In Budget 2019, Govt will bring New Education Policy at par with international level, says Sitharaman

Budget 2019: Govt will bring New Education Policy at par with international level, says Sitharaman

Budget 2019: 'Time to increase minimum public shareholding in listed companies to 35%'.

Budget 2019: 'Time to increase minimum public shareholding in listed companies to 35%'

<a href="https://www.wionews.com/business-economy/budget-2019-finance-minister-sitharaman-proposes-opening-up-insurance-aviation-sectors-to-boost-growth-233235">Finance Minister Nirmala Sitharaman</a> said on Friday that three Indian institutions - two IITs and IISc - now figure in top 200 institutions in world university rankings and the government will start a programme 'Study in India' to encourage foreign students to study in Indian universities.

Presenting the Union Budget, <a href="https://www.wionews.com/business-economy/budget-2019-highlights-of-taxation-revenue-policy-announced-by-finance-minister-nirmala-sitharaman-233200">Sitharaman said</a> that regulatory system in higher education will be reformed and a Higher Education Commission will be set up.

She said no Indian institute figured in top 200 of world university rankings five years back.

"Concerted efforts have been made to boost education standards. Three institutes - two IITs and IISc (Indian Institute of Science Bengaluru) are in top 200. We will continue making concerted efforts," she said.

She said Rs 400 crore has been earmarked for Rs 2019-2020 under the head 'World-class institutions'.

Watch:&nbsp;Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha

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"It is more than three times the revised estimates," she said.

The minister said India has the potential to become the hub of education and the `Study in India' programme will focus on bringing foreign students to the country.

Finance Minister Nirmala Sitharaman said on Friday that three Indian institutions - two IITs and IISc - now figure in top 200 institutions in world university rankings and the government will start a programme 'Study in India' to encourage foreign students to study in Indian universities.

Finance Minister Nirmala Sitharaman said on Friday that three Indian institutions - two IITs and IISc - now figure in top 200 institutions in world university rankings and the government will start a programme 'Study in India' to encourage foreign students to study in Indian universities. Presenting the Union Budget, Sitharaman said that regulatory system in higher education will be reformed and a Higher Education Commission will be set up. She said no Indian institute figured in top 200 of world university rankings five years back. "Concerted efforts have been made to boost education standards. Three institutes - two IITs and IISc (Indian Institute of Science Bengaluru) are in top 200. We will continue making concerted efforts," she said. She said Rs 400 crore has been earmarked for Rs 2019-2020 under the head 'World-class institutions'. Watch: Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha "It is more than three times the revised estimates," she said. The minister said India has the potential to become the hub of education and the `Study in India' programme will focus on bringing foreign students to the country.

Budget 2019: Nirmala Sitharaman to launch 'Study in India' initiative to encourage foreign students

Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman.

Budget 2019: India will become a $3-billion economy this year, says Nirmala Sitharaman

Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget in Union Budget 2019-20.

Budget 2019: Nirmala Sitharaman focuses on 'Gaon, Gareeb aur Kisan' in her first Budget

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'.

Budget 2019: Finance Minister Nirmala Sitharaman sets the 'ball rolling for New India'

Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha. Watch this video for more in details. #Budget2019 #UnionBudget2019 #IndiaBudget2019 #Budget

Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 in Lok Sabha

Expectations of common man are high from the Narendra Modi government ahead of the Union Budget 2019 India. Middle-class income tax payers are hoping that like Interim Budget 2019, the upcoming Union Budget 2019 will also put a smile on their faces by providing Income Tax relief. In Interim Budget 2019 on February 1, the Modi government provided rebate relief to individuals earning up to Rs 5 lakh. Apart from that, with the income tax relief individuals with income up to Rs 6.5 lakh would not have to pay any tax provided they have investments in provident funds and prescribe equities.

India Watch: Govt May grant More Tax Relief To Middle Class

Mr Chetty's first words at the Budget presentation were, "I rise to present the first Budget of a free and independent India. This occasion may well be considered an historic one and I count it a rare privilege that it has fallen to me to be the Finance Minister to present this Budget."

India Watch: History Of Budget In India

Fancy riding a virtuous self-sustaining growth cycle under a clear blue sky with no worry in the world? That’s the rough imagery the Economic Survey wants to paint and the chief economic advisor (CEA) even tweeted about adopting so-called blue sky thinking to take India towards the goal of being a $5 trillion economy.

India Watch: What is blue sky thinking?

Finance Minister <a href="https://www.wionews.com/india-general-elections-2019/nirmala-sitharaman-the-first-full-time-woman-defence-minister-retained-as-union-minister-222866">Nirmala Sitharaman</a> will present the first full-year budget of the new government today at 11 am. As <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Finance minister,</a> this will be her maiden budget.

This is the time of the year when an individual taxpayer looks forward to taxing relief with the hope that he/ she will be left with more post-tax income in his/her hand.&nbsp;

Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years.

In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual`s taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.&nbsp;

It is widely expected that the Union Budget will have a slew of measures which will support growth both in the short-term and the long-term. It may be noted that economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India.

Meanwhile, The pre-Budget Economic Survey 2018-19&nbsp;estimated the economy to grow at 7 per cent in 2019-20 and has called for shifting gears to realise an 8 per cent growth in the coming year which it cautioned will pose several challenges on the fiscal front.

The first survey of the new government and the first to be tabled in Parliament by Finance Minister Nirmala Sitharaman today said the 7 per cent growth for the current fiscal 2019-20 has been estimated on the back of an anticipated pickup in the growth of investment and acceleration in the growth of consumption.

(With inputs from ANI)

Finance Minister Nirmala Sitharaman will present the first full-year budget of the new government today at 11 am. As Finance minister, this will be her maiden budget.

Finance Minister Nirmala Sitharaman will present the first full-year budget of the new government today at 11 am. As Finance minister, this will be her maiden budget. This is the time of the year when an individual taxpayer looks forward to taxing relief with the hope that he/ she will be left with more post-tax income in his/her hand. Sources said that the Budget 2019-20 will take the sops announced in the Interim Budget further by raising the basic tax exemption limit for an individual income tax payee to Rs 3 lakh from Rs 2.50 lakh at present to cover for the inflationary impact over the years. In the Interim Budget, the government had proposed a rebate on all payable taxes if an individual`s taxable income is up to Rs 5 lakh per annum. But it kept the basic exemption levels unchanged. It is widely expected that the Union Budget will have a slew of measures which will support growth both in the short-term and the long-term. It may be noted that economic expansion during last fiscal has slowed down to a five-year low of 6.8 per cent, with growth for the running fiscal (2019-20) pegged down substantially by the Reserve Bank of India. Meanwhile, The pre-Budget Economic Survey 2018-19 estimated the economy to grow at 7 per cent in 2019-20 and has called for shifting gears to realise an 8 per cent growth in the coming year which it cautioned will pose several challenges on the fiscal front. The first survey of the new government and the first to be tabled in Parliament by Finance Minister Nirmala Sitharaman today said the 7 per cent growth for the current fiscal 2019-20 has been estimated on the back of an anticipated pickup in the growth of investment and acceleration in the growth of consumption. (With inputs from ANI)

Budget 2019: Finance Minister Nirmala Sitharaman to present maiden Budget today at 11 am

That’s the rough imagery the Economic Survey wants to paint and the chief economic advisor (CEA) even tweeted about adopting so-called blue sky thinking to take India towards the goal of being a $5 trillion economy.

India Watch: Big Ideas In The Economic Survey

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday.

The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am.&nbsp;

Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30.

In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25.

Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher.

Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment.

Economists expect her to take measures to boost domestic growth and rural consumption, among other things.

Meanwhile,&nbsp;Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Thursday. The 30-share index was trading 122.14 points, or 0.30 per cent, higher at 39,680.15 at 9:30am. Similarly, the broader NSE Nifty was quoting at 43.55, up at 11,952.30. In the previous session Wednesday, the broader NSE Nifty closed 0.05% higher at 11,916.75, while the benchmark BSE Sensex settled 0.06% firmer at 39,839.25. Financials stock helped the indices finish in the black, with Indiabulls Housing Finance Ltd closing 7.6% higher while IndusInd Bank Ltd ending the day 3.8% higher. Prime Minister Narendra Modi government will unveil its first budget since winning a second term by a landslide in May. Finance Minister Nirmala Sitharaman has to battle slumping economic growth and high rates of unemployment. Economists expect her to take measures to boost domestic growth and rural consumption, among other things. Meanwhile, Asian markets rose tracking a record performance on Wall Street, as investors turned their focus to the upcoming release of US jobs data while hoping for a big Federal Reserve interest rate cut.

Sensex rises over 100 points ahead of budget

Budget 2019 is less than 24 hours behind and the core committees made by the Finance Minister Nirmala Sitharaman and the Modi 2.0 Government have already submitted their recommendations. Budget will be presented tomorrow at 11 am.

Budget 2019: Finance Minister Nirmala Sitharaman to present Budget tomorrow

As scorching summers set electricity demand soaring to record highs, the government has its task cut out in driving energy reforms and policy initiatives. These factors should be significant as the Centre prepares to announce the 2019 Union Budget on 05 July.

India Watch: Budget 2019: What's the future of smart cities?

Startups, internet and technology companies have high hopes from the maiden budget of finance minister Nirmala Sitharaman. Three years after the launch of Start Up India scheme, it’s time for Modi government to give a big push to the Startup ecoystem in its first budget in its second term. Startups want more clarity over the issues like Angel Tax and easy access to funds to expand their operations.

India Watch: Budget 2019: What's in store for startups

The central bank for all the world’s central banks - the Bank for International Settlements (BIS) - has gone on the offensive against unjustified criticism that a head-strong monetary policy of central banks was responsible for the global economic slowdown.

In its just-published annual report, Basel-based BIS contends that following the gains from a decade of extraordinary monetary policies that helped to restore global growth, there has been a slowdown in the pace of expansion since the last year.&nbsp;

For the world economy to stay on course, other policies need to play a bigger role. Policy wonks must take a longer-term view, it suggests bluntly, lamenting that monetary policy alone could not do the heavy-lifting.&nbsp;

BIS general manager, Agustin Carsten, put it candidly when he said that a better mix is needed between monetary policy, fiscal policy, macro-prudential measures and structural reforms. Macro-prudential tools range from system-wide stress tests and counter-cyclical capital requirements to maximum loan-to-value and debt-to-income ratios.

Stating that monetary policy alone cannot become the engine of higher sustainable economic growth as it works better as a backstop, Carsten picturesquely said that to look past the clouds to spot the blue sky, a plane cannot only fly on a single-engine!&nbsp;

Amplifying this point, the report says that while authorities can help where space is available, fiscal policy needs to be used judiciously to boost sustainable growth, supporting aggregate demand. It believes that the composition of spending needs to be growth-friendlier, especially by boosting well-chosen infrastructure investments.&nbsp;

In the process, it is crucial to preclude the trap of carrying out pro-cyclical policies. It is, however, best to undertake structural fiscal reforms like reducing the bias of tax systems in favour of debt. Nirmala Sitharaman, presenting her maiden Union Budget in a couple of days, may benefit from this advice. She must persuade her officers in the North Block not to view Mint Street officials as adversaries. &nbsp;&nbsp;

Referring to operations of the financial system, the report maintains that all over the world, banks face the challenge to improve profitability. Costs remain stubbornly high, relative to income. Business models have yet to be restructured on a sustainable basis—in particular, adapting to a lower and flatter yield curve.&nbsp;

Banks are also facing increasing competition from non-traditional players such as big techs, who are taking advantage of digital innovation.&nbsp;

There is also the negative impact that historically low interest rates in advanced countries may have on financial intermediation and credit supply. Over the longer term, low rates tend to sap interest margins, profits and hence banks’ ability to build up capital, which is essential for their lending to the productive economy. &nbsp;&nbsp;

The report singles out praise for inflation targeting frameworks in emerging market economies, including India, which have generally been successful. These frameworks have been combined with varying degrees of foreign exchange intervention, coupled with the active use of macro-prudential tools.

Interestingly, the BIS report focusses especially on the entry of large technology companies such as Facebook, Amazon, Alibaba, Google and Tencent, into financial services. These firms have already established platforms in their respective businesses, such as in e-commerce or special networking.&nbsp;

The business model of big tech firms rests on enabling direct interactions among a large number of users. An essential byproduct of their business is the stock of user data. The data is then utilised as input to offer a range of services that exploit natural networks, generating further user activity, which then completes the circle, as it generates yet more data. Big techs can glean additional data from their own ecosystems in social networking, search engines and e-commerce that are outside the financial services they operate.&nbsp;

Since data has increasing returns to scope and scale, big techs will be able to make far more effective use of any incremental data. It is small wonder that Facebook recently outlined its intent to upend the financial system through the launch of Libra, a ‘global digital currency’.&nbsp;

FB has touted Libra as a means to improve financial inclusion for the world’s 1.7 billion people without access to bank accounts. Amazon, which lends to companies, contends that it wants to fill the gap left by banks increasingly reluctant to lend to small businesses.

While acknowledging the potential benefits of big techs entering the financial system with their superior customer data and efficient decision-making, which lowers barriers to the provision of financial services to the unbanked and bypassed sections of society, BIS has also raised concerns over the potential misuse of that data. This it said, would spawn, ‘adverse, economic and welfare effects”. Firms could, for example, exclude high-risk groups from socially desirable insurance markets by working out the maximum rate a borrower would be willing to pay for a loan.&nbsp;

Finally, the report is right when it argues that wide access to data could, in principle, be beneficial. Digital data can be used by many, including competitors, without loss of content. Besides, since data is obtained at zero marginal cost as a byproduct of big techs’ services, it would be socially desirable to share them freely. &nbsp;Provided that markets are competitive, open access to data can help to lower the switching costs for customers, alleviate hold-up problems and generally foster competition and financial inclusion. &nbsp;

This is easier said than done and in the face of the rapid and global digitisation of the economy, coordination 
 
(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-monetary-policy-not-enough-2767466">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp;

&nbsp;

The central bank for all the world’s central banks - the Bank for International Settlements (BIS) - has gone on the offensive against unjustified criticism that a head-strong monetary policy of central banks was responsible for the global economic slowdown.

The central bank for all the world’s central banks - the Bank for International Settlements (BIS) - has gone on the offensive against unjustified criticism that a head-strong monetary policy of central banks was responsible for the global economic slowdown. In its just-published annual report, Basel-based BIS contends that following the gains from a decade of extraordinary monetary policies that helped to restore global growth, there has been a slowdown in the pace of expansion since the last year. For the world economy to stay on course, other policies need to play a bigger role. Policy wonks must take a longer-term view, it suggests bluntly, lamenting that monetary policy alone could not do the heavy-lifting. BIS general manager, Agustin Carsten, put it candidly when he said that a better mix is needed between monetary policy, fiscal policy, macro-prudential measures and structural reforms. Macro-prudential tools range from system-wide stress tests and counter-cyclical capital requirements to maximum loan-to-value and debt-to-income ratios. Stating that monetary policy alone cannot become the engine of higher sustainable economic growth as it works better as a backstop, Carsten picturesquely said that to look past the clouds to spot the blue sky, a plane cannot only fly on a single-engine! Amplifying this point, the report says that while authorities can help where space is available, fiscal policy needs to be used judiciously to boost sustainable growth, supporting aggregate demand. It believes that the composition of spending needs to be growth-friendlier, especially by boosting well-chosen infrastructure investments. In the process, it is crucial to preclude the trap of carrying out pro-cyclical policies. It is, however, best to undertake structural fiscal reforms like reducing the bias of tax systems in favour of debt. Nirmala Sitharaman, presenting her maiden Union Budget in a couple of days, may benefit from this advice. She must persuade her officers in the North Block not to view Mint Street officials as adversaries. Referring to operations of the financial system, the report maintains that all over the world, banks face the challenge to improve profitability. Costs remain stubbornly high, relative to income. Business models have yet to be restructured on a sustainable basis—in particular, adapting to a lower and flatter yield curve. Banks are also facing increasing competition from non-traditional players such as big techs, who are taking advantage of digital innovation. There is also the negative impact that historically low interest rates in advanced countries may have on financial intermediation and credit supply. Over the longer term, low rates tend to sap interest margins, profits and hence banks’ ability to build up capital, which is essential for their lending to the productive economy. The report singles out praise for inflation targeting frameworks in emerging market economies, including India, which have generally been successful. These frameworks have been combined with varying degrees of foreign exchange intervention, coupled with the active use of macro-prudential tools. Interestingly, the BIS report focusses especially on the entry of large technology companies such as Facebook, Amazon, Alibaba, Google and Tencent, into financial services. These firms have already established platforms in their respective businesses, such as in e-commerce or special networking. The business model of big tech firms rests on enabling direct interactions among a large number of users. An essential byproduct of their business is the stock of user data. The data is then utilised as input to offer a range of services that exploit natural networks, generating further user activity, which then completes the circle, as it generates yet more data. Big techs can glean additional data from their own ecosystems in social networking, search engines and e-commerce that are outside the financial services they operate. Since data has increasing returns to scope and scale, big techs will be able to make far more effective use of any incremental data. It is small wonder that Facebook recently outlined its intent to upend the financial system through the launch of Libra, a ‘global digital currency’. FB has touted Libra as a means to improve financial inclusion for the world’s 1.7 billion people without access to bank accounts. Amazon, which lends to companies, contends that it wants to fill the gap left by banks increasingly reluctant to lend to small businesses. While acknowledging the potential benefits of big techs entering the financial system with their superior customer data and efficient decision-making, which lowers barriers to the provision of financial services to the unbanked and bypassed sections of society, BIS has also raised concerns over the potential misuse of that data. This it said, would spawn, ‘adverse, economic and welfare effects”. Firms could, for example, exclude high-risk groups from socially desirable insurance markets by working out the maximum rate a borrower would be willing to pay for a loan. Finally, the report is right when it argues that wide access to data could, in principle, be beneficial. Digital data can be used by many, including competitors, without loss of content. Besides, since data is obtained at zero marginal cost as a byproduct of big techs’ services, it would be socially desirable to share them freely. Provided that markets are competitive, open access to data can help to lower the switching costs for customers, alleviate hold-up problems and generally foster competition and financial inclusion. This is easier said than done and in the face of the rapid and global digitisation of the economy, coordination (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Union Budget 2019: Monetary policy not enough

A dozen <a href="http://www.wionews.com/world/tensions-high-as-spain-starts-trial-of-catalan-separatists-196885">Catalan separatist</a> leaders went on trial in Madrid on Tuesday over their roles in a failed independence bid that laid bare historical divisions and triggered Spain's biggest political crisis in decades.

Flanked by hundreds of police, pro- and anti-separatist demonstrators gathered outside the Supreme Court, where the defendants face charges of rebellion, sedition, and misuse of public funds.

Their supporters carried signs reading "Freedom for political prisoners" while a small rival group shouted "Golpista" or "coup plotter", portraying the region's independence declaration of October 2017 as an attempt to dismantle the Spanish state.

In his opening remarks to the trial, which is being transmitted live on national television, a lawyer defending two of the accused said they had the right to seek independence for their region.

"They have the right to defend that idea. It (self-determination) is a synonym of peace, not of war," Andreu Van den Eyndehe told the court.

The politically charged trial comes at a pivotal time for Spain's government, with a snap national election on the cards unless Catalan nationalist lawmakers support the 2019 budget in a vote scheduled for Wednesday.

Democracy under the spotlight

The case also exposes the workings of Spain's democracy - relatively young by western European standards - to their widest scrutiny since a failed coup in 1981.

That attempt, ended by a televised intervention by King Juan Carlos, occurred three years after the current constitution was approved to complete a democratic transition that began in 1975 with dictator Francisco Franco's death.

The constitution bans any Spanish region from seceding.

Supporters of the defendants, who face up to 25 years in prison if convicted, say they are political prisoners and that the trial itself is political. The government says they are being judged solely in line with the rule of law.

None of the 12 is scheduled to speak on the first day of the trial, which is dominated by procedural issues. Nine of them have been jailed without bail since late 2017 or early 2018.

Meanwhile, seven other politicians involved in the independence declaration - including former leader Carles Puigdemont - are in self-imposed exile in different parts of Europe. In Berlin on Tuesday, Puigdemont said the trial marked a stress test for Spain's democracy

The declaration followed a referendum carried out in defiance of a judicial ban, angering some Catalans and much of the rest of Spain.

But there was a shock at home as well as abroad when police used batons and rubber bullets on protesters on the day of the vote.

The Geneva-based International Commission of Jurists, a human rights group of judges and lawyers, said the trial risked restricting rights and could set a precedent.

Olivier Peter, a lawyer for one of the accused, said the world was looking at authorities in Madrid. "What they want is not to judge but to condemn (for) political reasons," he told reporters on Monday.

Budget bill backdrop

While declining to discuss any move towards Catalan independence, Socialist Prime Minister Pedro Sanchez has adopted a more conciliatory stance towards the secessionist movement than the conservative government that preceded him and tried to establish a dialogue.

But so far, nationalist lawmakers from the wealthy northeastern region have said they will block the budget bill, citing Sanchez's refusal to include an independence option in the talks.

With his party holding less than a quarter of seats in the lower parliamentary house, the absence of Catalan support for the budget would almost certainly sink the bill and in turn likely prompt a snap election.

In an early morning tweet, Sanchez said he expected both the right and pro-independence lawmakers to vote against his budget. "They both want the same: A divided Catalonia and a divided Spain. We are working for a Catalonia in peace and a united Spain," he said.

Secessionists have called on Catalans to briefly stop work at midday on Tuesday in protest against the trial and to join a rally in Barcelona in the evening. Another big demonstration is planned for Saturday and a general strike on February 21.

After imposing direct rule on Catalonia in October 2017 in response to the independence declaration, the previous conservative government called regional elections to curb the independence movement. But the move backfired as the secessionists retained a slim majority in the Catalan assembly.

The trial is expected to last at least three months, with a final ruling not before June.

A dozen Catalan separatist leaders went on trial in Madrid on Tuesday over their roles in a failed independence bid that laid bare historical divisions and triggered Spain's biggest political crisis in decades.

A dozen Catalan separatist leaders went on trial in Madrid on Tuesday over their roles in a failed independence bid that laid bare historical divisions and triggered Spain's biggest political crisis in decades. Flanked by hundreds of police, pro- and anti-separatist demonstrators gathered outside the Supreme Court, where the defendants face charges of rebellion, sedition, and misuse of public funds. Their supporters carried signs reading "Freedom for political prisoners" while a small rival group shouted "Golpista" or "coup plotter", portraying the region's independence declaration of October 2017 as an attempt to dismantle the Spanish state. In his opening remarks to the trial, which is being transmitted live on national television, a lawyer defending two of the accused said they had the right to seek independence for their region. "They have the right to defend that idea. It (self-determination) is a synonym of peace, not of war," Andreu Van den Eyndehe told the court. The politically charged trial comes at a pivotal time for Spain's government, with a snap national election on the cards unless Catalan nationalist lawmakers support the 2019 budget in a vote scheduled for Wednesday. Democracy under the spotlight The case also exposes the workings of Spain's democracy - relatively young by western European standards - to their widest scrutiny since a failed coup in 1981. That attempt, ended by a televised intervention by King Juan Carlos, occurred three years after the current constitution was approved to complete a democratic transition that began in 1975 with dictator Francisco Franco's death. The constitution bans any Spanish region from seceding. Supporters of the defendants, who face up to 25 years in prison if convicted, say they are political prisoners and that the trial itself is political. The government says they are being judged solely in line with the rule of law. None of the 12 is scheduled to speak on the first day of the trial, which is dominated by procedural issues. Nine of them have been jailed without bail since late 2017 or early 2018. Meanwhile, seven other politicians involved in the independence declaration - including former leader Carles Puigdemont - are in self-imposed exile in different parts of Europe. In Berlin on Tuesday, Puigdemont said the trial marked a stress test for Spain's democracy The declaration followed a referendum carried out in defiance of a judicial ban, angering some Catalans and much of the rest of Spain. But there was a shock at home as well as abroad when police used batons and rubber bullets on protesters on the day of the vote. The Geneva-based International Commission of Jurists, a human rights group of judges and lawyers, said the trial risked restricting rights and could set a precedent. Olivier Peter, a lawyer for one of the accused, said the world was looking at authorities in Madrid. "What they want is not to judge but to condemn (for) political reasons," he told reporters on Monday. Budget bill backdrop While declining to discuss any move towards Catalan independence, Socialist Prime Minister Pedro Sanchez has adopted a more conciliatory stance towards the secessionist movement than the conservative government that preceded him and tried to establish a dialogue. But so far, nationalist lawmakers from the wealthy northeastern region have said they will block the budget bill, citing Sanchez's refusal to include an independence option in the talks. With his party holding less than a quarter of seats in the lower parliamentary house, the absence of Catalan support for the budget would almost certainly sink the bill and in turn likely prompt a snap election. In an early morning tweet, Sanchez said he expected both the right and pro-independence lawmakers to vote against his budget. "They both want the same: A divided Catalonia and a divided Spain. We are working for a Catalonia in peace and a united Spain," he said. Secessionists have called on Catalans to briefly stop work at midday on Tuesday in protest against the trial and to join a rally in Barcelona in the evening. Another big demonstration is planned for Saturday and a general strike on February 21. After imposing direct rule on Catalonia in October 2017 in response to the independence declaration, the previous conservative government called regional elections to curb the independence movement. But the move backfired as the secessionists retained a slim majority in the Catalan assembly. The trial is expected to last at least three months, with a final ruling not before June.

Spain's divisions laid bare as Catalan separatists go on trial

Last week, the government announced its Interim Budget for 2019-20. Defence allocation was again a disappointment, particularly for those looking forward to covering up important deficiencies and introducing a degree of modernisation.

With a 3 per cent hike from the last Defence Budget, the current allocation will cover inflation, but very little beyond that.

In all civilisations, wise generations and statesmen have been keenly aware of the values of peace and war. Peace connotes development, progress and lives led in comfort and tranquillity. War denotes death, destruction and poor development.

Greek historian Herodotus noted in 484 BC: “No one is so foolish as to choose war over peace. In peace, sons bury their fathers. In war, fathers bury their sons.” War and peace have been part of all civilisations; two sides of the same coin.

Most of us believe that in the mythological Sat Yug, our people lived a great life, peaceful, free from toil and grief. But they forget that even Sat Yug was not entirely peaceful. There was violence between Devalok and Asurlok. In fact, none of our mythological Yugs was peaceful. In Treta Yug, there was war between Ram and Ravan. In Dwapar Yug, the Pandavs fought with Kauravs.

On war and peace, there is another classical quote, ‘Si vis pacem, para bellum’ (Latin writer Flavious Vegetius). It means “If you want peace, prepare for war”.

This phrase is used to affirm that the effective means for ensuring peace for a people is always to be armed and ready to defend oneself. Chinese words Shi ji convey the same idea.

The historical truth is that peace cannot be had free. It accrues only to those nations which are strong and prepared for war. Strong nations seldom listen to weak nations when their own national interests are at stake. They indulge in coercive diplomacy backed by threats of war.

Hoping for peace can only be wishful thinking if a nation is not strong to deter/dissuade its foes.

Vegetius’ quote is also interpreted to mean that the time to prepare for war is not when the war is imminent, but when times are peaceful. A strong peacetime army would signal to would-be attackers that the battle may not be worth it.

To set the foundations on which to erect the outline of a general theory of war, Vice-Admiral JC Wylie (US Navy) had worked on several basic assumptions. One such assumption described by Wylie in his papers ‘Military Strategy: A General Theory of Power’ is “Despite whatever effort there may be to prevent it, there may be a war.”

Military history tells us that nations who neglect this historical determinism make themselves vulnerable to military surprise, defeat, and ignominy.

This assumption is a reminder to strategists to visualise security threats and to remain prepared for any eventuality. To those who may find this assumption irritable or doubtful, I would remind them of the Kargil War which broke out within two months of the Prime Ministers of India and Pakistan signing the Lahore Declaration.

Another basic assumption for war planning, as mentioned by Wylie, was “We cannot predict with certainty the pattern of war for which we prepare ourselves.” It has seldom been possible to forecast the time, place, scope, intensity and the general tenor of a war.

India, since Independence, has never prepared itself adequately for wars. Only in 1971, did we manage to get time and prepare ourselves because Sam Manekshaw insisted on delaying the conflict and the circumstances were favourable.

In all other wars, our adversaries took the initiative because they considered us to be politically and militarily inadequately prepared.

Erosion of credible conventional deterrence often makes them audacious and challenge us. Before the Kargil war, Pakistan had perceived that due to prolonged involvement in anti-terrorist and anti-insurgency operations in Punjab, J&amp;K and North East India, our army was not in any shape to fight. Its weapons and equipment were obsolete, as no modernisation had taken place for more than a decade.

While addressing troops of the Pakistan Army on October 29, 1998, Musharraf had said, “Don’t be carried away by the rhetoric of the Indians, whose armed forces are totally exhausted and whose morale is at its lowest.” In March 1999, the intelligence adviser to Nawaz Sharif, Lt Gen Javed Nasir, wrote that “Indian Army was incapable of undertaking any conventional operation.”

Some of us want peace desperately. We refuse to learn from history and happenings on the ground. We get thrilled whenever a friendly statement is made by a Pakistani or a Chinese leader. That may be soothing. But to be intoxicated by over-optimism and neglect our defence preparedness would be naïve and dangerous.

To deter or dissuade potential challengers, our armed forces require strengthening of capabilities with a certain amount of specialisation.

There is an acute shortage of fighter aircraft in the Indian Air Force and submarines in the Indian Navy. The Indian Army needs to replace its basic weapons for infantry.

Keeping in view the nature of conflicts in the foreseeable future, we need to raise more special forces, upgrade command, control, communications, computers, information, surveillance and reconnaissance, cyber and space war capabilities.

We also require better defence infrastructure along our northern borders. The next war, if we are forced to fight, will be quite different from any war that we have fought so far.

For peaceful development, security awareness, sagacity and rationality are needed in our political discourse to allow required build-up of military capability. India must aim for the cheaper, preparedness option. The other, more expensive option, is unthinkable.

(This article was originally published on The DNA. Read the&nbsp;<a href="https://www.dnaindia.com/analysis/column-defence-allocation-too-small-2716953">original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Last week, the government announced its Interim Budget for 2019-20. Defence allocation was again a disappointment, particularly for those looking forward to covering up important deficiencies and introducing a degree of modernisation.

Last week, the government announced its Interim Budget for 2019-20. Defence allocation was again a disappointment, particularly for those looking forward to covering up important deficiencies and introducing a degree of modernisation. With a 3 per cent hike from the last Defence Budget, the current allocation will cover inflation, but very little beyond that. In all civilisations, wise generations and statesmen have been keenly aware of the values of peace and war. Peace connotes development, progress and lives led in comfort and tranquillity. War denotes death, destruction and poor development. Greek historian Herodotus noted in 484 BC: “No one is so foolish as to choose war over peace. In peace, sons bury their fathers. In war, fathers bury their sons.” War and peace have been part of all civilisations; two sides of the same coin. Most of us believe that in the mythological Sat Yug, our people lived a great life, peaceful, free from toil and grief. But they forget that even Sat Yug was not entirely peaceful. There was violence between Devalok and Asurlok. In fact, none of our mythological Yugs was peaceful. In Treta Yug, there was war between Ram and Ravan. In Dwapar Yug, the Pandavs fought with Kauravs. On war and peace, there is another classical quote, ‘Si vis pacem, para bellum’ (Latin writer Flavious Vegetius). It means “If you want peace, prepare for war”. This phrase is used to affirm that the effective means for ensuring peace for a people is always to be armed and ready to defend oneself. Chinese words Shi ji convey the same idea. The historical truth is that peace cannot be had free. It accrues only to those nations which are strong and prepared for war. Strong nations seldom listen to weak nations when their own national interests are at stake. They indulge in coercive diplomacy backed by threats of war. Hoping for peace can only be wishful thinking if a nation is not strong to deter/dissuade its foes. Vegetius’ quote is also interpreted to mean that the time to prepare for war is not when the war is imminent, but when times are peaceful. A strong peacetime army would signal to would-be attackers that the battle may not be worth it. To set the foundations on which to erect the outline of a general theory of war, Vice-Admiral JC Wylie (US Navy) had worked on several basic assumptions. One such assumption described by Wylie in his papers ‘Military Strategy: A General Theory of Power’ is “Despite whatever effort there may be to prevent it, there may be a war.” Military history tells us that nations who neglect this historical determinism make themselves vulnerable to military surprise, defeat, and ignominy. This assumption is a reminder to strategists to visualise security threats and to remain prepared for any eventuality. To those who may find this assumption irritable or doubtful, I would remind them of the Kargil War which broke out within two months of the Prime Ministers of India and Pakistan signing the Lahore Declaration. Another basic assumption for war planning, as mentioned by Wylie, was “We cannot predict with certainty the pattern of war for which we prepare ourselves.” It has seldom been possible to forecast the time, place, scope, intensity and the general tenor of a war. India, since Independence, has never prepared itself adequately for wars. Only in 1971, did we manage to get time and prepare ourselves because Sam Manekshaw insisted on delaying the conflict and the circumstances were favourable. In all other wars, our adversaries took the initiative because they considered us to be politically and militarily inadequately prepared. Erosion of credible conventional deterrence often makes them audacious and challenge us. Before the Kargil war, Pakistan had perceived that due to prolonged involvement in anti-terrorist and anti-insurgency operations in Punjab, J&K and North East India, our army was not in any shape to fight. Its weapons and equipment were obsolete, as no modernisation had taken place for more than a decade. While addressing troops of the Pakistan Army on October 29, 1998, Musharraf had said, “Don’t be carried away by the rhetoric of the Indians, whose armed forces are totally exhausted and whose morale is at its lowest.” In March 1999, the intelligence adviser to Nawaz Sharif, Lt Gen Javed Nasir, wrote that “Indian Army was incapable of undertaking any conventional operation.” Some of us want peace desperately. We refuse to learn from history and happenings on the ground. We get thrilled whenever a friendly statement is made by a Pakistani or a Chinese leader. That may be soothing. But to be intoxicated by over-optimism and neglect our defence preparedness would be naïve and dangerous. To deter or dissuade potential challengers, our armed forces require strengthening of capabilities with a certain amount of specialisation. There is an acute shortage of fighter aircraft in the Indian Air Force and submarines in the Indian Navy. The Indian Army needs to replace its basic weapons for infantry. Keeping in view the nature of conflicts in the foreseeable future, we need to raise more special forces, upgrade command, control, communications, computers, information, surveillance and reconnaissance, cyber and space war capabilities. We also require better defence infrastructure along our northern borders. The next war, if we are forced to fight, will be quite different from any war that we have fought so far. For peaceful development, security awareness, sagacity and rationality are needed in our political discourse to allow required build-up of military capability. India must aim for the cheaper, preparedness option. The other, more expensive option, is unthinkable. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Budget 2019: Defence allocation too small

The Central government, which has been continuously working on the motto of ‘Sabka Saath - Sabka Vikas’, has once again, with Budget 2019, reaffirmed its commitment to the all-round development of the agriculture sector and enhancing the income of farmers. 
 
The budgetary allocation of the Agriculture and Farmers’ Welfare Ministry has been raised by around 2.5 times from Rs 58,080 crore in 2018-19 to Rs 1,41,174.37 crore in 2019-20. In fact, the budgetary allocation of Rs 1,41,174.37 crore in 2019-20 is 16.6 per cent more than Rs 1,21,082 crore during UPA (2009-14). That is why, the government in accordance with its philosophy of increasing both agricultural production and farmers’ income, has created history in Budget 2019 by making provision of income support and other schemes with a focus on rural India.

To provide assured income support to the small and marginal farmers, the government has launched a historic programme ‘Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)’ entailing an annual expenditure of Rs 75,000 crore. Under this programme, vulnerable landholding farmer families, having cultivable land upto 2 hectares, will be provided direct income support at the rate of Rs 6,000 per year to ensure their investment and other needs.

This income support will be transferred directly into the bank accounts of beneficiary farmers, in three equal instalments of Rs 2,000 each. This programme will be fully funded by the Government of India. It will also protect farmers from the clutches of moneylenders and ensure continuity in their farm activities.

This programme will be made effective from December 1, 2018, and the first instalment for the period up to March 31, 2019, would be paid this year itself after identifying eligible farmers. A sum of Rs 20,000 crore has been proposed for 2018-19 for this.&nbsp;

The Rashtriya Gokul Mission has been started for the first time by the Modi government to promote the country’s cattle and buffaloes, to preserve their genetic resources in a scientific and holistic form and for continuous growth in the productivity of Indian bovine. Considering its importance, the allocation of Rs 250 crore in Budget 2018-19 has been raised to Rs 750 crore.

India is the second largest fish producing nation in the world, accounting for 6.3 per cent of global production. The fisheries sector contributes 1 per cent to GDP and provides livelihood to about 1.5 crore people at the primary level. The sector registered an average annual growth of more than 7 per cent in recent years and the total production during 2017-18 was 12.61 million tonnes. During 2017-18, the revenue from exports was estimated at Rs 45,106.89 crores, which shows an average annual growth rate of approximately 11.31 per cent in recent years. To provide sustained and focused attention towards the development of this sector, the government has decided to create a separate Department of Fisheries.

Through the Kisan Credit Card, the government provides institutional credit at cheap rates to farmers. This not only helps in increasing agricultural production but also productivity. In the interest subvention scheme, farmers are given short-term loan of up to Rs 3 lakh per annum by banks on timely payment of loan at the rate of 4 per cent.

In the last Budget, our government announced the facility of extension of Kisan Credit Card scheme (KCC) to Animal Husbandry and Fisheries farmers: 2 per cent interest subvention to the farmers pursuing the activities of animal husbandry and fisheries who avail loan through Kisan Credit Card will also be provided. Further, in case of timely repayment of loan, they will also get an additional 3 per cent interest subvention. Now, livestock farmers and fishermen will be able to avail loans at concessional rate of 4 per cent.

Presently, the crop loans are rescheduled for such affected farmers and they get the benefit of interest subvention of 2 per cent only for the first year of the rescheduled loan. Now, all farmers affected by severe natural calamities, where assistance is provided from National Disaster Relief Fund (NDRF), will be provided the benefit of interest subvention of 2 per cent and prompt repayment incentive of 3 per cent for the entire period of reschedulement of their loans.

At present, there are about 7 crore active KCC, which means that almost 50 per cent of the farmers are still out of the institutional credit system. To ensure the provision of easy and concessional credit and to bring all farmers under KCC fold, the government has decided to initiate a comprehensive drive with a simplified application form.

It is clear from these provisions and Budget 2019 that the government has taken all steps to ensure the development and income of our farmers. The fixing of minimum support price and providing income support will be helpful in doubling the income of farmers by 2022.

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-budget-2019-is-dubbed-farmers-budget-for-its-welfare-schemes-2716556">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

 
&nbsp;

The Central government, which has been continuously working on the motto of ‘Sabka Saath - Sabka Vikas’, has once again, with Budget 2019, reaffirmed its commitment to the all-round development of the agriculture sector and enhancing the income of farmers.

The Central government, which has been continuously working on the motto of ‘Sabka Saath - Sabka Vikas’, has once again, with Budget 2019, reaffirmed its commitment to the all-round development of the agriculture sector and enhancing the income of farmers. The budgetary allocation of the Agriculture and Farmers’ Welfare Ministry has been raised by around 2.5 times from Rs 58,080 crore in 2018-19 to Rs 1,41,174.37 crore in 2019-20. In fact, the budgetary allocation of Rs 1,41,174.37 crore in 2019-20 is 16.6 per cent more than Rs 1,21,082 crore during UPA (2009-14). That is why, the government in accordance with its philosophy of increasing both agricultural production and farmers’ income, has created history in Budget 2019 by making provision of income support and other schemes with a focus on rural India. To provide assured income support to the small and marginal farmers, the government has launched a historic programme ‘Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)’ entailing an annual expenditure of Rs 75,000 crore. Under this programme, vulnerable landholding farmer families, having cultivable land upto 2 hectares, will be provided direct income support at the rate of Rs 6,000 per year to ensure their investment and other needs. This income support will be transferred directly into the bank accounts of beneficiary farmers, in three equal instalments of Rs 2,000 each. This programme will be fully funded by the Government of India. It will also protect farmers from the clutches of moneylenders and ensure continuity in their farm activities. This programme will be made effective from December 1, 2018, and the first instalment for the period up to March 31, 2019, would be paid this year itself after identifying eligible farmers. A sum of Rs 20,000 crore has been proposed for 2018-19 for this. The Rashtriya Gokul Mission has been started for the first time by the Modi government to promote the country’s cattle and buffaloes, to preserve their genetic resources in a scientific and holistic form and for continuous growth in the productivity of Indian bovine. Considering its importance, the allocation of Rs 250 crore in Budget 2018-19 has been raised to Rs 750 crore. India is the second largest fish producing nation in the world, accounting for 6.3 per cent of global production. The fisheries sector contributes 1 per cent to GDP and provides livelihood to about 1.5 crore people at the primary level. The sector registered an average annual growth of more than 7 per cent in recent years and the total production during 2017-18 was 12.61 million tonnes. During 2017-18, the revenue from exports was estimated at Rs 45,106.89 crores, which shows an average annual growth rate of approximately 11.31 per cent in recent years. To provide sustained and focused attention towards the development of this sector, the government has decided to create a separate Department of Fisheries. Through the Kisan Credit Card, the government provides institutional credit at cheap rates to farmers. This not only helps in increasing agricultural production but also productivity. In the interest subvention scheme, farmers are given short-term loan of up to Rs 3 lakh per annum by banks on timely payment of loan at the rate of 4 per cent. In the last Budget, our government announced the facility of extension of Kisan Credit Card scheme (KCC) to Animal Husbandry and Fisheries farmers: 2 per cent interest subvention to the farmers pursuing the activities of animal husbandry and fisheries who avail loan through Kisan Credit Card will also be provided. Further, in case of timely repayment of loan, they will also get an additional 3 per cent interest subvention. Now, livestock farmers and fishermen will be able to avail loans at concessional rate of 4 per cent. Presently, the crop loans are rescheduled for such affected farmers and they get the benefit of interest subvention of 2 per cent only for the first year of the rescheduled loan. Now, all farmers affected by severe natural calamities, where assistance is provided from National Disaster Relief Fund (NDRF), will be provided the benefit of interest subvention of 2 per cent and prompt repayment incentive of 3 per cent for the entire period of reschedulement of their loans. At present, there are about 7 crore active KCC, which means that almost 50 per cent of the farmers are still out of the institutional credit system. To ensure the provision of easy and concessional credit and to bring all farmers under KCC fold, the government has decided to initiate a comprehensive drive with a simplified application form. It is clear from these provisions and Budget 2019 that the government has taken all steps to ensure the development and income of our farmers. The fixing of minimum support price and providing income support will be helpful in doubling the income of farmers by 2022. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Budget 2019 is dubbed Farmers’ Budget for its welfare schemes

The 2019-20 Uttar Pradesh <a href="http://www.wionews.com/opinions/budget-2019-the-moment-belonged-to-narendra-modi-government-and-middle-class-taxpayers-194946">Budget </a>stressed on development and beautification of religious places, including those in Ayodhya, Varanasi, Mathura and Allahabad.&nbsp;

The <a href="http://www.wionews.com/india-news/assam-budget-proposes-1-tola-gold-for-brides-rice-at-re-1-a-kg-195589">budget </a>was presented in the state assembly by Finance Minister Rajesh Agarwal.

The Yogi Adityanath government in the budget has proposed Rs 207 crore for expansion and beautification of the road from the Ganga bank to the Vishwanath Temple in Varanasi, and Rs 101 crore for the integrated development of major tourist places in Ayodhya.

In his budget speech, the Agarwal said the Shri Kashi Vishwanath Special Area Development Board has been set up to ensure implementation of the Shri Kashi Vishwanath Mandir Expansion Scheme in Varanasi.

While Rs. 8.38 crore has been proposed to get an auditorium constructed between Mathura and Vridavan, a provision of Rs 5 crore has been made for construction of boundary walls around public Ramleela grounds.

Provision of Rs 1 crore has been made to strengthen the Vrindavan Shodh Sansthan and Rs 125 crore for infrastructure facilities in Uttar Pradesh's Brij Tirtha.&nbsp;&nbsp; &nbsp;

In the budget, a provision of Rs 70 crore for implementation of Tourism Policy- 2018 and Rs 50 crore for Pro-Poor Tourism has been made.

Besides, a budgetary provision of Rs 16 crore has been made to set up the Vaidik Vigyan Kendra at the Kashi Hindu Vishwavidyalaya in Varanasi, according to budget documents.

It is proposed to strengthen Lahartara Talab, Kabir Sthal and Seergovardhanpur, the birthplace of Guru Ravidas in Varanasi.

It is also proposed to develop Rishi Bhardwaj Ashram and Shringverpur Dham in Allahabad and Rs 27 crore has been proposed for the integrated development of major tourist places in Garh Mukteshwar.&nbsp;

Moreover, the government has proposed in the budget to ensure development of Vindhyachal and Naimisharanya; and Sarnath, Shravasti, Kushinagar, Kapilvastu, Kaushambi and Sankisa under the Buddhist Circuit. Development Shakumbhari Devi and Shukratal; Tulsi Peeth in Rajapur, Chitrakoot; Maharaja Suheldeo site and Chittaura Lake in Bahraich; and Bijli Pasi Qila in Lucknow are also in focus in the budget.

For minority welfare, a provision of Rs 942 crore under the Scholarship Scheme for students belonging to minority communities has been made and Rs 459 crore proposed for modernisation of Arabi-Farsi Madarsas.

The budget proposes Rs 100 crore for development of cremation grounds in rural areas of the state.&nbsp;

The 2019-20 Uttar Pradesh Budget stressed on development and beautification of religious places, including those in Ayodhya, Varanasi, Mathura and Allahabad. The budget was presented in the state assembly by Finance Minister Rajesh Agarwal.

The 2019-20 Uttar Pradesh Budget stressed on development and beautification of religious places, including those in Ayodhya, Varanasi, Mathura and Allahabad. The budget was presented in the state assembly by Finance Minister Rajesh Agarwal. The Yogi Adityanath government in the budget has proposed Rs 207 crore for expansion and beautification of the road from the Ganga bank to the Vishwanath Temple in Varanasi, and Rs 101 crore for the integrated development of major tourist places in Ayodhya. In his budget speech, the Agarwal said the Shri Kashi Vishwanath Special Area Development Board has been set up to ensure implementation of the Shri Kashi Vishwanath Mandir Expansion Scheme in Varanasi. While Rs. 8.38 crore has been proposed to get an auditorium constructed between Mathura and Vridavan, a provision of Rs 5 crore has been made for construction of boundary walls around public Ramleela grounds. Provision of Rs 1 crore has been made to strengthen the Vrindavan Shodh Sansthan and Rs 125 crore for infrastructure facilities in Uttar Pradesh's Brij Tirtha. In the budget, a provision of Rs 70 crore for implementation of Tourism Policy- 2018 and Rs 50 crore for Pro-Poor Tourism has been made. Besides, a budgetary provision of Rs 16 crore has been made to set up the Vaidik Vigyan Kendra at the Kashi Hindu Vishwavidyalaya in Varanasi, according to budget documents. It is proposed to strengthen Lahartara Talab, Kabir Sthal and Seergovardhanpur, the birthplace of Guru Ravidas in Varanasi. It is also proposed to develop Rishi Bhardwaj Ashram and Shringverpur Dham in Allahabad and Rs 27 crore has been proposed for the integrated development of major tourist places in Garh Mukteshwar. Moreover, the government has proposed in the budget to ensure development of Vindhyachal and Naimisharanya; and Sarnath, Shravasti, Kushinagar, Kapilvastu, Kaushambi and Sankisa under the Buddhist Circuit. Development Shakumbhari Devi and Shukratal; Tulsi Peeth in Rajapur, Chitrakoot; Maharaja Suheldeo site and Chittaura Lake in Bahraich; and Bijli Pasi Qila in Lucknow are also in focus in the budget. For minority welfare, a provision of Rs 942 crore under the Scholarship Scheme for students belonging to minority communities has been made and Rs 459 crore proposed for modernisation of Arabi-Farsi Madarsas. The budget proposes Rs 100 crore for development of cremation grounds in rural areas of the state.

UP budget focus on development, beautification of Ayodhya, Varanasi, religious sites

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention? &nbsp;

As the FM presented the Interim Budget, given the manner in which the speech was read out, everyone started reconciling to the thought that there would be no change in direct tax provisions. And then suddenly, there was a ‘pop’ - much like a chocolaty explosion in the middle of hard toffee.&nbsp;

He saved the best for the last, ending with a slew of beneficial tax provisions for the common man. However, has he delivered on the expectations of individual taxpayers, especially the middle-class? &nbsp;Let us have a closer look at the personal tax proposals.

There is no change to the income tax rates and slabs. Instead, a tax rebate of Rs 12,500 has been proposed for resident individuals with taxable income not exceeding Rs 5 lakh. Effectively, no tax will be payable by such individuals.&nbsp;

The rebate will, in fact, provide relief to individuals with higher gross income, as rebate is calculated on the final tax payable after applying deductions available under various sections such as 80C (up to Rs 150,000 for investments such as insurance premium, PF contributions, school fees, principal repayment of home loan and PPF), section 80D for medical insurance premium, section 80E for interest on education loan and section 80TTA for interest on savings bank account, among others.&nbsp;

Standard deduction for salaried individuals has been increased by Rs 10,000 to Rs 50,000. Standard deduction up to Rs 40,000 was reintroduced in the last Budget.&nbsp;

Simultaneously, the deductions available for conveyance allowance and medical expenditure were withdrawn, giving a net benefit of only Rs 5,800.

With the proposed increase in the standard deduction of Rs 10,000, the salaried class will get much-needed relief.&nbsp;

Under the current provisions, a notional rental income is applied on more than one self-occupied house property. If a person owns more than one house property which are not let out, only one house can be considered as self-occupied and hence not be subject to tax.&nbsp;

Any additional house or property, if not rented out, is subject to tax on the basis of notional rental value. It is now proposed that this exemption benefit will be available to two such houses. This is a welcome provision, especially for individuals who have houses in different cities on account of their employment.&nbsp;

However, it is to be noted that the corresponding interest on home loans for both such houses will remain restricted to Rs 2 lakh in aggregate.&nbsp;

Furthermore, notional rent will still apply to more than two such houses.

Currently, an individual or Hindu undivided family (HUF) can avail exemption of long term capital gains arising from the sale of the residential house if the capital gains are re-invested in another residential house in India within the prescribed time period. This exemption has now been extended to reinvestment in two such residential houses.&nbsp;

However, this benefit is available only if the capital gains from the sale of the original residential house does not exceed Rs 2 crore. &nbsp;

Moreover, this exemption can be availed only once in the lifetime of the assessee.

The FM has also given relief through proposed amendments in TDS provisions. The threshold for deduction of tax on interest from bank/post office deposits has been increased from Rs 10,000 to Rs 40,000.&nbsp;

TDS provisions on rental income have also been liberalised by increasing the threshold from Rs 180,000 to Rs 240,000. &nbsp;

Both these provisions will provide relief to persons with limited income, as they will not face the hardship of having cash locked up in TDS refunds.&nbsp;

The tone of the Interim Budget was clearly to appease a cross-section of taxpayers. Apart from the specific provisions, the FM also emphasised on greater use of technology in tax administration to make compliance easier, viz. processing tax returns and refunds within 24 hours of filing, handling scrutiny assessments through electronic mode and reducing personal interaction with tax authorities.

He also thanked honest taxpayers for their contribution to nation building, referring to an increase in the number of tax filers and increase in direct tax collections.

Clearly, this government has chosen to move away from the convention of presenting only a vote on account in an election year. The common man will certainly hope that these proposed amendments are here to stay.&nbsp;

(The article is co-authored by Shikha Malsisaria)&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-budget-aimed-at-appeasing-cross-section-of-taxpayers-2716075">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention?

Who doesn’t like a sweet surprise! Budget day started with much hype and contradicting opinions – would the interim Finance Minister (FM) stick to the conventional line or would he break convention? As the FM presented the Interim Budget, given the manner in which the speech was read out, everyone started reconciling to the thought that there would be no change in direct tax provisions. And then suddenly, there was a ‘pop’ - much like a chocolaty explosion in the middle of hard toffee. He saved the best for the last, ending with a slew of beneficial tax provisions for the common man. However, has he delivered on the expectations of individual taxpayers, especially the middle-class? Let us have a closer look at the personal tax proposals. There is no change to the income tax rates and slabs. Instead, a tax rebate of Rs 12,500 has been proposed for resident individuals with taxable income not exceeding Rs 5 lakh. Effectively, no tax will be payable by such individuals. The rebate will, in fact, provide relief to individuals with higher gross income, as rebate is calculated on the final tax payable after applying deductions available under various sections such as 80C (up to Rs 150,000 for investments such as insurance premium, PF contributions, school fees, principal repayment of home loan and PPF), section 80D for medical insurance premium, section 80E for interest on education loan and section 80TTA for interest on savings bank account, among others. Standard deduction for salaried individuals has been increased by Rs 10,000 to Rs 50,000. Standard deduction up to Rs 40,000 was reintroduced in the last Budget. Simultaneously, the deductions available for conveyance allowance and medical expenditure were withdrawn, giving a net benefit of only Rs 5,800. With the proposed increase in the standard deduction of Rs 10,000, the salaried class will get much-needed relief. Under the current provisions, a notional rental income is applied on more than one self-occupied house property. If a person owns more than one house property which are not let out, only one house can be considered as self-occupied and hence not be subject to tax. Any additional house or property, if not rented out, is subject to tax on the basis of notional rental value. It is now proposed that this exemption benefit will be available to two such houses. This is a welcome provision, especially for individuals who have houses in different cities on account of their employment. However, it is to be noted that the corresponding interest on home loans for both such houses will remain restricted to Rs 2 lakh in aggregate. Furthermore, notional rent will still apply to more than two such houses. Currently, an individual or Hindu undivided family (HUF) can avail exemption of long term capital gains arising from the sale of the residential house if the capital gains are re-invested in another residential house in India within the prescribed time period. This exemption has now been extended to reinvestment in two such residential houses. However, this benefit is available only if the capital gains from the sale of the original residential house does not exceed Rs 2 crore. Moreover, this exemption can be availed only once in the lifetime of the assessee. The FM has also given relief through proposed amendments in TDS provisions. The threshold for deduction of tax on interest from bank/post office deposits has been increased from Rs 10,000 to Rs 40,000. TDS provisions on rental income have also been liberalised by increasing the threshold from Rs 180,000 to Rs 240,000. Both these provisions will provide relief to persons with limited income, as they will not face the hardship of having cash locked up in TDS refunds. The tone of the Interim Budget was clearly to appease a cross-section of taxpayers. Apart from the specific provisions, the FM also emphasised on greater use of technology in tax administration to make compliance easier, viz. processing tax returns and refunds within 24 hours of filing, handling scrutiny assessments through electronic mode and reducing personal interaction with tax authorities. He also thanked honest taxpayers for their contribution to nation building, referring to an increase in the number of tax filers and increase in direct tax collections. Clearly, this government has chosen to move away from the convention of presenting only a vote on account in an election year. The common man will certainly hope that these proposed amendments are here to stay. (The article is co-authored by Shikha Malsisaria) (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Budget aimed at appeasing cross-section of taxpayers

The ‘middle class’ is a humongous classification. It can consist of a salaried employee, a small businessman, a pensioner, even an under-employed person who survives on a generous contribution to his wellbeing by relatives. To add to the complexity, the middle class is subdivided into ‘lower middle class’, middle class’ and ‘upper middle class’, all with varying incomes and different concerns and desires. But what binds them together is the taxes they pay as individual assesses, and the perennial grievance which arises from such a tax-trap. The middle class is also the most difficult to appease and its loyalty takes no time in shifting from one political party to another.&nbsp;

When finance minister Piyush Goyal stood up to deliver his Budget speech on Friday, he was not unaware of the challenge of pleasing this mercurial section of the population. And more so, since in recent months, his party had suffered electoral reversals in three important north Indian states, with one of the major causes being the shift of the middle-class votes away from the Bharatiya Janata Party (BJP). Something had to be done, since this was the last Budget, even if an interim one, before the party faced the people in the Lok Sabha election. And something was done. Whether the last-ditch effort will bring rewards, will be known in about four months. 
&nbsp; 
Given the middle class’s expanse, just one measure would not have sufficed. So the finance minister announced a slew of dramatic proposals, which were greeted with loud thumps and vocal cheering from the treasury bench. A nonplussed opposition looked on with a somewhat dazed expression, though its leaders later recovered and, outside Parliament, rubbished the announcements as the ‘final jumla’ of a government on its way out. Nevertheless, the moment belonged to the Modi regime. &nbsp;

The one announcement which most energised the NDA rank and possibly the millions that fall in the middle-class category was the 100 per cent tax rebate for individual tax-payers whose annual income does not cross five lakh rupees.&nbsp;

Until now, they had to pay five per cent as the tax on their income. The five lakh rupee ceiling can go even higher if the individual takes advantage of various tax-saving measures related to interest on educations, national pension schemes, medical claims, interest on home loans etc. According to experts, it is possible for individuals earning as high as eight to ten lakh rupees per year to remain out of the tax net with some help from the existing tax-saving avenues. &nbsp; 
&nbsp; 
To understand the potential political reach of this proposal, one needs to only remember that close to 30 million taxpayers from the middle class will end up saving more than Rs 18,000 crore annually. There are the other spinoffs. Savings on tax can result in a boost to consumption, which in turn could positively affect industrial output, even if that impacts largely the fast-moving consumer goods (FMCG) sector. At any rate, it could lead to more money flowing in tax-saving instruments, which is not a bad thing in itself.&nbsp;

The middle class was given further bonanzas. The standard deduction limit has been proposed to be raised from the present Rs 40,000 to Rs 50,000; &nbsp;second-time home buyers, again an important constituent of the aspirational middle-class category, will get exemption on notional rent earned on the second house, benefits from long-term capital gains tax, and relief on tax deducted at source (TDS) for rental income (up to Rs 2.40 lakh). Here too, there are multiple benefits, besides those to the middle class. With more middle-class taxpayers being encouraged to own a second home, the housing sector, which is struggling with unsold properties, can get a leg-up.

As if these were not enough — clearly the finance minister believed that if he had come this far, a little further would do no harm — the tax exemption limit on interest on savings in banks and post offices was increased fourfold, from Rs 10,000 to Rs 40,000. &nbsp;

Leave aside the economics — where is the government going to find the money for these concessions, or, will it be able to adhere to the fiscal deficit target, etc — for now. That is for the next regime to grapple with. If it’s going to be the BJP-led NDA again, then it will be judged by its ability to deliver on those promises and also simultaneously offer a roadmap for fiscal prudence; if it’s a new regime, it can simply junk Goyal’s proposals in its full-fledged Budget and dish out something else in their place. It’s the politics that matters in the immediate term, which is what the Budget has been all about.&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

The ‘middle class’ is a humongous classification. It can consist of a salaried employee, a small businessman, a pensioner, even an under-employed person who survives on a generous contribution to his wellbeing by relatives.

The ‘middle class’ is a humongous classification. It can consist of a salaried employee, a small businessman, a pensioner, even an under-employed person who survives on a generous contribution to his wellbeing by relatives. To add to the complexity, the middle class is subdivided into ‘lower middle class’, middle class’ and ‘upper middle class’, all with varying incomes and different concerns and desires. But what binds them together is the taxes they pay as individual assesses, and the perennial grievance which arises from such a tax-trap. The middle class is also the most difficult to appease and its loyalty takes no time in shifting from one political party to another. When finance minister Piyush Goyal stood up to deliver his Budget speech on Friday, he was not unaware of the challenge of pleasing this mercurial section of the population. And more so, since in recent months, his party had suffered electoral reversals in three important north Indian states, with one of the major causes being the shift of the middle-class votes away from the Bharatiya Janata Party (BJP). Something had to be done, since this was the last Budget, even if an interim one, before the party faced the people in the Lok Sabha election. And something was done. Whether the last-ditch effort will bring rewards, will be known in about four months. Given the middle class’s expanse, just one measure would not have sufficed. So the finance minister announced a slew of dramatic proposals, which were greeted with loud thumps and vocal cheering from the treasury bench. A nonplussed opposition looked on with a somewhat dazed expression, though its leaders later recovered and, outside Parliament, rubbished the announcements as the ‘final jumla’ of a government on its way out. Nevertheless, the moment belonged to the Modi regime. The one announcement which most energised the NDA rank and possibly the millions that fall in the middle-class category was the 100 per cent tax rebate for individual tax-payers whose annual income does not cross five lakh rupees. Until now, they had to pay five per cent as the tax on their income. The five lakh rupee ceiling can go even higher if the individual takes advantage of various tax-saving measures related to interest on educations, national pension schemes, medical claims, interest on home loans etc. According to experts, it is possible for individuals earning as high as eight to ten lakh rupees per year to remain out of the tax net with some help from the existing tax-saving avenues. To understand the potential political reach of this proposal, one needs to only remember that close to 30 million taxpayers from the middle class will end up saving more than Rs 18,000 crore annually. There are the other spinoffs. Savings on tax can result in a boost to consumption, which in turn could positively affect industrial output, even if that impacts largely the fast-moving consumer goods (FMCG) sector. At any rate, it could lead to more money flowing in tax-saving instruments, which is not a bad thing in itself. The middle class was given further bonanzas. The standard deduction limit has been proposed to be raised from the present Rs 40,000 to Rs 50,000; second-time home buyers, again an important constituent of the aspirational middle-class category, will get exemption on notional rent earned on the second house, benefits from long-term capital gains tax, and relief on tax deducted at source (TDS) for rental income (up to Rs 2.40 lakh). Here too, there are multiple benefits, besides those to the middle class. With more middle-class taxpayers being encouraged to own a second home, the housing sector, which is struggling with unsold properties, can get a leg-up. As if these were not enough — clearly the finance minister believed that if he had come this far, a little further would do no harm — the tax exemption limit on interest on savings in banks and post offices was increased fourfold, from Rs 10,000 to Rs 40,000. Leave aside the economics — where is the government going to find the money for these concessions, or, will it be able to adhere to the fiscal deficit target, etc — for now. That is for the next regime to grapple with. If it’s going to be the BJP-led NDA again, then it will be judged by its ability to deliver on those promises and also simultaneously offer a roadmap for fiscal prudence; if it’s a new regime, it can simply junk Goyal’s proposals in its full-fledged Budget and dish out something else in their place. It’s the politics that matters in the immediate term, which is what the Budget has been all about. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Budget 2019: The moment belonged to Narendra Modi government and middle-class taxpayers

There is a difference between a chartered accountant and a lawyer. One reads the fine print to help you. The other introduces it to fox you. Such thoughts come to mind after an interim budget presented by an interim finance minister who happens to be standing in for a lawyer who is recuperating in the US.

It must be said that Piyush Goyal has successfully packaged a slew of populist measures without losing the math enough to invite criticism from the fiscal conservatives. And the manner he has done this is to introduce catchy situations where the beneficiaries of the budget for 2019-20, be it the farmer, the unorganised urban worker or the middle class taxpayer, has to either feel satisfied with a token handout or pay up or save up in order to eat the carrots being dangled in front.

You could argue that Arun Jaitley, the Finance Minister for whom Goyal has come in like a nightwatchman in a cricket game, could have a lawyer's brief to build an argument, but it takes a smart accountant to make a small thing look big in the money game.

Let us take the farmer. The small farmer who has two hectares of land or less is getting roughly Rs 500 per month - but in an economy where a daily wage of Rs 400 for landless farm workers has become quite common. So, the income support scheme, which was widely anticipated after Prime Minister Narendra Modi's BJP suffered defeats in Madhya Pradesh, Chhattisgarh and Rajasthan Assembly elections, is a hesitant first step. But it is enough to tell as many as 120 million farmers (which could potentially translate as thrice as many votes): "It is not as if we do not care for you." Will the farmers bite this, or say this is too little and too late for a nation in which food prices are not attractive enough for its producers? We will have to wait and see.

The urban middle class gets a big benefit from an income tax rebate, but all indications are that this requires some extra saving to be invested properly in tax-friendly schemes in order to get a parallel benefit in tax avoided. Rs 12,500 per year is the benefit one will get at most. The standard deduction increase to Rs. 50,000 from Rs 40,000 can be added to this as a small frill.

The unorganised urban worker - let us say a taxi driver, a housemaid or a rickshaw puller -- has been promised a monthly pension of Rs 3,000 a month, but only on a contribution of Rs 100 a month. The trick is that on a 15% return in a decent pension fund, the compounded amount from contribution will be healthy enough to generate a corpus for Rs 3,000 a month annuity when a 20-something worker reaches the pensionable age of 60. So the government is not dipping into its own pocket to pay Rs 3,000 a month right away for the better part of an increasingly young population.

Now, add some other pro-poor schemes such as the Ayushman Bharat scheme for health insurance that has already covered 100 million people with a not-so-big outlay needed to make people safer, and you have populism without the fiscal pinch. It takes a smart CA.

(This article was originally published on The Zee News. Read the <a href="https://zeenews.india.com/blogs/piyush-goyal-delivers-budget-2019-with-the-art-of-a-chartered-accountant-2176402.html">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

There is a difference between a chartered accountant and a lawyer. One reads the fine print to help you. The other introduces it to fox you. Such thoughts come to mind after an interim budget presented by an interim finance minister who happens to be standing in for a lawyer who is recuperating in the US.

There is a difference between a chartered accountant and a lawyer. One reads the fine print to help you. The other introduces it to fox you. Such thoughts come to mind after an interim budget presented by an interim finance minister who happens to be standing in for a lawyer who is recuperating in the US. It must be said that Piyush Goyal has successfully packaged a slew of populist measures without losing the math enough to invite criticism from the fiscal conservatives. And the manner he has done this is to introduce catchy situations where the beneficiaries of the budget for 2019-20, be it the farmer, the unorganised urban worker or the middle class taxpayer, has to either feel satisfied with a token handout or pay up or save up in order to eat the carrots being dangled in front. You could argue that Arun Jaitley, the Finance Minister for whom Goyal has come in like a nightwatchman in a cricket game, could have a lawyer's brief to build an argument, but it takes a smart accountant to make a small thing look big in the money game. Let us take the farmer. The small farmer who has two hectares of land or less is getting roughly Rs 500 per month - but in an economy where a daily wage of Rs 400 for landless farm workers has become quite common. So, the income support scheme, which was widely anticipated after Prime Minister Narendra Modi's BJP suffered defeats in Madhya Pradesh, Chhattisgarh and Rajasthan Assembly elections, is a hesitant first step. But it is enough to tell as many as 120 million farmers (which could potentially translate as thrice as many votes): "It is not as if we do not care for you." Will the farmers bite this, or say this is too little and too late for a nation in which food prices are not attractive enough for its producers? We will have to wait and see. The urban middle class gets a big benefit from an income tax rebate, but all indications are that this requires some extra saving to be invested properly in tax-friendly schemes in order to get a parallel benefit in tax avoided. Rs 12,500 per year is the benefit one will get at most. The standard deduction increase to Rs. 50,000 from Rs 40,000 can be added to this as a small frill. The unorganised urban worker - let us say a taxi driver, a housemaid or a rickshaw puller -- has been promised a monthly pension of Rs 3,000 a month, but only on a contribution of Rs 100 a month. The trick is that on a 15% return in a decent pension fund, the compounded amount from contribution will be healthy enough to generate a corpus for Rs 3,000 a month annuity when a 20-something worker reaches the pensionable age of 60. So the government is not dipping into its own pocket to pay Rs 3,000 a month right away for the better part of an increasingly young population. Now, add some other pro-poor schemes such as the Ayushman Bharat scheme for health insurance that has already covered 100 million people with a not-so-big outlay needed to make people safer, and you have populism without the fiscal pinch. It takes a smart CA. (This article was originally published on The Zee News. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Piyush Goyal delivers Budget 2019 with the art of a Chartered Accountant

Budget 2019: Targeted expenditure to develop rural sector, says Piyush Goyal

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday.

Presenting the Interim Budget in the parliament, he said direct tax collection has&nbsp;increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore and added,&nbsp;the tax base is up from Rs 3.79 crore to 6.85 crores.

The government is also working on reducing the GST burden on home buyers, Goyal said.&nbsp;

GST is probably the biggest taxation reform implemented since Independence, he said added, with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business, he said.

GST resulted in ease of trade, he said and added within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials.&nbsp;

The government&nbsp;increased base tax exception to 2.5 lakh, he said and added government has worked to reduce the tax burden on the middle class.&nbsp;

GST resulted in increased tax base and higher tax collection, he said and added Special benefits and tax incentives were given to businesses.&nbsp;

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday. Presenting the Interim Budget in the parliament, he said direct tax collection has increased from Rs 6.

Income tax refunds will be processed within 24 hours, released immediately, said Finance Minister Piyush Goyal said on Friday. Presenting the Interim Budget in the parliament, he said direct tax collection has increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore and added, the tax base is up from Rs 3.79 crore to 6.85 crores. The government is also working on reducing the GST burden on home buyers, Goyal said. GST is probably the biggest taxation reform implemented since Independence, he said added, with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business, he said. GST resulted in ease of trade, he said and added within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials. The government increased base tax exception to 2.5 lakh, he said and added government has worked to reduce the tax burden on the middle class. GST resulted in increased tax base and higher tax collection, he said and added Special benefits and tax incentives were given to businesses.

Budget 2019: Income tax refunds to be processed within 24 hours, says FM 

Finance Minister Piyush Goyal on Friday presented Modi government's last Budget of the current tenure. While presenting the Budget, Goyal said he is deeply concerned by Arun Jaitley's absence.

With elections due in a few months, Goyal listed the achievements of Modi government in the last five years.

Here are the highlights of his Budget speech:

<ul>
	<li>Committed to eliminating the scourge of black money; the anti-black money measures we took brought an undisclosed income of about Rs 1.30 lakh crore to the fore; 3.38 lakh shell companies de-registered</li>
	<li>We have gone beyond incremental growth,to attain trans-formative achievements. As far as infrastructure development is concerned, we now have more than 100 operational airports, domestic passenger traffic has doubled in last five years and India is today the fastest highway developer in the world</li>
	<li>GST is the undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving ease of doing business. GST collections in January 2019 has crossed Rs 1 lakh crore</li>
	<li>The defence budget has enhanced beyond Rs 3 lakh crore</li>
	<li>75% of women beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country</li>
	<li>Rs 1 crore loan can now be obtained under 59 minutes</li>
	<li>A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age</li>
	<li>Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families</li>
	<li>We have provide electricity connection to almost all households in the country - aiming to provide it to the rest by March 2019</li>
	<li>India's youth have turned job creators from job seekers, India has become the second largest hub for start-ups</li>
	<li>Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year for each farmer, in three instalments, will be transferred directly to farmers' bank accounts, for those who hold less than two hectares of land</li>
	<li>This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore</li>
	<li>Rs 60,000 crore set aside for MNREGA this year</li>
	<li>We have prepared the foundation for sustainable growth</li>
	<li>Country saw best phase of macro economic stability in last four years</li>
	<li>Bad debts worth almost Rs 3 lakh crore recovered</li>
	<li>Today, India is recognised as a bright spot in the global economy</li>
	<li>To restore the health of public sector banks, recapitalisation has been done with an investment of Rs. 2.6 lakh crore. Amalgamation of banks has also been done to reap the benefits of economies of scale, improved access to capital and to cover a larger geographical spread</li>
	<li>The 4R approach and a number of measures have been implemented to ensure clean banking: Recognition, resolution, recapitalisation and reforms</li>
	<li>As a tribute to Mahatma Gandhi, world's largest behavioural change movement - the Swachh Bharat - was initiated. More than 98% rural sanitation coverage has been achieved under this mission and more than 5.45 lakh villages have been declared open defecation free (ODF)</li>
	<li>Rs 19,000 crore allocated for Pradhan Mantri Gram Sadak Yojana</li>
	<li>During 2014-18, 1.53 crore houses have been constructed under PM Awas Yojana</li>
	<li>We strived to change the mindset and ignited self-confidence in the entire nation</li>
	<li>We also worked towards bridging the urban and rural divide in the country</li>
</ul>

Finance Minister Piyush Goyal on Friday presented Modi government's last Budget of the current tenure. While presenting the Budget, Goyal said he is deeply concerned by Arun Jaitley's absence.

Finance Minister Piyush Goyal on Friday presented Modi government's last Budget of the current tenure. While presenting the Budget, Goyal said he is deeply concerned by Arun Jaitley's absence. With elections due in a few months, Goyal listed the achievements of Modi government in the last five years. Here are the highlights of his Budget speech: Committed to eliminating the scourge of black money; the anti-black money measures we took brought an undisclosed income of about Rs 1.30 lakh crore to the fore; 3.38 lakh shell companies de-registered We have gone beyond incremental growth,to attain trans-formative achievements. As far as infrastructure development is concerned, we now have more than 100 operational airports, domestic passenger traffic has doubled in last five years and India is today the fastest highway developer in the world GST is the undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving ease of doing business. GST collections in January 2019 has crossed Rs 1 lakh crore The defence budget has enhanced beyond Rs 3 lakh crore 75% of women beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country Rs 1 crore loan can now be obtained under 59 minutes A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with the contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families We have provide electricity connection to almost all households in the country - aiming to provide it to the rest by March 2019 India's youth have turned job creators from job seekers, India has become the second largest hub for start-ups Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6000 per year for each farmer, in three instalments, will be transferred directly to farmers' bank accounts, for those who hold less than two hectares of land This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore Rs 60,000 crore set aside for MNREGA this year We have prepared the foundation for sustainable growth Country saw best phase of macro economic stability in last four years Bad debts worth almost Rs 3 lakh crore recovered Today, India is recognised as a bright spot in the global economy To restore the health of public sector banks, recapitalisation has been done with an investment of Rs. 2.6 lakh crore. Amalgamation of banks has also been done to reap the benefits of economies of scale, improved access to capital and to cover a larger geographical spread The 4R approach and a number of measures have been implemented to ensure clean banking: Recognition, resolution, recapitalisation and reforms As a tribute to Mahatma Gandhi, world's largest behavioural change movement - the Swachh Bharat - was initiated. More than 98% rural sanitation coverage has been achieved under this mission and more than 5.45 lakh villages have been declared open defecation free (ODF) Rs 19,000 crore allocated for Pradhan Mantri Gram Sadak Yojana During 2014-18, 1.53 crore houses have been constructed under PM Awas Yojana We strived to change the mindset and ignited self-confidence in the entire nation We also worked towards bridging the urban and rural divide in the country

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