Babri Masjid demolition verdict: All including LK Advani, Joshi acquitted

 Months after Prime Minister Narendra Modi laid the foundation of the Ram temple in Ayodhya, a special court on Wednesday acquitted all 32 accused including Lal Krishna Advani, Murli Manohar Joshi, Uma Bharati and Kalyan Singh.

The special court delivered its verdict in the 1992 Babri Masjid demolition case in which BJP veterans L K Advani and Murli Manohar Joshi were among the accused. The court said there was no conclusive proof against the accused.

CBI judge SK Yadav had on September 16 directed all the 32 surviving accused to remain present in the court on the day of the judgment.

The accused include former deputy prime minister Advani, former Union ministers Joshi and Uma Bharti, former Uttar Pradesh Chief Minister Kalyan Singh, besides Vinay Katiyar and Sadhvi Rithambara.

Kalyan Singh, during whose tenure as chief minister of Uttar Pradesh the disputed structure was demolished, was put on trial in September last year after his tenure as Rajasthan Governor came to an end. Champat Rai, the general secretary of the trust in charge of constructing the Ram temple was also among those accused.

With the Supreme Court setting August 31 as the deadline and later extending it by a month for the CBI court to give its verdict, the trial court started day-to-day hearing to complete the task in time.

The central agency produced 351 witnesses and 600 documents as evidence before the court. Charges were framed against 48 people, but 17 have died during the course of the trial.

The trial under the serious criminal conspiracy charges commenced against them after having been dropped by the trial court in 2001. The verdict was upheld by the Allahabad High Court in 2010, but the apex court ordered the restoration of the conspiracy charge against them on April 19, 2017.

File photo of BJP leaders L K Advani, Murli Manohar Joshi and Uma BhartiFile photo of BJP leaders L K Advani, Murli Manohar Joshi and Uma Bharti

The top court had ordered daily hearing in the high profile case and directed the special judge to conclude it in two years.

Apart from conspiracy charges, the accused were also facing charges of having made assertions "prejudicial to national integration and injuring or defiling a place of worship" and indulging in "deliberate and malicious" acts intended to outrage religious feelings. However, they had pleaded innocence maintaining that there is no evidence to prove their guilt and claimed they were implicated by the then Congress government at the Centre as a political vendetta.

The Babri Masjid was demolished in December 1992 by "kar sevaks" who claimed that the mosque in Ayodhya was built on the site of an ancient Ram temple.

In a significant judgment last year, the Supreme Court allotted the disputed site in Ayodhya for construction of a Ram temple, while calling the demolition of the mosque a violation of the rule of law. An alternative five-acre site was marked in the city for building a mosque.

LIVE updates: Those against farm bills are against farmers, says PM Modi

Prime Minister Narendra Modi will inaugurate online eight sewage treatment plants (STPs) set up at different places in Uttarakhand under the Namami Gange project today.

The Delhi High Court will pronounce today its order on the CBI and ED pleas seeking early hearing on their appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation scam case.

Oil and gas pipeline infrastructure service provider Likhitha Infrastructure has fixed price band of Rs 117-120 per share for its IPO, which will open today.

The Bombay High Court will hear bail plea of Rhea Chakraborty and other five accused in a drug case filed by the Narcotics Control Bureau (NCB) in connection with the death of actor Sushant Singh Rajput.

Republican incumbent President Donald Trump and his Democratic challenger Joe Biden are all set to share the stage for the first time on Tuesday night when they will be going head-to-head in the first of the three presidential debates.

Dubbed as the "Super Bowl of American Democracy", Trump, 74, and Biden, 77, would respond to questions on their track record, the Supreme Court, economy, race and violence in cities and integrity of the elections.

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Delhi Jal Board issues notices to central govt depts over pending bills of Rs 6,811 cr

Delhi Jal Board vice-chairman Raghav Chadha said the DJB has issued notices to several central government departments, including Railways and Delhi Police, and municipal corporations asking them to clear dues amounting to Rs 6,811 crore within 30 days.

 

Addressing a press conference, Chadha said the notices were also issued to the Central Public Works Department and the Delhi Development Authority between September 1 and September 15. He said the Covid-19 pandemic has hit the economy hard and governments across the country were facing financial challenges.

 

"Is it imperative that these outstanding dues are paid so that the DJB can deal with the financial challenges," he said.

 

01:40 PM 

Karnataka govt yet to take a decision on reopening schools: Education Minister

The Karnataka government on Tuesday sought to assure parents of students that it was not in a hurry to reopen schools in the state and said there was no need for them to panic. The government said it was not mulling resumption of schools in the near future.

 

Addressing reporters here, Minister for Primary and Secondary Education S Suresh Kumar said, "Let there be no panic. The state government has not yet taken a call on reopening the schools. There is no thought on starting them in the near future."

 

The minister's statement comes as the reports emerged that he was seeking the opinion of other ministers and MLAs about reopening schools, which are not conducting regular classes due to coronavirus scare since the lockdown was clamped in the state.

 

01:21 PM 

Hathras rape case: Under the SC/ST Act, the rape victim's family has been given the financial support of Rs 10 lakh, in total, says Hathras DM

01:17 PM 

While assisting victims of terrorism, we shouldn't lose sight of their right to get justice for crimes against them

While assisting victims of terrorism, we shouldn't lose sight of their right to get justice for crimes against them. Victims of 2008 Mumbai & 2016 Pathankot terror attacks are yet to get justice: MEA Secy (East) at Ministerial meeting of group of friends of victims of terrorism.

It's due to unwillingness & non-cooperative attitude of a particular country. It is important that we must work towards redressing deficiencies in the international efforts to ensure that perpetrators of terrorism are bought to justice: Vijay Thakur Singh, Secretary (East), MEA

01:14 PM 

Our report had ruled out poisoning in Sushant Singh Rajput death case: Kalina FSL

The Kalina Forensic Science Laboratory in Mumbai on Tuesday said that its report in July on the death of Sushant Singh Rajput had ruled our any kind of poison or organic poisoning.

 

"Our report had ruled out any kind of poison or organic poisoning," Kalina FSL said. The lab had submitted the report on Sushant Singh Rajput's death to the Mumbai Police in June.

 

This comes as a panel of doctors from All India Institute of Medical Science (AIIMS), re-evaluating Sushant Singh Rajput's post-mortem and viscera reports submitted their findings to the Central Bureau of Investigation on Monday.

 

Dr Sudhir Gupta, chairman of AIIMS' Forensic Medical Board, had yesterday said that there is a need to look into some legal aspects for a logical conclusion.

 

"AIIMS and CBI are in agreement on the Sushant Singh Rajput death case but more deliberations are needed. There is a need to look into some legal aspects for a logical legal conclusion in due course of time. It will be totally conclusive," Gupta told ANI.

 

On September 7, ANI reported that the AIIMS forensic team had conducted viscera test to check for poisoning in Rajput's death.

01:09 PM 

Environment Ministers of Delhi, Punjab, Haryana, Rajasthan to meet on Oct 1 over stubble-burning issue: Union minister Prakash Javadekar

12:51 PM 

SC permits Iltija Mufti, her uncle to meet their mother Mehbooba Mufti in detention

12:50 PM 

Some people are opposing farm bills just for the sake of opposition. They are not with farmers, nor with youth nor with jawans: PM Modi

12:50 PM 

Some people are opposing farm reform bills as yet another source of earning black money has been closed for them: PM Modi

12:47 PM 

Those opposing farm bills are against farmers, they want middlemen to flourish, says PM at inauguration of mega projects in Uttarakhand

LIVE: Jaswant Singh contributed to strengthening of BJP, says PM Modi

 Prime Minister Narendra Modi addressed the nation through his monthly radio broadcast 'Mann ki Baat' on Sunday. Lauding farmers for strengthening the country's agriculture sector, Prime Minister Narendra Modi said the farm sector is playing a major role in efforts to build a self-reliant India.

He also said if the essence of Mahatma Gandhi's economic philosophy was followed, there would not have been any need for the 'Aatmanirbhar Bharat' campaign as India would have become self-reliant much earlier.

Former Defence Minister Jaswant Singh passed away on Sunday at the age of 82. The former Indian Army officer served in Atal Bihari Vajpayee's cabinet. He held the portfolios of defence, finance and external affairs in the Atal Bihar Vajpayee cabinet between 1998 and 2004.

In another news, more than 18 people have been arrested so far by the Narcotics Control Bureau (NCB) in connection with Bollywood drug case, Mutha Ashok Jain, Deputy DG, South-Western Region of NCB said on Saturday.

 

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03:44 PM 

BJP workers gheraoed Dy CM Sushil Modi outside the party office, over the candidature of Lakhisarai constituency.

03:34 PM 

Kshitij Ravi Prasad remanded in NCB custody till October 3

A Mumbai court on Sunday remanded Kshitij Ravi Prasad, who was earlier hired as an executive producer by a firm of filmmaker Karan Johar, in the NCB's custody till October 3 following his arrest in a drugs caselinked to Bollywood actor Sushant Singh Rajput's death.

 

Prasad had joined Dharmatic Entertainment (sister concern of Karan Johar's Dharma Productions) in November 2019 as one ofthe executive producers on a contract basis for a project, which eventually did not materialise, Johar said in a statement on Friday.

03:27 PM 

Ajoy Kumar re-joins Congress party from Aam Aadmi Party

03:15 PM 

CMS to hire 1,000 employees in next 2 months

Leading cash management services provider CMS is planning to hire 1,000 employees in the next two months with salaries upward of Rs 30,000 per month as it expands into service vertical of cash collections for its partner banks, NBFCs and microfinance firms, a company official said.

 

CMS Info Systems (CMS) has signed up for cash and cheque collections with several companies, including, Mahindra Finance, L&T Finance and Hero FinCorp.

03:01 PM 

All efforts would be made to promote tourism in Ladakh: L-G Mathur

Asserting that tourism was the most adversely affected sector due to the outbreak of coronavirus pandemic across the globe, Ladakh Lieutenant Governor R K Mathur on Sunday said his administration would do whatever possible to promote tourism in the Union Territory.

 

Mathur was speaking at a function after flagging off a cleanliness drive on the occasion of World Tourism Day from Karzoo Zing here, an official spokesman said.

 

02:48 PM 

It was important to ensure peace in northeast to take it forward with focus on economy, tourism: Amit Shah

02:33 PM 

Jaswant Singh's passing away was very painful for us: Ravi Shankar Prasad

02:23 PM 

Without the northeast, India & Indian culture are incomplete: Amit Shah

02:12 PM 

RKFC announces formation of all-women's football team in Kashmir

On an occasion most appropriate, Real Kashmir Football Club (RKFC) has presented its fans in the union territory a Daughter's Day gift by announcing the formation of an all-women's team, which will compete at national tournaments.

 

This team, RKFC chairman Sandeep Chattoo said, will be for the daughters of Jammu and Kashmir "as we believe that girls have tremendous sporting potential and can go miles if trained properly".

 

01:56 PM 

Many terror modules & sleeper cells busted in Bengaluru: Tejasvi Surya

Farmers playing big role in building Atmanirbhar Bharat: PM in Mann ki Baat

 Prime Minister Narendra Modi on Sunday said that the freedom of selling vegetables, fruits anywhere and to anyone will become the foundation for the progress of farmers in India. The prime minister was speaking in his monthly radio show 'Mann ki Baat'.

"Farmers are playing a major role in the efforts to build a self-reliant India (Atmanirbhar Bharat)," Modi said. Various parts of the country have recently seen protests by farmers against three farm bills passed by the Parliament.

The address comes after the country completed six months since the Covid-19 lockdown was announced on March 25, 2020. The economy has opened up in phases since then but GDP growth has taken a hit.

The Prime Minister who has been attacking the opposition for their criticism of the recently passed farm bills invoked the condition of farmers from Maharashtra, Tamil Nadu, and Uttar Pradesh to support his plans. "India is proud of our farmers, despite the challenges of Covid-19 our farmers have shown their capacity to the world," Modi said.

The Prime Minister paid tribute to Bhagat Singh in his address and said "apart from being a fighter, Bhagat Singh was also a thinker and a beautiful aspect of his life teaches us about the importance of team work." Modi also remembered Mahatma Gandhi, Jayprakash Narayan and Nanaji Deshmukh and said,

"Had we followed the essence of Bapu's economic philosophy, we would never have to be working to build an Atmanirbhar Bharat now. It would have happened much earlier," Modi said in his pre-recorded broadcast.

The latest episode comes a day after PM’s pre-recorded video address to the UN General Assembly where he expressed his concerns about the pace of reform of the United Nations and its response to challenges such as terrorism and the Covid-19 pandemic.

In his previous address on August 30, the prime minister said that there has always been a strong co-relation between nature and festivals but this time the Covid-19 pandemic has changed that. He said people are now cautious and disciplined in the way they celebrated Ganeshotsav which he called touching and inspiring.

Faceless I-T appeal system kicks off today, leaves out fraud and evasion

 All appeals up to the level of commissioner of income tax (appeal) except those relating to serious frauds, major tax evasion, sensitive search matters and black money went faceless from Friday. The commissioner of income tax (appeal) is the first level of appeal in I-T system against the order of assessing officers.

The facility of faceless appeal was introduced over a month after Prime Minister Narendra Modi expanded faceless tax assessment all over India.

This means that the income tax appeals right from e-allocation of appeal, e-communication of notice/ questionnaire, e-verification/e-enquiry to e-hearing and finally e-communication of the order will be online.

This will do away with the need for any physical interface between the appellant and the income tax department.

The faceless appeals system will include allocation of cases through data analytics and artificial intelligence to dynamic jurisdiction with central issuance of notices which would be having document identification number (DIN).

As part of dynamic jurisdiction, the draft appellate order will be prepared in one city and will be reviewed in some other city resulting in an objective, fair and just order, the finance ministry said.

ALSO READ: Faceless income tax assessment starts today: Here is all you need to know

The order passed by CIT (Appeals) will run through the risk management system (RMS), which uses artificial intelligence to flag outliers and picks up cases that require a review. The RMS technology is supported by Tata Consultancy Services. Cases requiring a review according to the RMS will be sent to a commissioner of appeals in a second city. “Based on the faceless appeals order, either the department or a taxpayer can move ITAT,” said an official.

The commissioner appeals will be allowed to take the help of technical units, comprising chief commissioner level officers, which are tasked with providing officers with legal and sectoral advice.

The faceless appeal will provide not only great convenience to the taxpayers but will also ensure just and fair appeal orders and minimise any further litigation, finance ministry said.

It said the new system will also be instrumental in imparting greater efficiency, transparency and accountability in the functioning of the department.

However, experts find some loopholes in the system.

For instance, Rakesh Nangia, chairman of Nangia Andersen India, said the scheme comes into effect immediately in full force without any pilot. "A pilot phase would have provided constructive feedback from the stakehodlers before the final launch PAN-India," he said.

Besides, personal hearing may be allowed in certain cases through video-conferencing, after approval of the principal chief commissioner (PrCCIT) or chief commissioners of income tax (CCIT).

Nangia said faceless appeals may pose practical difficulties for taxpayers who find the need to argue and counter argue the issue of to validate their tax position and to orally explain their complex business transactions.

ALSO READ: Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

Amit Maheshwari, partner, AKM Global, said discussion in person becomes important at the first stage of appeal by the taxpayer, which is generally missing in faceless appeals.

“In the case of faceless appeal proceedings, most discussions generally happen electronically without any personal interaction, which ends up making the issue more complex,” he said.

However, a senior CBDT official pointed out that assessees are used to face-to-face hearing, whereas now they will need to develop the skill of writing. “If they expect self-explanatory orders, then you need to give self-explanatory submissions also,” he said

According to data the Central Board of Direct Taxes (CBDT),there is a pendency of almost 4,60,000 appeals at the level of the Commissioner (Appeals) in the department as of date.

Out of this, about 4,05,000 appeals, constituting about 88 per cent of the total appeals, will be handled under the faceless appeal mechanism and almost 85 per cent of the present strength of Commissioners (Appeals) will be utilised for disposing of the cases under the faceless appeal mechanism.

Faceless income tax assessment starts today: Here is all you need to know

 Months after it was unveiled by Prime Minister Narendra Modi, the income-tax appeals are all set to go faceless from Friday.

The income tax department has already rolled out pan-India faceless assessment facilities for all taxpayers from August 13. The Centre hopes that the faceless system will ease compliance and widen the tax base

India introduced a faceless assessment of tax on a pilot basis in October 2019, taking up about 58,000 cases. Of these cases, orders were passed in 11,000 cases and about 4,000-5,000 orders will be issued soon.

Faceless assessments will require a structural change for tax authorities as well as significant infrastructure support. The new regime calls for fresh training of officers in a bid to streamline assessments. Under faceless scrutiny assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers.

ALSO READ: Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

Why do we need faceless assessment?

The objectives sought to be achieved are exponentially faster clearance, a reduced interface between taxpayers and officers, and enhanced ease of doing business. Under the new regime, all cases other than those assigned to the central charges (serious frauds, major tax evasion, sensitive and search matters, black money and benami cases) and international tax charges are to be done through faceless assessment.

Implementation of a faceless scheme would eliminate the interface between the income tax authority and the assessees. It would also optimise utilisation of the resources through economies of scale and functional specialisation.

ALSO READ: Customs to roll out pan-India faceless assessment for all imports by Oct 31

Extension of faceless assessment to all IT proceedings

The government had proposed to extend the faceless assessment scheme to almost all proceedings under the income tax law, including for collection and recovery of tax and gathering of information. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 proposed to extend the faceless assessment scheme to at least eight processes in income tax law.

Besides, faceless collection and recovery of tax, faceless revision, and effect of orders and faceless approval or registration are proposed. The legislation also proposes faceless inquiry or valuation and a faceless collection of information.

The Bill also proposes to formulate a scheme for 'faceless jurisdiction of income-tax authorities' which would "impart greater efficiency, transparency, and accountability". Currently, the faceless scheme is already implemented for scrutiny assessment and would be extended to appeal cases beginning September 25.

Safeguard measures in place for e-assessment

The income tax department has put in place in-built safeguard mechanisms to address the rise in ad hoc additions in demand by tax officers due to a gap in understanding or inadequate submissions. Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.

With the department expected to carry out close to 200,000 faceless assessments by March 31, 2021, the in-built check is aimed at ensuring that no one-sided or ex-parte assessment goes unchecked. The review unit will see if the addition being made or tax being levied is genuine or not. Under Section 144 of the Income Tax Act, the assessing officer can carry out ex-parte or one-sided assessment after serving a notice on the non-filer to the best of his judgement.

Appeals will be filed in assessee's state, clarifies CBDT

Senior officials at the Central Board of Direct Taxes (CBDT) have clarified that the appeals at the tribunal or high court will be filed in the state where the assessee resides.

Though all appeals till the Commissioner of Income Tax (Appeals) level will go faceless, personal hearing might be allowed via video-conferencing in some cases after approvals from designated senior officers. CIT (Appeals) is the first level of appeal against a demand raised by the assessing officer. Appeals against orders at the CIT level can be filed at the Income Tax Appellate Tribunal (ITAT) and later in high courts and the Supreme Court.

Fit India dialogue 2020 LIVE: PM Modi interacts with Kohil, Milind Soman

 Prime Minister Narendra Modi interacted with fitness experts and influencers from across the country to mark the one-year anniversary of Fit India Movement on Thursday. PM Modi launched the ‘Fit India Age Appropriate Fitness Protocols’ during the online Fit India Dialogue.

As many as 43 bridges built in border areas of Ladakh, Arunachal Pradesh, Sikkim, Himachal Pradesh, Uttarakhand, Punjab and Jammu & Kashmir will be dedicated to the nation by Defence Minister Rajnath Singh today.

 

Kisan Mazdoor Sangharsh Committee has announced a "rail roko" agitation from September 24 to September 26 to lodge their protest against the three agriculture ordinances passed by the Union Cabinet.

 

In another news, the Delhi High Court today will hear a plea by Delhi University teachers seeking direction to colleges affiliated to the varsity and fully funded by the AAP-led Delhi government to release their salaries pending for the last four months.

 

Meanwhile, the six-month suspension of insolvency and bankruptcy proceedings against companies comes to an end today and government sources have hinted that there could be another extension in view of the economic stress caused by the pandemic.

On the education front, the National Eligibility Test (NET) will be conducted today onward by the National Testing Agency (NTA).

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02:14 PM 

51st edition of IFFI postponed to January

02:01 PM 

Punjab: Farmers begin burning stubble

01:42 PM 

Punjab: 'Rail Roko' agitation against farm Bills continues

01:15 PM 

Academic calendar for undergraduate courses will commence from October 31, UGC tells SC

01:15 PM 

Delhi riots: Court sends ex-JNU student leader Umar Khalid, arrested under UAPA, to judicial custody till October 22

01:06 PM 

Madras HC grants 30 day parole to Rajiv Gandhi's assassin Perarivalan

The Madras High Court on Thursday granted 30-day parole to Perarivalan, an assassin of former Prime Minister Rajiv Gandhi.

 

The parole was granted on a petition filed by Perarivalan's mother Arputhammal citing his health condition and also at a time when inmates at Puzhal jail have been testing positive for the coronavirus.

 

Seven people were convicted in the killing of Rajiv Gandhi -- A.G. Perarivalan, V. Sriharan alias Murugan, T. Suthendraraja alias Santhan, Jayakumar, Robert Payas, Ravichandran and Nalini Sriharan, wife of V. Sriharan.

12:59 PM 

Fitness Should be a priority, says Indian skipper Virat Kohli during Fit India Dialogue 2020

11:51 AM 

Indian Railways: Total 423 special suburban services are operational from today, says Central Railway

11:38 AM 

Rupee depreciates 26 paise to 73.83 against US dollar in early trade

11:34 AM 

PM Modi to interact with fitness enthusiasts from across the country on the first anniversary of Fit India Movement

Prime Minister @narendramodi to interact with fitness enthusiasts from across the country on the first anniversary of #FitIndiaMovement today

Watch live at 12 PM: https://t.co/QuEOOpw592 pic.twitter.com/Vnxs6jxFYX

— MIB India

11:11 AM 

Maharashtra coronavirus update: Maharashtra has added 203,491 cases in the past 10 days.

In his bid to revive Indian economy, Modi takes a gamble on the farm

 Big changes are afoot in Indian agriculture, driven by Prime Minister Narendra Modi at considerable political risk. Freeing up farming markets may be as significant as dismantling industrial licenses in 1991. However, if the state’s protection withers away only to reveal a few large capitalists as the new overlords, there will be chaos and misery rather than progress and prosperity.

To gauge the scale of what’s being done, picture the depth of the stasis: 119 million cultivators and 144 million farmhands — taken together, 10 times Australia’s population — yoked to a marketplace designed to be anti-competitive, and denied the lift in productivity that propelled urbanization from Japan and South Korea to Taiwan and China.

“It’s like a massive old table in the center of the room, crawling with parasites.” That’s how Hemant Gaur, an entrepreneur who’s bringing technology to potato farming in India, describes to me the “mandi,” or the designated market yard in which produce changes hands. “We dared not discard it, because how would we ever replace it?”

Finally, Modi has thrown out the old furniture by ramming legislation through parliament, passed by a dubious voice vote. Now growers don’t have to bring their harvests to the mandi. They can sell it at farm gates, factories, warehouses, silos, and cold storages. The market yard remains, but can’t charge any fee on transactions outside its physical space. Trades can take place online. Farmers can enter five-year, fixed-price contracts with corporate buyers. The government will tame only excessive price increases rather than impose caps on incremental jitters; free markets will be the rule.

The repercussions will reverberate across the world’s second-most populous country. India’s sheer size as a producer and consumer means ripples may also be felt as a long-term deflationary wave in global food prices.

Gaur’s SV Agri Pvt. operates at the intersection of technology and farming. It produces and markets seeds and inputs to farmers, buys back and stores their potatoes in modern warehouses before supplying firms that make crisps and snacks. In one stroke, the 2.5% mandi tax Gaur pays in Uttar Pradesh, India’s largest state, is gone. With the more efficient procurement that makes possible, he reckons on savings of up to 10%. The efficiency gains will be shared by farmers, processors and consumers. They’ll lead to more investments in cold chains, and less wastage, a huge problem.

But without the fees and commissions, the market yards may atrophy, and the local elite that’s thrived off the system but also buffered it could lose its sway, leaving farmers at the mercy of traders’ cartels controlled by corporate monopolies. This could be particularly true in the grain-producing belt of Punjab and Haryana, where the percentage cut in mandi taxes and other levies is in double digits. No wonder that political opposition will be fiercest in these northern states.

Modi has gambled big before, with some disastrous results. It’s asking a lot of people in rural India to trust him again. The ban on most currency notes in 2016 was supposed to immobilize tax cheats. It froze the economy. His goods and services tax became a compliance nightmare. Opposition parties claim that the agricultural “reform,” too, will fail, especially since freedom from the regulated yard in the poor eastern state of Bihar 14 years ago brought the market to the roadside, with no infrastructure and no open auction for price discovery.

Cultivators’ biggest fear from deregulation is losing their most important bargaining chip: minimum prices guaranteed by the state. Modi has assured farmers the support will stay by announcing prices for the winter crop, though as farmer activists have noted, the 2.6% increase for wheat is only half the cost escalation.

The need of the hour is for farmers to establish large sales organizations of their own. If state support could give them bargaining power, they wouldn’t be selling cotton to private traders for a quarter less than the guaranteed minimum. How will Modi assure base prices once the mandi system slips into disuse? The professionally run dairy cooperative in Gujarat, the prime minister’s home state, has $5 billion in annual revenue from its Amul brand of milk, butter and cheese. But that movement took shape in a very different political firmament of the 1960s, and it didn’t succeed everywhere or in all commodities.

With all the risks involved, a new farm-to-fork model is still worth it. Boosting agricultural productivity is important for societies to reach the “Lewis turning point.” Beyond that threshold posited by the economist Arthur Lewis, surplus rural labor ceases to be a drag on urban wages and living standards. Japan got there by nearly tripling per capita output between 1950 and the early 1960s, thanks to the shakeup from General Douglas MacArthur’s postwar land reforms. After independence from the British, India missed its chance to give land to tillers, and allowed absentee landlords to remain backseat drivers of policy.

Almost 9 out of 10 Indian farmers have less than five acres. A majority carry on reluctantly, barely able to scratch out a living. Landless labor is paid to stay in villages with a rural job guarantee from the taxpayer. The pressure of feeding India’s 1.3 billion people has led to suboptimal choices, like a water-guzzling rice crop grown in abundance in Punjab that bleeds aquifers dry. The burning of the paddy residue causes unbearable pollution in New Delhi.

Expected 20-fold growth in online grocery sales over the next five years is the surest shot to end the stifling status quo, provided farmers can unite and hold their own in negotiations with aggregators. With the Covid-19 lockdown hollowing out urban production centers, the rural economy has become more crucial. But free markets should also be fair. Otherwise, India’s farmers will crawl out of a hole only to land in a ditch.

The Modi govt must forget pakoras and let the likes of Toyota create jobs

 Narendra Modi says, “Make in India.” Toyota Motor Corp. says, stop treating cars as though they were drugs or alcohol.

The Japanese carmaker has a point about the tax structure being unviable for the industry, and Shekar Viswanathan, vice chairman of the India unit, made it forcefully in an interview to Anurag Kotoky of Bloomberg News. However, instead of trying to address the specific concern about the high sin levies on cars, the government turned it into a public relations issue. The minister for heavy industries, who also looks after information and broadcasting, took to Twitter to announce that “the news that Toyota... will stop investing in India is incorrect.”

The additional luxury-tax burden — 1% to 22% depending on the size of the vehicle and engine capacity — is what jacks up the overall levy in the world’s fourth-biggest car market to as much as 50% on some sports utility vehicles.

Six years of headline management should have been enough for Prime Minister Modi’s government. From justifying its bizarre overnight ban on most banknotes in 2016 to defending suspiciously cheerful gross domestic product data and suppressing a not-so-rosy household consumption survey, Team Modi has left no stone unturned when it comes to spinning a narrative in which it’s doing everything right. The longer this pretense continues, the higher the risk of India getting stuck in a post-pandemic sub-5% growth rut.

It’s time to start an honest dialogue with unhappy stakeholders — labor, capital, and state governments. Lockdowns are easing even though the coronavirus continues to spread. Workers desperately want jobs to return because there isn’t much of a safety net beyond the family or village. Businesses weren’t investing even before Covid. It’s impossible to cut consumption taxes to stoke demand. India’s fund-starved 29 state governments badly need the sin levies that are earmarked for their exclusive use. Businesses were hoping that these, which are in addition to the regular goods and services tax, would expire as planned in 2022. However, because of the hit to collections this year, they may continue well into the future.

That isn’t the whole story. Import duties on steel and electronic components may go up, ostensibly to promote Modi’s Make in India campaign, pushing prices for cars still higher. The market will then be even smaller. So what can be done?

Auto analyst Govind Chellappa has practical suggestions. Even if taxes remain high for now, end the constant tinkering with the rates, regulation and the fuel policy — diesel, petrol or hybrid — and commit to stability for 15 years. “It takes 24 to 36 months to develop a new product and another 12 months to set up the physical infrastructure. If taxes and regulation change every 24 months, how does one decide what to invest in?” Chellappa asks. Similarly, the badly designed goods and services levy needs a one-time overhaul, followed by long-term certainty.

India must break out of this vicious cycle in which taxes are high, consumer demand is low, investment and job creation are constrained, and wage incomes are insufficient to boost purchasing power at the bottom of the pyramid. Taxes are hence exorbitant and have to be collected from a small consuming class that can afford a $23,000 Toyota sedan — and fill it up with highly taxed gasoline that costs three-quarters more than what Americans pay.

Modi said in an early 2018 television interview that those earning $3 a day by selling “pakoras” — Indian fritters — should also be counted as employed. That would leave the government off the hook for the absence of new jobs in the formal economy. This false pakora/Toyota equivalence must end. India should enable large companies to grow and create good jobs with social security. When they’re more productive and paid a little better, low-wage workers will be able to afford Made in India shirts and trousers, which, as economist Rathin Roy has noted, are more expensive than imported clothing from Bangladesh and Vietnam.

Ultimately, the Modi government needs to focus on one simple statistic highlighted by Ambit Capital Pvt. and Singapore-based investor Akash Prakash. As much as 40% of the country’s listed nonfinancial firms have revenue of less than $15 million. They’re tiny even by emerging-market standards, and the ratio hasn’t increased at all over the past decade.

Just when India should be presenting itself as an alternative to China by making it easy for enterprises to scale up, the Soviet-style statism that New Delhi discarded three decades ago is creeping back into politics, policies,and even court orders. The first step for course correction will be to listen to criticism, rather than dismiss concerns as sour grapes or fake news. Otherwise, India Inc. will consist of a handful of very large business islands surrounded by tiny atolls that will be first to go underwater in bad weather.

SAD's Harsimrat Badal resigns from Modi cabinet over farm Bills

 Shiromani Akali Dal (SAD) leader Harsimrat Kaur Badal said on Thursday she had resigned as a minister in the Narendra Modi to protest three bills tabled in Parliament her party says hurt farmers interests.

She handled the food processing in the union government.

Earlier, SAD president Sukhbir Singh Badal announced in Lok Sabha that Harsimrat will resign against the farm bills, tabled in Parliament by the Centre for passage.

In his speech during a discussion on two of the farm bills -- the Farmers Produce Trade and Commerce (Promotion and Facilitation) Bill and the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, Sukhbir Singh Badal said the proposed laws will "destroy" the 50 years of hard work put in by successive Punjab governments and farmers to build the agriculture sector.

He recalled Punjab's massive contribution in making India self-sufficient in food grain production as he vehemently opposed the bills.

He also refuted suggestions that his party initially supported three ordinances, which these bills seek to replace, and asserted that Harsimrat Kaur Badal had expressed her concerns in the Cabinet meeting and also wrote to Agriculture Minister Narendra Singh Tomar, highlighting "flaws" in the proposed legislations.

Hitting out at the Congress, which has sought to corner the SAD over these bills, he accused the party of "double speak" on the issue and noted that the abolition of the APMC Act was part of its manifesto in both the 2019 Lok Sabha election and the 2017 Assembly polls in Punjab.

The Shiromani Akali Dal is the BJP's oldest ally and has stood by the saffron party through thick and thin.

The SAD president said the three bills, including the Essential Commodities (Amendment) Bill, which has been passed by Lok Sabha, are going to affect 20 lakh farmers and 15-20 lakh farm labourers in Punjab alone.

The state with 2.5 per cent of the country's landmass produces nearly 50 per cent of food grains for the country, he added.

Punjab's mandi system is the best in the world with a network of 1,900 setups across 12,000 villages, he said.

Earlier during the discussion, Ravneet Singh 'Bittu' of the Congress, who is from Punjab, took a a swipe at the SAD, demanding proof that Harsimrat Kaur Badal, the Cabinet Minister of Food Processing Industries, had opposed the three farm sector ordinances.

He said if she does not resign to protest the bills, Badals would find it difficult to return to Punjab. She is wife of Sukhbir Singh Badal.

Students to have new curriculum in 2022, framework to be developed: PM Modi

 Prime Minister Narendra Modi on Friday said that a national curriculum framework will be developed and students should have a new curriculum in 2022 when the nation marks the 75th year of independence. The prime minister was addressing teachers, professors, on "School education in the 21st century."

Speaking on the recently approved National Education Policy, the prime minister said that so far marks and mark sheet dominated learning-based education in our country. "Marksheet became 'pressure sheet' for students and 'prestige sheet' for families, NEP's goal is to remove this pressure," he added.

During the conclave, which was attended by HRD Minister Ramesh Pokhriyal, Modi said that the NEP focuses a lot on children, stresses on learning based on fun, discovery, and activities and that it will sow the seeds for starting a new era giving a new direction to the 21st century India.

ALSO READ: LIVE NEP 2020: Students to have new curriculum in 2022, says PM Modi

"National Education Policy (NEP) 2020 is the result of ceaseless hard work of various stakeholders done over the last 4-5 years. Still, the work is not complete. It’s just the beginning. The road ahead is to ensure its effective implementation: Prime Minister Narendra Modi," Modi told professors and teachers in the conclave.

Modi had earlier stated that “maximum flexibility” has to be shown in implementing the new National Education Policy (NEP) and all questions about it have to be addressed, as he asserted that it is not a government's but the country's education policy.

The prime minister stressed that there is no bar on learning or teaching any language in NEP, be it English or any international language, but Indian languages will be promoted as well.

He urged teachers to emphasise the need to follow coronavirus guidelines like covering face, social distancing, and maintaining cleanliness ahead of the reopening of schools.

Various webinars, virtual conferences, and conclaves on various aspects of National Education Policy 2020 are being organised across the country. The Ministry of Education and University Grants Commission earlier organised a conclave on 'Transformational Reforms in Higher Education under National Education Policy-2020' which was addressed by Prime Minister Modi.

ALSO READ: NEP against federalism, will not implement it for now: West Bengal Minister

Both the prime minister and the president had addressed a governor's conclave over the new policy and said that it is natural for stakeholders to have questions about the policy and “we are all working to address all these questions”.

Highlighting the main features of the policy, first since 1986, the PM said it attempts to bring all aspects of higher education, be it academic, technical or vocational, out of silos and to cut down on administrative layers while bringing about a better coordination.

Don't take coronavirus lightly; people need to wear face masks: PM

 Prime Minister Narendra Modi on Thursday urged people not to take coronavirus lightly and follow the rule of wearing face masks and maintaining social distancing till scientists develop a vaccine.

"I have certain expectations from you. That is to follow the rule of wearing a mask and Do Gaj ki Doori (a distance of two yards).

"Be safe and remain healthy. Take care of senior citizens in the family. These things are important. Do not take coronavirus lightly," Modi said.

Modi also said, till scientists develop a vaccine for COVID-19, "this social vaccine is the best way to save ourselves from coronavirus. This is the only solution."

He was addressing the national launch of Rs 20,050 crore-Pradhan Mantri Matsya Sampada Yojana (PMMSY) and several other initiatives in Bihar via video conference.

The Prime Minister also asked people not to spit in public places.

The country saw a record single-day spike of 95,735 infections and 1,172 fatalities taking India's COVID-19 caseload past 44 lakh and death toll to 75,062, while recoveries surged to 34,71,783 on Thursday, according to the Union Health Ministry.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

LIVE updates: Two Babbar Khalsa terrorists arrested in North West Delhi

 Prime Minister Narendra Modi on Monday said the New Education Policy focuses on learning instead of studying and goes ahead of the curriculum to focus on critical thinking. Speaking on the National Education Policy (NEP) 2020 during the inaugural session of the Governors' Conference through video conference, he said the policy aims at reducing pressure on students.

The Reserve Bank of India (RBI) is likely to announce the financial parameters of its proposed loan restructuring scheme soon.

Fugitive diamond merchant Nirav Modi, who has been lodged at a prison in London since his arrest in March last year, is set to appear via videolink for the second leg of his extradition trial at a UK court today.

In another news, Bollywood actor Rhea Chakraborty was summoned again today as the Narcotics Control Bureau (NCB), which had arrested her brother Showik on Friday, continued its investigations in the drugs angle emerging in the Sushant Singh Rajput case.

 

Meanwhile, with India continuing to see a surge in Covid-19 cases amid 'Unlock 4', the parliamentary standing committee on health is meeting today to discuss the pandemic and measures to deal with it.

Stay tuned for the latest news of the day.

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03:01 PM 

Tourism sector in dire straits due to Covid-19; needs urgent relief from govt: IATO

Industry body IATO on Monday urged the government to provide immediate relief to the tourism sector, which has been severely hit by the Covid-19 pandemic.

 

Most of the tour operators have been forced to lay off their staff, many have sent staff on furlough and those who are remaining are getting less than 30 per cent salary, the Indian Association of Tour Operators (IATO) said in a statement.

 

In light of this, IATO has sought various relief measures from the government. This includes one-time financial grant of the gross salaries amount paid to the staff of tour operators on the basis of the balance sheet of fiscal year 2018-19 which is submitted with the government authorities,IATO said.

02:48 PM 

Centre, States will have to increase investment in research: President Kovind

The Centre and State governments will have to increase investment in research and innovation, said President Ram Nath Kovind on Monday.

 

"It is seen that investment in research and innovation in America is 2.8 per cent of the GDP, in South Korea, it is 4.2 per cent, and 4.3 per cent in Israel, while in India it is just 0.7 per cent. To speed up a big economy like India, it is important to ensure knowledge creation and encourage research. The Centre and State governments will have to increase the percentage of investment in research and innovation," the President said. Read More 

02:36 PM 

Future Retail hits lower circuit for fifth straight day, slips 34% in a week

Shares of Future Retail (FRL) were locked in the lower circuit limit for the fifth straight session on Monday, down 5 per cent at Rs 106.85 on the BSE after the company reported a consolidated net loss of Rs 478 crore for the March quarter (Q4FY20), due to higher depreciation and other expenses. Future group company, which owns brands like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, had posted a net profit of Rs 203 crore in the year-ago quarter.

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02:28 PM 

Fall in GDP alarming; time for bureaucracy to take meaningful action: Rajan

Terming the 23.9% fall in GDP in June quarter alarming, former RBI Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action.

 

The current crisis requires a more thoughtful and active government, he said, adding unfortunately, after an initial burst of activity, it seems to have retreated into a shell.

 

"The sharp decline in economic growth should alarm us all. The 23.9 per cent contraction in India (and the numbers will probably be worse when we get estimates of the damage in the informal sector) compares with a drop of 12.4 per cent in Italy and 9.5 per cent in the United States, two of the most Covid-19-affected advanced countries," Rajan wrote in a post on his LinkedIn page.

02:14 PM 

Tariffs unsustainable at present, raising important: Vodafone Idea CEO

"Tariffs are unsustainable below cost as is the situation now. Raising tariffs is important and we are never shy of doing that. We have done it in the past when industry players followed us. That’s the reason, the regulator is also engaged in a discussion for setting a floor price," Ravinder Takkar said. Read more

02:02 PM 

CRPF detects IED in Jammu & Kashmir's Kupwara, diffused

01:50 PM 

DRDO‘s successful demonstration of Hypersonic air-breathing scramjet technology

01:46 PM 

Online classes for standards IX to XII of Madhya Pradesh board cancelled

Online classes for students of standards IX to XII of the Madhya Pradesh Board of Secondary Education could not begin on Monday following an order from the board for cancellation of the classes. Notably, the board's chairperson Radheshyam Julaniya on Sunday evening said the academic session for classes IX to XII through online mode will begin from Monday with telecast of audio-visual lessons on Doordarshan from 7 am to 10 am.

 

Later in the night, the board's secretary Anil Suchari issued an order which said, "The telecast from 7 am to 10 am is being cancelled. Thus, the classes will not be held." Classes IX to XII of the state board comprise nearly 35 lakh students.

 

As per a recent national sample survey on household social consumption on education in India, just 9.7 per cent rural and 55.4 per cent urban households in Madhya Pradesh have internet connection, according to a PTI report.

01:15 PM 

Centre, States will have to increase investment in research: Prez Kovind

The Centre and State governments will have to increase investment in research and innovation, said President Ram Nath Kovind on Monday.

 

"It is seen that investment in research and innovation in America is 2.8 per cent of the GDP, in South Korea, it is 4.2 per cent, and 4.3 per cent in Israel, while in India it is just 0.7 per cent. To speed up a big economy like India, it is important to ensure knowledge creation and encourage research. The Centre and State governments will have to increase the percentage of investment in research and innovation," the President said. Read on...

01:08 PM 

Maharashtra monsoon session begins with coronavirus prevention norms

The two-day monsoon session of the Maharashtra Assembly began on Monday with Deputy Speaker Narhari Zhirwal asking members to observe physical distancing and wear face masks in the wake of the COVID-19 pandemic.

 

As part of the physical distancing protocols, Zhirwal asked members not to sit on chairs having a 'cross' sign. Only one member was seated in the seating area for two. Read on...

PM Modi to hold review meeting with banks, his first since Covid outbreak

Prime Minister Narendra Modi is set to hold a meeting with the chief executives of state-owned and private banks on Wednesday.
This is the first meeting that the Prime Minister (PM) is going to hold with the brass of financial institutions after the Covid-19 pandemic. The meeting will be held through video conferencing, a bank executive said.

“The agenda of the meeting hasn’t been circulated yet. But it is expected that the PM will discuss credit flow to the economy, especially the micro, small and medium enterprises (MSMEs), and map the progress of the government’s Covid-19 package,” another bank executive said, requesting anonymity.
A finance ministry official said that the announcements of the government so far relied heavily on restarting economic activities with the help of financial institutions and the PM wants to take stock of the progress. Finance Minister Nirmala Sitharaman is also expected to attend the meeting.
Apart from major public sector banks, top executives of some private lenders such as Kotak Mahindra Bank, ICICI Bank, HDFC Bank and the Indian Banks’ Association are also expected to be present in the meeting on Wednesday.
Earlier in June, Sitharaman had held separate meetings - one with PSBs and the other with private banks and non-banking financial companies. The FM had discussed ways in which the Rs 3 trillion Emergency Credit Line Guarantee Scheme could be effectively implemented for the MSME sector. She had also urged the state-owned banks to go for better interest rate transmission.
On Monday, Reserve Bank of India governor Shaktikanta Das had said in a public event that bank should raise money proactively and build up adequate capital buffers, along with urging the corporates to look beyond banks to fund infrastructure projects.

PM Modi to hold virtual meeting with CMs, discuss rising Covid-19 cases

Prime Minister Narendra Modi will on Tuesday meet chief ministers on Tuesday and Wednesday to discuss the increasing number of coronavirus cases in the country after a weeks-long lockdown to contain the disease was eased.
Modi will hold a video conference with the leaders of 21 states and union territories at 3 pm Tuesday, including Punjab, Assam, Kerala and all northeastern states. On Wednesday, also at 3 pm, he will meet with the 15 worst-affected: including Maharashtra, Tamil Nadu, Gujarat and Delhi.

These will be the sixth and seventh meetings between the Prime Minister and various chief ministers on the coronavirus outbreak.
India saw a jump of over 11,000 novel coronavirus cases for the third consecutive day on Monday, taking the total number of infections to over 3.32 lakh, while the toll rose to 9,520 with 325 more deaths.
ALSO READ: Covid-19 impact: After 60% fall in April, exports shrink another 36% in May
The unlocking of the economy in June 2020 witnessed a rapid fall in the unemployment rate. After clocking 23.5 per cent in April and May, the unemployment rate first dropped to 17.5 per cent in the first week of June and then it took a steeper fall to 11.6 per cent in the second week. This fall is almost as dramatic as the rise in unemployment when the lockdown began.
The government’s Unlock 1 plan has allowed inter-state travel and businesses to open up under guidelines for social distancing and safety.
Coronavirus, child, testingA child being screened as migrants from Chhattisgarh gather for registration and medical certificates to return to their native places, during the ongoing Covid-19 lockdown, in Jammu
Ahead of his meeting with chief ministers, the prime minister had on Saturday reviewed the steps being taken to contain the Covid-19 pandemic in areas with the high caseload and the road map for effective management of the situation.


Modi had suggested that the home minister and the health minister convene an emergency meeting with the Delhi Lt governor and chief minister and other officials to plan a "coordinated and comprehensive response" to handle the challenge posed by rising cases of Covid-19 in Delhi.
The meets suggested by the prime minister took place on Sunday. This would be the prime minister's sixth round of consultation with the chief ministers, the last being on May 11.
Home Minister Amit Shah spoke with all the chief ministers over the telephone in the last week of May, just before lockdown-4 was to end.
(With inputs from PTI)

Coronavirus LIVE: Time for industry to rise to the occasion, says PM Modi

Coronavirus update: India's total number of coronavirus cases is nearing the 200,000 mark, even as the country is in the midst of a watered-down Lockdown 5.0, or 'India Unlock 1.0' as it is called.

Prime Minister Narendra Modi today addressed the Confederation of Indian Industry’s (CII's) Annual Session 2020- “Getting Growth Back” and assured India Inc that growth in the economy would return soon.

Addressing the event through video conference, the prime minister said India had already begun getting its growth back with ‘unlock phase-1’.

“While it is true that coronavirus has slowed down our growth, India has now left the lockdown behind and has entered unlock phase 1. So in a way, we have already started getting our growth back. I have confidence in India’s capabilities, crisis management,” Modi said in his speech.

Coronavirus world update: The global tally of coronavirus cases now stands at 6,370,762, and 377,515 people have died from the disease so far.
Stay tuned for all coronavirus LIVE updates

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11:50 AM
Govt considers the private sector a growth engine for India's growth
Farm, fisheries, food processing, pharma, footwear — opportunities for industry are immense

We will together take steps to make India Atmanirbhar. Let's put in our everything towards this end
11:50 AM
Domestic PPE manufacturing today is a reflection of our strengths, says PM Modi
Domestic PPE manufacturing today is a reflection of our strengths. From zero production three months ago to 300,000 PPEs a day today, we have come a long way in little time
11:49 AM
Need to reduce our import dependence across several sectors of the economy: Modi
There are so many sectors where we can do phenomenally well on the world stage.

Work has been on to reduce our import dependence across several sectors of the economy
11:48 AM
Manufacturing, Make in India need to be made big employment generators, says Narendra Modi
Manufacturing, Make in India need to be made big employment generators. In view of this, furniture, AC, leather and footwear have been chosen as areas where work has already started.
11:47 AM
Bodies by CII will need to come forward in the post-Covid-19 world to facilitate domestic industry's growth, says PM Modi
Bodies by CII will need to come forward in the post-Covid-19 world to facilitate domestic industry's growth and to facilitate the next level of global expansion

We need to manufacture domestically such products that are 'Made in India, Made for the World'

We will need to define our target to boost our production across sectors
11:40 AM
Atmanirbhar Bharat is about setting up strong forces within our capacities: PM Modi
Atmanirbhar Bharat means we will be fully integrated with the world and fully supportive. However, always remember, we do not want to be dependent on others

It's all about setting up strong forces within our capacities. We have to invest in setting up robust local supply chains
11:37 AM
The world is looking up to us, says PM Modi

— In the time of coronavirus, when every country was struggling to support itself, India helped nearly 150 countries by providing medical supplies

— The world is looking up to us. We are seen as a reliable partner. This is an opportunity for India's industry and bodies like CII
11:31 AM
There is a need to rethink policies to suit the needs of the time: PM Modi on coronavirus pandemic impact on the globe
Global tenders for up to Rs 200 cr worth of contracts have been scrapped. This will work as a fuel for small industries

In today's time, the need for cooperation among all countries of the world is more than ever before

But at the same time there is a need to rethink policies to suit the needs of the time.
11:29 AM
PM Modi explains govt's efforts for MSMEs
MSMEs' contribution to our economy is nearly 30%. There had been long-pending demand for clearer definitions for the MSME sector. MSMEs will be able to grow without any concerns or fears. Now our MSMEs will not have to find ‘other ways’ to keep their ‘MSME’ status. The industry’s demand for updating MSME definition for a very long time. This demand is now fulfilled. -- PM Modi
11:28 AM
PM Modi assures govt's preparations on Coronavirus front
India sent medical supplies to more than 150 nations, helping them fight coronavirus pandemic. You take two steps ahead, and the government will take four steps to support you. -- PM Modi

PM Modi to address nation at 8pm, govt hints at easing lockdown

Prime Minister Narendra Modi will address the nation at 8pm, a day after he told chief ministers a lockdown to contain the coronavirus outbreak must be gradually lifted to allow economic activities.
“We have a twofold challenge--to reduce the transmission rate of the disease, and to increase public activity gradually,” Modi said in a video call. ““Slowly but surely, economic activities have begun to pick up in several parts of the country. In coming days, this process will gather steam. We must realise that the fight against Covid-19 has to be more focused now,” Modi said.
ALSO READ: Coronavirus LIVE: Delhi records 13 fresh deaths; India death toll at 2,294
An indication of the lockdown would gradually be eased came when the Indian Railways opened bookings for passenger services with 15 trains a day from Tuesday connecting Delhi to Mumbai, Chennai, Bengaluru, Kolkata and other big cities.
Rail, road and air services were suspended in the country in March to stop infections into the country’s interior, but the case numbers have risen daily. Health ministry officials have repeatedly said the spread of the disease would be worse without the stringent lockdown.
India had 70,756 coronavirus cases and 2,293 deaths from the disease till Tuesday noon, according to the health ministry. The rising infection numbers are also the result of testing, which has grown from 2,000 per day in late March, to 85,000 to 90,000 a day, according to the Indian Council of Medical Research, the government’s top body leading the fight against the disease.

ALSO READ: Indices weak ahead of PM's address to the nation today; Sensex down 500 pts
Political parties, businesses and citizens say the lockdown has destroyed the livelihoods of millions that rely on daily wages for sustenance. Union Minister Nitin Gadkari on Monday said the economic situation was “very bad” and the government would announce a financial package in a couple of days.

Coronavirus outbreak: PM Modi suggests graded lifting of 21-day lockdown

Prime Minister Narendra Modi indicated on Monday the 21-day lockdown might end on April 14, but only for departments where hotspots of Covid-19 do not exist. At a meeting of the council of ministers, Modi suggested a “graded lifting of the lockdown”, but also seemed keen that production, at least in sectors like pharmaceuticals, should be ramped up.
“A graded plan to slowly open departments where hotspots aren’t existing should be made,” the PM said. He asked whether the restrictions should be lifted sector-wise or district-wise, a source said. However, some states have written to the PM, expressing concerns at opening inter-state transit when the spread of coronavirus is increasing.
Chhattisgarh CM Bhupesh Baghel has written to the PM and other states have also conveyed to him that any decisions on inter-state transit be taken after concrete measures are put in place.
In case the lockdown is extended, the government is likely to attribute the delay in lifting it to the efforts that are currently on to trace those who participated in the Tablighi Jamaat event in New Delhi’s Nizamuddin. The spread because of the gathering was not factored in when the PM announced the lockdown, and it was expected the number of cases would have started declining by mid-April, sources said.
The PM told his ministers that the government “must work on war-footing to mitigate” the economic impact of the lockdown. He instructed all ministries to prepare “business continuity plans”, identify 10 key decisions and 10 priority areas of focus for their respective ministries once the lockdown ends. He said India should reduce its dependence on other countries, and work on promoting “Make in India”.

Modi govt does not acknowledge the word 'slowdown': Manmohan Singh

Attacking the Modigovernment on the state of the economy, former prime minister Manmohan Singh on Wednesday said the current dispensation does not acknowledge the word "slowdown" and the real danger is that if problems are not recognised, then finding credible answers to take corrective action is unlikely.
Addressing a gathering at the launch of Montek Singh Ahluwalia's book "Backstage", Singh said the former planning commission deputy chairman has written about the good as well as the weak points of the UPA government.

"I think these issues will be debated and should be debated because we have today a government that does not acknowledge that there is such a word as slowdown. I think this is not good for our country," the former prime minister said.
"If you do not recognise the problems that you face, you are not likely to find credible answers to take corrective action. That is the real danger," he said, attacking the government on the state of the economy.
The book will be of great help to the future growth of the country, Singh said.
"Montek has also pointed out that contrary to what the ruling group may say, today the USD 5 trillion economy by 2024-25 is wishful thinking. Also there is no reason to expect that farmers income will be doubled in a three- year period," he said.
Singh also hailed the role played by former prime minister Narasimha Rao, P Chidambaram and Ahluwalia for supporting his liberalisation of the economy in the 1990s and enabling him to carry out the reforms despite resistance from different quarters.

Budget 2020 likely to raise spending to revive economic growth: Report

Indian Prime Minister Narendra Modi's government is expected to raise spending on infrastructure and cut some personal tax in its 2020/2021 budget, to spur consumer demand and investment, government sources and economists said.
India is facing its worst economic slowdown in a decade. Growth slipped to 4.5% in the July-September quarter, worsening the job prospects for millions of youth entering the workforce each year.

Despite cuts in corporate taxes and monetary easing by the central bank, investments have failed to pick up, adding to Modi's worries as he tries to quell public protests over a new citizenship law.
Economists and investors say fiscal stimulus in the budget for the year beginning April 1 and an increase in spending on roads, railways and rural welfare could revive growth. The budget will be delivered to parliament on Saturday.
A weak economy and the wave of anti-government protests have increased the chances of a fiscal stimulus in the budget, said Shilan Shah, an economist at Capital Economics in Singapore.
"That would provide a small boost to growth over the coming quarters, at the cost of putting upward pressure on bond yields," he said in a note.
The International Monetary Fund this month cut its forecast for India's growth to 4.8% for the fiscal year ending in March and lowered its forecast for growth in the coming financial year to 5.8%.
The central government looks set to miss its deficit estimates for a third straight year after estimates revenue will fall short by nearly 3 trillion rupees.
Finance Minister Nirmala Sitharaman, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting fiscal deficit to 3% of gross domestic product in 2020/21 by at least two years, government sources told Reuters.
This will be on top of roughly $28 billion of expenditure outlay from off-budget borrowings, as she seeks to keep the deficit in check.
Economists in a Reuters poll predicted the government would set a fiscal deficit target of 3.6% of GDP for 2020/21, up from 3.3% targeted for the current year.
INFRASTRUCTURE BOOST
Sitharaman is expected to announce a plan in the budget to invest 105 trillion rupees ($1.48 trillion) in infrastructure over the next five years. By then it hopes to make India a $5 trillion economy, compared with $2.8 trillion now, government sources have said.
Since taking charge in 2014, Modi has increased state spending on roads, railways, airports and ports, and has pruned state subsidies.
The budget could push privatisation and set a target of 1.5 trillion rupees, after missing the target by a wide margin this year, the sources said.
The government has already announced plans to sell the loss- making national carrier Air India and oil retailer Bharat Petroleum Corp. Ltd, along with a few others.
To boost domestic manufacturing, the budget is also expected to increase import duties on more than 50 items, including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere.
Domestic investors expect some relief on income tax rates after a cut in corporate tax rates in last September.
Economists have warned the government against any "window dressing" of the budget and said it must come clean on estimates of revenue and growth and borrowing outside the budget.
"We will closely monitor the revenue assumptions to assess the credibility of the fiscal deficit target," Sonal Varma, chief economist India and Asia, at Nomura said in note.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)