Test for reform zeal of Modi government in make-or-break Budget today, tax sops likely

February 28, 2015

New Delhi, Feb 28: Prime Minister Narendra Modi's stomach for free-market economics faces a major test on Saturday when the first full Budget will be unveiled by Finance Minister Arun Jaitely.

Modi governmentReaping the benefits of low global prices for oil, India's main import, Modi's government sees itself in a sweet spot with spare cash to modernize ageing roads and railways without busting fiscal deficit and inflation targets.

"Let us stop unnecessary expenditure so that money can reach the poor," Modi told Parliament on Friday after the Economic Survey report committed to bringing the fiscal deficit down to 3 per cent of gross domestic product - from more than 4 per cent at present - in the medium-term. "We believe in optimum utilisation of our infrastructure," he said.

An overhaul of economic data has propelled India to the top of the league of fast-growing major economies, and the current account deficit is projected to fall below 1 per cent in 2016, which would help stabilize the rupee and build up reserves.

But expectations for a further shift in expenditure from subsidies to infrastructure are sky high among investors who made India the best performing stock market in Asia after China last year on hopes Modi's government brings sweeping reforms to labour, tax and land laws.

The rally has continued in 2015 on expectations that legislative reform will push ahead stalled private investment and consumer demand, and reverse a decline in corporate earnings to make Asia's third-largest economy a global growth driver.

The Budget being hyped as a 'make or break' exercise, is widely expected to unveil sops for tax payers while pushing forward the 'Make In India' campaign. Coming as it does after the Delhi electoral defeat and the Assembly elections scheduled in Bihar later in 2015, speculation is on whether the Budget will be populist. There is expectation that the Finance Minister could raise tax slabs or hike investment limit in saving instruments.

He is also likely to pursue the path of fiscal consolidation and keep the fiscal deficit target at 3.6 per cent of GDP, down from 4.1 per cent expected in 2015. Besides sops to individual tax payers, he is also expected to unveil initiatives to boost investments by corporates and promote manufacturing as part of the 'Make In India' campaign that aims to make the country a global manufacturing hub and create jobs.

The Economic Survey released on Friday underlined the need for 'Big Bang' reforms to boost growth to 8-10 per cent in the coming years. Besides , it has pitched for raising public investments to drive economic growth and improving business environment by making regulation and taxes less onerous.

Jaitley, who in his maiden Budget in July 2014 had outlined his approach to providing relief to individual tax payers, is expected to continue this in the BJP government's first full year Budget on Saturday. in 2014, he had raised the personal income tax exemption limit by Rs 50,000 to Rs 2.50 lakh and also raised by same amount the exemption from payment of I-T on savings to Rs 1.50 lakh.

However, this time around Jaitley, according to experts, may choose only one of them as he looks at additional revenue to boost public spending and push economy to high growth path. He may also look to raise the tax exempted investment limit in health insurance as well as exempt savings in pension schemes at all three stages -- entry, accrual and withdrawal.

Analysts warn that Indian stocks are overvalued and that equity markets could see a sell off of 6-8 per cent if the pro-growth measures in the budget fall short of expectations. Modi has capitalised on low oil prices to shake off some of the fuel subsidies that have hobbled India's national accounts for years. But he has been unable to pass reform in the upper house of Parliament, where the Bharatiya Janata Party-led government has no majority.

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June 10,2020

Patna, Jun 10: A man in Bihar has willed half his property to two elephants after one of them foiled an attempt on his life by a pistol-totting criminal.

Akhtar Imam, chief manager of the Asian Elephant Rehabilitation and Wildlife Animal Trust (AERAWAT), said he has been looking after elephants since the age of 12.

"Once, there was an attempt of murder made against me. At that time the elephants saved me. When some miscreants armed with pistols tried to enter my room my elephant started trumpeting. It woke me up and I was able to shout and raise an alarm due to which the miscreants ran away," Imam said.

Imam says the two elephants, named Moti and Rani are like family for him and he cannot live without them.

However, the man claims that he fears threats to his life from his family members after he transferred his land to his two elephants. Imam's wife and sons have been living away from him for the last 10 years due to some dispute in the family.

He recounted that his son had allegedly filed a wrong case against him and also got him locked up. He eventually was let away after the charges levelled against him were proven wrong.

Imam said that his son Meraj had tried to sell the elephant to smugglers but was fortunately caught.

Imam says he has willed half of his property to his wife and his share of property worth Rs 5 crore to elephants said that if the jumbos die then the money would go to AERAWAT organisation.

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April 20,2020

London, Apr 20 : Embattled liquor baron Vijay Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated ₹9,000 crore, today lost a High Court appeal in UK against his extradition order to India.

A consortium of Indian public sector banks led by the State Bank of India had sought a bankruptcy order against Mallya as part of efforts to recoup around GBP 1.145 billion of unpaid loans from Mallya.

The 64-year-old former Kingfisher Airlines boss had appealed to the High Court against his extradition to India at a hearing in February this year.

Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench at the Royal Courts of Justice in London presiding over the appeal, dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown.

"We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled.

Earlier this month, the High Court in London had deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover their loan from him.

Justice Michael Briggs of the insolvency division of the High Court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.

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May 26,2020

New Delhi, May 26: With India now in the bracket of top 10 nations worst hit by the novel coronavirus, experts have attributed the surge in cases to easing of travel restrictions and movement of migrants besides enhanced testing capacity.

According to AIIMS Director, Randeep Guleria, the present rise in cases has been reported predominantly from hotspot areas but there is a possibility of further rise in the number of COVID-19 cases in the coming few days due to increased travel.

"Those who are asymptomatic or are in presymptomatic stage will pass through screening mechanisms and may reach areas where there have been minimal or less cases," Guleria said.

He said there was a need for more intense surveillance and monitoring in areas where migrants have returned to contain the spread of the disease.

If proper social distancing and hand hygiene is not maintained at a time when people are out on roads, the coronavirus infection will transmit much faster, he said.

Guleria also noted that testing capacity has been significantly ramped up which is reflecting in the increasing number of cases being detected.

Commenting on the partial resumption of rail and road transport services and migrants returning to their native places, Dr Chandrakant S Pandav, former president of the Indian Public Health Association and Indian Association of Preventive and social medicine, said the floodgates have been opened.

"This is a classic case of creating an enabling environment for coronavirus to spread like wildfire. In the coming few days, the number will rise dramatically. While it is true that lockdown cannot go on forever, the opening up should have been in a measured, calibrated and informed manner," he said.

"Travelling leads to spread of the infection. Now, the government will have to ensure even stronger surveillance to curb the infection but if that will be done is something to be observed," he said.

The death toll due to COVID-19 rose to 4,167 and the number of cases climbed to 1, 45,380 in the country, registering an increase of 146 deaths and 6,535 cases since Monday 8 am, according to the Union Health Ministry.

Dr K K Aggarwal, President of the Confederation of Medical Association of Asia and Oceania (CMAAO), and former IMA President, said there will be a further surge in cases in the coming days if migration continues without any proper social distancing.

"Within the next ten days, the cases will cross two lakh. The very fact that number of cases was rising before the end of the third lockdown and continuing during the fourth lockdown means that people are not following physical distancing as required," he said.

"Even in the last week of May when the temperature is very high, the rising number of cases would mean that human-to-human transmission is more important than surface-to-human transmission. Normally in heat the surface-to-human transmission should have reduced the new cases by half which has not happened," Aggarwal said.

However, Professor K Srinath Reddy, president of the Public Health Foundation of India, said an increase in the number of cases reflects both an increase in testing rates and an increase in spread.

"What we need to see is the number of new tests performed per day and the number of new cases that were identified from them. That gives a better idea of the rate of spread than the total number of new cases alone.

"We also have to see if the testing criteria has remained the same between the two periods of comparison.We may open up gradually but will have to continue case detection, contact tracing and follow personal protection measures as vigorously as possible," he added.

A total of 31,26,119 samples have been tested as on May 26, 9 am and 92,528 samples have been tested in the last 24 hours, ICMR officials said.

India is the tenth most affected nation by the pandemic after the US, Russia, UK, Spain, Italy, Brazil, Germany, Turkey and France, as per the John Hopkins University data.

The country has recorded 6,088, 6,654, 6,767 and 6977 cases on May 22, 23, 24 and 25 respectively. Also, the number of RT-PCR tests for detection of COVID-19 in the country crossed the 30-lakh mark on Monday.

The first two phases of the lockdown led to 14-29 lakh COVID-19 cases being averted, while the number of lives saved in that period was between 37,000 and 78,000, the government said last Friday, citing various studies, and asserted that the unprecedented shutdown has paid "rich dividends" in the fight against the pandemic.

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