Connect with us

National

Omar Abdullah says BJP trying to divide people on religious lines

Published

on

Omar Abdullah says BJP trying to divide people on religious lines

Srinagar, May 2 (IANS) Former J&K Chief Minister and National Conference vice president Omar Abdullah on Thursday accused the BJP of trying to divide the people on religious lines thereby violating the model code of conduct.

Speaking to the media after filing his nomination papers for the Baramulla Lok Sabha constituency, Omar Abdullah said, “It is the habit of the BJP to try and divide people in the name of religion. They are trying to create division between the 14 per cent (Muslim) population of the country and the majority community. Model code of conduct is enforced on us and we are asked not to violate it while this directive is not enforced on the BJP,” he alleged.

Speaking about his message to Baramulla constituency voters, he said, “I have responsibilities towards this constituency and also towards Srinagar and Anantnag constituency. With Allah’s blessings, I will fulfil all these to the best of my capacity.”

ALSO READ:  Light rain, snow at scattered places in J&K

“People of Kupwara (One voting district of the Baramulla constituency) know my way of working. The other day when I came to meet the people affected by floods in Kupwara district, my opponent, about whom a lot of noise is being created, was forced to come out in the night suit after hearing that I had reached Kupwara”, he said.

He was trying to allude to his rival, Sajad Gani Lone of the People’s Conference (PC), who is considered to be Omar Abdullah’s arch-rival in the constituency.

–IANS

sq/dpb

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Budget empowers middle class, paves way for ‘Viksit Bharat’: PM Modi

Published

on

By

Budget empowers middle class, paves way for ‘Viksit Bharat’: PM Modi

Budget empowers middle class, paves way for ‘Viksit Bharat’: PM Modi

New Delhi, July 23 (IANS) Prime Minister Narendra Modi on Tuesday hailed the Union Budget 2024-25 as ‘holistic and all-inclusive’ and said that it will empower every section of the society while paving the way for ‘Viksit Bharat’.

“This budget will empower all sections of the society. It will take the farmers on a path to prosperity. It will unveil new opportunities for the youth. Thrust on Education and skills training will open these sectors for the next level of growth,” said the Prime Minister, in his first reaction to the Union Budget.

“It will give strength to the middle class. Backward classes will also be strengthened while women’s economic participation in the country’s growth will also be ensured. Small traders as well as MSMEs will find adequate support for fast-paced growth,” he added.

Finance Minister Nirmala Sithraman on Tuesday presented the first Budget of Modi 3.0, showcasing nine priorities of the government.

ALSO READ:  SC dismisses review pleas against verdict upholding abrogation of Article 370

PM Modi further said that the Budget will give an unprecedented push to job generation and self-employment in the country.

“NDA government in last 10 years ensured that those in the lower and middle-income tax category get relief. Revision in tax slabs and increase in Standard deduction is a step in this direction. Every taxpayer stands to benefit from this,” PM Modi said.

He said that the Budget will act as a catalyst in taking forward the India growth story and make India the third largest country in next few years.

“It will lay a strong foundation for the emergence of Viksit Bharat,” PM Modi stated.

–IANS

mr/uk

Continue Reading

National

FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path

Published

on

By

FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path

FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path

New Delhi, July 23 (IANS) Presenting the Union Budget 2024-25 in the Parliament on Tuesday, Finance Minister Nirmala Sitharaman fixed the fiscal deficit at 4.9 per cent of GDP despite higher allocations for social welfare schemes due to robust tax collections in a fast-growing economy.

Sticking to the fiscal consolidation path will help ensure a stable growth path for the economy as a lower deficit helps keep inflation in check.

“The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore, respectively. Both will be less than the 2023-24 figures,” the Finance Minister said.

The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments, which will in turn help spur growth and create more jobs.

Sitharaman also said that for the 2024-25 fiscal, total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively. The net tax receipts are estimated at Rs 25.83 lakh crore.

ALSO READ:  Illegally kept in Tripura, ailing elephant and her calf rescued to Gujarat's 'Vantara'

“The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year,” the Finance Minister said during her 80-minute Budget speech.

She also said the government is committed to staying the course on fiscal consolidation.

“From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central government debt will be on a declining path as a percentage of GDP,” the Finance Minister said.

She also pointed out in her speech that GST has been a “success of vast proportions”.

“To multiply the benefits of GST, we will strive to further simplify and rationalise the tax structure and endeavour to expand it to the remaining sectors.

“GST has decreased tax incidence on the common man; reduced compliance burden and logistics cost for trade and industry; and enhanced revenues of the Central and state governments,” she added.

ALSO READ:  Man wanted for murder in Delhi nabbed after six years

The Finance Minister also mentioned that the global economy, while performing better than expected, is still in the grip of policy uncertainties.

Elevated asset prices, political uncertainties, and shipping disruptions continue to pose significant downside risks for growth and upside risks to inflation, she said.

“In this context, India’s economic growth continues to be the shining exception and will remain so in the years ahead. India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (nonfood, non-fuel) currently is at 3.1 per cent. Steps are being taken to ensure supplies of perishable goods reach the market adequately,” the Finance Minister added.

–IANS

sps/arm

Continue Reading

National

Budget advances goal of Viksit Bharat: EAM Jaishankar

Published

on

By

Budget advances goal of Viksit Bharat: EAM Jaishankar

Budget advances goal of Viksit Bharat: EAM Jaishankar

New Delhi, July 23 (IANS) External Affairs Minister S. Jaishankar on Tuesday congratulated Union Finance Minister Nirmala Sitharaman for presenting a Budget that “advances the goal of a Viksit Bharat” and responds to the aspirations of the people who have given the NDA government a third successive mandate.

“The 9 priorities highlighted by the Finance Minister will contribute to India’s Comprehensive National Power. It will enhance our profile at the international stage,” said EAM Jaishankar.

In her Budget speech, the Finance Minister said that, for pursuit of ‘Viksit Bharat’, the Budget envisages sustained efforts on nine priorities for generating ample opportunities for all.

This included productivity and resilience in agriculture; employment and skilling; inclusive human resource development and social justice; manufacturing and services; urban development; energy security; infrastructure; innovation, research and development; and, next-generation reforms.

“The Budget provides MEA (Ministry of External Affairs) resources to execute key policies including Neighbourhood First, Act East, Global South and facilities for Indians travelling abroad,” he added.

ALSO READ:  High-voltage campaign comes to an end in Bengal, it's over to voters now

–IANS

as/svn

Continue Reading

National

9 priorities of Union Budget: FM unveils road map for 'Viksit Bharat’ (Ld)

Published

on

By

9 priorities of Union Budget: FM unveils road map for 'Viksit Bharat’ (Ld)

9 priorities of Union Budget: FM unveils road map for 'Viksit Bharat’ (Ld)

New Delhi, July 23 (IANS) Finance Minister Nirmala Sitharaman, presenting her seventh-consecutive Budget and her first in Modi 3.0, spotlighted nine priority areas for generating ample opportunities for all.

She also said that these nine priorities of Union Budget 2024 will form the foundation for future Budgets of the Modi government.

The nine priority areas include: Productivity and resilience in agriculture; employment and skilling; improved human resources; social justice; manufacturing and services; urban development; energy security; infrastructure; innovation; research and development and next-generation reforms.

Education, job generation, employment, skilling, MSMEs and the middle class are among the key thrust areas of this Budget.

It also presented a road map for accomplishing the Prime Minister’s package of five schemes for employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of ₹2 lakh crore.

This year, a provision of ₹1.48 lakh crore has been made for education, employment and skilling.

Below are the key focus and thrust of nine priorities, as outlined in FM Sitharaman’s Budget speech:

Priority 1: Productivity and resilience in agriculture. A provision of ₹1.52 lakh crore for agriculture and allied sector; new 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops for cultivation by farmers; one crore farmers to be initiated into natural farming over next two years; 10,000 need-based bio-input resource centres will be established; large scale clusters for vegetable production will be developed closer to major consumption centres; government to facilitate implementation of Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in three years.

Priority 2: Employment & Skilling. The Government will implement schemes for Employment Linked Incentive as part of Prime Minister’s package Scheme A: First Timers.

This scheme will provide one-month’s wage to all persons newly entering the workforce in all formal sectors.

The Direct Benefit Transfer of one-month’s salary in three instalments to first-time employees, as registered in the EPFO, will be up to ₹ 15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme is expected to benefit 210 lakh youth.

Scheme B: Job creation in manufacturing. This scheme will incentivise additional employment in the manufacturing sector, linked to the employment of first-time workers.

An incentive will be provided at specified scale directly both to the employee and the employer with respect to their EPFO contribution in the first four years of employment.

ALSO READ:  Manoj Ahuja to be new Chief Secretary of Odisha

The scheme is expected to benefit 30 lakh youth entering the workforce, and their employers.

Scheme C: Support to employers. This employer-focussed scheme will cover additional employment in all sectors. All additional employment within a salary of ₹1 lakh per month will be counted. The government will reimburse to employers up to ₹3,000 per month for two years towards their EPFO contribution for each additional employee.

The scheme is expected to incentivise additional employment of 50 lakh people. Over 20 lakh youth will be skilled over a five-year period. For skilling in collaboration with state governments and industry, 1,000 Industrial Training Institutes will be upgraded in hub-and-spoke arrangements with outcome orientation.

Government will launch a comprehensive scheme for providing internship opportunities in 500 top companies to one crore youth in five years. Interns will gain exposure for 12 months to real-life business environment, varied professions and employment opportunities.

An internship allowance of ₹5,000 per month along with one-time assistance of ₹6,000 will be provided.

Model Skill Loan Scheme will be revised to facilitate loans up to ₹7.5 lakh with a guarantee from a government promoted fund. This measure is expected to help 25,000 students every year. For helping youth who have not benefitted under any government initiatives, financial support for loans upto ₹10 lakh for higher education in domestic institutions is planned. E-vouchers for this purpose will be given directly to one lakh students every year for annual interest subvention of three per cent of the loan amount.

Priority 3: Inclusive Human Resource Development and Social Justice. States in the Eastern part of the country are rich in endowments and have strong cultural traditions. The government will formulate a plan, Purvodaya, for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. Government will also support development of road connectivity projects, namely (1) Patna-Purnea Expressway, (2) Buxar-Bhagalpur Expressway, (3) Bodh Gaya, Rajgir, Vaishali and Darbhanga spurs, and (4) additional two-lane bridge over Ganga River at Buxar at a total cost of ₹26,000 crore.

Power projects, including setting up of a new 2,400 MW power plant at Pirpainti, will be taken up at a cost of ₹21,400 crore.

New airports, medical colleges and sports infrastructure in Bihar will be constructed.

Recognising Andhra Pradesh’s need for a capital, the government will facilitate special financial support through multilateral development agencies. In the current financial year ₹15,000 crore will be arranged.

ALSO READ:  ED issues 9th summons to CM Kejriwal in Delhi excise policy case

Three crore additional houses under the PM Awas Yojana in rural and urban areas in the country have been announced, for which the necessary allocations are being made.

For promoting women-led development, the budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls.

For improving the socio-economic condition of tribal communities, the government will launch the PM Janjatiya Unnat Gram Abhiyan by adopting saturation coverage in tribal-majority villages and aspirational districts. This will cover 63,000 villages benefitting five crore tribal people.

More than 100 branches of India Post Payment Bank will be set up in the North East region to expand banking services. This year, a provision of ₹2.66 lakh crore for rural development including rural infrastructure has been made.

Priority 4: Manufacturing & Services. For facilitating term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantee, a credit guarantee scheme will be introduced which will operate on pooling of credit risks of such MSMEs. A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to ₹100 crore.

The limit of Mudra loans will be enhanced to ₹20 lakh from the current ₹10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.

For facilitating MSMEs to unlock their working capital by converting their trade receivables into cash, the turnover threshold of buyers for mandatory onboarding on the TReDS platform will be reduced from ₹500 crore to ₹250 crore.

The government will facilitate development of investment-ready ‘plug and play’ industrial parks with complete infrastructure in or near 100 cities.

As many as 12 industrial parks under the National Industrial Corridor Development Programme also will be sanctioned.

Priority 5: Urban Development. Government will facilitate development of ‘Cities as Growth Hubs’. This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes.

Transit Oriented Development plans for 14 large cities with a population above 30 lakh will be formulated.

Under the PM Awas Yojana Urban 2.0, housing needs of one crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore. This will include the central assistance of ₹2.2 lakh crore in the next five years.

ALSO READ:  Man wanted for murder in Delhi nabbed after six years

A provision of interest subsidy to facilitate loans at affordable rates is also envisaged.

Priority 6: Energy Security Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, the government will partner with the private sector for setting up Bharat Small Reactors; Research & Development (R&D) of Bharat Small Modular Reactor and R&D of newer technologies for nuclear energy.

The R&D funding announced in the interim budget will be made available for this sector.

A joint venture between NTPC and BHEL will set up a full scale 800 MW commercial plant using AUSC technology. The government will provide the required fiscal support.

Priority 7: Infrastructure Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase.

A provision of ₹1.5 lakh crore for long-term interest free loans has been made this year also to support the states in their resource allocation.

Priority 8: Innovation, R&D. The government will operationalise the Anusandhan National Research Fund for basic research and prototype development.

Further, the government will set up a mechanism for spurring private sector-driven research and innovation at commercial scale with a financing pool of ₹1 lakh crore in line with the announcement in the interim budget.

With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of ₹1,000 crore will be set up.

Priority 9: Next Generation Reforms. States will be incentivised for land-related reforms and actions within the next three years through appropriate fiscal support. Land-related reforms and actions in rural areas to cover land administration and planning. In urban areas, it will cover urban planning, usage and building bylaws. Rural land related actions will include ULPIN or Bhu-Aadhaar for all lands, digitisation of cadastral maps, survey of map sub-divisions as per current ownership, establishment of land registry, and linking to the farmers registry.

These actions will facilitate credit flow and other agri services. Land records in urban areas will be digitised with GIS mapping. An IT-based system for property record and tax administration will be established. It will improve the financial position of Urban Local Bodies.

–IANS

mr/rad

Continue Reading

National

Budget focuses on fostering stable & mature equity investment environment

Published

on

By

Budget focuses on fostering stable & mature equity investment environment

Budget focuses on fostering stable & mature equity investment environment

New Delhi, July 23 (IANS) In a bid to foster a more stable and mature investment environment, the government on Tuesday announced an increase in security transactions tax (STT) on futures and options trading, which is in line with the suggestions made by the Economic Survey 2023-2024.

Presenting the Union Budget 2024-2025, the Finance Minister announced a couple of proposals for deepening the tax base.

“First, Security Transactions Tax on futures and options of securities is proposed to be increased to 0.02 per cent and 0.1 per cent,” said the finance minister while adding that income received on buy back of shares will be taxed in the hands of the recipient.

In the derivatives segment, STT on the sale of options is 0.0625 per cent, which is paid by the seller.

On the sale of options in which the option is exercised, it is 0.125 per cent which is payable by the buyer. On the sale of futures, it is 0.0125 per cent, which is payable by the seller.

ALSO READ:  Manoj Ahuja to be new Chief Secretary of Odisha

However, the new rate will come into effect from October 1 as per the Finance Bill.

“It is proposed to increase the rates of STT on the sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded,” the finance minister said.

The Economic Survey said India needs to have an orderly and gradual evolution of the financial market.

“While derivatives are hedging instruments, they are mostly used as speculative instruments by investors worldwide. India is likely no exception,” it warned, adding that derivatives trading holds the potential for outsized gains and caters to “humans’ gambling instincts and can augment income if profitable”.

A significant stock correction could see losses that are more considerable for retail investors participating in capital markets through derivatives.

ALSO READ:  Illegally kept in Tripura, ailing elephant and her calf rescued to Gujarat's 'Vantara'

According to Shripal Shah, MD and CEO, Kotak Securities, the Union Budget sets a clear vision for India’s economic future, prioritizing both growth and fiscal responsibility.

“The increase in STT on futures and options is aimed at moderating currently heightened activity levels and fostering a more sustainable pace of growth in the stock market,” said Shah.

“We anticipate a small period of adjustment as the market adapts to these new tax measures, but this will ultimately contribute to a sustainable investment landscape with balanced and orderly growth of the capital market,” Shah added.

Vaibhav Porwal, Co-founder, Dezerv, said they encourage investors to look beyond immediate market reactions and consider the long-term benefits of a tax structure that promotes patient capital.

The finance minister also increased the long-term capital gains tax from the current 10 per cent to 12.5 per cent while increasing the short-term capital gains tax from the current 15 per cent to 20 per cent. These increased tax rates will be implemented with immediate effect.

ALSO READ:  Reinstate Hanuman flag or face consequences: VHP to K’taka Govt

–IANS

na/dpb

Continue Reading

Trending