for the current financial year it is estimated to be 6.8 per cent.