Punjab: SAD leader Majithia surrenders before trial court in Mohali

 Facing charges under the Narcotic Drugs and Psychotropic Substances Act, senior Shiromani Akali Dal leader Bikram Majithia applied for regular bail and the trial court started arguments over his plea

Facing charges under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, senior Shiromani Akali Dal (SAD) leader Bikram Singh Majithia on Thursday surrendered before a trial court in Mohali near here following directions of the Supreme Court. Majithia applied for regular bail and the trial court started arguments over his bail plea, it is learnt. The court, however, allowed the Special Investigation Team to interrogate Majithia for about an hour in the court complex.

A bench comprising Chief Justice N.V. Ramana and Justices A.S. Bopanna and Hima Kohli had directed Majithia to surrender before the trial court after the Punjab Assembly polls on February 20. His interim bail had ended on Wednesday night. Majithia, the brother-n-law of SAD chief Sukhbir Badal, was in fray for the February 20 assembly polls from Amritsar (East). In a 49-page FIR filed by the state police Crime Branch at the Mohali police station, the SAD leader has been booked under sections 25, 27A and 29 of the NDPS Act….Read More

India to move to T+1 settlement from Friday: Here's what it means

 India To Start with T+1 stock settlement from February 25, which means that trade-related settlements must be done within one day of the transaction’s completion.

Currently, trades on the Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner. T stands for trade day. Here is the lowdown on what the shorter settlement cycle means:

What is the new T+1 settlement cycle?

T+1 means that trade-related settlements must be done within one day of the transaction’s completion. Trades on Indian stock exchanges are currently settled in two working days after the transaction is completed (T+2). For example, if you buy shares on Wednesday, they will be credited to your Demat account by the next day, which is Thursday. Till now they were getting settled on Friday.

Will it be a gradual transition?

Initially, on the last Friday of February, only 100 stocks that are placed at the bottom according to their market valuation will be placed under the new settlement cycle. After that, 500 more stocks will be added every last Friday of subsequent months, until every stock is placed under the new settlement system…Read More

Russia dares West with attack on Ukraine, warned of 'decisive response'

 Russia launched a barrage of missile, artillery and air attacks early Thursday, triggering the worst security crisis Europe has witnessed in decades.

Russian forces attacked targets across Ukraine after President Vladimir Putin ordered an operation to “demilitarize” the country, prompting international condemnation and a U.S. threat of further “severe sanctions” on Moscow, sending markets tumbling worldwide.

Russia launched a barrage of missile, artillery and air attacks early Thursday, triggering the worst security crisis Europe has witnessed in decades. Ukraine’s Interior Ministry warning that the capital, Kyiv, was being targeted and urged citizens to go to shelters. Ukraine’s border guard said that it was being shelled from five regions, including from Crimea in the south and Belarus to the north.

In a nationally televised address ahead of the offensive, Putin said that Russia doesn’t plan to “occupy” its neighbor but said the action was necessary after the U.S. and its allies crossed Russia’s “red lines” by expanding the NATO alliance. U.S. President Joe Biden called Putin’s move “an unprovoked and unjustified attack” and said the “world will hold Russia accountable.” Commodities markets surged, with Brent oil extending gains above $100 a barrel for the first time since 2014–when Russia annexed Ukraine–while gold jumped as investors scrambled for havens….Read More

Hijab row: Plea filed in SC challenging Karnataka HC interim order

 The plea filed by a student has sought a stay on the direction of the high court, which is hearing the hijab issue, as well as the proceedings going on before the three judge bench

An appeal has been filed in the Supreme Court challenging the direction of the Karnataka High Court that has asked students not to insist on wearing any cloth on campuses of educational institutions which can instigate people, till the matter is resolved. The plea filed by a student has sought a stay on the direction of the high court, which is hearing the hijab issue, as well as the proceedings going on before the three judge bench.

The appeal contended that the high court has sought to curtail the fundamental right of Muslim student women by not allowing them to wear the hijab row. The high court has posted the matter for Monday and also said educational institutions can resume classes for students. The three-judge full bench of Chief Justice Ritu Raj Awasthi, Justice J M Khazi and Justice Krishna S Dixit, which was formed on Wednesday, also said it wants the matter to be resolved at the earliest but till that time peace and tranquillity is to be maintained.

Budget has nothing for poor, farmers, middle class: Adhir Ranjan Chowdhury

Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury on Thursday said that there is nothing in the Union Budget for the poor, farmers and middle class.

Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury on Thursday said that there is nothing in the Union Budget for the poor, farmers and middle class. Chowdhury said, “Budget documents are perceived to be a roadmap for the future but here is what I have found there may be a map but there is no road in this Budget. The Budget document is nothing but a sheer rigmarole and rumbling stories much to the confusion of common people.”

“The budget which has come on the backdrop of retail inflation over 6 per cent has nothing on controlling price rise. Unemployment and inflation have crossed record highs. We can summarise the Budget as a zilch,” he added. Citing the National Survey Report of September 2021, he pointed out that the average income of farmers is mere Rs 27/day and the average debt of a farmer is Rs 74,000.

“National Survey Report of Sept 2021 pointed out that average income of farmers is mere Rs 27/day and average debt of a farmer is Rs 74,000. The double whammy is that the per hectare cost of farming increased by Rs 25,000/hectare/year. Do you have any answers? In seven years, Modi Government has fleeced the farmers of an additional Rs 17,50,000 crore,” he said. He further said Budget is a cruel joke for poor, working and salaried class, middle class, farmers, migrant workers of the country.

 

Reliance Industries to acquire stake in EV technology firm Altigreen

 Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

Reliance Industries Ltd on Thursday announced the acquisition of a stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. “Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore,” Reliance said in a stock exchange filing.

The company did not say how much equity shareholding will it get against the investment. The transaction is proposed to be completed before March 2022. Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

It has developed an E3W vehicle, and its vehicles are built in-house in Bangalore on a mobility platform that is 100 per cent indigenous. Its current patent portfolio spans 60 countries with 26 global patents, the firm said, adding some of Altigreen’s current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT and battery management. “The investment is part of our company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems,” it said.

LIC share sale may fetch govt up to Rs 65,000 cr; DRHP filing likely today

 High testing, rural-urban mobility, disbanded ground force reasons behind high daily caseload

Insurance behemoth Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) could garner anywhere between Rs 60,000 crore and Rs 65,000, said people with direct knowledge of the development. At the time of writing, investment bankers were giving the final touches to the company’s draft red herring prospectus (DRHP), which is expected to be filed with the Securities and Exchange Board of India (Sebi) on Friday. LIC’s IPO will be India’s largest-ever share sale, surpassing digital payments firm Paytm (One97 Communications), which raised Rs …Read More

4,844 foreigners granted Indian citizenship in past 5 years: Centre

1,773 foreigners were granted Indian citizenship in 2021, 639 in 2020, 987 in 2019, 628 in 2018 and 817 in 2017

As many as 4,844 foreigners were granted Indian citizenship in the past five years under the Citizenship Act 1955, Union Minister Nityanand Rai told Lok Sabha in a written reply on Tuesday. The minister informed that 1,773 foreigners were granted Indian citizenship in 2021, 639 in 2020, 987 in 2019, 628 in 2018 and 817 in 2017. MoS Rai was asked about the total number of foreigners granted Indian Citizenship by the Central government during the last five years with the clarification of reasons for taking it. “The citizenship to eligible foreigners is granted by registration under section 5, by neutralization under section 6 or by incorporation of territory under section 7 of the Citizenship Act, 1955,” he said in a written reply.

What is the Central Vista project?

 The central axis of New Delhi with gardens and buildings around India Gate and Raisina Hill are now giving way to the govt’s Central Vista Project. How will this area look like once it is completed?

The Housing and Urban Affairs Ministry has been allocated Rs 2,600 crore in Union Budget 2022-23 for the construction of non-residential office buildings of the Central Vista redevelopment project, including the Parliament and Supreme Court. This is Rs 767.56 crore more than Rs 1,833.43 crore given in the last fiscal. For residential purposes, the ministry has been given Rs 873.02 crore. The Central Vista is India’s central administrative area located in New Delhi. During the colonial era, leading British architects Edwin Lutyens and Herbert Baker had designed the Central Vista complex.

It was inaugurated in 1931 and comprised Rashtrapati Bhawan, Parliament House, North and South Blocks and the Record Office, which was later named as The National Archives, along with the India Gate monument and the civic gardens on either side of the Rajpath. The redevelopment of Central Vista was conceived in September 2019, involving multiple projects spread over six years and estimated to cost Rs 20,000 crore. Facing flak from opposition over it, the government said that a new parliament building was needed as the current one dates back to the 1920s and shows signs of “distress and over-use”.

The planned redevelopment works include the new triangular Parliament building, Chambers for Members of Parliament, the Central Vista Avenue, 10 buildings of the Common Central Secretariat, Central Conference Centre, Additional Buildings for National Archives, new Indira Gandhi National Centre for the Arts building, facilities for security officials, and official residences for the Vice President, Prime Minister, Executive Enclave with Prime Minister’s Office, Cabinet Secretariat, National Security Council Secretariat

China's 'zero-Covid' curbs may hurt global growth, says BOJ policymaker

 The remark follows a warning last month by IMF head Kristalina Georgieva that China should reassess its zero-Covid approach to the pandemic

China’s “zero-COVID” restrictions could weigh on world growth by prolonging supply chain disruptions and global inflationary pressures, a Bank of Japan policymaker said on Wednesday. The remark follows a warning last month by International Monetary Fund head Kristalina Georgieva that China should reassess its zero-COVID approach to the pandemic given the emergence of the highly contagious Omicron variant.

“China’s economy is the world’s market and factory,” BOJ board member Toyoaki Nakamura said in a speech. “There’s a risk its ‘zero-COVID’ policy amid widening Omicron infections could weigh on the global economy, as well as prolong global supply chain disruptions and inflationary pressures,” he said.

Uncertainty over how quickly Japanese companies pass on rising raw material costs to households is also among risks to the country’s economy, said Nakamura, a former executive at Japanese electronics giant Hitachi Ltd. Nakamura said Japan’s economy is expected to recover as the impact of the pandemic and supply constraints subside.But he said the BOJ will maintain its ultra-loose policy to ensure the economy strengthens enough to accelerate inflation to its 2% target.

Seven soldiers trapped in Arunachal avalanche found dead: Army

 The seven army personnel, part of a patrol, were struck by an avalanche in the high altitude area of Kameng Sector in Arunachal Pradesh on February 6

The bodies of the seven soldiers, who went missing after their patrol along the India-China border in Arunachal Pradesh’s West Kameng district was hit by an avalanche, have been found, the Indian Army said on Tuesday.

“Bodies of all seven individuals have been recovered from the avalanche site. Unfortunately, despite the best efforts of everyone involved, all seven have been confirmed deceased,” it said. The seven army personnel, part of a patrol, were struck by an avalanche in the high altitude area of Kameng Sector in Arunachal Pradesh on February 6. The area, located at an altitude of 14,500 feet, had been witnessing inclement weather with heavy snowfall since the last few days.

“The bodies of the soldiers are currently being transferred from the avalanche site to the nearest Army medical facility for further formalities,” the Army said. The area has been witnessing inclement weather with heavy snowfall since the last few days, the force said. Arunachal Pradesh is generally divided into Kameng area on the west and Rest of Arunachal Pradesh. The Army’s Eastern Command handles the 1,346-km-long Line of Actual Control including Sikkim and Arunachal Pradesh.

Afghan women face violence, repression as world focus shifts

 Under the Taliban’s latest rule, lesbian, gay, bisexual and transgender people in Afghanistan are facing “grave threats” of violence and death

The Taliban reportedly captured 40 people in Mazar-e-Sharif, a medium-sized city in Afghanistan, at the end of January 2022. Taliban members then allegedly gang-raped eight of the women. The women who survived the gang rape were subsequently killed by their families. The fact that the women had been raped violated a societal honor code called Pashtunwalli, which prohibits women from engaging in sex outside of marriage.

Taliban spokesperson Zabihullah Mujahid tweeted that some of the women they arrested “remain detained because their male relatives have not yet come to escort them.” News of the attack is circulating among various Afghan communities and some local media, according to several Afghan women’s rights activists who are part of my academic network. These colleagues cannot be named because of security concerns. Women’s rights activists marched in Kabul on Jan. 16, 2022, asking where the women of the Mazar-e-Sharif attack have gone.

China locks down city on Vietnam border as Covid-19 cases rise

The effort takes on extra urgency during the staging of the Winter Olympics, which began on Friday and run until Feb. 20, as well as a busy travel season for the Lunar New Year holiday

Authorities in China’s southwestern city of Baise ordered residents to stay at home from Monday and avoid unnecessary travel as they enforced curbs that are among the toughest in the nation’s tool-box to fight rising local infections of COVID-19.

The outbreak in Baise, which has a population of about 3.6 million and borders Vietnam, is tiny by global standards, but the curbs, including a ban on non-essential trips in and out, follow a national guideline to quickly contain any flare-ups. The effort takes on extra urgency during the staging of the Winter Olympics, which began on Friday and run until Feb. 20, as well as a busy travel season for the Lunar New Year holiday.

Dozens of athletes for the Games, hosted by the capital Beijing and the northern province of Hebei, have tested positive and moved into isolation, but events have not been seriously affected in the absence of cluster spread in the closed loop insulating them from the public. Baise, in the region of Guangxi, reported 37 domestically transmitted infections with confirmed symptoms for Sunday, up from six the day before, data from the National Health Commission showed….Read More

 

Nine killed after car-truck collision in Andhra Pradesh's Anantapuram

 The incident took place on Sunday.

Nine people died after a collision between a car and a lorry at Budagavi village of Andhra Pradesh’s Anantapuram district. According to Venkata Swamy, Sub Inspector of police, Uravakonda Police Station, the car was carrying a total of nine passengers including the drive. The incident took place on Sunday. “The victims were returning to Nimmagallu. The police have registered a case and further investigation is underway,” said Venkata Swamy. The police said the truck was travelling at a high speed when it lost control and rammed into the car coming from the opposite direction.

Russian attack on Ukraine possible any day, diplomacy still an option: US

 As Russia masses more than 100,000 troops near the border, Moscow has said it is not planning an invasion but could take unspecified military action if its security demands are not met

Russian President Vladimir Putin could order an attack on Ukraine within days or weeks, White House national security adviser Jake Sullivan warned on Sunday, as Washington and its European allies continued efforts to offer Putin a diplomatic way out of the crisis.

“We are in the window. Any day now, Russia could take military action against Ukraine, or it could be a couple of weeks from now, or Russia could choose to take the diplomatic path instead,” Sullivan told the “Fox News Sunday” program. Sullivan made the comments in television interviews after two U.S. officials on Saturday said Russia, which seized Crimea from Ukraine in 2014, has in place about 70% of the combat power it believes it would need for a full-scale invasion of Ukraine.

As Russia masses more than 100,000 troops near the border, Moscow has said it is not planning an invasion but could take unspecified military action if its security demands are not met. Those include a promise that NATO will never admit Ukraine, a demand the United States and the 30-nation Western security alliance have called unacceptable. U.S. President Joe Biden spoke to French President Emmanuel Macron on Sunday, the White House said. That call came ahead of a visit by Macron to Moscow on Monday, the culmination of days of French contacts with Russia and Ukraine to try to de-escalate tensions….Read More

No plan to change 'forest cover' definition at present, says govt

 The comment was made in the Rajya Sabha

India has “no plan”, at present, to change the definition of “forest cover and very dense forest”, Ashwini Kumar Choubey, Minister of State, Ministry of Environment, Forest & Climate Change, has said in the Rajya Sabha. The definition of forest cover in ISFR represents true picture as described, he added.

The minister was responding to MP Vandana Chavan’s question: “If the government is aware that the current definition of ‘forest cover‘ in the India State of Forest Report (ISFR) does not differentiate between natural forests and plantations, thereby providing an incomplete picture of the status of forests, whether the ISFR used ancillary field datasets to define ‘very dense’ forests and also, whether the government planned to change the definition of forest cover and very dense forests to better reflect country’s actual forest cover.”

India’s definition of forest has been taken on the basis of three criteria as per the decision under Kyoto Protocol and very well accepted by United Nations Framework Convention on Climate Change (UNFCCC) and Food and Agriculture Organization (FAO) for their reporting or communications, the Rajya Sabha was told…Read More

Jumla for India, jobs for China: Rahul targets govt on 'Make in India'

 He alleged that the imports from China are at an all-time high under the Modi government as it has “destroyed” the medium and small industries and unorganised sector that creates jobs

Congress leader Rahul Gandhi on Friday targeted the Modi government over the issue of jobs, charging that ‘Make in India’ is turning into ‘Buy from China’. He alleged that the imports from China are at an all-time high under the Modi government as it has “destroyed” the medium and small industries and unorganised sector that creates jobs. “JUMLA for India, JOBS for China! Modi Government has destroyed the Unorganised Sector and MSMEs that create the most jobs. Result: ‘Make In India’ is now ‘Buy from China’,” he said on Twitter.

The former Congress chief also shared a 1.30 minute video where it is alleged that the Modi government promised ‘Make in India’, yet it only “buys from China” and there has been a record 46 percent increase in imports from China in 2021, which is the highest ever. In the short video, he also shared excerpts of his speech in Parliament on the issue, where he attacked the government on China. Gandhi and his Congress party have been critical of the government’s response and handling of the border dispute with China and have been demanding strong action on the matter.

Budget credit positive for India Inc, fiscal challenges remain: Moody's

 The path toward the government’s medium-term deficit target of 4.5% of GDP by FY25 remains undefined.

Rating agency Moody’s said the government’s Budget for FY 2022-23, with emphasis on capital expenditure to support growth, is credit positive for non-financial companies, financial institutions, but poses long-term fiscal challenges for the sovereign. There is continued emphasis on rising capital expenditure to sustain growth momentum near term, as the economy continues to rebound from its coronavirus (Covid-19) pandemic trough, the rating agency said in a report. India’s sovereign rating is “Baa3 stable”.

The conservative Budget 2022 assumptions leave room for the government to respond to prevailing macroeconomic and pandemic risks over the next year. However, the path toward the government’s medium-term deficit target of 4.5 per cent of Gross Domestic Product (GDP) by FY25 remains undefined. India’s Budget, presented on February 1, 2022, projects a narrowing in the central government deficit to 6.4 per cent of GDP in FY22 from an estimated 6.9 per cent in FY21….

SC asks states to pay Covid death compensation to families in 10 days

 The apex court said that the endeavour of legal services authority would be to reach to those sufferers/victims who have yet not approached for whatever reasons

The Supreme Court Friday directed all states governments and Union Territories to appoint dedicated nodal officer to coordinate with the member secretary of the state legal service authority (SLSA) to facilitate payment of ex gratia compensation to family members of COVID-19 victims.

A bench comprising Justices M R Shah and B V Nagarathna also directed the state governments to give full particulars like name, address and death certificate to the concerned SLSA, as also complete details with respect to orphans, within one week from today (Friday) failing which the matter shall be viewed very seriously.

The top court reiterated that applications seeking compensation should not be rejected on technical grounds and if any technical glitch is found, the states concerned should give them opportunity to cure defects as the ultimate goal of the welfare state is to provide some solace and compensation to victims. States should make all endeavours to pay the compensation to the victims within a maximum period of 10 days from the receipt of the claim, it said….Read More

South Korean firms take precautions to block Covid spread after holidays

 Many people in South Korea travelled during the holidays to see family, likely leading to an uptick in infections

Some of South Korea’s corporate giants have asked staff to test themselves for COVID-19 before returning to work on Thursday after the Lunar New Year holidays, amid concerns the break could fuel the spread of the highly infectious Omicron variant. Kakao Corp, operator of South Korea’s dominant chat app, went further and blocked employees from coming to the office for two weeks, as the country’s daily infections hit record highs. Many people in South Korea travelled during the holidays to see family, likely leading to an uptick in infections.

Kakao barred employees from entering the office until Feb. 18 without approval, with very few exceptions. Even then, the employee is required to self-diagnose with a test kit in a prepared space and enter only after a negative result. After Feb. 18, Kakao will also deliver 10 at-home test kits, which can be used 20 times, to each employee’s home so they can test themselves before coming to the office, it said in a statement….Read More

WhatsApp to get message reactions on iPhone, Android soon: Report

 WhatsApp is also working on a new feature that would allow group admins on WhatsApp to delete messages for other members of the group as well.

Few months ago, WhatsApp had started developing iMessage-like reactions for its app and now the company seems almost ready to release this feature.WABetaInfo has shared some screenshots of WhatsApp reactions, giving us an early preview of what the feature might look like once it goes live. WhatsApp users will see a row of emoji just above the message. It’s unclear whether users will have to long-press on a message or there will be a dedicated button next to the message to add a reaction. According to the report, the message reactions will come with end-to-end encryptions, but for now, very little information is available.

WhatsApp is also working on a new feature that would allow group admins on WhatsApp to delete messages for other members of the group as well. A user will see the ‘This was deleted by an admin’ message whenever any admin deletes a particular message.”If you are a group admin, you will be able to delete any message for everyone in your groups, in a future update of WhatsApp beta for Android,” WABetaInfo said in a tweet recently.

Facebook loses daily users for first time ever, ad growth slows

 The Meta-owned Facebook platform registered 1.929 billion daily users in the fourth quarter of 2021 — from 1.93 billion in the previous quarter

For the first time ever, Facebook has lost daily users globally, reporting lower-than-expected ad growth that sent its stock plunging nearly 20 per cent. The massive stock drop instantly wiped out roughly $200 billion in its market value. The Meta-owned Facebook platform registered 1.929 billion daily users in the fourth quarter of 2021 — from 1.93 billion in the previous quarter. The company confirmed late on Wednesday that it is the first sequential decline in its history. Facebook’s monthly active users (MAUs) were 2.91 billion as of December 31, 2021, an increase of 4 per cent year-over-year. Meta still made nearly $40 billion in profit in 2021, mostly from advertising.

“We had a solid quarter as people turned to our products to stay connected and businesses continued to use our services to grow,” said Mark Zuckerberg, Meta founder and CEO. “I’m encouraged by the progress we made this past year in a number of important growth areas like Reels, commerce, and virtual reality, and we’ll continue investing in these and other key priorities in 2022 as we work towards building the metaverse,” he added.

Cognizant to hire 50,000 freshers in CY22; highest ever for the company

 The company ended the year with a total headcount of 330,600, up 14 per cent year-on-year.\

Nasdaq-listed IT services company Cognizant will be onboarding 50,000 freshers from India in CY22. The company added 33,000 freshers in CY21. The company reported attrition of 31 per cent of the Q4FY21 (it follows the Jan-Dec financial calendar). Though the attrition numbers are higher compared to peers TCS, Infosys and Wipro, they have come down for the company on a sequential basis. Cognizant had reported attrition of 33 per cent in Q3FY21.

The company ended the year with a total headcount of 330,600, up 14 per cent year-on-year. “While the rest of the industry at least saw an uptick on attrition for this quarter we have managed to get a little respite on a quarter-on-quarter. Is this sustainable? We are doing everything within the organization to make sure that it sustains, but attrition is always dependent on market dynamics,” said Rajesh Nambiar, chairman, Cognizant India and president digital business and technology.

Beyond the third wave: Rural economy, banking recovery, and more

 Budget at a glance: Here’re the key numbers from Union Budget 2022

Finance Minister Nirmala Sitharaman on Tuesday unveiled a bigger Rs 39.45 lakh crore Budget, with higher spending on highways to affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. Prime Minister Narendra Modi on Tuesday said the Union Budget presented by Finance Minister Nirmala Sitharaman was “people-friendly, progressive” and full of possibilities for infrastructure, investment, growth and jobs. In a televised statement, Modi said an important aspect of the Union Budget was the welfare of the poor.

Union Budget 2022: Umbrellas to be costlier, diamonds cheaper

 Keeping with the government’s Atmanirbhar Bharat plank, FM Sitharaman increased Customs duties on a host of items, such as umbrellas, parts of wearable devices, and electronic smart meters

Keeping with the government’s Atmanirbhar Bharat plan, Finance Minister Nirmala Sitharaman on Tuesday increased Customs duties on a host of items, such as umbrellas, parts of wearable devices, and electronic smart meters. She also proposed to phase out more than 350 exemptions, including on capital goods, in a gradual manner to encourage domestic manufacturing.

“This comprehensive review will simplify the Customs rate and tariff structure, particularly for sectors like chemicals, textiles, and metals, and minimise disputes. Removal of exemption on items that are or can be manufactured in India and providing concessional duties on raw material that go into manufacturing of intermediate products will go many a step forward in achieving our objective of Make in India and Atmanirbhar Bharat,” Sitharaman said….Read More

Union Budget 2022: Real estate sector hails it as a growth-inducing budget

 Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget for FY 2022-23

Highlighting the role of the real estate sector in India’s economy, industry experts termed the Union Budget 2022-23 as a growth-inducing budget. Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget for FY 2022-23. During the budget speech, Sitharaman announced the completion of 80 lakh homes under Pradhan Mantri Awas Yojana (PMAY) and also informed that for this, allocated Rs 48,000 crore under PMAY for urban and rural in FY23. The demand for affordable housing has been increasing in the past few years.

Aditya Kushwaha, CEO and Director, Axis Ecorp said, “The real estate sector is the backbone of the economy and will play a pivotal role in this Amrit Kaal. The budget 2022 is growth-inducing and does the heavy lifting by sharply increasing capital expenditure. On the real estate aspect, the annual budget reinforces the Government’s focus on affordable housing.”

He said the government has also announced an outlay of Rs 20,000 crore toward Gati Shakti for integrated planning and coordinated implementation of infrastructure connectivity projects. In the budget 2022-23, there was also an emphasis on sustainable development with climate action being one of the central themes.

What are the key takeaways from Budget 2022?

 While tabling her fourth Budget, Nirmala Sitharaman said that it will lay the foundation for the next 25 year’s economic growth. Let us examine what this Budget has in store for the country

Budget 2022 saw a sharp increase in capital expenditure and the government committing enhanced support for the hospitality sector and related services. There was also an announcement that a digital rupee, using Blockchain, would be issued by the RBI soon. Among other things, the government also rejigged the customs duty structure.

The share of the Budget allocated to capital expenditure is the highest in 19 years. Budget 2022 has allocated 7.5 trillion rupees to capital expenditure. This is 35.4 per cent higher than the previous year’s allocation of 5.5 trillion rupees. It amounts to 19.02 per cent of the Budget’s total expenditure of 39.45 trillion rupees. The last time that the capital expenditure share touched a similar figure was when it came in at 19.32 per cent for the financial year 2004-05.

U R Bhat, co-founder and director at Alphaniti Fintech, has said that the thrust of Union Budget 2022 has been on infrastructure modernisation, adding that this will have a multiplier effect as far as job creation and economic growth are concerned. He emphasised that the government has refrained from doling out any kind of loan ahead of the Assembly elections in some states. The budget, he said, focuses on the next few years and not the elections.