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<keyword id="832409" type="COMPANY" weightage="80" keywordseo="The-Tata-Group">The Tata Group</keyword> has requested its employees to consider voluntarily giving up use of subsidised LPG, joining <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">Prime Minister</keyword> Narendra Modi's initiative to re- deploy the subsidy towards national development. 
 "In keeping with that tradition of supporting <keyword id="222693" type="COMPANY" weightage="80" keywordseo="The-National">the national</keyword> interest, Tata companies are requesting those employees who can afford to do so to consider whether they may wish to voluntarily give up the use of subsidised LPG," <keyword id="6355725" type="CITY" weightage="80" keywordseo="Tata-Group">Tata group</keyword> said in a statement on its website. 
 
The group said Modi's appeal to citizens, who can buy LPG at market prices to do so and forego the subsidy, is in the national interest. 
 
"India's vital fuel requirements are met in large measure through costly imports; moreover, the foregone subsidy can be re-deployed towards other national development purposes," the group said. 
 
 
Last week, Modi had said that Rs 100 crore in subsidy has been saved by 2.8 lakh people giving up the use of below market price LPG. 
 
"This money could be used for schools and providing medical facilities. I appeal to those who can buy LPG at market price, to please do not take subsidised LPG," the Prime Minister had said.

The Tata Group has made a rather 'bizzare' request to its employees, but all in goodwill

<keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> made a bold move and declared Rs 500 and Rs 1000 currency notes as void starting midnight. 
 In his address to the entire nation, Modi said the decision was taken to clamp down on <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword>. 
 
He urged Indians to bear with temporary hardships in the implementation of the new rule. 
 
"We are No 1 in rate of economic growth. Despite some progress, India still ranks at No 76 in world rankings for perception of corruption,” said Modi. 
 
Modi said persons holding old notes of Rs 500 and Rs 1000 can deposit these notes in their bank or post office accounts from November 10 till close of banking hours on December 30, 2016 without any limit. 
 
He also made other important points during his address to the nation. 
 
Here’s the full text of his speech 
 
 
My dear citizens 
 
I hope you ended the festive season of Diwali with joy and new hope. Today, I will be speaking to you about some critical issues and important decisions. Today I want to make a special request to all of you. You may recall the economic situation in May 2014 when you entrusted us with an onerous responsibility. In the context of BRICS, it was being said that the “I” in BRICS was shaky. Since then, we had two years of severe drought. Yet, in the last two and a half years with the support of 125 crore Indians, India has become the “bright spot” in the global economy. It is not just we who are saying this; it is being stated by the International Monetary Fund and the World Bank. 
 
In this effort for development, our motto has been ‘Sab Ka Saath Sab Ka Vikas’: We are with all citizens and for development of all citizens. This Government is dedicated to the poor. It will remain dedicated to them. In our fight against poverty, our main thrust has been to empower the poor, and make them active participants in the benefits of economic progress. 
 
The Pradhan Mantri Jan Dhan Yojana, 
 
the Jan Suraksha Yojana, 
 
the Pradhan Mantri Mudra Yojana for small enterprises, 
 
the Stand-up India programme for Dalits, Adivasis and Women, 
 
the Pradhan Mantri Ujjwala Scheme for gas connections in the homes of the poor, 
 
the Pradhan Mantri Fasal Beema Yojana and Pradhan Mantri Krishi Sinchai Yojana to protect the income of farmers, 
 
the Soil Health Card Scheme to ensure the best possible yield from farmers’ fields, 
 
and the e-NAM National Market Place scheme to ensure farmers get the right price for their produce 
 
—these are all reflections of this approach. 
 
In the past decades, the spectre of corruption and black money has grown. It has weakened the effort to remove poverty. On the one hand, we are now No. 1 in the rate of economic growth. But on the other hand, we were ranked close to one hundred in the global corruption perceptions ranking two years back. In spite of many steps taken, we have only been able to reach a ranking of seventy-six now. Of course, there is improvement. This shows the extent to which corruption and black money have spread their tentacles. 
 
The evil of corruption has been spread by certain sections of society for their selfish interest. They have ignored the poor and cornered benefits. Some people have misused their office for personal gain. On the other hand, honest people have fought against this evil. Crores of common men and women have lived lives of integrity. We hear about poor auto-rickshaw drivers returning gold ornaments left in the vehicles to their rightful owners. We hear about taxi drivers who take pains to locate the owners of cell phones left behind. We hear of vegetable vendors who return excess money given by customers. 
 
There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development. 
 
Terrorism is a frightening threat. So many have lost their lives because of it. But have you ever thought about how these terrorists get their money? Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake five hundred and thousand rupee notes have been caught and many such notes have been seized. 
 
Brothers and sisters, 
 
On the one hand is the problem of terrorism; on the other is the challenge posed by corruption and black money. We began our battle against corruption by setting up an SIT headed by a retired Supreme Court judge, immediately upon taking office. Since then 
 
• a law was passed in 2015 for disclosure of foreign black money; 
 
• agreements with many countries, including the USA, have been made to add provisions for sharing banking information; 
 
• a strict law has come into force from August 2016 to curb benami transactions, which are used to deploy black money earned through corruption; 
 
• a scheme was introduced for declaring black money after paying a stiff penalty; 
 
My dear countrymen, 
 
Through all these efforts, in the last two and a half years, we have brought into the open nearly 1 lakh 25 thousand crore rupees of black money belonging to the corrupt. Honest citizens want this fight against corruption, black money, benami property, terrorism and counterfeiting to continue. Which honest citizen would not be pained by reports of crores worth of currency notes stashed under the beds of government officers? Or by reports of cash found in gunny bags? 
 
The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on. 
 
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years. 
 
Brothers and sisters, 
 
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two and one rupee and all coins will remain legal tender and will not be affected. 
 
This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency. To minimise the difficulties of citizens in the coming days, several steps are being taken. 
 
1. Persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit. 
 
2. Thus you will have 50 days to deposit your notes and there is no need for panic. 
 
3. Your money will remain yours. You need have no worry on this point. 
 
4. After depositing your money in your account, you can draw it when you need it. 
 
5. Keeping in mind the supply of new notes, in the first few days, there will be a limit of ten thousand rupees per day and twenty thousand rupees per week. This limit will be increased in the coming days. 
 
6. Apart from depositing your notes in your bank account, another facility will also be there. 
 
7. For your immediate needs, you can go to any bank, head post office or sub post office, show your identity proof like Aadhaar card, voter card, ration card, passport, PAN card or other approved proofs, and exchange your old five hundred or thousand rupee notes for new notes. 
 
8. From 10th November till 24th November the limit for such exchange will be four thousand rupees. From 25th November till 30th December, the limit will be increased. 
 
9. There may be some who, for some reason, are not able to deposit their old five hundred or thousand rupee notes by 30th December 2016. 
 
10. They can go to specified offices of the Reserve Bank of India up to 31st March 2017 and deposit the notes after submitting a declaration form. 
 
11. On 9th November and in some places on 10th November also, ATMs will not work. In the first few days, there will be a limit of two thousand rupees per day per card. 
 
12. This will be raised to four thousand rupees later. 
 
13. Five hundred and thousand rupee notes will not be legal tender from midnight. However for humanitarian reasons, to reduce hardship to citizens, some special arrangements have been made for the first 72 hours, that is till midnight on 11th November. 
 
14. During this period, government hospitals will continue to accept five hundred and thousand rupee notes for payment. 
 
15. This is for the benefit of those families whose members may be unwell. 
 
16. Pharmacies in government hospitals will also accept these notes for buying medicines with doctors’ prescription. 
 
17. For 72 hours, till midnight on 11th November, railway ticket booking counters, ticket counters of government buses and airline ticket counters at airports will accept the old notes for purchase of tickets. This is for the benefit of those who may be travelling at this time. 
 
18. For 72 hours, five hundred and thousand rupee notes will be accepted also at 
 
• Petrol, diesel and CNG gas stations authorised by public sector oil companies 
 
• Consumer co-operative stores authorised by State or Central Government 
 
• Milk booths authorised by State governments 
 
• Crematoria and burial grounds. 
 
These outlets will have to keep proper records of stock and collections. 
 
19. Arrangements will be made at international airports for arriving and departing passengers who have five hundred or thousand rupee notes of not more than five thousand rupees, to exchange them for new notes or other legal tender. 
 
20. Foreign tourists will be able to exchange foreign currency or old notes of not more than Rs 5000 into legal tender. 
 
21. One more thing I would like to mention, I want to stress that in this entire exercise, there is no restriction of any kind on non-cash payments by cheques, demand drafts, debit or credit cards and electronic fund transfer. 
 
Brothers and sisters, 
 
In spite of all these efforts there may be temporary hardships to be faced by honest citizens. Experience tells us that ordinary citizens are always ready to make sacrifices and face difficulties for the benefit of the nation. I see that spirit when a poor widow gives up her LPG subsidy, when a retired school teacher contributes his pension to the Swacch Bharat mission, when a poor Adivasi mother sells her goats to build a toilet, when a soldier contributes 57 thousand rupees to make his village clean. I have seen that the ordinary citizen has the determination to do anything, if it will lead to the country’s progress. 
 
So, in this fight against corruption, black money, fake notes and terrorism, in this movement for purifying our country, will our people not put up with difficulties for some days? I have full confidence that every citizen will stand up and participate in this ‘mahayagna’. My dear countrymen, after the festivity of Diwali, now join the nation and extend your hand in this Imandaari ka Utsav, this Pramanikta ka Parv, this celebration of integrity, this festival of credibility. 
 
I am sure that all political parties, all governments, social services organizations, the media and indeed all sections of the society will take part in this with enthusiasm and make it a success. 
 
My dear countrymen, 
 
Secrecy was essential for this action. It is only now, as I speak to you, that various agencies like banks, post offices, railways, hospitals and others are being informed. The Reserve Bank, banks and post offices have to make many arrangements at very short notice. Obviously, time will be needed. Therefore all banks will be closed to the public on 9th November. This may cause some hardship to you. I have full faith that banks and post offices will successfully carry out this great task of national importance. However, I appeal to all of you to help the banks and post offices to meet this challenge with poise and determination. 
 
My dear citizens, 
 
From time to time, based on currency needs, the Reserve Bank with the approval of the Central Government brings out new notes of higher value. In 2014, the Reserve Bank sent a recommendation for issue of five thousand and ten thousand rupee notes. After careful consideration, this was not accepted. Now as part of this exercise, RBI’s recommendation to issue two thousand rupee notes has been accepted. New notes of five hundred rupees and two thousand rupees, with completely new design will be introduced. Based on past experience, the Reserve Bank will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation. 
 
In a country’s history, there come moments when every person feels he too should be part of that moment, that he too should make his contribution to the country’s progress. Such moments come but rarely. Now, we again have an opportunity where every citizen can join this mahayajna against the ills of corruption, black money and fake notes. The more help you give in this campaign, the more successful it will be. 
 
It has been a matter of concern for all of us that corruption and black money tend to be accepted as part of life. This type of thinking has afflicted our politics, our administration and our society like an infestation of termites. None of our public institutions is free from these termites. 
 
Time and again, I have seen that when the average citizen has to choose between accepting dishonesty and bearing inconvenience, they always choose to put up with inconvenience. They will not support dishonesty. 
 
Once again, let me invite you to make your contribution to this grand sacrifice for cleansing our country, just as you cleaned up your surroundings during Diwali. 
 
Let us ignore the temporary hardship 
 
Let us join this festival of integrity and credibility 
 
Let us enable coming generations to live their lives with dignity 
 
Let us fight corruption and black money 
 
Let us ensure that the nation’s wealth benefits the poor 
 
Let us enable law-abiding citizens to get their due share. 
 
I am confident in the 125 crore people of India and I am sure country will get success. 
 
Thank you very much. Thanks a lot. 
 
Namaskar. 
 
Bharat Mata Ki Jai.

PM Modi ends Rs 500, Rs 1000 currency notes. Read his full address here

For the last one year, Mr Modi has highlighted a stellar performance by his government. We have witnessed him showering praises on the BJP schemes during his foreign trips and campaigns in India. Now, as we inch closer to <a href="http://www.businessinsider.in/searchresult.cms?query=budget">the Union Budget for 2016-17</a>, it’s time to question whether the Prime Minister’s assured rhetoric matches his government’s record so far. 
 
Business Insider found a Finance Ministry list highlighting the promises which have been met relating to the last Budget, including those of subsidy and agriculture. Based on the claims, what follows is a report card on the 2015 Budget promises that <a href="http://www.businessinsider.in/searchresult.cms?query=Modi+government">Modi government</a> has been able to fulfill so far. Take a look: 
 
-- D<a href="http://www.unitedbankofindia.com/uploads/dbtl.pdf">irect benefit transfer for LPG called Pahal</a> 
 
The scheme was launched on November 15, 2014 in 54 districts and in the rest of the country on January 1, 2015. Under the scheme, LPG cylinders are sold at one price ie the market rate. Consumers get Rs 558 in their bank accounts so they can buy LPG at market rate of Rs 605 per 14.2-kg cylinder. Subsidised LPG currently costs Rs 417. 
 
As many as 10 crore LPG consumers joined the ambitious scheme of getting cash subsidy in bank accounts to buy market priced cooking fuel, making it the world's largest direct benefit transfer and helping end black marketing. In August, the Prime Minister announced that it helped save Rs 15,000 crore by stopping black marketing and diversions. He also announced that at least 20 lakh people voluntarily gave up their subsidy on LPG helping widen the reach of the scarce fuel. 
 
-- <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=133703">Digitisation of ration cards</a> 
 Digitisation of <keyword id="52453" type="UNKNOWN" weightage="20" keywordseo="Ration-Cards">ration cards</keyword> - one of the important components for making PDS leakproof - is on its way to completion. By April 1, 2016, the National Food Security Act (NFSA) will be implemented by all states with 100% digitisation of ration cards. It will be achieved soon along with online grievance redressal being introduced in all 36 states and Union territories. 
 
To cite figures, as of first week of December, digitisation of ration cards has been completed in 29 States/UTs. Over 32 crore ration cards have been digitized and over 8.5 crore ration cards have been seeded with Aadhaar. 
 
-- Farm credit 
 Budget 2015 focused on development of agriculture with emphasis on reforms, credit facility and financial assistance. The agriculture credit target for 2015-16 was raised by Rs 50,000 crore to Rs 8.5 lakh crore. It promised to create a unified national agricultural market to boost agricultural productivity and farmers' income. Banks may not have surpassed this target as <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> expected but monitoring of agriculture credit is being done on a quarterly basis. Moreover in view of the challenge two successive droughts and deficient post-monsoon rainfall posed to agriculture last year, the government is mulling increasing institutional credit to farmers from the present Rs 8.5 lakh crores in the upcoming Budget. 
 
-- <a href="http://www.businessinsider.in/searchresult.cms?query=MNREGA">MNREGA</a> 
 
The Mahatma Gandhi National Rural Employment Guarantee Scheme, the flagship welfare programme of the previous UPA government, appears to be staging a revival of sorts. The July-September quarter witnessed 45.82 crore person-days of employment generated under MGNREGA. This was the highest for the quarter in the last five years. “It was more than even the 42.40 crore person-days during July-September 2012, which also happened to be a not-so-good monsoon year. According to officials, the last quarter (October-December), too, posted a similar trend. 
 
“In October alone, we provided 14.09 crore person-days employment, a record for the month. The data for the entire quarter is still being uploaded in our MIS (management information system) portal, but our expectation of the total person-days of work during October-December is 47 crore. That will again be a five-year-high for the quarter,” they said. Recently, the Finance Ministry made it clear that Budget allocation of Rs 34,699 crore for improving quality and effectiveness of <keyword id="92538" type="ORGANIZATION" weightage="20" keywordseo="MNREGA">MNREGA</keyword> has been approved. 
 
-- 'Paramparagat Krishi Sinchayi Yojna' 
 
Pradhan Mantri Krishi Sinchai Yojana - a scheme aimed at giving a boost to productivity by ensuring irrigation facilities is also on its way to achieve the desired results. The Vision is to ensure access to some means of protective Irrigation to all agricultural farms. Government claimed that widespread work has been undertaken and lakhs of farmers are being educated about modern irrigation methods to give ‘Per Drop More Crop’. It is also motivating groups of farmers to take up organic farming. 
 
The Finance Ministry recently said Rs 300 crore was allocated in 2015-16 to this scheme against which Rs 178.23 crore has been released so far. In a matter of few months, they will be able to use the rest of the money to complete the demands of this scheme. 
 
(Image credits: TOI)

Modi Government's Report Card: Budget 2015 promises it has fulfilled so far

Those huge hoardings with a #giveitup couldn’t be missed more conveniently if you are refilling your car at the gas station. PM Modi’s idea of encouraging well-to-do families to give up on their LPG subsidy has finally started to make a difference. 
 
A news report from the Ministry of Oil reveals that 30,000 to 40,000 households are giving up their LPG subsidy everyday. These numbers come across as a surprise. In a country habituated to government freebies, what coerced a number of households to surrender subsidy? 
 
Perhaps, it is the ‘Modi’ effect. Prime Minister had mentioned in his Independence Day speech that already 20 lakh people have given up subsidies. What is more striking is that within a day of the PM's speech, the number rose by more than a lakh to 21.26 lakh and has further gone up to 22.57 lakh, oil ministry data shows. 
 
 
Last Saturday itself, about 29,000 households has surrendered subsidy. Add to that nearly 50,000 surrender requests that remain pending for verification at any given time, and it makes a compelling narrative of government success. 
 
On August 3, oil minister Dharmendra Pradhan told Parliament that nearly 13.87 lakh consumers had given up subsidy as of July 28. Godfrey Pimenta, convener of Mumbai-based NGO 'Watchdog Foundation', quoted a reply to an RTI query saying 7.77 lakh households had forgone subsidy as of July 1. In other words, the number of people surrendering LPG subsidy almost doubled in a span of 27 days. 
 
"Our campaigners have found that the PM's appeal in the TV ad urging economically well off people to forgo subsidy in favour of the poor has found a resonance among consumers. Many are willing but somehow never got around to doing it for some reason or another. Once our boys approach them with papers, it takes little to make them sign on the dotted line," a senior executive of an oil company told TOI on condition of anonymity. 
 
Modi first made the give it up call in April. The door-to-door campaign was launched in May-end but I t picked up momentum from June. The campaign is focused on affluent localities. "Someone living in Delhi's GK-I or Mumbai's Pali Hill doesn't need subsidy of about Rs 200 per cylinder at current rates. They understand this and are signing up willingly. The PM's appeal has made it easier for us to persuade people," the executive said. 
 
All this is happening when international oil and gas prices are. The real test will be when prices rise and the subsidy gap widens to Rs 400-600 per cylinder. The subsidy had risen to Rs 800 during oil's peak run in the 2008-09 period. 
 
There are 15.3 crore LPG-consuming households registered with the three oil marketing companies. Nearly 14 crore have joined Pahal, the programme for transferring cash subsidy directly into the bank account of consumers. So far, Rs 23,848.32 crore has been transferred by subsidy. The government has set a target of getting a crore households to give up subsidy.

13.87 lakh responsible Indians have given up LPG on subsidy. Have you?

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Peter NichollsDominic Cummings, special advisor for Britain's Prime Minister Boris Johnson, leaves his home in London, Britain August 9, 2019. REUTERS/Peter Nicholls</div></div></div><ul class="summary-list"><li>Dominic Cummings, Boris Johnson's most senior aide who is tasked with delivering Brexit, co-owns a farm which has received £235,000 in EU subsidies.</li><li>Cummings masterminded the Vote Leave campaign to quit the EU and has fiercely criticised the existence of EU subsidies.</li><li>He once wrote on his blog that subsidies are unfair because "raise prices for the poor to subsidise rich farmers while damaging agriculture in Africa."</li><li>The Liberal Democrats accused Cummings of 'sheer hypocrisy.'</li></ul>Boris Johnson's most senior adviser, who is a fierce critic of Brussels and has been tasked with delivering Brexit, co-owns a farm which has received £235,000 in EU subsidies.Dominic Cummings, who also masterminded the Vote Leave campaign to quit the EU, faces potential embarrassment from the revelation, which was <a href="https://www.theguardian.com/politics/2019/aug/10/dominic-cummings-owns-farm-got-eu-subsidy">reported by the Observer</a>.Since he was appointed as Johnson's special adviser - and handed the office next to the prime minister - Cummings has pitched the mission to leave the EU as a battle between the political elites and the general public, and previously criticised subsidies paid out to British landowners as "absurd."The Observer's analysis of Land Registry documents and EU subsidy databases found that a farm in Durham, which Cummings jointly owns a farm in Durham with his parents and another person, has received around £18,800 a year for most of the last two decades.The money was paid out to Cummings's parents and another family member for various reasons, including "set aside," a scheme which pays farmers not to grow anything.Writing on his blog, Cummings has previously criticised the use of agricultural subsidies because they "raise prices for the poor to subsidise rich farmers while damaging agriculture in Africa."He also came up with the claim during the EU referendum campaign that the UK sends £350 million to the EU every week. Discussing the claim on his blog, Cummings wrote: "the Treasury gross figure is slightly more than £350m of which we get back roughly half, though some of this is spent in absurd ways like subsidies for very rich landowners to do stupid things".Layla Moran, the Liberal Democrat MP, said: "It shows sheer hypocrisy from Cummings that his farm has raked in hundreds of thousands from the 'absurd subsidies' he so often criticises."Johnson has pledged to take the United Kingdom out of the European Union by October 31 with or without a deal. MPs who are opposed to a no-deal Brexit have threatened to call a confidence vote which collapses Johnson's government before the Brexit deadline.But Cummings has reportedly warned that Johnson would refuse to resign before Brexit had been delivered at the end of October, and then call a general election.Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/violent-video-games-ban-mass-shooting-shootings-2018-3">Violent video games are played all over the world, but mass shootings are a uniquely American problem</a></h3> <div> </div> </div>

Boris Johnson's no-deal Brexit enforcer took &#163;235,000 in EU handouts for his farm

India’s main opposition party The Indian National Congress has raised the stakes for the incumbent Narendra Modi government. On Monday, Congress president <keyword id="5268" type="PERSON" weightage="20" keywordseo="Rahul-Gandhi">Rahul Gandhi</keyword> promised a minimum income guarantee for every poor person if the party won the 2019 elections. The Modi administration is also reportedly preparing to unveil its own income support in the upcoming interim budget. What is the promise from Congress President Rahul Gandhi? Congress has promised to give the country’s poor a minimum amount of money from the government as monthly income, but hasn’t specified how much it will be. Is it the same as universal basic income (UBI)? It is unlikely to be the same as UBI, which by definition would mean an assured amount of money from the government to every citizen of the country. However, minimum income guarantee may only be available to people below a certain income threshold. How much will it cost the government? It is difficult to ascertain the cost without the details of the programme. India’s total population is 1.36 billion, of which 22% of people below poverty line. Assuming that the government supports only those below the poverty line, it will still have to pay nearly 300 million people a fixed sum of money every month. India Ratings estimates that the BJP's potential income support scheme, to be released in its budget, could end up costing at least ₹1.5 trillion a year - or 0.7% of GDP - in the absence of other support schemes. Separately, SBI’s Chief Economist Soumya Kanti Ghosh recently <a href="https://www.businessinsider.in/what-if-interim-budget-2019-replaces-subsidy-with-cash-transfer/articleshow/67658379.cms">estimated</a> that about 143 million farmers get one kind of subsidy or another. Accounting for possible omissions for lack of proper identification of beneficiaries and for those who have no land or documentation, the report said that the cost of giving direct cash transfer in lieu of subsidy will be about ₹1.2 trillion a year. Meanwhile, Pranab Bardhan, professor of graduate school at the department of economics, University of California, Berkeley, estimated that if a scheme like the UBI were to be implemented, the government would have to pay ₹16,000 per household and it would cost ₹2.1 trillion a year, or 1.25% of the gross domestic product (GDP). Government has 940 centrally sponsored schemes, according to a <a href="http://www.iitd.ac.in/CEAIITD/pdfs/3/MOOC_Sub&amp;UBI_14Jun_v10.pdf">report </a>from former Chief Economic Advisor Arvind Subramanian in 2016. According to that estimate, the cost of giving every citizen some money every month would cost the exchequer about 4-5% of GDP. Who will bear the cost? If the central government raises taxes on the rich, the additional burden will be on the really well-off. However, it may affect the political donations that help parties fight elections. Raising the burden of middle-class taxpayer may have a political cost and won't win votes. If the government borrows money to fund additional expense, the burden will be on every taxpayer in the form of higher interest cost, weaker rupee and higher inflation. Can India afford such a huge burden? In theory, something like a minimum income guarantee can be funded by three ways: withdrawing or reducing existing subsidies or by raising taxes on richer sections of the people. So to give poor people given minimum income, would everyone else lose subsidies or pay more tax? Not necessarily. And certainly, no one will lose all subsidies. The subsidies available from the state governments will continue. If at all, only the central government subsidies may be withdrawn once it implements minimum income guarantee. So, if you live in Tamil Nadu or Punjab and get subsidised electricity, that will likely continue. Raising taxes will be a different matter. So which of the central government subsidies remain? As of now, the biggest subsidies that the central government offers are on food, fuel, fertilisers, liquified petroleum gas (LPG) cooking cylinders, as well as on tax and interest rates to specific sections of the population. One cannot say for sure how the government chooses to rationalise the existing subsidies. Can they withdraw food subsidy? Unlikely. Food subsidies are made available through the public distribution system, or ration shops, and are unlikely to be dismantled. 52.3% of all households purchased cereals from ration shops in 2011-12 compared to 27% in 2004-05, according to a Niti Aayog <a href="https://niti.gov.in/writereaddata/files/document_publication/Final%20PDS%20Report-new.pdf">report</a> from 2016. It won’t be a politically savvy move to increase the cost of food for half of the country’s households in one go. India also has a law that gives every citizen a right to affordable food, with the National Food Security Act 2013. So no government can withdraw food security without going back to the Parliament for permission. Do we still get fuel subsidy? While petrol and diesel prices have been deregulated, kerosene prices are subsidised as it is used mostly by the very poor and bought at ration shops. While the cost of kerosene subsidy was budgeted in February 2018 at about ₹4,500 crore, withdrawing the support will only hurt the poorest. What about the subsidy on cooking gas? The subsidy on LPG cooking cylinders is already transferred online to the eligible buyers. Current prime minister Narendra Modi pushed millions of Indians to adopt LPG cylinders instead of coal hearths. [hyperlink] Now, it will be a politically sensitive decision for any party to withdraw benefits on basic necessities like LPG, especially after literally forcing them to use it. What about fertilisers? Fertiliser subsidies are once again availed by farmers and the recent rural distress will make it difficult for the government to withdraw any farm subsidy. Moreover, India <a href="https://www.thehindubusinessline.com/economy/agri-business/india-to-continue-importing-fertiliser-in-medium-term-ind-ra-study/article24679053.ece">imports</a> 28% of all the fertilisers it needs, according to India Ratings and Research. On one hand the global prices of fertilisers have been rising, and the weaker rupee has made these imported fertilisers even more expensive. Withdrawing fertiliser subsidy will make farmers really angry. What about health and education subsidy? Ayushman Bharat, a scheme that was launched in 2018, is a centrally sponsored insurance programme targeting 10 crore families across India who are either poor and deprived or identified as urban workers' families. It covers hospitalisation cost up to ₹5 lakhs a year, and is likely to continue. Primary health centres are at funded by state governments. Central government subsidises higher education in places like IITs, IIMs, AIIMS, JNU etc, which are also likely to stay. What are interest subsidies? Often, the state-owned banks offer cheap loans to different sections of the population and the government bears the difference in interest rate. But don’t India’s farmers already get a lot of subsidies? Yes, India’s farmers are entitled to minimum support (MSP) price on their produce. Even if the market price of the crop is less than the MSP, the government is supposed to make for the difference. However, while many governments have either promised or increased the MSP, the <a href="https://indianexpress.com/article/opinion/columns/msp-kharif-crops-narendra-modi-minimum-support-price-gst-farmers-5270286/">net impact </a>on the farmers has been minimal. “No matter how hard the government tries, it cannot procure even 25% of the production of various kharif crops, except in paddy and cotton, as a robust procurement system does not exist for other crops,” experts at Indian Council For Research On International Economic Relations commented in July 2018. Therefore, withdrawing key subsidies, including those on fertilisers or interest on loans, will make the minimum income guarantee a zero-sum offer for the farmers. Will MGNREGA continue? Yes, it’s an employment guarantee scheme, not a subsidy. People are assured a certain number of days of work every year, for which they are paid. Is the Congress' promise a political gimmick? Minimum income guarantee will allow poor people to poor people to access basic necessities. Of course, this is assuming that the minimum amount given to the people is enough to cover their basic expenses. Further, the government will have to ensure that the infrastructure is in place to implement a massive programme like this in a complex country like India. The biggest problem in India is that it is very difficult to accurately identify those who need such a programme. So to analyse the merits of the promise, we will need more details. See more <a href="https://www.businessinsider.in/Presidential-ego-or-a-dynasts-charm-what-Indian-voters-like-is-still-a-mystery-to-the-countrys-politicians/articleshow/67685811.cms">Presidential ego or a dynast’s charm — what Indian voters like is still a mystery to the country’s politicians</a>

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New Delhi, Apr 23 () Reliance Industries Ltd has cut crude oil processing at its exports-only refinery at Jamnagar in Gujarat in March by close to one-fourth as it joins public sector oil firms in cutting run-rate to align production with a coronavirus-induced slump in fuel consumption. RIL's 35.2 million tonnes a year SEZ refinery processed 2.51 million tonnes of crude oil into fuel in March, a drop of 24 per cent year-on-year, according to data released by the Ministry of Petroleum and Natural Gas on Thursday. However, the company's older refinery at the same site processed 5.7 per cent more crude at 3.01 million tonnes. Refiners started to cut down on crude processing only in the latter half of March after travel restrictions first imposed by states followed by a nationwide lockdown beginning March 25 evaporated fuel demand. Fuel demand in nations where Indian refiners exported products like diesel and petrol has also stalled following the outbreak of the pandemic. Public sector refineries in India processed almost 4 per cent less fuel in March. Private sector Nayara Energy's Vadinar refinery in Gujarat too cut crude processing by a similar proportion. The data showed that RIL's SEZ refinery operated at 83.98 per cent capacity in March, as compared to 110.51 per cent capacity utilisation in the same month a year back. Its old refinery, that caters predominately to the domestic market, operated at 101.67 per cent of its 33 million tonnes a year capacity. PSU refineries operated at 101 per cent of their installed capacity as they used cheap crude to fill depots and storage bunks. RIL's twin refineries at Jamnagar produced 4.16 per cent more petroleum products in March at 7.3 million tonnes. Nayara Energy produced 3.33 per cent fewer petroleum products at 1.64 million tonnes while PSU refineries produced almost 2 per cent less product at 11.95 million tonnes. Overall, Indian refineries processed 5.7 per cent less crude oil at 21.2 million tonnes in March and produced 22.9 million tonnes of petroleum products. Prime Minister Narendra Modi had announced a 21-day lockdown beginning March 25, shutting offices and factories, barring those involved in essential services. Also, flights were suspended, trains stopped plying, vehicles went off the road and cargo movement stopped as most people were asked to stay home to help check the spread of coronavirus. The lockdown has been extended till May 3. In March 2020, the country's petroleum product consumption fell 17.79 per cent to 16.08 million tonnes. Diesel, the most consumed fuel in the country, saw demand contract by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains. Petrol sales dropped 16.37 per cent to 2.15 million tonnes, while ATF consumption fell 32.4 per cent to 4,84,000 tonnes. However, LPG sales rose 1.9 per cent to 2.3 million tonnes in March. April consumption is likely to be worse with petrol sales collapsing 64 per cent, while diesel slumping by 61 per cent. Aviation turbine fuel (ATF) consumption dropped by 94 per cent as most airlines have stopped flying. ANZ DRR

Reliance cuts crude processing at Jamnagar SEZ refinery by 24 pc

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Oli Scarff/Pool via REUTERSBoris Johnson, a leadership candidate for Britain's Conservative Party, shears a sheep during his visit to Nosterfield farm near Ripon, North Yorkshire, Britain July 4, 2019.</div></div></div><ul class="summary-list"><li>Boris Johnson's government is reportedly working on £500 million plan purchase slaughtered livestock in the event of a no-deal Brexit.</li><li>The plan would see the government buy livestock at prices that prop up demand which will collapse in Europe due to expensive new tariffs.</li><li>It comes after a farmers' union in Wales warned Johnson that leaving without a deal would cause "civil unrest" in rural areas and wipe out the farming industry.</li></ul>Boris Johnson's government is working on a £500 million plan to support farmers by purchasing slaughtered lambs and other livestock in the event of a no-deal Brexit, according to reports.It comes after a farmers' union in Wales warned the prime minister that leaving the European Union without a deal would cause "civil unrest" in rural areas. Many British farmers are heavily reliant on trade with the EU and would face very expensive tariffs in a no-deal scenario, meaning many could go out of business.For example, farmers would face a 40% tariff on lamb exports to the EU in a no-deal scenario.<ul><li>READ MORE: <a href="https://www.businessinsider.com/brexit-boris-johnson-government-to-spend-millions-on-no-deal-info-campaign-2019-7?r=US&amp;IR=T" target="_blank" rel="noopener">Johnson's government to spend up to £10 million on TV ads and leaflets preparing Brits for a no-deal Brexit</a></li><li>READ MORE: <a href="https://www.businessinsider.com/ex-trump-strategist-steve-bannon-says-boris-johnson-has-done-a-terrific-job-2019-7?r=US&amp;IR=T" target="_blank" rel="noopener">Steve Bannon says Boris Johnson 'has done a terrific job'</a></li></ul>If the UK does pursue no deal, the government is working on a plan to buy livestock at prices that prop up demand which will collapse in Europe due to expensive new tariffs, according to the Times newspaper.Johnson said in Wales yesterday that British farmers would be better off if the UK left the EU in October, which he has called a "do or die" policy. He said the government was working on "interventions" that are aimed to support farmers incomes and added: "We'll make sure they have the support they need."Michael Gove, who is in charge of the civil service's no-deal planning, is understood to be finalising the plan, which would cost an estimated £500 million a year, the Times reported.It would see the government buy any lamb and beef, and some crops, at a set price. The payments would go some way to replacing the EU's Common Agricultural Policy, which subsidises farmers.Johnson's visit to Wales on Tuesday was aimed at securing support from farmers for his Brexit plans.He spoke to Wales' First Minister Mark Drakeford, who said there was a "deeply concerning lack of detail" from the new prime minister.Before the meeting with Johnson, Drakeford tweeted that Brexit "will decimate our agricultural and manufacturing sectors and risks ripping the Union apart."Glyn Roberts, president of the Farmers' Union of Wales, also warned there was "a possibility of some civil unrest" in rural areas if no deal is reached with the EU."If the farming community have their backs against the wall, the only way they're going to get from there is fighting their way through," he said.Meanwhile Helen Roberts, development officer for the National Sheep Association, said Johnson was "playing Russian roulette with the industry." She added that it would be "absolutely catastrophic even if it's just for a few months."Asked about the possibility of farmers causing civil unrest, she said: "I think they will. I think it's time to stand up for ourselves and be counted."Minette Batters, president of the National Farmers' Union, said the mass slaughter of lambs and cows was "something that we want to avoid at all costs".Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/john-mccain-brain-cancer-diagnosis-defended-barack-obama-good-man-2008-election2017-7">When John McCain ran against Barack Obama, he went out of his way to defend him as a 'decent family man'. Watch the viral video.</a></h3> <div> </div> </div>

Boris Johnson's government has a &#163;500 million plan to buy slaughtered lambs in event of no-deal Brexit as farmers warn of 'civil unrest'

(Eds: Adding details) New Delhi, Mar 26 () The government on Thursday announced a Rs 1.7 lakh crore stimulus that included free foodgrain and cooking gas to poor for three months, and cash doles to women and poor senior citizens as it looked to ease the economic impact of the nationwide lockdown.While over 80 crore poor ration card holders will each get 5 kg of wheat or rice and one kg of preferred pulses free of cost every month for the next three months, 20.4 crore women having Jan Dhan bank accounts would get one-time cash help of Rs 1,500 spread over three months.Over 8.3 crore poor women, who were handed out free cooking gas connections since 2016, will get free LPG refills for the next three months, while poor senior citizens, widows and disabled will get an ex-gratia cash of Rs 1,000."Since the lockdown has been in force (since Wednesday) and therefore we have come out with a package which will immediately take care of the concerns and welfare of poor and suffering workers and those who need immediate help," Finance Minister Nirmala Sitharaman said at a news conference here.The package, she said, is being announced within 36 hours of the 21-day nationwide lockdown announced by the Prime Miniter to protect the nation's 130 crore people from the fast-spreading coronavirus. "We do not want anyone to remain hungry."She hinted at more announcements if a need arises."So, today's measures are very clearly aimed at reaching out with food and money that they need to have it in their hands. We will obviously think about other things. I will gradually address if there is more to attend," she said.The package included advancing the payment of one-third of the Rs 6,000 a year pre-2019 general election cash dole scheme for farmers, government contributions to retirement funds for the next three months of small companies with 90 per cent of staff earning less than Rs 15,000, and a Rs 50 lakh insurance cover to healthcare workers.For rural workers, the daily wage under the MNREGA employment guarantee programme has been increased to Rs 202 from Rs 182, benefiting 5 crore workers of about Rs 2,000 in all.India joins countries -- from the US to Singapore -- that have pledged spending to contain the economic fallout of the pandemic that has infected almost 5 lakh people globally and left over 21,000 dead.The pandemic has infected 649 persons in India and has killed 13 so far.While the free food grains and pulses would cost Rs 45,000 crore, Rs 2,000 payment to 8.7 crore farmers under Pradhan Mantri Garib Kalyan Yojana will cost Rs 16,000 crore.The cash to women Jan Dhan account holders will cost Rs 31,000 crore and another Rs 13,000 crore is estimated to be the expenditure for providing free cooking gas.Sitharaman, however, evaded a reply to questions on how the government will finance the package given that the impact of the closure of businesses across the country will be felt over the next few months and would have a direct bearing on already strained tax collections.She also did not say if the government will relax budget deficit targets or resort to additional borrowings to fund the programme.The revised fiscal deficit - the gap between revenue and expenditure - has been put at 3.8 per cent of the GDP in the current fiscal. For the fiscal starting April, the government is targeting a 3.5 per cent fiscal deficit."Today's measures are very clearly aimed at reaching out to the poor," she said. "At this stage, I am more concerned about reaching out to those who need help."With businesses closed during the lockdown, the government will contribute employees as well as employer's contribution to the provident fund for the next three months of companies with up to 100 employees with 90 per cent earning not more than Rs 15,000. The contribution will be a total of 24 per cent of eligible wages.Also, workers will be allowed to draw a non-refundable advance of 75 per cent from credit in provident fund account or three months salary, whichever is lower, she said.Sitharaman said the limit of collateral-free loans to 63 lakh women self-help groups is being doubled to Rs 20 lakh, impacting 7 crore households.The free foodgrain and pulses are over-and-above the existing entitlement through the public distribution system (PDS). The ration card holders can take the foodgrain and pulses from the PDS in two installments, she added.The government had previously relaxed timelines for meeting tax and other statutory filing requirements as well as allowed companies to divert their philanthropy or CSR funds to support the fight against coronavirus.These measures and the ones announced on Thursday will be topped up by the expected announcement of interest rate cuts by the Reserve Bank of India (RBI) at its bi-monthly monetary policy review meet slated next week.Commenting on the package, Anil Talreja, Partner, Deloitte India said the announcements are is expected to give reprieve to the mass sections of the population. "This is a good way to ensure that the poor and needy get what they deserve. It has ensured that the farmers, poor senior citizens, widows and specified sections of the society as well as people who are attached to the healthcare sectors get rewarded for their hard work and sacrifices". DP ANZ BAL

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PM Modi ends Rs 500, Rs 1000 currency notes. Read his full address here

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Boris Johnson's no-deal Brexit enforcer took £235,000 in EU handouts for his farm

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