Indian techie found dead at his apartment in Texas

When it comes to the economy, dark days do loom large over India. May it be growth (lowest since 2008), inflation (highest in the last six years), or revenue collection (lowest in 10 years), the Indian economy is faltering. Hence, there is little leeway that can be assumed in the incumbent Union Budget 2020 (the first of the decade) if the economy needs to be boosted.

While presenting the decade's first Budget for India, finance minister Nirmala Sitharaman said on Saturday in Parliament:

Taxation

•             AADHAR based tax verification introduced

•             Review of customs duty exemptions in September 2020

•             GST refund process simplified

•             Electronic invoice implementation in phases

•             New digital scheme for tax litigation

•             PAN to be instantly allotted online against Aadhar

•             Vivaad se Vishwas Scheme: Defaulter to pay only disputed tax and no penalty or interest by 31 March 2020, post which additional amount can be paid till June 2020

•             Measure to promote affordable housing - tax holiday extended for developers

•             Concession on real estate transactions

•             Turnover threshold for audit raised to Rs 5 crore from 1 crore

•             Company audit requirements eased

•             Taxes on ESOPs (employee stock ownership) in start-ups deferred by 5 years

•             100% per cent tax exemption

•             Corporate Tax at 15%

•             Dividend Distribution Tax removed, dividend taxed only for recipients

•             No tax for 0-5 lakh

•             30% above 15 lakh

•             25% for income between Rs 12.5-15 lakh

•             20% for income between Rs 10-12.5 lakh

•             15% for income between Rs 7.5-10 lakh

•             10% for income between Rs 5-7.5 lakh, against the prevailing 20%

•             A new, optional simplified personal income tax regime for those not seeking exemptions

Major steps and initiatives taken by the government in finance

•             3.8 percent fiscal deficit estimated

•             GDP nominal growth expected at 10 per cent

•             Govt to sell part of holding LIC via IPO (initial public offering)- partial LIC disinvestment

•             Partial credit guarantee for NBFCs

•             New law for netting of financial contracts

•             Mechanism to end liquidity crisis

•             NRIs (non resident Indians) can invest in certain govt securities

Aspirational India: Caring society

•             App-based invoice financing loans for MSMEs

•             Amendment to Factoring Regulation Act to aid MSMEs

•             Pension Fund Regulatory and Development Authority (PFRDI) Act amendments

•             No criminal liabilities for civil acts

•             Auto-enrolment in universal pension scheme

•             5958 cr allocated for Ladakh

•             30757 cr allocated for J&K

•             Insurance for depositors raised to 5 lakh from 1 lakh

•             Robust mechanisms in place to monitor all PSU banks

•             Depositors’ money safe

•             100 cr for hosting G20 in 2022

•             National Recruitment Agency to be set up

•             Tax payers’ charter to be enshrined in statutes

•             Amendments for Companies Act

•             Tax payer charter proposed to free citizens from tax harassment

•             Businesses should have confidence that system is fair

•             4400 crore allocation for clean air and climate change policy

•             Aim to reduce carbon footprint - Warning to old thermal plants

•             Committed to preserve environment, tackle climate change

•             23150 crore for culture ministry

•             2500 crore for tourism sector

•             Institute of Heritage and Conservation to come up soon

•             Aim to set up more museums

•             5 archaeological sites to be made iconic

•             Proposal to end manual scavenging

•             53700 crore for welfare of STs

•             85000 crore for SCs and OBCs for 2021

•             35600 crore for nutritional schemes

•             Gross enrollment ratio of girls higher than boys in elementary level

•             Beti Bachao, Beti Padhao - tremendous results

Aspirational India: Infrastructure and economic development

•             Further reforms for transparent price discovery for natural gas

•             22000 crore for power sector

•             8000 crore for quantum technology in next 6 years

•             Two national level science schemes

•             Expand Jan Aushadhi Scheme

•             1 lakh gram panchayats to be connected via Bharat Net

•             6000 crore for Bharat Net

•             Data Centre parks to be set up across the country

•             National Gas Grid to be expanded

•             Reforms to help stressed DISCOMS (distribution companies)

•             Delhi-Mumbai Expressway by 2023

•             100 more airports by 2024

•             Plans to energise economic activity along river banks

•             Need to enhance sea ports

•             High Speed Mumbai-Ahmedabad train

•             More Tejas-type trains

•             4 station redevelopment projects under PP model

•             2000 km of strategic highways to be built, 11000 km of track electrification

•             Accelerated development of highways

•             National Logistics Policy to be released soon

•             Big push on infrastructure - 100 lakh crore

•             National Technical Textiles Mission to be set up

•             1480 crore outlay for textile sector

•             27300 crore for industrial development by 2021

•             Digital refund of duties for exporters

•             Boost domestic manufacturing - electronic equipment, mobile phone, medical devices

•             5 new smart cities in collaboration with states

•             Investment clearance cell to be set up for end to end facilitation

•             Entrepreneurship has been the strength of India

Aspirational India: Education and skills

•             High need for medical teachers and paramedics

•             Internships for engineers in panchayats

•             Rs 99300 cr for education sector

•             Large hospitals to be encouraged to start PG courses

•             Attach medical colleges to district hospitals

•             National police university to be set up

•             IND-SAT programme for overseas students for studying in India

•             New courses in 159 universities by 2026

•             Focus on education for jobs

•             Propose a fresh education policy

•             Urban local bodies should give opportunities to new engineers

•             Education needs more finances

Aspirational India: Healthcare

•             AI (artificial intelligence) to be used for Ayushman Bharat Scheme

•             69000 crore for health sector

•             Propose to set up more hospitals

•             Holistic vision for national healthcare

Aspirational India: Agriculture, Irrigation and rural development

•             Need to liberalise farm markets

•             108 million metric tonne milk production by 2021

•             2.83 lakh cr allocation for agriculture and irrigation

•             Propose raising fish production to 200 lakh tonne

•             Zero budget national farming

•             NABARD refinance scheme to be expanded

•             Village credit card scheme

•             Agriculture credit target for 2020 set at Rs 15 lakh crore

•             Village storage scheme for farmers, zero budget natural farming

•             Dhanya Lakshmi scheme for women in villages

•             Krishi Udaan by civil aviation ministry for air transport of such commodities over longer distances

•             Indian railways to set up 'kisan rail'

•             Govt to provide help to geo-tag warehouses

•             Financial inclusion has helped raise farm incomes

•             Plan for 100 water stressed districts

•             Scheme for 20 lakh farmers to set up solar pumps

•             Doubling farm income - model agricultural land leasing act, balanced use of fertilisers, solar pumps for 20 lakh farmers

Budget 2020 and its three focuses

•             Budget's first focus is 'Aspirational India'. Second focus: economic development for all. Third focus: building a caring society.

•             FDI at 284 billion dollars, achieved 7.84% growth

•             GST formalised the economy

•             Efficiency gained in logistics

•             16 lakh new tax payers added

•             Fundamentals of economy hold strong

•             Scaled up implementation of pro-poor schemes

Key challenges FM faces

•             India needs to grow by 9 per cent to 10 per cent a year to become the $5 trillion economy by 2024, as projected by the government. The government is now forecasting growth will come in at 5 per cent

•             The IMF, which had originally predicted 6.1 per cent growth for India in 2019, has revised that downwards to 4.8 per cent

•             The government’s likely to miss its fiscal deficit target for the current fiscal year of 3.3 per cent and hike its target to as much as 4 per cent for the next financial year

•             India will struggle to achieve 5 per cent GDP growth in 2020 - Economist Steve Hanke, Johns Hopkins University

•             Investment is forecast to grow at less than 1 per cent -- the lowest since 2004-05

•             India's unemployment rate rose to 7.5 per cent during September-December 2019 quarter, according to data released by think-tank Centre for Monitoring Indian Economy

The death toll in China's coronavirus rose sharply to 425 with 64 deaths on Monday alone while 3,235 new confirmed cases were reported, taking the number of those infected with the deadly disease to 20,438, Chinese health authorities said on Tuesday.

The 64 people who died on Monday were all from the Hubei province, the epicentre of the virus, China's National Health Commission said.

Also, 3,235 new confirmed cases of novel coronavirus infection were reported, a big increase in a day.

Another 5,072 new suspected cases were reported on Monday, said the commission, adding that 492 patients became seriously ill.

The commission said that 2,788 patients remained in severe condition and 23,214 people were suspected of being infected with the virus, a pointer that it is increasingly turning virulent.

The overall confirmed cases on the Chinese mainland had reached 20,438 by the end of Monday, the commission said, noting that a total of 425 people had died of the disease.

A total of 632 people had been discharged from hospital after recovery, state-run Xinhua news agency reported As the virus spreads from human to human, 221,015 close contacts had been traced, with 171,329 others still under medical observation.

By the end of Monday, 15 confirmed cases had been reported in Hong Kong, eight in the Macao and 10 in Taiwan.

The Philippines reported the first overseas death from the virus on Sunday while 148 cases have been reported from abroad.

India has reported three cases of the coronavirus. All the three patients from Kerala recently returned from the affected Wuhan city.

Currently, 647 Indians and seven Maldivians who have been evacuated from Wuhan and Hubei are in 14-day quarantine at a medical camp in Manesar, near Delhi.

As the virus continued to spread at an alarming rate, Chinese President Xi Jinping on Monday warned officials of punishment if they shirked responsibility in tackling the virus outbreak.

On Monday, China has opened a 1,000-bed hospital built in record nine days in Wuhan city and started trials for new drug to contain the virus and is set to open another 1,300 bed hospital next to it on Wednesday.

The ruling Communist Party of China on Monday held its political bureau meeting presided by President Xi to review the steps being taken on various fronts to halt the spread of the deadly virus.

The outcome of the epidemic prevention and control directly affects people's lives and health, the overall economic and social stability and the country's opening-up, Xi said.

"Those who disobey the unified command or shirk off responsibilities will be punished," Xi was quoted as saying by the state-run Xinhua news agency.

Xi said that the party and government leaders supervising them would also be held accountable in severe cases.

Chinese armament firms, including those building aircraft carrier and military aircraft, have postponed planned work in order to concentrate on controlling the risk of coronavirus, state-run Global Times reported.

Noted Chinese health expert Zhong Nanshan has said that based on the fresh evidence, the novel coronavirus, which is spreading rapidly in China and the world, may reach its peak in the next 10 to 14 days, contrary to earlier estimates of climaxing sooner.

This means that the cases would drastically increase in the next two weeks before slowing down.

Also, China has begun clinical trials to test a drug to treat the patients of the coronavirus which till now has no cure.

Currently, patients are being treated with a combination of antivirals and other measures, as scientists race to find a vaccine.

Some reports said drugs to treat HIV too was being tried to treat the patients.

The experimental antiviral drug, Remdesivir, to be tested in field trials is developed by US-based Gilead Sciences. It is aimed at treating infectious diseases such as Ebola and SARS, South China Morning Post reported.

It was given to the first US patient last week - a 35-year-old man whose condition appeared to improve within a day, it said.

New Delhi, Jan 11: Assets worth Rs 78 crore have been attached by the ED in connection with a money laundering probe against former ICICI Bank Chairman Chanda Kochhar and others, officials said on Friday.

A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued for attachment of the properties that includes Kochhar's Mumbai-based house and some other assets belonging to a company linked to her, they said.

The book value of the attached assets is Rs 78 crore, they said.

The Enforcement Directorate (ED) is probing Kochhar, her husband Deepak Kochhar and others in a case of alleged irregularities and money laundering in giving loans by the bank to the Videocon group.