Tehelka journalist who accused Tarun Tejpal of sexual assault resigns

New Delhi, May 17: Spelling out the government’s fourth tranche of initiatives towards achieving Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’, Union Finance Minister Nirmala Sitharaman on Saturday announced significant structural reforms in eight sectors of the economy — coal, minerals, defense production, aviation, power distribution in Union territories, space and atomic energy.

Addressing her fourth and the second-last press conference, Sitharaman said crucial sectors such as coal production and exploration, defence production and space would see an increased participation from private entities.

Coal sector:

In the realm of coal exploration, the government has decided to liberalise the entry norms for private entities, which would mean that any interested party could bid for a coal block and sell it in the open market. The minister said that the government would do away with all the eligibility conditions at the time of bidding for a coal block, except requiring an “upfront payment with a ceiling.”

Nearly 50 coal blocks would be offered to private players immediately, revealed Sitharaman.

She further said that Rs 50,000 crore would be spent by Centre in creating ‘coal evacuation’ infrastructure, which would expedite the transport of mined product to the destination.

Defence sector:

In defence production, Sitharaman revealed that the government would raise the foreign direct investment (FDI) limit in the sector from current 49 per cent to 74 per cent. Further, the government would also work towards corporatising the ordnance factory boards. “Corporatising doesn’t amount to privatization,” added Sitharaman.

In a bid to boost indigenous production of defence products and gave an impetus to Make in India, Sitharaman said that the government was in a process of notifying a list of weapons/platforms for an import ban with year-wise timelines.

These decisions would also help in reducing huge import bills, the finance minister said.

Privatisation of electricity:

In another announcement that could have an effect on electricity charges in the union territories, Union Finance Minister Nirmala Sitharaman announced on Saturday that power departments and utilities in all the centrally administered territories would be privatised.

Sitharaman said that the proposed move would lead to better service to consumers and improvement in operational and financial efficiency in distribution.

The finance minister said that decision was guided by 'sub-optimal' utilisation of performance of power distribution and supply'.

She said that the move to that effect would provide a model for emulation by other utilities across the country, in what could be an indicator of what's in the pipeline for utilities in other states as well.

Sitharaman said that the privation reform was in line with the tariff policy reforms and would help in enhancing consumer rights, promote industry and improve the overall sustainability of the sector.

Space sector:

Sitharaman also announced the opening up of the space exploration sector for private players. Till date, the government-run Indian Space Research Organisation (ISRO) has held a monopoly on all activities concerning space exploration and satellite launches.

The Indian private sector will be a co-traveller in India's space sector journey, said Sitharaman, while announcing a series of structural reforms in eight crucial areas of the economy. The Union Finance Minister was addressing her fourth press conference in as many days, as a follow-up towards realising Prime Minister Narendra Modi's vision of 'atmanirbhar Bharat', which was spelled out in his video address on May 12.

Sitharaman said that the reforms in the space sector will provide a level-playing field for private companies in satellite launches and space-based services.

She said that the private sector would be allowed to use ISRO facilities and other assets to improve their capacities. Stating that the government would provide predictable policy and regulatory environment to private players, Sitharaman also disclosed that future projects for planetary exploration and outer space travel among others would be opened up for private entities.

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.

Kolkata, May 21: Around 300 nurses have left Kolkata for Manipur after resigning from their jobs, said JS Joyrita, Deputy Residence Commissioner, Manipur Bhavan, Kolkata on Wednesday.

"Around 60 more nurses will be leaving tomorrow. We are getting many calls from people who want to go back to Manipur," she said.

Earlier, it was reported that 185 nurses have quit their job from hospitals in Kolkata and returned to Imphal. Cristella, a nurse said: "We are not happy that we left our duties. But we faced discrimination, racism and people sometimes spit on us. Lack of PPE kits, and people used to question us everywhere we went."

According to the latest information available on the website of the Ministry of Health and Family Welfare, 2961 cases of the virus have been reported from West Bengal 1074 cured/migrated/discharged and 250 deaths.

India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare. As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303. Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.