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

Finance minister&nbsp;Nirmala Sitharaman tabled the <a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-tables-economic-survey-in-parliament-232941">Economic Survey in Rajya Sabha</a> today which said&nbsp;India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

The economic survey has predicted seven&nbsp;per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions.

The survey said oil prices were expected to decline in 2019-20.

According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18.&nbsp;"The government stood by the fiscal consolidation path," the report said.

In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target.

"The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said.

The survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.

The Modi government will present its first full-fledged Budget on Friday which will be tabled by&nbsp;finance minister Nirmala Sitharaman.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025.

Finance minister Nirmala Sitharaman tabled the Economic Survey in Rajya Sabha today which said India needed to sustain a GDP growth rate of 8 per cent in order to become a $5 trillion economy by 2025. The economic survey has predicted seven per cent Gross Domestic Product (GDP) growth in FY20 on stable macro-economic conditions. The survey said oil prices were expected to decline in 2019-20. According to the survey, the general fiscal deficit is seen at 5.8 per cent in FY19 against 6.4 per cent in FY18. "The government stood by the fiscal consolidation path," the report said. In February, while presenting the annual budget for 2019-20, the government had revised upward its fiscal deficit target to 3.4 per cent of gross domestic product (GDP) for 208-19 from the previously estimated 3.3 per cent budgeted target. "The growth in the economy is expected to pick in 2019/20 as macroeconomic conditions continue to be stable," the finance ministry's chief economic adviser Krishnamurthy Subramanian, the report's main author, said. The survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. The Modi government will present its first full-fledged Budget on Friday which will be tabled by finance minister Nirmala Sitharaman.

India needs to sustain 8% GDP growth to become $5 trillion economy by 2025: Economic Survey

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

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

The government is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military <a href="https://www.wionews.com/business-economy/industry-leaders-call-for-massive-infrastructure-investments-ahead-of-union-budget-fy20-232734">modernisation programme</a>.

Air force desperately needs hundreds of combat planes and helicopters to replace its Soviet-era aircraft while the navy has long planned for a dozen submarines to counter the expanding presence of the Chinese navy in the Indian Ocean.

The army, a large part of which is deployed on the border with traditional foe Pakistan, has been seeking everything from assault rifles to surveillance drones and body armour.

But these plans have been on hold for years because governments have not been able to set aside large sums and most of the defence expenditure goes on salaries and pensions for a 1.4 million standing military, the world's second largest after China.

In an interim budget announced in February before national elections, the government allocated 4.31 trillion rupees ($62.27 billion) for defence, a 6.6 per cent rise over the previous year, raising concern at the time it wouldn't be enough for modernisation.

But a finance ministry official told Reuters there was unlikely to be any change to that allocation when Finance Minister Nirmala Sitharaman presents the <a href="https://www.wionews.com/opinions/union-budget-2019-monetary-policy-not-enough-232602">budget in parliament</a>.

"Defence is our major spending and we give it as much as the budget allows. But this year, a significant rise to what has already been allotted looks difficult," the official involved in the budget preparations said.

China, by contrast, in March announced defence spending of around $180 billion, a 7.5% increase over 2018 and faster than the economic growth target. While China doesn’t give many break-ups, it is largely assumed that a substantial portion of it goes towards modernisation, helped also by a cutback in maintenance costs.

Since Chinese President Xi Jinping took office in late 2012, he has made strengthening and modernising the military a very key part of his policy platform. Part of that has been a reduction in troops by about 300,000 and the money saved in this is invested in much more advanced equipment and research and development.

Bloated military&nbsp;

Military planners have also considered restructuring the forces for the last couple of years to reduce manpower costs, but have not moved fast enough. There are 2.4 million defence pensioners at the moment, with approximately 55,000 being added every year.

"We need a lot of funds but it is not very likely to come," a defence ministry official said.

Laxman Behera, a research fellow at the government-funded Institute for Defence Studies and Analyses in New Delhi, said the military's spending on pay, allowances and pensions had risen from 45 per cent&nbsp;to 56 per cent&nbsp;in the last four years.

Share of capital procurement had come down to 18 per cent&nbsp;from 21 per cent&nbsp;during the same period. "Pensions take away a major chunk of India's defence expenditure every year," he said.

The Modi government has also tied military modernisation to its Make-in-India drive to build a domestic industry which has been slow in taking off.

Global defence companies such as Lockheed Martin and Boeing are bidding for a contract to supply the air force 114 combat planes which will be made in India in a deal estimated to be over $15 billion.

There will be little movement on the jet contract and another on submarines if no new funds are announced, the defence ministry official said.

The government is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military modernisation programme.

The government is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military modernisation programme. Air force desperately needs hundreds of combat planes and helicopters to replace its Soviet-era aircraft while the navy has long planned for a dozen submarines to counter the expanding presence of the Chinese navy in the Indian Ocean. The army, a large part of which is deployed on the border with traditional foe Pakistan, has been seeking everything from assault rifles to surveillance drones and body armour. But these plans have been on hold for years because governments have not been able to set aside large sums and most of the defence expenditure goes on salaries and pensions for a 1.4 million standing military, the world's second largest after China. In an interim budget announced in February before national elections, the government allocated 4.31 trillion rupees ($62.27 billion) for defence, a 6.6 per cent rise over the previous year, raising concern at the time it wouldn't be enough for modernisation. But a finance ministry official told Reuters there was unlikely to be any change to that allocation when Finance Minister Nirmala Sitharaman presents the budget in parliament. "Defence is our major spending and we give it as much as the budget allows. But this year, a significant rise to what has already been allotted looks difficult," the official involved in the budget preparations said. China, by contrast, in March announced defence spending of around $180 billion, a 7.5% increase over 2018 and faster than the economic growth target. While China doesn’t give many break-ups, it is largely assumed that a substantial portion of it goes towards modernisation, helped also by a cutback in maintenance costs. Since Chinese President Xi Jinping took office in late 2012, he has made strengthening and modernising the military a very key part of his policy platform. Part of that has been a reduction in troops by about 300,000 and the money saved in this is invested in much more advanced equipment and research and development. Bloated military Military planners have also considered restructuring the forces for the last couple of years to reduce manpower costs, but have not moved fast enough. There are 2.4 million defence pensioners at the moment, with approximately 55,000 being added every year. "We need a lot of funds but it is not very likely to come," a defence ministry official said. Laxman Behera, a research fellow at the government-funded Institute for Defence Studies and Analyses in New Delhi, said the military's spending on pay, allowances and pensions had risen from 45 per cent to 56 per cent in the last four years. Share of capital procurement had come down to 18 per cent from 21 per cent during the same period. "Pensions take away a major chunk of India's defence expenditure every year," he said. The Modi government has also tied military modernisation to its Make-in-India drive to build a domestic industry which has been slow in taking off. Global defence companies such as Lockheed Martin and Boeing are bidding for a contract to supply the air force 114 combat planes which will be made in India in a deal estimated to be over $15 billion. There will be little movement on the jet contract and another on submarines if no new funds are announced, the defence ministry official said.

Budget 2019: Modest rise in military spending likely, modernisation on hold

India is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military modernisation programme.

India's air force desperately needs hundreds of combat planes and helicopters to replace its Soviet-era aircraft while the navy has long planned for a dozen submarines to counter the expanding presence of the Chinese navy in the Indian Ocean.

The army, a large part of which is deployed on the border with traditional foe Pakistan, has been seeking everything from assault rifles to surveillance drones and body armour.

But these plans have been on hold for years because governments have not been able to set aside large sums and most of the defence expenditure goes on salaries and pensions for a 1.4 million standing military, the world's second largest after China.

In an interim budget announced in February before national elections, the government allocated 4.31 trillion rupees ($62.27 billion) for defence, a 6.6 per cent rise over the previous year, raising concern at the time it wouldn't be enough for modernisation.

But a finance ministry official told Reuters there was unlikely to be any change to that allocation when Finance Minister Nirmala Sitharaman presents the budget in parliament.

"Defence is our major spending and we give it as much as the budget allows. But this year, a significant rise to what has already been allotted looks difficult," the official involved in the budget preparations said.

China, by contrast, in March announced defence spending of around $180 billion, a 7.5% increase over 2018 and faster than the economic growth target. While China doesn’t give many break-ups, it is largely assumed that a substantial portion of it goes towards modernisation, helped also by a cutback in maintenance costs.

Since Chinese President Xi Jinping took office in late 2012, he has made strengthening and modernising the military a very key part of his policy platform. Part of that has been a reduction in troops by about 300,000 and the money saved in this is invested in much more advanced equipment and research and development.

Bloated military&nbsp;

Indian military planners have also considered restructuring the forces for the last couple of years to reduce manpower costs, but have not moved fast enough. There are 2.4 million defence pensioners at the moment, with approximately 55,000 being added every year.

"We need a lot of funds but it is not very likely to come," a defence ministry official said.

Laxman Behera, a research fellow at the government-funded Institute for Defence Studies and Analyses in New Delhi, said the military's spending on pay, allowances and pensions had risen from 45 per cent&nbsp;to 56 per cent&nbsp;in the last four years.

Share of capital procurement had come down to 18 per cent&nbsp;from 21 per cent&nbsp;during the same period. "Pensions take away a major chunk of India's defence expenditure every year," he said.

The Modi government has also tied military modernisation to its Make-in-India drive to build a domestic industry which has been slow in taking off.

Global defence companies such as Lockheed Martin and Boeing are bidding for a contract to supply the air force 114 combat planes which will be made in India in a deal estimated to be over $15 billion.

There will be little movement on the jet contract and another on submarines if no new funds are announced, the defence ministry official said.

India is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military modernisation programme.

India is likely to stick to a modest rise in defence spending in the 2019/2020 budget due on Friday because of tight government finances, officials said, further delaying a long-planned military modernisation programme. India's air force desperately needs hundreds of combat planes and helicopters to replace its Soviet-era aircraft while the navy has long planned for a dozen submarines to counter the expanding presence of the Chinese navy in the Indian Ocean. The army, a large part of which is deployed on the border with traditional foe Pakistan, has been seeking everything from assault rifles to surveillance drones and body armour. But these plans have been on hold for years because governments have not been able to set aside large sums and most of the defence expenditure goes on salaries and pensions for a 1.4 million standing military, the world's second largest after China. In an interim budget announced in February before national elections, the government allocated 4.31 trillion rupees ($62.27 billion) for defence, a 6.6 per cent rise over the previous year, raising concern at the time it wouldn't be enough for modernisation. But a finance ministry official told Reuters there was unlikely to be any change to that allocation when Finance Minister Nirmala Sitharaman presents the budget in parliament. "Defence is our major spending and we give it as much as the budget allows. But this year, a significant rise to what has already been allotted looks difficult," the official involved in the budget preparations said. China, by contrast, in March announced defence spending of around $180 billion, a 7.5% increase over 2018 and faster than the economic growth target. While China doesn’t give many break-ups, it is largely assumed that a substantial portion of it goes towards modernisation, helped also by a cutback in maintenance costs. Since Chinese President Xi Jinping took office in late 2012, he has made strengthening and modernising the military a very key part of his policy platform. Part of that has been a reduction in troops by about 300,000 and the money saved in this is invested in much more advanced equipment and research and development. Bloated military Indian military planners have also considered restructuring the forces for the last couple of years to reduce manpower costs, but have not moved fast enough. There are 2.4 million defence pensioners at the moment, with approximately 55,000 being added every year. "We need a lot of funds but it is not very likely to come," a defence ministry official said. Laxman Behera, a research fellow at the government-funded Institute for Defence Studies and Analyses in New Delhi, said the military's spending on pay, allowances and pensions had risen from 45 per cent to 56 per cent in the last four years. Share of capital procurement had come down to 18 per cent from 21 per cent during the same period. "Pensions take away a major chunk of India's defence expenditure every year," he said. The Modi government has also tied military modernisation to its Make-in-India drive to build a domestic industry which has been slow in taking off. Global defence companies such as Lockheed Martin and Boeing are bidding for a contract to supply the air force 114 combat planes which will be made in India in a deal estimated to be over $15 billion. There will be little movement on the jet contract and another on submarines if no new funds are announced, the defence ministry official said.

Modest rise in Indian military spending likely, modernisation on hold

Chief Economic Adviser KV Subramanian will table the new <a href="https://www.wionews.com/opinions/narendra-modi-20-would-propel-affordable-housing-in-india-224832">Narendra Modi</a> government`s first Economic Survey in Parliament on Thursday.

"Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday. #EcoSurvey2019" he tweeted on Tuesday.&nbsp;

The Economic Survey is an outlook of developments in the economy that is presented a day before the Union Budget.

The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy.

Subramanian was appointed as the Chief Economic Adviser in December last year, nearly six months after <a href="https://www.wionews.com/india-news/it-was-the-best-job-enriching-and-exciting-says-outgoing-cea-arvind-subramanian-145861">Arvind Subramanian</a> stepped down from the post at the end of his term owing to "pressing family commitments."

The first full-fledged budget of the Union Government will be tabled on Friday by Finance Minister Nirmala Sitharaman.

Chief Economic Adviser KV Subramanian will table the new Narendra Modi government`s first Economic Survey in Parliament on Thursday. "Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday.

Chief Economic Adviser KV Subramanian will table the new Narendra Modi government`s first Economic Survey in Parliament on Thursday. "Looking forward with excitement to table my first and the new Government`s first - Economic Survey in Parliament on Thursday. #EcoSurvey2019" he tweeted on Tuesday. The Economic Survey is an outlook of developments in the economy that is presented a day before the Union Budget. The survey contains a summary of the performance on major development programmes, as well as the policy initiatives of the government and the prospects of the economy. Subramanian was appointed as the Chief Economic Adviser in December last year, nearly six months after Arvind Subramanian stepped down from the post at the end of his term owing to "pressing family commitments." The first full-fledged budget of the Union Government will be tabled on Friday by Finance Minister Nirmala Sitharaman.

Chief Economic Adviser KV Subramanian to table Economic Survey in Parliament

Finance Minister Nirmala Sitharaman Thursday said she is looking into demands of MPs from southern states such as Karnataka for conducting bank recruitment exams in local language as well.

The issue was raised by G C Chandrasekhar of the Congress through a Zero Hour mention.

Speaking in Kannada, he said the Indian Banking Service examination and other recruitment tests should be held in the Kannada language alongside English and Hindi for the convenience of local aspirants.

There was no translation available in the House and Chairman M Venkaiah Naidu translated his Zero Hour mention.

Naidu said a prior notice is necessary to make arrangements for translation if any member wants to speak in his native language or any of the 22 recognised languages.

Responding to concerns raised by Chandrasekhar, Sitharaman said MPs from Lok Sabha too had met on the issue which relates to all states which have their own language. "The matter is of serious concern," she said.

"I am seized of the matter. I will look into it and come back to the House."

Finance Minister Nirmala Sitharaman Thursday said she is looking into demands of MPs from southern states such as Karnataka for conducting bank recruitment exams in local language as well.

Finance Minister Nirmala Sitharaman Thursday said she is looking into demands of MPs from southern states such as Karnataka for conducting bank recruitment exams in local language as well. The issue was raised by G C Chandrasekhar of the Congress through a Zero Hour mention. Speaking in Kannada, he said the Indian Banking Service examination and other recruitment tests should be held in the Kannada language alongside English and Hindi for the convenience of local aspirants. There was no translation available in the House and Chairman M Venkaiah Naidu translated his Zero Hour mention. Naidu said a prior notice is necessary to make arrangements for translation if any member wants to speak in his native language or any of the 22 recognised languages. Responding to concerns raised by Chandrasekhar, Sitharaman said MPs from Lok Sabha too had met on the issue which relates to all states which have their own language. "The matter is of serious concern," she said. "I am seized of the matter. I will look into it and come back to the House."

Nirmala Sitharaman to look into demands of MPs for conducting bank exam in local language

Finance Minister Nirmala Sitharaman is among the 100 most influential women driving the UK-India relationship forward alongside one of Britain’s senior-most Cabinet ministers Penny Mordaunt.

The ‘100 Most Influential in UK-India Relations: Celebrating Women’ list was launched by UK Home Secretary Sajid Javid to mark India Day in the Houses of Parliament in London on Monday.

It credited Sitharaman, also the Minister of Corporate Affairs, as one of India’s most “powerful women” who plays a “pivotal” role in the bilateral relationship – as India’s former defence minister and now finance minister.

“Having studied at the London School of Economics (LSE) and worked in the UK in her previous career, Nirmala is familiar with the UK more so than probably all her other colleagues,” notes the power list, released by UK-based media house India Inc.

Penny Mordaunt, Britain’s Secretary of State for Defence, is the other senior politician in the list who is credited as the first woman to be assigned the role in the UK Cabinet.

“With India emerging as the world’s largest importer of defence products, and a significant strategic partner for the UK, Penny plays a crucial role in the UK-India relationship,” her citation notes.

Ruchi Ghanashyam, the Indian High Commissioner to the UK, who is herself honoured in the list, welcomed the compilation as a recognition of the “front and centre role” played by women in the bilateral relationship.

“This list highlights the huge potential for the future of the UK and India as they continue to forge on together as two great countries. From business to politics, and art and literacy, women are continuing to pave the way in bringing together this bold partnership through collaboration and relationships,” she said.

The women in the list, now in its third year, hold positions of influence in India and the UK across 11 broad sectors including politics, technology and sustainability.

Some of the other prominent names include Indian-origin parliamentarians in the UK like Priti Patel and Baroness Sandy Verma, filmmaker Gurinder Chadha, Indian law firm chiefs Zia Mody and Pallavi S Shroff, Apollo Hospitals’ managing director Suneeta Reddy and Nasscom President Debjani Ghosh.

“The women highlighted in this list hold positions of tremendous influence and therefore their inclusion here is as much about the promise they bring, as the success they may have already achieved,” said Manoj Ladwa, Founder of India Inc.

The launch of the list also marked the start of UK-India Week in Britain, which will include a series of sessions on trade and investment and closer cooperation between the UK and India through the course of the week.

Finance Minister Nirmala Sitharaman is among the 100 most influential women driving the UK-India relationship forward alongside one of Britain’s senior-most Cabinet ministers Penny Mordaunt.

Finance Minister Nirmala Sitharaman is among the 100 most influential women driving the UK-India relationship forward alongside one of Britain’s senior-most Cabinet ministers Penny Mordaunt. The ‘100 Most Influential in UK-India Relations: Celebrating Women’ list was launched by UK Home Secretary Sajid Javid to mark India Day in the Houses of Parliament in London on Monday. It credited Sitharaman, also the Minister of Corporate Affairs, as one of India’s most “powerful women” who plays a “pivotal” role in the bilateral relationship – as India’s former defence minister and now finance minister. “Having studied at the London School of Economics (LSE) and worked in the UK in her previous career, Nirmala is familiar with the UK more so than probably all her other colleagues,” notes the power list, released by UK-based media house India Inc. Penny Mordaunt, Britain’s Secretary of State for Defence, is the other senior politician in the list who is credited as the first woman to be assigned the role in the UK Cabinet. “With India emerging as the world’s largest importer of defence products, and a significant strategic partner for the UK, Penny plays a crucial role in the UK-India relationship,” her citation notes. Ruchi Ghanashyam, the Indian High Commissioner to the UK, who is herself honoured in the list, welcomed the compilation as a recognition of the “front and centre role” played by women in the bilateral relationship. “This list highlights the huge potential for the future of the UK and India as they continue to forge on together as two great countries. From business to politics, and art and literacy, women are continuing to pave the way in bringing together this bold partnership through collaboration and relationships,” she said. The women in the list, now in its third year, hold positions of influence in India and the UK across 11 broad sectors including politics, technology and sustainability. Some of the other prominent names include Indian-origin parliamentarians in the UK like Priti Patel and Baroness Sandy Verma, filmmaker Gurinder Chadha, Indian law firm chiefs Zia Mody and Pallavi S Shroff, Apollo Hospitals’ managing director Suneeta Reddy and Nasscom President Debjani Ghosh. “The women highlighted in this list hold positions of tremendous influence and therefore their inclusion here is as much about the promise they bring, as the success they may have already achieved,” said Manoj Ladwa, Founder of India Inc. The launch of the list also marked the start of UK-India Week in Britain, which will include a series of sessions on trade and investment and closer cooperation between the UK and India through the course of the week.

Nirmala Sitharaman among 100 most influential in UK power list

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18.

"The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing.

Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore.

Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time.

In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said.

The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday.

The Income Tax department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore, Finance Minister Nirmala Sitharaman said Monday. In a written reply to a question in the Lok Sabha, she said over 6.49 crore electronic returns were submitted for the assessment year 2018-19 (the financial year 2017-18), up 18.65 per cent from over 5.47 crore in the assessment year 2017-18. "The government has accorded high priority to issue refunds for all taxpayers including small taxpayers. Less than 0.5 per cent of income tax returns (ITRs) are selected for scrutiny, the majority of ITRs are processed expeditiously and refunds are issued," Sitharaman said, adding that with the increased use of technology the time taken to process ITRs is constantly reducing. Refunds amounting to Rs 64,700 crore have already been issued in this financial year till June 18, 2019, and the total amount of refund released in the Financial year 2018-19, was over Rs 1.61 lakh crore. Sitharaman further said that 26.9 crore SMS and emails were sent to taxpayers in 2018-19, reminding them to file their ITRs on time. In January 2019, the Government had approved integrated e-filing and Centralised Processing Centre (CPC) 2.0 project of the I-T department to process returns in a timely manner, the minister said. The project envisages pre-filing of ITRs by the I-T department so as to improve the accuracy of the information contained in the return and drastically reduce the time taken to process returns and issue refunds.

Income Tax department issued Rs 64,700 crore refund between April 1 and June 18: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5. The Economic Survey for the current financial year will be tabled on July 4.

On Wednesday, the Finance Minister held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector.

The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20. It als0 took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council.

Nirmala Sitharaman had earlier reviewed the state of the economy and discussed various budget-related suggestions and proposals at a meeting with financial sector regulators here on Wednesday.

The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance &amp;Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr&nbsp;Krishnamurthy V&nbsp;Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr&nbsp;MS&nbsp;Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.

Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5.

Union Finance Minister Nirmala Sitharaman on Friday held a pre-budget meeting with finance ministers of all the states. She is scheduled to present the budget for 2019-20 on July 5. The Economic Survey for the current financial year will be tabled on July 4. On Wednesday, the Finance Minister held the 20th meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, inter-alia, those concerning Banking and NBFCs. The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector. The Council also held consultations to obtain inputs/ suggestions of the financial sector regulators for the Budget. All the regulators presented their proposals for the Union Budget 2019-20. It als0 took note of the activities undertaken by the FSDC Sub-Committee Chaired by Governor, RBI and the action taken by Members on the decisions taken in earlier Meetings of the Council. Nirmala Sitharaman had earlier reviewed the state of the economy and discussed various budget-related suggestions and proposals at a meeting with financial sector regulators here on Wednesday. The FSDC Meeting was also attended by Anurag Thakur, MoS (Finance &Corporate Affairs), Shaktikanta Das, Governor, Reserve Bank of India (RBI); Subhash Chandra Garg, Finance Secretary and Secretary, Department of Economic Affairs; Rajiv Kumar, Secretary, Department of Financial Services; Injeti Srinivas, Secretary, Ministry of Corporate Affairs; Ajay Bhushan Pandey, Revenue Secretary; Dr Krishnamurthy V Subramanian, Chief Economic Adviser, Ministry of Finance; Ajay Tyagi, Chairman, Securities and Exchange Board of India; Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India(IRDAI); Dr MS Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI); Ravi Mital, Additional Secretary, Department of Financial Services and in charge, Chairperson, Pension Fund Regulatory and Development Authority(PFRDA); and other senior officers of the Government of India and the Financial Sector Regulators.

Finance Minister Nirmala Sitharaman holds pre-budget meeting with finance ministers of all states

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29.

Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting.

Speaking to media persons after the meeting, Das said,&nbsp;"It was a Financial Stability and Development Council (FSDC) meeting.

We reviewed the current state of the economy, the overall macro-economic situation and global development.

"The RBI Governor further said that various budget-related suggestions and proposals were also discussed.

"Regulators and concerned secretaries of the government were present during the meeting," said Das.

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29. Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting.

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29. Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting. Speaking to media persons after the meeting, Das said, "It was a Financial Stability and Development Council (FSDC) meeting. We reviewed the current state of the economy, the overall macro-economic situation and global development. "The RBI Governor further said that various budget-related suggestions and proposals were also discussed. "Regulators and concerned secretaries of the government were present during the meeting," said Das.

Nirmala Sitharaman holds preparatory meeting for upcoming G20 summit

In the<a href="https://www.wionews.com/india-news/ahead-of-budget-session-pm-modi-chairs-all-party-meet-opposition-demands-debate-on-unemployment-farm-distress-227603"> all-party meeting</a> here on Sunday, a day ahead of the beginning of the Budget session of Parliament in which crucial Bills are likely to be tabled, Prime Minister Narendra Modi urged all leaders to keep political differences aside and not to disrupt the functioning of the Parliament.

"We are for the people. We cannot win hearts by disrupting the functioning of the Parliament. All parties must keep political differences aside and commit themselves to tirelessly work in the direction of the nation's progress," said Prime Minister Narendra Modi, who chaired the all-party meeting.

Modi also urged the leaders to introspect whether members of Parliament are able to fulfill the people's aspirations as their representatives or not. In the meeting, while the government put forth its legislative agenda, the Opposition parties raised other issues including the problems related to farmers and water supply.

The Budget Session, beginning Monday, would also see the tabling of many important Bills.

Besides the Triple Talaq Bill, the other Bills, which are likely to be introduced in the Parliament, are the Central Educational Institutions (Reservation in Teachers Cadre) Bill and Aadhaar and Other Laws (Amendment) Bill 2019.

The Cabinet on Wednesday cleared a Bill to allow voluntary use of Aadhaar as identity proof for opening bank accounts and procuring mobile phone connections.

A resolution seeking the extension of Proclamation issued by the President on December 19, 2018, under Article 356 of the Constitution of India in relation to the state of Jammu and Kashmir is also required to be approved by both the Houses of Parliament by July 2, 2019.

Ten Ordinances have been promulgated during the inter-session period, which are to be replaced by Acts of Parliament as these shall cease to operate at the expiration of six weeks from the reassembly of Parliament, that is, by August 1, 2019.

As many as 46 Bills have lapsed on the dissolution of 16th Lok Sabha which were at various stages in both the Houses.

Some of these important Bills are likely to be revived and brought before Parliament.

Prime Minister Modi also exhorted all leaders to cooperate with the government and strive in the direction of making a New India by 2022 and achieve the true meaning of 'Sabka Saath, Sabka Vikas, Sabka Vishwas.'

He also said that the government is always receptive to the issues raised by all political parties and is ready to discuss all issues of national importance on the floor of both the Houses of Parliament.

"We had a fruitful all-party meeting today. The first one after the election results and before the start of the Monsoon Session. Thankful to the leaders for their valuable suggestions. We all agreed on the smooth running of Parliament so that we can fulfill people's aspirations," said PM Modi in a tweet.

Briefing media persons after the all-party meeting, Parliamentary Affairs Minister Pralhad Joshi said,&nbsp;"To ensure that 17th Lok Sabha starts functioning on a positive note, Prime Minister Modi has invited the party presidents of all parties to the Parliament on June 19, and MPs of both the Houses on June 20 interaction and exchange of views with the government.

"The session will mainly be devoted to oath-taking, the election of the speaker, the motion of thanks on the President's address, financial business relating to union budget for 2019-20. However, time will also be provided for the transaction of essential legislative and non-legislative business during the Session.

The Economic Survey of India will be presented tabled in the House on July 4 by Finance Minister Nirmala Sitharaman.

She will present the Union Budget for 2019- 20 in the Lok Sabha on July 5 at 11 am.

Present in the meeting were also Defence Minister Rajnath Singh, SP leader Ram Gopal Yadav, Minister of Parliamentary Affairs Prahlad Joshi and leader of BJP in the Rajya Sabha Thawar Chand Gehlot.

Other leaders who attended the meeting included V Vijayasai Reddy of YSRCP, Derek O'Brien of TMC, Farooq Abdullah of National Conference, NCP's Supriya Sule, Anupriya Patel of Apna Dal (Sonelal), AAP's Sanjay Singh, and Jayadev Galla of TDP.

In the all-party meeting here on Sunday, a day ahead of the beginning of the Budget session of Parliament in which crucial Bills are likely to be tabled, Prime Minister Narendra Modi urged all leaders to keep political differences aside and not to disrupt the functioning of the Parliament.

In the all-party meeting here on Sunday, a day ahead of the beginning of the Budget session of Parliament in which crucial Bills are likely to be tabled, Prime Minister Narendra Modi urged all leaders to keep political differences aside and not to disrupt the functioning of the Parliament. "We are for the people. We cannot win hearts by disrupting the functioning of the Parliament. All parties must keep political differences aside and commit themselves to tirelessly work in the direction of the nation's progress," said Prime Minister Narendra Modi, who chaired the all-party meeting. Modi also urged the leaders to introspect whether members of Parliament are able to fulfill the people's aspirations as their representatives or not. In the meeting, while the government put forth its legislative agenda, the Opposition parties raised other issues including the problems related to farmers and water supply. The Budget Session, beginning Monday, would also see the tabling of many important Bills. Besides the Triple Talaq Bill, the other Bills, which are likely to be introduced in the Parliament, are the Central Educational Institutions (Reservation in Teachers Cadre) Bill and Aadhaar and Other Laws (Amendment) Bill 2019. The Cabinet on Wednesday cleared a Bill to allow voluntary use of Aadhaar as identity proof for opening bank accounts and procuring mobile phone connections. A resolution seeking the extension of Proclamation issued by the President on December 19, 2018, under Article 356 of the Constitution of India in relation to the state of Jammu and Kashmir is also required to be approved by both the Houses of Parliament by July 2, 2019. Ten Ordinances have been promulgated during the inter-session period, which are to be replaced by Acts of Parliament as these shall cease to operate at the expiration of six weeks from the reassembly of Parliament, that is, by August 1, 2019. As many as 46 Bills have lapsed on the dissolution of 16th Lok Sabha which were at various stages in both the Houses. Some of these important Bills are likely to be revived and brought before Parliament. Prime Minister Modi also exhorted all leaders to cooperate with the government and strive in the direction of making a New India by 2022 and achieve the true meaning of 'Sabka Saath, Sabka Vikas, Sabka Vishwas.' He also said that the government is always receptive to the issues raised by all political parties and is ready to discuss all issues of national importance on the floor of both the Houses of Parliament. "We had a fruitful all-party meeting today. The first one after the election results and before the start of the Monsoon Session. Thankful to the leaders for their valuable suggestions. We all agreed on the smooth running of Parliament so that we can fulfill people's aspirations," said PM Modi in a tweet. Briefing media persons after the all-party meeting, Parliamentary Affairs Minister Pralhad Joshi said, "To ensure that 17th Lok Sabha starts functioning on a positive note, Prime Minister Modi has invited the party presidents of all parties to the Parliament on June 19, and MPs of both the Houses on June 20 interaction and exchange of views with the government. "The session will mainly be devoted to oath-taking, the election of the speaker, the motion of thanks on the President's address, financial business relating to union budget for 2019-20. However, time will also be provided for the transaction of essential legislative and non-legislative business during the Session. The Economic Survey of India will be presented tabled in the House on July 4 by Finance Minister Nirmala Sitharaman. She will present the Union Budget for 2019- 20 in the Lok Sabha on July 5 at 11 am. Present in the meeting were also Defence Minister Rajnath Singh, SP leader Ram Gopal Yadav, Minister of Parliamentary Affairs Prahlad Joshi and leader of BJP in the Rajya Sabha Thawar Chand Gehlot. Other leaders who attended the meeting included V Vijayasai Reddy of YSRCP, Derek O'Brien of TMC, Farooq Abdullah of National Conference, NCP's Supriya Sule, Anupriya Patel of Apna Dal (Sonelal), AAP's Sanjay Singh, and Jayadev Galla of TDP.

Keep political differences aside for smooth functioning of Parliament: PM Modi says in all-party meet

With the National Democratic Alliance (NDA) romping home easily for another five-year tenure, the first test is barely a few weeks away.&nbsp;

Having steered choppy economic waters during its first term, the none-too-rosy state of the economy was seldom a binding constraint since security issues in the aftermath of Pulmawa, trumped bread-and-butter issues, including agrarian distress and lack of employment.

The scattered opposition parties failed to galvanise themselves on any major economic issue, other than beating about the bush on the alleged corruption in the purchase of advanced aircraft, Rafale.&nbsp;

Now that Prime Minister Narendra Modi has proved beyond a pale of doubt that he is a past-master in outmanoeuvring opponents at their own game, he will now have to devote time and energy in reviving the domestic economy and stoking demand so that the core sectors get kick-started to realise their optimal potential. No sooner has the new Finance Minister Nirmala Sitharaman assumed office, problems have come knocking at her door.

With the Central Statistics Office’s (CSO) revealing that the economy lost further momentum to grow just by 5.8 per cent in the fourth quarter (Jan-Mar), the country’s gross domestic product (GDP) growth for fiscal 2018-19 at 6.8 per cent has understandably undershot even sanguine forecasts.&nbsp;

To boot, the unaudited/interim accounts of the central government for 2018-19, also released alongside, presented the obverse and adverse side of the economic slowdown.&nbsp;

Thus, the Centre compassed Rs 16,66,055 crore (91.40 per cent of corresponding revised estimate 2018-19 of total receipts) during 2018-19, comprising Rs 13,16,951 crore as tax revenue (net to Centre), Rs 2,46,219 crore of non-tax revenue and Rs 1,02,885 crore as non-debt capital receipts, which consists recovery of loans (Rs 17,840 crore) and disinvestment of public sector undertakings at Rs 85,045 crore.

Against the receipts, the total expenditure incurred by the Centre was Rs 23,11,422 crore (94.07 per cent of the corresponding revised estimate of 2018-19) out of which Rs 20,08,463 crore was on revenue account and Rs 3,02,959 crore on capital account.&nbsp;

What is particularly noteworthy is that out of the total revenue expenditure, as much as Rs 5,82,675 crore was on account of interest payments of past debt and Rs 1,97,066 crore on major subsidies.&nbsp;

In a nutshell, the gap between revenue and expenditure is not only widening, but also the quality of expenditure, particularly capital expenditure available, is too tiny to make a discernible dent on development.&nbsp;

Interestingly, even as the interim estimates were lower than the Budgeted estimates — euphemistically described as revised estimates — the interim Budget (2019-20) presented by the NDA government on February 1, before the poll bugle was sounded, assumed a leap of faith increase in total receipts for the current fiscal that began on April 1.

Now that the BJP government is back in the saddle and is to present a full-fledged Budget on July 5, the new finance minister must find ways and means to raise resources to match the pre-poll estimated surge in receipts.

This is especially daunting when the economy has lost the mojo to fire on all cylinders, what with both agriculture and manufacturing performing poorly.&nbsp;

Many reputed economists had argued that both tight monetary and fiscal policies fashioned simultaneously by the NDA authorities, when they had to institute inflation-targeting goal for the apex bank and also clean up the banking system that was stymied by whopping non-performing loans (assets), led to a growth slowdown in the recent past.

No doubt, there is merit in clearing the backlog so that the financial system can operate on a clean slate, but the need to keep the banks recapitalised so that they can resume their lending activities to productive segments at affordable rates of interest, should not be lost sight of.&nbsp;

The government could not infuse adequate capital to re-energise the banks from undertaking their core dharma, though it ostentatiously put in place a recapitalisation plan in phases.

As the Modi-1 government was preoccupied with economic experiments like demonetisation that kept the banking system busy, financial institutions parked their funds with the apex bank rather than lend, lest they should get compelled to handle potential problems of loan defaults over and above what they are already exposed to!&nbsp;

Simultaneous pursuit of austerity when growth slowdown is visible and financial stress escalating has proved to be a lethal cocktail.&nbsp;

As the private sector is proverbially slow to initiate steps on its own in the absence of affordable capital, it is time that the authorities disabuse themselves of the notion that more funds to lubricate the engines of the economy should flow from the coffers of the government only.&nbsp;

A modest cut in the cash reserve ratio (CRR) will help banks to augment their credit flow to industry and the non-banking finance companies (NBFCs), which are in dire straits today for want of wherewithal to help small industries and housing sectors to find alternative finance.

Much is expected of the finance minister to revive growth sentiments in the economy, push up public expenditure in both physical and social infrastructure and help find finances for private investment to restart with dynamism.&nbsp;

As prudence is a virtue mostly attributed to women than men, one may hope Nirmala Sitharaman will balance growth and inflation without the associated trauma of trade-off in her maiden Budget. &nbsp; 
&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-tough-calls-on-budget-day-2758999">original article)</a>

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)&nbsp;

With the National Democratic Alliance (NDA) romping home easily for another five-year tenure, the first test is barely a few weeks away. Having steered choppy economic waters during its first term, the none-too-rosy state of the economy was seldom a binding constraint since security issues in the aftermath of Pulmawa, trumped bread-and-butter issues, including agrarian distress and lack of employment.

With the National Democratic Alliance (NDA) romping home easily for another five-year tenure, the first test is barely a few weeks away. Having steered choppy economic waters during its first term, the none-too-rosy state of the economy was seldom a binding constraint since security issues in the aftermath of Pulmawa, trumped bread-and-butter issues, including agrarian distress and lack of employment. The scattered opposition parties failed to galvanise themselves on any major economic issue, other than beating about the bush on the alleged corruption in the purchase of advanced aircraft, Rafale. Now that Prime Minister Narendra Modi has proved beyond a pale of doubt that he is a past-master in outmanoeuvring opponents at their own game, he will now have to devote time and energy in reviving the domestic economy and stoking demand so that the core sectors get kick-started to realise their optimal potential. No sooner has the new Finance Minister Nirmala Sitharaman assumed office, problems have come knocking at her door. With the Central Statistics Office’s (CSO) revealing that the economy lost further momentum to grow just by 5.8 per cent in the fourth quarter (Jan-Mar), the country’s gross domestic product (GDP) growth for fiscal 2018-19 at 6.8 per cent has understandably undershot even sanguine forecasts. To boot, the unaudited/interim accounts of the central government for 2018-19, also released alongside, presented the obverse and adverse side of the economic slowdown. Thus, the Centre compassed Rs 16,66,055 crore (91.40 per cent of corresponding revised estimate 2018-19 of total receipts) during 2018-19, comprising Rs 13,16,951 crore as tax revenue (net to Centre), Rs 2,46,219 crore of non-tax revenue and Rs 1,02,885 crore as non-debt capital receipts, which consists recovery of loans (Rs 17,840 crore) and disinvestment of public sector undertakings at Rs 85,045 crore. Against the receipts, the total expenditure incurred by the Centre was Rs 23,11,422 crore (94.07 per cent of the corresponding revised estimate of 2018-19) out of which Rs 20,08,463 crore was on revenue account and Rs 3,02,959 crore on capital account. What is particularly noteworthy is that out of the total revenue expenditure, as much as Rs 5,82,675 crore was on account of interest payments of past debt and Rs 1,97,066 crore on major subsidies. In a nutshell, the gap between revenue and expenditure is not only widening, but also the quality of expenditure, particularly capital expenditure available, is too tiny to make a discernible dent on development. Interestingly, even as the interim estimates were lower than the Budgeted estimates — euphemistically described as revised estimates — the interim Budget (2019-20) presented by the NDA government on February 1, before the poll bugle was sounded, assumed a leap of faith increase in total receipts for the current fiscal that began on April 1. Now that the BJP government is back in the saddle and is to present a full-fledged Budget on July 5, the new finance minister must find ways and means to raise resources to match the pre-poll estimated surge in receipts. This is especially daunting when the economy has lost the mojo to fire on all cylinders, what with both agriculture and manufacturing performing poorly. Many reputed economists had argued that both tight monetary and fiscal policies fashioned simultaneously by the NDA authorities, when they had to institute inflation-targeting goal for the apex bank and also clean up the banking system that was stymied by whopping non-performing loans (assets), led to a growth slowdown in the recent past. No doubt, there is merit in clearing the backlog so that the financial system can operate on a clean slate, but the need to keep the banks recapitalised so that they can resume their lending activities to productive segments at affordable rates of interest, should not be lost sight of. The government could not infuse adequate capital to re-energise the banks from undertaking their core dharma, though it ostentatiously put in place a recapitalisation plan in phases. As the Modi-1 government was preoccupied with economic experiments like demonetisation that kept the banking system busy, financial institutions parked their funds with the apex bank rather than lend, lest they should get compelled to handle potential problems of loan defaults over and above what they are already exposed to! Simultaneous pursuit of austerity when growth slowdown is visible and financial stress escalating has proved to be a lethal cocktail. As the private sector is proverbially slow to initiate steps on its own in the absence of affordable capital, it is time that the authorities disabuse themselves of the notion that more funds to lubricate the engines of the economy should flow from the coffers of the government only. A modest cut in the cash reserve ratio (CRR) will help banks to augment their credit flow to industry and the non-banking finance companies (NBFCs), which are in dire straits today for want of wherewithal to help small industries and housing sectors to find alternative finance. Much is expected of the finance minister to revive growth sentiments in the economy, push up public expenditure in both physical and social infrastructure and help find finances for private investment to restart with dynamism. As prudence is a virtue mostly attributed to women than men, one may hope Nirmala Sitharaman will balance growth and inflation without the associated trauma of trade-off in her maiden Budget. (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.)

Much is expected of finance minister Nirmala Sitharaman to revive economic growth

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices.&nbsp;

Speaking at G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan, over the weekend she underscored the importance of international cooperation when it comes to dealing with economic offenders who "flee their countries to escape from the consequences of law".

A finance ministry statement said,"(FM) drew attention to the practice permitted by many jurisdictions, which allow economic offenders to use investment-based schemes to obtain residence or citizenship to escape from legal consequences and underlined the need to deal with such practices."

Adding, "she urged that closer collaboration and coordinated action were required to bring such economic offenders to face law."

Mehul Choksi wanted in the <a href="https://www.wionews.com/india-news/medical-reports-of-mehul-choksi-misleading-enforcement-directorate-tells-bombay-high-court-224145">multi-crore Punjab national bank</a>(PNB) scam took the citizenship of a Caribbean country Antigua and Barbuda under its "citizenship by Investment (CIP)" scheme.&nbsp;

According to the scheme, foreign clients can get citizenship by investing in the country upto $100,000. The person gets benefit since the Caribbean country's passport offers visa-free travel to over 100+ countries including EU, UK.

The Citizenship By Investment Unit (CIU) of Antigua received Mehul Choksi's application in May 2017.

In January of this year, Choksi surrendered his Indian passport to the High Commission in Guyana.&nbsp;

India is currently pursuing Choksi's return with the government of Antigua through diplomatic and legal channels and has sent an extradition request to the country.

The finance minister also highlighted how India has taken tough stance against economic offenders and passed a law that "provides for denial of access to courts until the fugitive returns to the country."

The law also provides for confiscation of their properties and selling them off.&nbsp;

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices.

In a strong message to countries that provide citizenship to fugitive economic offenders through investment-based schemes, India's finance minister Nirmala Sitharaman has called for the need to deal with such practices. Speaking at G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan, over the weekend she underscored the importance of international cooperation when it comes to dealing with economic offenders who "flee their countries to escape from the consequences of law". A finance ministry statement said,"(FM) drew attention to the practice permitted by many jurisdictions, which allow economic offenders to use investment-based schemes to obtain residence or citizenship to escape from legal consequences and underlined the need to deal with such practices." Adding, "she urged that closer collaboration and coordinated action were required to bring such economic offenders to face law." Mehul Choksi wanted in the multi-crore Punjab national bank(PNB) scam took the citizenship of a Caribbean country Antigua and Barbuda under its "citizenship by Investment (CIP)" scheme. According to the scheme, foreign clients can get citizenship by investing in the country upto $100,000. The person gets benefit since the Caribbean country's passport offers visa-free travel to over 100+ countries including EU, UK. The Citizenship By Investment Unit (CIU) of Antigua received Mehul Choksi's application in May 2017. In January of this year, Choksi surrendered his Indian passport to the High Commission in Guyana. India is currently pursuing Choksi's return with the government of Antigua through diplomatic and legal channels and has sent an extradition request to the country. The finance minister also highlighted how India has taken tough stance against economic offenders and passed a law that "provides for denial of access to courts until the fugitive returns to the country." The law also provides for confiscation of their properties and selling them off.

At G20, finance minister Nirmala Sitharaman expresses concern over 'citizenship by investment' scheme for economic offenders

The <a href="https://www.wionews.com/india-news/interim-budget-2019-how-high-was-piyush-goyals-josh-asks-anand-mahindra-194413">Union Budget for 2019-20</a> is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said.

The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-19.

The banking sector has an important role in the reinvigorating sagging economy, the sources said, adding the Budget speech of the Finance Minister will contain a roadmap for the reforms in the sector.

The upcoming Budget would also provide direction to the consolidation journey in the public sector banking space, started last year by affecting the first three-way merger, they added.

As part of this exercise, erstwhile Vijaya Bank and Dena Bank were merged with Bank of Baroda (BoB) effective April 1 to create the third-largest lender of the country.

According to the sources, the journey will continue broadly on the same lines of the merger of smaller banks with big lenders.

So, fit candidates for the acquisition of small lenders would be Punjab National Bank, Canara Bank, Bank of India and Union Bank of India with some capital support, the sources added.

It is to be noted that the government infused Rs 5,042 crore in BoB to enhance its capital base to meet additional expense due to an amalgamation of Dena Bank and Vijaya Bank.

The maiden three-way amalgamation is the first step in the consolidation of the public sector banking industry, recommended in 1991 by the Narasimham Committee report. Through this merger, the government has created an institution of global scale and size, thereby providing significant benefit to all stakeholders.

The consolidated entity started the operation with a business mix of over Rs 15 lakh crore on the balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.

BoB, the second-largest public sector lender after State Bank of India, now has over 9,500 branches, 13,400 ATMs, and 85,000 employees to serve 12 crore customers.

Prior to BoB merger, the government only had experience of State Bank which had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.

The Union Budget for 2019-20 is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said.

The Union Budget for 2019-20 is likely to spell out a roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enabling the sector to play a pivotal role in pushing India towards US $5 trillion economies, sources said. The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-19. The banking sector has an important role in the reinvigorating sagging economy, the sources said, adding the Budget speech of the Finance Minister will contain a roadmap for the reforms in the sector. The upcoming Budget would also provide direction to the consolidation journey in the public sector banking space, started last year by affecting the first three-way merger, they added. As part of this exercise, erstwhile Vijaya Bank and Dena Bank were merged with Bank of Baroda (BoB) effective April 1 to create the third-largest lender of the country. According to the sources, the journey will continue broadly on the same lines of the merger of smaller banks with big lenders. So, fit candidates for the acquisition of small lenders would be Punjab National Bank, Canara Bank, Bank of India and Union Bank of India with some capital support, the sources added. It is to be noted that the government infused Rs 5,042 crore in BoB to enhance its capital base to meet additional expense due to an amalgamation of Dena Bank and Vijaya Bank. The maiden three-way amalgamation is the first step in the consolidation of the public sector banking industry, recommended in 1991 by the Narasimham Committee report. Through this merger, the government has created an institution of global scale and size, thereby providing significant benefit to all stakeholders. The consolidated entity started the operation with a business mix of over Rs 15 lakh crore on the balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively. BoB, the second-largest public sector lender after State Bank of India, now has over 9,500 branches, 13,400 ATMs, and 85,000 employees to serve 12 crore customers. Prior to BoB merger, the government only had experience of State Bank which had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.

Budget likely to spell out roadmap for banking sector reforms: Report

BJP's largest ally Shiv Sena on Monday asked <a href="https://www.wionews.com/india-general-elections-2019/nirmala-sitharaman-the-first-full-time-woman-defence-minister-retained-as-union-minister-222866">Finance Minister Nirmala Sitharaman</a> to find a solution to the "economic crisis", citing the latest official data on slumping growth and rising unemployment.

It said merely playing around with words will not help fight unemployment, the highest in the last 45 years.

"The economic condition of the country appears to be deteriorating. The new Finance Minister must find a solution to the economic crisis. According to the data put forth by the National Sample Survey Office (NSSO), unemployment has increased by 6.1 per cent in the year 2017-18. This is the highest in the last 45 years. Merely playing around with words will not help the country fight the unemployment," an editorial in party mouthpiece 'Saamana'&nbsp;said.

Shiv Sena's comments came after the NSSO report, released on May 31, showed the GDP growth rate plunging to 5.8 per cent during the January to March quarter of the financial year 2018-19.

Recalling the Modi government's promise to create two crore jobs annually after it came to power in 2014, the editorial said, "In 2015-16, over 37 lakh job positions were vacant, but only 1.48 people were recruited. Likewise, in 2017-18, as many as 23 lakh job positions were to be filled, but only 9.21 lakh people were recruited."

It said that recruitment in the banks and railways also dropped.

"The condition of micro, small and medium enterprises (MSME) worsened over the years. Many of the public sector undertakings (PSUs) were either closed down or suffered a huge loss. New airports which were built by the BJP government in its last tenure are not fully functional," it read.

"Agriculture has received a huge blow. In the last 5 months, as many as 315 farmers have committed suicide in Marathawada alone. It is the responsibility of the government to provide employment to the people," the editorial added.&nbsp;

 
&nbsp;

BJP's largest ally Shiv Sena on Monday asked Finance Minister Nirmala Sitharaman to find a solution to the "economic crisis", citing the latest official data on slumping growth and rising unemployment.

BJP's largest ally Shiv Sena on Monday asked Finance Minister Nirmala Sitharaman to find a solution to the "economic crisis", citing the latest official data on slumping growth and rising unemployment. It said merely playing around with words will not help fight unemployment, the highest in the last 45 years. "The economic condition of the country appears to be deteriorating. The new Finance Minister must find a solution to the economic crisis. According to the data put forth by the National Sample Survey Office (NSSO), unemployment has increased by 6.1 per cent in the year 2017-18. This is the highest in the last 45 years. Merely playing around with words will not help the country fight the unemployment," an editorial in party mouthpiece 'Saamana' said. Shiv Sena's comments came after the NSSO report, released on May 31, showed the GDP growth rate plunging to 5.8 per cent during the January to March quarter of the financial year 2018-19. Recalling the Modi government's promise to create two crore jobs annually after it came to power in 2014, the editorial said, "In 2015-16, over 37 lakh job positions were vacant, but only 1.48 people were recruited. Likewise, in 2017-18, as many as 23 lakh job positions were to be filled, but only 9.21 lakh people were recruited." It said that recruitment in the banks and railways also dropped. "The condition of micro, small and medium enterprises (MSME) worsened over the years. Many of the public sector undertakings (PSUs) were either closed down or suffered a huge loss. New airports which were built by the BJP government in its last tenure are not fully functional," it read. "Agriculture has received a huge blow. In the last 5 months, as many as 315 farmers have committed suicide in Marathawada alone. It is the responsibility of the government to provide employment to the people," the editorial added.

Finance Minister must find a solution to economic crisis: Shiv Sena

As the Modi-led government returns to power, we take a look at the profiles of Prime Minister Narendra Modi and his new council of ministers.

PM Modi's cabinet 2.0; Great powers, great responsibilities

Rajanth Singh on Saturday took charge as the <a href="https://www.wionews.com/india-news/rajnath-singh-moves-to-south-block-gets-defence-ministry-223127">defence minister</a> and immediately held a meeting with the top military brass.

Minister of State for Defence Shripad Naik, Defence Secretary Sanjay Mitra and top officials of the ministry accorded a warm welcome to Singh.

After taking charge, the former home minister held a meeting with Army chief Gen Bipin Rawat, IAF chief Air Chief Marshal B S Dhanoa and newly appointed Navy chief Karambir Singh.

The defence secretary and several other senior officials of the ministry were also present at the meeting.

The Rashtrapati Bhavan on Friday announced portfolios for 24 cabinet ministers, 9 ministers of state with independent charge and 24 Ministers of State (MoS) in Union Cabinet for the 17th Lok Sabha.

Terrorism in Jammu and Kashmir, incursion attempts by Pakistan, and the emergence of Islamic State were among the top challenges faced by Singh as Home Minister.

As India's<a href="https://www.wionews.com/india-news/rajnath-singh-moves-to-south-block-gets-defence-ministry-223127">&nbsp;new defence minister, Rajnath Singh</a>'s most crucial challenge will be to speed up the long-delayed modernisation of the three services besides ensuring overall coherence in their combat readiness.&nbsp;

His another challenge will be to ensure peace and tranquillity along the frontier with China while developing required military infrastructure to deal with any possible Chinese hostility.&nbsp;

Rajanth Singh on Saturday took charge as the defence minister and immediately held a meeting with the top military brass. Minister of State for Defence Shripad Naik, Defence Secretary Sanjay Mitra and top officials of the ministry accorded a warm welcome to Singh.

Rajanth Singh on Saturday took charge as the defence minister and immediately held a meeting with the top military brass. Minister of State for Defence Shripad Naik, Defence Secretary Sanjay Mitra and top officials of the ministry accorded a warm welcome to Singh. After taking charge, the former home minister held a meeting with Army chief Gen Bipin Rawat, IAF chief Air Chief Marshal B S Dhanoa and newly appointed Navy chief Karambir Singh. The defence secretary and several other senior officials of the ministry were also present at the meeting. The Rashtrapati Bhavan on Friday announced portfolios for 24 cabinet ministers, 9 ministers of state with independent charge and 24 Ministers of State (MoS) in Union Cabinet for the 17th Lok Sabha. Terrorism in Jammu and Kashmir, incursion attempts by Pakistan, and the emergence of Islamic State were among the top challenges faced by Singh as Home Minister. As India's new defence minister, Rajnath Singh's most crucial challenge will be to speed up the long-delayed modernisation of the three services besides ensuring overall coherence in their combat readiness. His another challenge will be to ensure peace and tranquillity along the frontier with China while developing required military infrastructure to deal with any possible Chinese hostility.

Rajnath Singh takes charge as defence minister

Nirmala Sitharaman today took oath as a Union minister at the swearing-in ceremony of Prime Minister Narendra Modi in New Delhi.

Gravitas: Nirmala Sitharaman takes oath as Union minister

Nirmala Sitharaman was the first woman to be appointed full-time Defence Minister of India in September 2017 -- and since then she has been assiduously trying to adopt a holistic approach in addressing the country's security challenges. Watch this video to know more.

Another stint for Nirmala Sitharaman in Modi 2.0

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee.

The rupee opened strong at 69.78 at the interbank forex market then gained further ground to touch 69.72 per dollar, displaying gains of 15 paise against the greenback.

On Thursday, the rupee had settled at 69.87 against the US dollar.

However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day, they said.

Meanwhile, Narendra Modi was on Thursday <a href="https://www.wionews.com/india-general-elections-2019/narendra-modi-takes-oath-as-prime-minister-for-second-time-222847">sworn in as the Prime Minister for a second term</a> helming a 58-member ministry.

Besides 25 Cabinet ministers including Modi, Shah, Rajnath Singh, Nirmala Sitharaman, Nitin Gadkari, Smriti Irani, Piyush Goyal and Jaishankar, nine were sworn in as Minister of State with Independent charge and another 24 as Minister of State.

Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 267.63 points, or 0.67 per cent to quote at 40,099.60 while the NSE Nifty was trading at 12,033.30, up 87.40 points, or 0.73 per cent.

Brent crude, the global benchmark, was trading at 66.03 per barrel lower by 1.26 per cent.&nbsp;

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets.

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. The rupee opened strong at 69.78 at the interbank forex market then gained further ground to touch 69.72 per dollar, displaying gains of 15 paise against the greenback. On Thursday, the rupee had settled at 69.87 against the US dollar. However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day, they said. Meanwhile, Narendra Modi was on Thursday sworn in as the Prime Minister for a second term helming a 58-member ministry. Besides 25 Cabinet ministers including Modi, Shah, Rajnath Singh, Nirmala Sitharaman, Nitin Gadkari, Smriti Irani, Piyush Goyal and Jaishankar, nine were sworn in as Minister of State with Independent charge and another 24 as Minister of State. Foreign funds infused Rs 1,664.74 crore in the capital markets on a net basis Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 267.63 points, or 0.67 per cent to quote at 40,099.60 while the NSE Nifty was trading at 12,033.30, up 87.40 points, or 0.73 per cent. Brent crude, the global benchmark, was trading at 66.03 per barrel lower by 1.26 per cent.

Rupee rises 15 paise to 69.72 against US dollar

Full list of Narendra Modi Cabinet Ministers and ministry-wise portfolios: Nirmala Sitharaman is the new Finance Minister while Anurag Thakur is the MoS in Finance Ministry. Amit Shah has become the new Home Minister of India while Rajnath Singh has got the Defence Ministry.

Modi Cabinet Ministers portfolios announced

Nirmala Sitharaman is the new Finance Minister while Anurag Thakur is the MoS in Finance Ministry. Amit Shah has become the new Home Minister of India while Rajnath Singh has got the Defence Ministry. #ModiCabinet2.0 #ModiSarkaar2 #Narendra Modi #AmitShah #NirmalaSitharaman

Nirmala Sitharaman becomes India's new Finance Minister

Nirmala Sitharaman is the first woman finance minister though Indira Gandhi held the finance portfolio when she was the prime minister in 1970-71. Watch this video to know more.

Breaking: Nirmala Sitharaman takes charge as new Finance & Corporate Minister

Modi Cabinet 2.0: Ravi Shankar Prasad retains Law Ministry

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Modest rise in Indian military spending likely, modernisation on hold

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Nirmala Sitharaman to look into demands of MPs for conducting bank exam in local language

Nirmala Sitharaman to look into demands of MPs for conducting bank exam in local language

Nirmala Sitharaman among 100 most influential in UK power list

Income Tax department issued Rs 64,700 crore refund between April 1 and June 18: Nirmala Sitharaman

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Nirmala Sitharaman holds preparatory meeting for upcoming G20 summit

Keep political differences aside for smooth functioning of Parliament: PM Modi says in all-party meet

Much is expected of finance minister Nirmala Sitharaman to revive economic growth

At G20, finance minister Nirmala Sitharaman expresses concern over 'citizenship by investment' scheme for economic offenders

Budget likely to spell out roadmap for banking sector reforms: Report

Finance Minister must find a solution to economic crisis: Shiv Sena

PM Modi's cabinet 2.0; Great powers, great responsibilities