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Rs 7,000 crore sanctioned in last 3 months under PM JANMAN scheme for tribal hamlets

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Rs 7,000 crore sanctioned in last 3 months under PM JANMAN scheme for tribal hamlets

New Delhi, March 8 (IANS) An amount of more than Rs 7,000 crores has been sanctioned in the last three months under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) with the first instalment being released on January 15 this year, according to data compiled by the Ministry of Tribal Affairs Ministry.

Prime Minister Narendra Modi launched the mission on Nov 15 with an outlay of Rs 24,000 crores which is spread over 3 years.

Most of the projects to be implemented under the scheme required availability of land, preparation of detailed project reports (DPRs), sanctioning by respective state departments and approvals by the respective ministries.

In most of the states, the Centre’s share of the budget outlay has been released, and construction works in projects related to housing, water, road, electricity, telecom and multipurpose centres have started. In many states mobile medical units and anganwadis sanctioned in January 2024 have become functional and vocational training in Vandhan Kendras has started.

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The scheme provides the following benefits to eligible households and habitations:

*Road Connectivity for village/habitation with a population of 100 or more

*Telecom connectivity for every habitation

*Pucca house as per locally preferred design with toilet and clean drinking water

*Electricity by on-grid and solar for left-out households

*Improved access to education and health by setting up a dedicated Hostel attached to the school and Mobile Medical unit where the health centre is not present

*Improved access to vocational education/ skilling

The data of 30,000 habitations has been gathered by States through a mobile application was developed on Gatishakti Portal and habitation level surveys were done by State Governments / UT Administration/departments to estimate various infrastructural gaps at habitation level.

More than 10,000 camps have been organised starting from 25th December 2023 in more than 100 districts to complete the collection and validation of data. The gaps identified through the habitation level survey are the starting points for all 9 Ministries associated with PM JANMAN.

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The respective line ministries after verification of the gap through their state department are inviting and sanctioning proposals from the states. In last 4 months, more than 2 lakh Aadhar, 5 Lakh Ayushman card, 50,000 Jan Dhan Account have been issued. More than 5 lakh tribal families who have got FRA pattas were given the benefit of PM Kisan Saman Nidhi.

Notable achievements under the scheme include a tribal hamlet in Mysuru gets power connection 75 years after independence and MSEDCL started supplying electricity to 2,395 tribal homes in Maharashtra in 12 days.

–IANS

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GST reduced tax incidence on common man, to be expanded to remaining sectors

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GST reduced tax incidence on common man, to be expanded to remaining sectors

GST reduced tax incidence on common man, to be expanded to remaining sectors

New Delhi, July 23 (IANS) The Centre on Tuesday said Goods and Services Tax (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.

The Union Budget 2024-25 indicated that GST will be expanded to the remaining sectors.

“It is 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,” said Finance Minister Nirmala Sitharaman.

All the major taxpayer services under GST and most services under Customs and Income Tax have been digitised.

India’s gross GST collection rose to Rs 1.74 lakh crore in June this year representing a 7.7 per cent increase over the same month last year, according to sources.

This takes the total GST mop-up for the first three months of the current financial year to Rs 5.57 lakh crore. In April 2023, GST collection had soared to a record high of Rs 1.87 lakh crore.

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According to experts, the GST reforms, which have eased compliance and reduced tax burdens, have been instrumental in driving economic growth.

“The proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand,” said Prashant Sharma, President, NAREDCO, Maharashtra.

The GST regime, which has completed seven years of implementation, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones.

The GST taxpayer base increased to 1.46 crore in April 2024 from 1.05 crore in April 2018.

The compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for taxpayers with an aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24.

–IANS

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Budget offers income tax sops for 4 crore salaried individuals

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Budget offers income tax sops for 4 crore salaried individuals

Budget offers income tax sops for 4 crore salaried individuals

New Delhi, July 23 (IANS) Finance Minister Nirmala Sitharaman offered a bonanza for four crore salaried individuals and pensioners with the Budget announcements for 2024-25.

On Personal Income Tax Rates, FM Sitharaman announced two announcements to make for those opting for the new tax regime.

First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000.

Similarly, the deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000/-. This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

In the new tax regime, the tax rate structure is to be revised as follows;

* 0-3 lakh rupee – Zero

* 3-7 lakh – 5 per cent

* 7-10 lakh – 10 per cent

* 10-12 lakh – 15 per cent

* 12-15 lakh – 20 per cent

15 lakh and above – 30 per cent

“Salaried employees in the new tax regime will save up to Rs 17,500 in income tax,” the Finance Minister said.

ALSO READ:  Budget offers income tax sops for 4 crore salaried individuals

She said that as per data available till now for the last fiscal, more than two-thirds have availed the new personal income tax regime.

–IANS

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Tax exemption only in new regime will encourage people to move from old one: Experts

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Tax exemption only in new regime will encourage people to move from old one: Experts

Tax exemption only in new regime will encourage people to move from old one: Experts

Kolkata, July 23 (IANS) Union Finance Minister Nirmala Sitharaman’s announcement of tax exemption only for those opting for the new tax regime will encourage more taxpayers to shift from the old to the new system in days to come, say economists and investment consultants.

According to Kolkata-based investment consultant Nilanjan Dey, the proposal is a revolutionary decision.

“This will force those currently in the old regime to shift to the new one and also encourage more individuals to be part of the Income Tax filing system,” Dey said.

According to him, since in the new regime standard deduction has been increased from Rs 50,000 to Rs 75,000, it will enable any individual in the new system to save more.

Professor of Economics, Probir Kumar Mukhopadhya said, “There might be apprehensions that many people will be discouraged from investing in tax saving instruments. I think such apprehensions are immaterial. Till now, the tax concession was an added rider. The purpose of investment is more for accumulating wealth rather than getting tax concessions.”

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As regards bringing new individuals within the tax system, Mukhopadhyay said that it will be possible only if there is a focus on employment generation.

“Although the Union Finance Minister spoke extensively about employment generation it is to be seen how far such promises become fruitful,” he said.

–IANS

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Budget 2024: Rs 1,000 crore VC fund to take Indian space startups to a higher orbit

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Budget 2024: Rs 1,000 crore VC fund to take Indian space startups to a higher orbit

Budget 2024: Rs 1,000 crore VC fund to take Indian space startups to a higher orbit

Chennai, July 23 (IANS) In order to take the Indian space sectors to a higher orbit, Union Finance Minister Nirmala Sitharaman on Tuesday said the government will set up a Rs 1,000 crore venture capital (VC) fund.

Presenting her seventh budget for the country, she said the Union government will set up a Rs 1,000 crore venture capital fund to finance the space economy.

Reacting to the announcement, Vishesh Rajaram, Managing Partner, Speciale Invest said: “We strongly believe that an INR1000 crore fund for space startups and space economy will catalyse India’s dominance in the global space market!”

“We believe the trust and focus from the government combined with the FDI policy announced earlier this year will lead to more investment participation in the sector from India and internationally,” Rajaram added.

Speciale Invest is an early investor and has been one of the most active investors in this domain since 2018. Its portfolio includes investments in rocket maker Agnikul Comos, satellite manufacturing & earth observation companies Galaxeye Space, Kawa Space, communication player Astrogate Labs, and in-orbit economy InspeCity.

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Welcoming the Union Finance Minister’s announcement, Lt. Gen. (Retd) AK Bhatt, Indian Space Association (ISpA) Director General, said: “The Union Budget’s vision to grow India’s space economy by fivefold in the next decade demonstrates the government’s strong commitment to this sector.”

He also stated that establishing 12 industrial parks across India would substantially boost the space and satellite manufacturing industry, which has long called for creation of space parks.

He said these measures are crucial for the growth and development of India’s space ecosystem.

–IANS

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Union Budget: FM pledges to assign ULPIN to all land in rural areas

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Union Budget: FM pledges to assign ULPIN to all land in rural areas

Union Budget: FM pledges to assign ULPIN to all land in rural areas

New Delhi, July 23 (IANS) Finance Minister Nirmala Sitharaman on Tuesday, while presenting the Union Budget in Parliament, announced a slew of land-related reforms and action proposals, including assigning Unique Land Parcel Identification Number (ULPIN) to all land in rural areas.

The 14-digit Unique Land Parcel Identification Number is part of the Digital India Land Records Modernisation Programme (DILRMP) and is accorded to a land parcel based on its longitude and latitude coordinates.

Its allotment depends on detailed surveys and geo-referenced cadastral maps.

According to the Department of Land Resources (DOLR) under the Ministry of Rural Development, ULPIN is a single, authoritative source of truth for information on any parcel of land or property to provide Integrated Land Services to the citizens as well as all stakeholders.

The ULPIN system is based on an international standard which complies with Electronic Commerce Code Management Association (ECCMA) standard and Open Geospatial Consortium (OGC) standard. The ULPIN not only serves as a crucial tool for land administration, property management, and real estate transactions but is also designed to streamline the process of identifying and tracking land parcels, thereby enhancing transparency, efficiency, and accuracy in land-related activities.

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“Proper land statistics and land accounting through ULPIN will help develop land banks. It will lead towards the Integrated Land Information Management System (ILIMS). This would facilitate real estate transactions, help resolve property taxation issues and improve disaster planning and response efforts,” states the DOLR.

“It would be an enabler for deciding entitlement of beneficiaries of schemes that are based on the quantum of land possessed and also reduces boundary disputes. ULPIN would prove an important milestone for furtherance of Geospatial Policy, 2022 of the Government,” the department adds.

As of now, ULPIN has been rolled out in 29 states while pilot testing has been done in Puducherry, Telangana, Manipur and Andaman and Nicobar Islands.

Some states and UTs like Madhya Pradesh, Ladakh and Jammu and Kashmir are also using ULPIN in Survey of Villages Abadi and Mapping with Improvised Technology in Village Areas (SVAMITVA).

–IANS

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