Corporate tax cut would not bring growth: Abhijit

Agencies
October 22, 2019

New Delhi, Oct 22: Nobel laureate Abhijit Banerjee on Monday said the government's stringent commitment to low inflation has resulted in farm distress by adversely impacting support price for agricultural produce.

Striking a note of caution, he said Prime Minister Narendra Modi has more faith in corporates than he did.

"I think Mr. Modi has more faith in the corporate sector than I do. The recent tax cuts show that someone in the administration believes that you have to give the corporate sector lots of money to get growth. I do not believe that," Banerjee, who has been awarded this year's Nobel Prize for Economics along with two others, said here.

Banerjee added that the corporate tax cut would not bring growth but probably moderation in direct tax could push the growth northward.

The government last month slashed the corporate tax rate to 22 per cent for domestic companies to push the sagging economy.

"The commitment to low inflation dove it to clamp down on support price...agricultural income went down relative to the rest of the country. This was agricultural distress. Farmers are unhappy," he said.

As a result, he said the government was forced to put money for PM-KISAN.

On the stress in the banking sector, he said part of the problem is that decision-making is absolutely frozen.

The economy hit a six-year low of 5 per cent for the first quarter of the current financial year.

The tax rate was brought down further lower at 15 per cent for new manufacturing companies.

Speaking on the government's drive to divest its stake in public sector enterprises, the economist said that selling government stake in PSUs was not a long-term solution to bridge the fiscal deficit target.

"In short term, selling PSU is a good idea but it is not a long term solution," he said.

The government aims to raise Rs 1.05 lakh through disinvestment in the current fiscal.

He also said disinvestment is not a long-term solution for bridging fiscal deficit.

Monetary Policy Committee headed by RBI Governor is entrusted with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of (plus, minus) 2 per cent, while supporting growth.

The headline inflation, as measured by the Consumer Price Index (Combined), rose to a 14-month high of 3.99 per cent in September from 3.28 per cent the previous month.

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News Network
February 24,2020

Ahmedabad, Feb 24: US President Donald Trump and his wife Melania on Monday tried their hands at spinning the 'charkha' (spinning wheel) at the Sabarmati Ashram here.

Accompanied by PM Narendra Modi, the US president and his wife went around the Ashram, before resuming the roadshow from the airport to the Motera stadium. "To my great friend Prime Minister Naredra Modi, thank you for this wonderful visit," Trump wrote in the Ashram visitors' book.

The US President was briefed about Gandhiji and the importance of charkha as a symbol of self reliance. Trump reached Ahmedabad at 11.37 am for the first leg of his India visit.

US President Donald Trump arrived in Ahmedabad on Monday for the first leg of his India trip. The Air Force One plane carrying Trump and his wife Melania landed at the Sardar Vallabhbhai Patel international airport here at 11.37 am, officials said. It was scheduled to land at 11.40 am.

Trump, who is also accompanied by daughter Ivanka, son-in-law Jared Kushner and top brass of his administration, will get a taste of India's cultural melange during his high- optics Gujarat itinerary, after the bonhomie between the two leaders at the 'Howdy, Modi!' event in Houston last year.

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coastaldigest.com news network
June 17,2020

Prime Minister Narendra Modi, who had maintained silence on Chinese aggression and massacre of Indian in eastern Ladakh, now issued a statement saying ‘India wants peace’. He added that India is capable of giving a befitting reply if provoked. 

The prime minister started his meeting with chief ministers on the Covid-19 with a two-minute silence as a tribute to the 20 soldiers who were killed in action in Galwan Valley this week. As he spoke, it became clear that the message was aimed not just at reassuring the nation but also delivering a sharp message to Beijing.

“I would like to assure the nation that the sacrifice of our jawans will not be in vain. For us, the unity and sovereignty of the country is the most important,” PM Modi said. Home minister Amit Shah and defence minister Rajnath Singh were also present in the meeting.

Over twenty Indian soldiers were killed in the violent face-off which took place in Eastern Ladakh on Monday. The troops fought each other with fists and rocks. After the clash, the two sides “disengaged” from the area where the fighting happened, the Indian army statement said. A news agency quoting sources said four Indian soldiers are in critical condition after the face-off.

Defence minister Rajnath Singh mourned the death of 20 Indian soldiers. “The loss of soldiers in Galwan is deeply disturbing and painful. Our soldiers displayed exemplary courage and valour in the line of duty and sacrificed their lives in the highest traditions of the Indian Army,” he said in a statement.

“The Nation will never forget their bravery and sacrifice. My heart goes out to the families of the fallen soldiers. The nation stand shoulder to shoulder with them in this difficult hour. We are proud of the bravery and courage of India’s bravehearts,” the minister further said in the statement posted on Twitter.

These are the first Indian casualties in a border skirmish with PLA since October 1975 when Chinese troops ambushed an Indian patrol in Arunachal Pradesh’s Tulung La sector and shot four soldiers dead.

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News Network
March 4,2020

New Delhi, Mar 4: A court in Delhi on Wednesday convicted expelled BJP MLA Kuldeep Singh Sengar of culpable homicide not amounting to murder in the death of the Unnao rape victim's father.

District judge Dharmesh Sharma said Sengar had no intention of killing the victim's father. “He was beaten in a brutal manner that led to his death,” the judge said.

The court had sent Sengar to jail on December 20 for the “remainder of his natural biological life” for raping the woman in 2017, when she was a minor.

The Central Bureau of Investigation (CBI) had examined 55 witnesses in support of the case and the defence examined nine witnesses.

The court had recorded the statements of the rape survivor's uncle, mother, sister and one of her father's colleague who claimed to be an eyewitness to the incident.

Charges were framed against Sengar, his brother Atul, Bhadauria, sub-inspector Kamta Prasad, constable Amir Khan and six others in the case.

The case was transferred to Delhi from a trial court in Uttar Pradesh on the directions of the Supreme Court on August 1 last year.

In July, 2019 a truck rammed into the car the rape victim was travelling in with some family members and her lawyer.

Two of her aunts died in the incident. She was airlifted from a hospital in Lucknow and to AIIMS in Delhi.

The victim has been provided accommodation in Delhi and is under CRPF protection.

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