Corporate tax cuts a ‘panic reaction’ to tide over choppy Sensex: Congress 

Agencies
September 21, 2019

New Delhi, Sept 21: The Congress on Friday termed the corporate tax cut a "panic reaction" by the government and linked it to the 'Howdy Modi' event in Houston, with Rahul Gandhi saying he is amazed at what Narendra Modi can do for a "stock market bump" before the diaspora programme.

The opposition party also claimed that the Modi 2.0 dispensation has turned out to be an "economic and political disaster" and "constant rollbacks" of economic decisions will lead to worsening of the economic situation.

Congress' chief spokesperson Randeep Surjewala said the latest announcement by BJP government slashing corporate tax worth Rs 1,45,000 crore a year is another "panic reaction to tide over choppy Sensex index, but its implications and substantive issues need to be answered by the Prime Minister and the Finance Minister not through event management but sound economic management".

"This government's path is event management and economic mismanagement. Due to this path, clouds of economic slowdown are hovering over the country. The BJP government is now recognised by slowdown and lockdown," he said.

Questioning the timing of the corporate tax cut announcement, the opposition party alleged that it has been dictated by Modi's 'HowdyModi' event in the United States.

Terming 'HowdyModi' the "world's most expensive event ever", Rahul Gandhi said he is "amazed" at what Prime Minister Modi is ready to do for a stock market bump ahead of the US event.

"Amazing what PM is ready to do for a stock market bump during his Howdy Indian Economy jamboree. At + 1.4 Lakh Crore Rs. the Houston event is the world's most expensive event, ever! But, no event can hide the reality of the economic mess 'HowdyModi' has driven India into (sic)," Gandhi said on Twitter.

The Congress party said on its official Twitter handle, "The constant rollbacks and erratic decisions taken by this government may give the impression of progress through stock market bumps but will further decrease investor confidence and lead to worsening of the economic situation in the country."

Congress senior spokesperson Anand Sharma said Finance Minister's announcements is yet another "knee-jerk" reaction to arrest a "massive" economic slowdown.

"Decision-making cannot be swinging from one extreme, from surcharge to rollback and now slashing of Corporate Tax.

"The Finance Minister should know that this will neither induce private investments nor boost private demand or consumption. The way forward was upfront public investment. From monumental mismanagement of the economy, the government is desperate to deflect and manage headlines," Sharma said.

Congress leader Jairam Ramesh welcomed the reductions but expressed doubts on whether the step will revive investment. Asking if it was the prime minister's "trump card", he said the government's move does nothing to dispel the fear that pervades India Inc.

"A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before the next one. This is welcome but it is doubtful whether investment will revive. This does nothing to dispel fear that pervades in India Inc," Ramesh said on Twitter.

"Timing of FM announcement dictated by #HowdyModi event. PM can now say, 'I have come to Texas promising lower Taxes'. Is this his 'trump card'?," he asked.

Surjewala alleged that Finance Minister Nirmala Sitharaman and her colleagues are marred by "bankruptcy of ideas" to revive the ailing economy.

"Economic mismanagement, herculean blunders and daily bloopers have cast a shadow upon the economic stability and direction of the country," he said at a press conference.

He also asserted that the worst sufferers of the economic recession are the salaried people, the middle class, the youth, small shopkeepers and small and medium businesses.

"While corporate tax has been slashed by 27% (i.e., 30% tax slab to 22% tax slab), why has a single penny of relief not been given to the honest taxpayers, who bear the actual brunt of the economic mess created by the BJP government?" he asked.

"The Modi government 2.0 has turned out to be an economic and political disaster for India. The looming economic crisis is fast turning into 'BJP-Made Economic Anarchy," he said.

Prime Minister Modi and Finance Minister Sitharaman must understand that stimuli does not help beyond a certain level, Surjewala said.

"What the economy requires is sound leadership, mature thinking, financial prudence, fiscal discipline and honesty of purpose. The BJP government lacks all of these," he alleged.

"The Modi government 2.0 is - 'one step forward, three steps backward'. Prime Minister and Finance Minister are dealing with economy and livelihood in fits and starts like fledgling novices. Net result is falling GDP, failing exports, shutting down of industry and businesses and loss of millions of jobs," the Congress leader alleged.

"The experimental Prime Minister and the greenhorn Finance Minister" need to tell the nation as to where will the resources to compensate the revenue loss of Rs 1,45,000 crore come from," he asked.

The government on Friday slashed the corporate tax rates for companies.

Surjewala also raised the question as to how will a "run-away" deficit be checked and why were the Prime Minister and Finance Minister making a "mockery" of the entire budget exercise.

He said the budget proposals approved by Parliament have either been rejected or amended or rolled back.

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Agencies
June 5,2020

Malappuram, Jun 5: A lawyer has filed a complaint with Superintendent of Police, Malappuram against BJP leader Maneka Gandhi and others for allegedly indulging in a hate campaign against Malappuram district and its residents.

Advocate Subhash Chandran, who hails from Malappuram, on Thursday filed a complaint seeking registration of FIR against former Union Minister Maneka Gandhi and others for allegedly indulging in a hate campaign against Malappuram and the residents of the district.

The complainant alleged that the campaign against the district was very derogatory and with a malafide intent.

The complaint stated that the unfortunate death of an elephant in Mannarkkad, Palakkad District dominated social media conversations in the last two days but a group of people deliberately added communal colour into it only to spread hatred against Malappuram, which is a Muslim majority district in Kerala.

It also stated that the elephant in question died on May 29, 2020, in Palakkad not in Malappuram as claimed by a section in social media users. Prominent news outlets operating from the South also reported that the elephant died after consuming explosive-laden pineapple in Palakkad.

The complaint also named political commentator, Tarek Fatah, for allegedly starting a hate campaign against the district and the minority community.

It alleged that Union Minister Maneka Gandhi made false and frivolous allegations against the district of Malappuram and its residents.

Chandran, through the complaint, prayed to the district police chief to register an FIR against Maneka Gandhi and others under Section 153A, 120B etc. of Indian Penal Code.

An elephant had died after she ate the pineapple stuffed with crackers and forest officials said that it died standing in river Velliyar after it suffered an injury in its lower jaw.

The elephant was seen standing in the river with her mouth and trunk in the water for some relief from the pain after the explosive-filled fruit exploded in her mouth.

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News Network
July 18,2020

New Delhi, Jul 18: The Covid-19 lockdown-led reduction in air pollution levels across five Indian cities, including Delhi and Mumbai, may have prevented about 630 premature deaths, and saved USD 690 million in health costs in the country, according to a new study.

Scientists, including those from the University of Surrey in the UK, assessed the levels of harmful fine particulate matter (PM2.5) from vehicles and other sources in five Indian cities -- Delhi, Mumbai, Kolkata, Chennai and Hyderabad -- since the beginning of the lockdown period.

The study, published in the journal Sustainable Cities and Society, compared these lockdown PM2.5 figures from 25 March up until 11 May, with those from similar periods of the preceding five years, and found that the measure reduced pollution levels in all these places.

According to the scientists, during this period, the levels of these harmful air pollutants reduced by 10 per cent in Mumbai, and by up to 54 per cent in Delhi.

"The percentage reduction for the other cities ranged from 24 to 32 per cent, which was slightly smaller than the measured values for Delhi and Mumbai," the scientists noted in the study.

"While the reduction in PM2.5 pollution may not be surprising, the size of the reduction should make us all take notice of the impact we have been having on the planet," said Prashant Kumar, a co-author of the study from the University of Surrey.

The scientists said these reductions in PM2.5 were comparable to those reported in other cities across the world, such as in Austria's capital Vienna (60 per cent), and Shanghai (42 per cent) in China.

They also calculated the monetary value of the reduced mortality due to air pollution and found that the lowered levels of PM2.5 may have saved 630 people from premature death, and USD 690 million in health costs in India.

Coronavirus India update: State-wise total number of confirmed cases, deaths on July 17

According to the researchers, the present lockdown situation offers observational opportunities regarding potential control systems and regulations for improved urban air quality.

They said an integrated approach might help in understanding the overall impacts of Covid-19 lockdown-style interventions and support the implementation of relevant policy frameworks.

"This is an opportunity for us all to discuss and debate what the 'new normal' should look like - particularly when it comes to the quality of the air we breathe," Kumar said.

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Agencies
July 21,2020

The Retailers Association of India (RAI) has said that ad hoc lockdowns by state governments are impacting the businesses of already-stressed retailers, along with hurting the economic revival of the country.

In a statement, the body of the organised retail industry said that the long road to recovery for the Indian retail industry continues to meet stumbling blocks with numerous restrictions being imposed at the state and local levels.

"Total lockdowns in some places and limited operational hours and days in several others are creating setbacks for retailers as the already stressed retail businesses are getting further interrupted and in turn, dampening consumer sentiment," it said.

According to RAI, although the intentions are that of citizen safety and social distancing, the recent instances of local lockdowns and ad hoc restrictions being imposed in Uttar Pradesh, Maharashtra, Andhra Pradesh and Karnataka are having a distressing impact on retail businesses.

Retailers are already facing huge setbacks in terms of payment of wages and rentals due to very low sales of about 40 per cent as compared to last year, thanks to the extended lockdown, it said.

Contesting the restrictions on operating hours, Sandeep Kataria, CEO, Bata India said: "Restricted shopping time can lead to unnecessary overcrowding of stores, which is unfavourable towards the personal safety of both store staff and customers. Longer operational hours will support recovery for retailers as well as help adhering to social distancing norms."

Arvind Mediratta, MD and CEO, METRO Cash & Carry India said that these lockdowns will create severe inconvenience for all citizens as they also bar operations of food and grocery retail and wholesale stores.

Such hastily-implemented decisions by states undermine investor confidence and would come in the way of making the country "aatmanirbhar" or self-reliant, he said.

Voicing the concerns of retailers, the RAI has submitted representations to various state and local authorities that puts forth recommendations to get businesses and life of consumers on the track to recovery.

It has said that authorities should mandatorily allow essential shops including kiranas, general trade shops, supermarkets, hypermarkets and wholesalers to operate every day of the week until 9 p.m. to cater to the daily needs of the customers.

It has also sought ensuring uniform and regular opening of all categories of retail for full working hours while following stringent hygiene practices and adhering to social distancing norms. This will help avoid overcrowding outside stores as demand will get distributed over all days of the week, it said.

The industry body has also asked the local authorities to open malls in all states. Malls can ensure a safe shopping experience wherein safety measures are taken by both, the mall authorities and the retailers, it said.

Kumar Rajagopalan, CEO, RAI, said: "The need of the hour is concerted efforts by all stakeholders. While retailers are doing their bit by following stringent hygiene practices, the policymakers too need to support to ensure economic revival across the country. Consumption is important for the country and supports the business environment."

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