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(Eds: Adds details) New Delhi, Feb 13 () After successfully heading Air India for three months in 2017, senior bureaucrat Rajiv Bansal was on Thursday appointed for the second time as the chairman and managing director of the debt-ridden national carrier, according to a Personnel Ministry order. Bansal, a 1988-batch IAS officer of Nagaland cadre, is at present additional secretary in the Ministry of Petroleum and Natural Gas.The Appointments Committee of the Cabinet has approved his appointment as the CMD of Air India in the rank and pay of additional secretary, the order stated, without mentioning further details.He replaces Ashwani Lohani, who completed his one-year extended tenure on Thursday. Bansal was in August 2017 named as Air India's interim CMD for three months. He had then replaced Lohani, who was appointed chairman of the Railway Board after completion of his two-year stint. During Bansal's three-month tenure, Air India launched services to Copenhagen, among others. He also initiated various steps to reduce costs and improve on-time performance of flights.Lohani, a 1980 batch officer of the Indian Railway Service of Mechanical Engineers, was in February last year appointed Air India's CMD for the second time for a one-year tenure. He had retired as the Railway Board chairman in December 2018. The appointment assumes significance as it comes days after the government decided to sell its stake in Air India, which has a debt pile of over Rs 60,000 crore.As part of the ambitious strategic disinvestment, the government had on January 27 issued the preliminary bid document for 100 per cent stake in the debt-laden airline. AKV IAS KJ

'Homecoming' for Rajiv Bansal as Air India CMD

New Delhi, Feb 13 () Senior bureaucrat Rajiv Bansal was on Thursday appointed as the chairman and managing director (CMD) of Air India, according to a Personnel Ministry order. Bansal, a 1988-batch IAS officer of Nagaland cadre, is at present additional secretary in the ministry of petroleum and natural gas. The Appointments Committee of the Cabinet has approved his appointment as chairman &amp; managing director, Air India in the rank and pay of additional secretary, the order said, without mentioning further details. The post became vacant after incumbent Ashwani Lohani completed his tenure. AKV AKV SMNSMN

Rajiv Bansal appointed Air India chief

<ul><li>The enhanced allocation for PM Awas Yojana is a boost for affordable housing, which was flagging, says <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman of Anarock Group. </li><li>The new tax regime forgoes deductions on housing loans, and cannot be positive for home buying sentiment, says <keyword id="16333859" type="General" weightage="50" keywordseo="akash-pharande" source="Orion">Akash Pharande</keyword>, managing director of Pharande Spaces. </li><li>The Budget gave a boost to rail and air infrastructure, which most experts hope will be a catalyst for real estate demand. </li></ul>This Budget, the government has given a much expected boost to affordable housing – the only segment in the real estate market that did not gain from the pandemic boom. The finance minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> increased allocation to PM Awas Yojana (PMAY), the scheme earmarked for it, by a massive 66% to over ₹79,000 crore. “This (affordable housing) supply will definitely gain momentum along with the Urban Infrastructure Fund and boost development in the surrounding areas of MMR (Mumbai Metropolitan Region) as well as Tier 2 and Tier 3 cities. Ultimately, this will bring in a good supply of affordable housing and drive up the demand in terms of PMAY, thus overall benefitting the housing sector,” Dhaval Ajmera, director at Ajmera Realty &amp; Infra India told Business Insider India. According to an Anarock Consumer Sentiment Survey, in 2022, the demand for affordable housing sunk precariously. “The enhanced allocation for PM Awas Yojana is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganised sector, were still reeling under the impact of the pandemic,” said Anuj Puri, chairman of Anarock Group. Only 26% of property seekers were looking for ‘budget’ properties that cost below ₹40 lakh, falling from 39% in 2018. All other properties, including premium and others, saw robust demand as well as supply during the year. “This move will give impetus to affordable housing in the country by providing a better housing subsidy to economically weaker sections and lower-income groups,” said <keyword id="16333860" type="General" weightage="50" keywordseo="devanshu-bansal" source="Orion">Devanshu Bansal</keyword>, director, UK Realty. Deducing the effect of the new tax regime The finance minister has made the new tax regime very attractive in Budget 2023-24, by doing away with income tax for those earning below ₹7 lakh and reducing the number of tax slabs. However, the new regime which will now also be the default regime, does not provide any deductions for interest paid on housing loans. “One of the major changes is the introduction of a new tax regime, which offers lower tax rates for individuals who forgo exemptions and deductions. However, this regime also foregoes the previous deductions on housing loans - one of the most popular incentives for middle-class homebuyers. This cannot be seen as positive for homebuying sentiment,” said Akash Pharande, managing director of Pharande Spaces. On the other hand, <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder of EZTax.in tells Business Insider India that savings in general are higher in the new tax regime, even without deductions. Ram Raheja, managing director at S Raheja Realty agrees and says, “The personal tax regime revisions will result in a rise in disposable funds due to lower deductions.” The extra income in the hands of the taxpayers is good news for the realty sector as real estate is generally the preferred investment vehicle. “Surplus of liquidity in the hands of the taxpayers will aid in more real estate buying because of their preference for real estate over other asset classes. This move will boost the demand and gain momentum for the real estate industry, specifically in the affordable and mid-luxury segments,” says Ajmera. Luxury homes &amp; capital gains tax The FM capped the deductions that can be availed on capital gains arising from sale of residential houses at ₹10 crore. That means if a home owner earns over this limit via a home sale, it would be taxed. This won’t have too much impact, experts say. “The intention is to deter tax exemption for extremely high-value transactions in the residential space. However, we believe that most of the transactions in the luxury segment would fall within the ambit of the ₹10-crore cap,” says Anshuman Magazine, chairman &amp; CEO-India, South-East Asia, Middle East &amp; Africa, CBRE. For this category of buyers – that’s high-networth individuals (HNIs) and ultra HNIs – there is much to be gained in terms of a 4% reduction in the overall tax rate that was announced in the Budget for the highest tax slab, leaving more liquidity in their hands, Magazine adds. Pharande too says that while this is a dampener, those buying or upgrading to luxury homes primarily for lifestyle improvement would not be too concerned. “I don't see the negative impact spreading much beyond MMR and Delhi,” he says. Puri and Pharande say that there is nothing specific in the budget that would boost consumer sentiment towards the sector in a high interest rate regime where housing prices too are on the upswing due to rising input costs. The Budget gave a boost to infrastructure with announcements like the highest ever railway outlay at ₹2.4 lakh crore; increased regional connectivity via 50 additional airports, helipads, water aero drones and advanced landing grounds – all of which will boost affordable regional connectivity. This, most experts hope, will be a catalyst for real estate demand. SEE ALSO <a href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a>

Budget to aid flagging affordable home segment, boosts demand with infra push

By Yoshita Singh New York, May 20 () Jaipur Foot USA Chairman Prem Bhandari has described the 'Vande Bharat' exercise to repatriate Indians stranded abroad as a "historic humanitarian mission" by the Indian government as he along with other members of the Indian-American community accorded a warm welcome to an Air India crew here. The Air India flight arrived from India into the J F K International Airport in New York on Tuesday and in a special gesture of gratitude for their service, Bhandari welcomed them as guests in the Stay Bridge hotel in New York's iconic Times Square. "The Vande Bharat is a historic humanitarian mission and unprecedented effort" launched by Prime Minister Narendra Modi to repatriate thousands of Indian nationals stranded during this coronavirus pandemic, Bhandari said. "The pilots and crew members of Air India are warriors for us who have put their lives at risk by coming to New York, the epicenter of COVID-19, to fly their stranded countrymen back home," he said. Coronavirus cases in New York stands at over 353,000 with over 23,834 deaths, according to Johns Hopkins University. He said the Air India crew are guests of the Indian-American community and people of Indian-origin in the US as he welcomed them at the hotel owned by Chandra and KK Mehta in Times Square. "You have come to a second home. I salute you on behalf of Indians and the Indian-American community in the US for your services in the times of such crisis." He also expressed gratitude to Air India Chairman and Managing Director Rajiv Bansal for the opportunity to be of service to the Air India team. Consul General of India in New York Sandeep Chakravorty applauded the Air India team saying they have risen to the occasion in the face of the COVID-19 challenges. He said the Consulate and the community organisations in New York applaud the Air India crew for rising to the call of duty and for their service to the nation. Present on the occasion were Deputy Consul General Shatrughna Sinha, Regional Finance Manager, Americas, Air India Kamal Roul and Federation of Indian Associations- NY NJ CT (FIA) President Anil Bansal. Mehta announced a donation of one million dollars for COVID-19 relief efforts in Rajasthan. This is in addition to the Rs 1.5 crore donated by the Nakoda Bheravnath Charitable Foundation that has already been donated for the COVID-19 cause. Bhandari, who is the Chairman of the Foundation's advisory board, said Rs one crore was donated to the PM CARES Fund within a day of the Fund being created in March. He added that the Mehtas had also offered to provide hundreds of rooms for Indians students stranded in the US as the COVID-19 crisis began in the country. YAS RUP RUP

Jaipur Foot USA Chairman Prem Bhandari applauds Air India crew for service amid COVID-19 crisis

<keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> co-Chairman <keyword id="50299" type="PERSON" weightage="20" keywordseo="Ravi-Venkatesan">Ravi Venkatesan</keyword> today said his priority is to get <keyword id="47995" type="COMPANY" weightage="20" keywordseo="promoters">promoters</keyword> and management working together as "one Infosys" and not operating in different pockets. The comments assumed significance in the wake of a recent public spat between some promoters and the top management of India's second largest IT firm with a turnover of over USD 10 billion. Venkatesan said that bringing promoters and management together is "doable" and he spends four to five days in a week on this despite being only a non-executive co-chairman. "I agree, there is a lot of work to do... I tell people, I am a non-executive co-chairman, but when I think about this task of getting everybody working as one... I spend four to five days in a week," he said. Venkatesan was replying to a query that there must be a lot of work left for him to achieve the goal of "one Infosys". "If you ask about my priority, I would say it is getting people working together -promoters and management as one, not (as) different pockets, but working together, under one roof as 'one Infosys'," he said. If the company can create this spirit and feeling of oneness, everything will fall in place, Venkatesan said. Asked how big is the task to bring the board and the founders together, Venkatesan said, "I don't know how to measure oneness, but a lot of it is still left ... Yes, but it is doable." Asked if his quest to meet the goal of "one Infosys" will get hampered and cause alarm to CEO <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> by founder N R Narayana Murthy's comment on regretting quitting the company in 2014, Venkatesan said it won't lead to fresh set of challenges, for he is still incredibly passionate about Infosys and the company takes his positive suggestions on board. "Just because you have differences of views on compensation and other sundry issues, that doesn't change the fundamentals. So, when a man like that speaks, we obviously pay a lot of attention to it and try and see what is the merit in the idea and embrace it. So, I would not put too much stock on these comments, but the question should be better addressed to him directly," he said. Murthy, in an interview to a news channel had regretted having quit the company in 2014, without paying heed to his co-founders who insisted him to stay. Murthy has been vocal by raising the issue of corporate governance, questioning the severenace package given to <keyword id="347003" type="PERSON" weightage="20" keywordseo="Rajiv-Bansal">Rajiv Bansal</keyword> and the pay hike of top executive personnel including Sikka. Venkatesan said Sikka was Murthy's pick and he drove a lot of positive changes in the first two years of his stint by talking about various new things but stressing mainly on employees' innovative skills. "Sikka has completed three years, but for the first couple of years I think things were quite good. After all, Vishal was hired by Murthyji. He was his pick. Vishal drove a lot of positive changes. He said we must show - even Indians can innovate and every employee has to innovate. So, these ideas were appreciated by employees, clients, and also by Murthy, I believe," he said. (Image courtesy: Mint)

Bringing board and founders under one roof 'doable', says Infosys' Ravi Venkatesan

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> Chairman <a href="http://www.businessinsider.in/searchresult.cms?query=seshasayee&amp;sortorder=effectivedate">R Seshasayee</a> held a news conference and clarified there were no governance issues going on between the promoters and the board. 
 
During the news conference, Seshasayee stressed there was no ongoing battle, saying founders have nothing but best interests in mind. He cleared the air on <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>’s CEO <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Vishal </a><a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Sikka</a>’s package, adding they were in line with global standards and linked to ambitious targets. 
Seshasayee also spoke about <a href="http://www.businessinsider.in/searchresult.cms?query=rajiv+bansal&amp;sortorder=effectivedate">Rajiv </a><a href="http://www.businessinsider.in/searchresult.cms?query=rajiv+bansal&amp;sortorder=effectivedate">Bansal</a>’s severance pay and Punit Sinha’s appointment. 
 
Meanwhile, Sikka has allayed concerns over a corporate governance row. 
 
Here are the highlights from the news conference

Infosys’ R Seshasayee, Vishal Sikka say ‘no battle between board and promoters’. Here are 10 highlights from their speech

Rift between the founders and the management board in <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys </a>has been widening since more than one year now. The two sides are at loggerheads over the large severance paid to former <a href="http://www.businessinsider.in/searchresult.cms?query=rajiv+bansal&amp;sortorder=effectivedate">CEO Rajiv Bansal</a>, disclosed in 2016, and<a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate"> CEO Vishal Sikka</a> ($11million). 
 
The founders are upset and as per several media reports, some promoters were also upset with the appointment of Punita Kumar-Sinha, an investment banker and wife of Union minister Jayant Sinha, as an independent director. 
 However, the main reason behind the dispute is governance issue and “violation of core <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> values”. 
 
ET reported some of the founders have held the board responsible for what they perceive to be its inability to enforce governance norms. In July 2016, one of Infosys' prominent promoters reached out to a top legal professional in Mumbai. 
 The agenda: to hunt for a co-chairman for Infosys. This, despite the fact that <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> had been serving as Infosys non-executive chairman for just a year, since his appointment in June 2015. 
 
"The idea was to look for someone who understood core values of Infosys,” an executive told ET. 
 
A few names were thrown up as candidates, including a former Infosys finance hotshot and a retired founder. But the idea fizzled out as Seshasayee stepped down on July 28 as non-executive vice-chairman of Ashok Leyland - a post he had held since 2011- to focus on Infosys. 
 
Industry experts told ET the situation is not yet past the point of no return. "The end goal is the promoters, the board and the management should be aligned. I don't think the situation is irredeemable. If the founders air their problems, this could still be resolved. This isn't like the Tata case,” Shriram Subramanian, MD of shareholder advisory firm InGovern, told ET. 
 
Meanwhile, efforts are going on resolve the dispute. ET quoted two people saying among those involved is a prominent investor in the company - Baburaj Pillai. 
 
Reports of disputes over "internal governance issues, between some of the company's founders and a management keen on charting a new path have spurred efforts to broker peace by the Singapore-based fund manager as well as other influential people, said the sources cited above. 
 
Pillai, the founder of investment firm Arohi Capital, met with co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=narayana+murthy&amp;sortorder=effectivedate">NR Narayana Murthy </a>and chief executive officer <keyword id="6369763" type="PERSON" weightage="20" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> late last year, according to people aware of the talks. 
 
"Pillai met with both of them to try and create common ground. He does not want Sikka to be forced to leave and he also does not want Murthy to feel as though his voice is not important,” one of the people aware of the discussions told ET. 
 
"With regard to concerns on governance being discussed in the media, we would like to reiterate that all decisions have been made bona fide, in the overall interest of the company, and that full disclosures have already been made thereon,” Infosys told ET in a statement.

Trouble is brewing between Infosys founders and board. Here’s everything you should know

Mumbai, Apr 9 () Air India chief Rajiv Bansal on Thursday said that the "crippling effect" of the novel coronavirus has further plummeted the airline's finances to a "precarious" position but despite that, it has managed to keep afloat.Bansal, in a message on Thursday, also assured the employees of providing all the "essential armoury" in carrying out evacuation and chartered flights amid the pandemic."Air India has been passing through a critical financial condition much before the Covid19 onslaught. The crippling effect of the pandemic, especially in the aviation sector, has further plummeted our finances to a precarious position. In spite of this, your airline has left no stone unturned to continue to remain afloat," Bansal said in a message to Air India employees on Thursday.Reminding the employees that the organisation is always with them during these trying times, he said, their safety and health are as important to the company as of its passengers."We are leaving no stone unturned to ensure you get all the essential armoury to fight this war. Our dedicated medical services team members are available round the clock for any consultation, advice or emergency. We are doing everything possible to minimise risk factors," Bansal said.Besides taking all the precautionary measures and providing PPE to ensure your safety, Air India was amongst the very few airlines in the world, who are providing hazmat suits and other protective equipment for its crew to equip them to face any COVID-related safety concern onboard, he said.It was the first carrier to evacuate stranded Indian nationals from Coronvirus-hit Wuhan in China in January.It is due to these precautionary measures that so far, only one of the airline's crew members amongst so many, who have been flying our charter flights all over the world, has tested COVID positive, he added."I am relieved to inform you that she has also been discharged after full recovery under the watchful eyes of our medical department," Bansal said.In recent weeks, Air India has operated flights to Israel, Germany and London, using its wide-body Boeing 777s and B787s. These services were mainly to carry foreign nationals stranded in the country due to the lockdown, which began on March 25.Stating that all of us in Air India, no doubt, are in this war together, Bansal said, "Adversity brings the best out of us and is a litmus test of our courage and strength of character. This is also the time to show how much we care for one another." IAS MRMR

Air India finances plummet due to coronavirus impact, says chief

(Eds: Releasing overnight story) Mumbai, Apr 9 () Air India chief Rajiv Bansal on Thursday said that the "crippling effect" of coronavirus has further plummeted the airline's finances to a "precarious" position but despite that, it has managed to keep afloat. Bansal, in a message on Thursday, also assured the employees of providing all the "essential armoury" in carrying out evacuation and chartered flights amid the pandemic. "Air India has been passing through a critical financial condition much before the Covid19 onslaught. The crippling effect of the pandemic, especially in the aviation sector, has further plummeted our finances to a precarious position. In spite of this, your airline has left no stone unturned to continue to remain afloat," Bansal said in a message to Air India employees on Thursday. Reminding the employees that the organisation is always with them during these trying times, he said, their safety and health are as important to the company as of its passengers. "We are leaving no stone unturned to ensure you get all the essential armoury to fight this war. Our dedicated medical services team members are available round the clock for any consultation, advice or emergency. We are doing everything possible to minimise risk factors," Bansal said. Besides taking all the precautionary measures and providing PPE to ensure your safety, Air India was amongst the very few airlines in the world, who are providing hazmat suits and other protective equipment for its crew to equip them to face any COVID-related safety concern onboard, he said. It was the first carrier to evacuate stranded Indian nationals from Coronvirus-hit Wuhan in China in January. It is due to these precautionary measures that so far, only one of the airline's crew members amongst so many, who have been flying our charter flights all over the world, has tested COVID positive, he added. "I am relieved to inform you that she has also been discharged after full recovery under the watchful eyes of our medical department," Bansal said. In recent weeks, Air India has operated flights to Israel, Germany and London, using its wide-body Boeing 777s and B787s. These services were mainly to carry foreign nationals stranded in the country due to the lockdown, which began on March 25. Stating that all of us in Air India, no doubt, are in this war together, Bansal said, "Adversity brings the best out of us and is a litmus test of our courage and strength of character. This is also the time to show how much we care for one another." IAS MR HRS

Coronavirus deteriorates Air India finances but airline manages to keep afloat, says chief

<ul><li>Millions of Indians are looking for changes in <keyword id="120700" type="PERSON" weightage="20" keywordseo="Income-Tax-slabs">income tax slabs</keyword> hoping for more disposable income.</li><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>'s <keyword id="117156" type="PERSON" weightage="20" keywordseo="Budget-speech">budget speech</keyword> will be a tightrope walk that will have to blend the hopes of an economy slipping into slumber with the reality of limited resources.</li><li>Disinvestment in Air India and <keyword id="7170483" type="UNKNOWN" weightage="20" keywordseo="5G-Spectrum-sale">5G spectrum sale</keyword> could be the big money spinners for the goverment allowing it to spend freely in reviving a distressed rural economy.</li></ul>Finance minister Nirmala Sitharaman will present her maiden Budget and millions of Indians will be keenly watching if she fulfills many of the promises made by the Prime Minister Narendra Modi during his poll campaign that ended in the historic mandate. Millions of middle class Indians are hoping for tax breaks or rebates that will leave more money at their disposal at month end. But, the budget speech will hold a lot more of significance than just a change in income tax slabs. The lady in charge Sitharaman is India's first full-time Finance Minister to deliver the budget speech at 11 am. The Modi government has kicked off the second term with the promise of making Indian economy worth $5 trillion by March 2025. The narrative set by the Prime Minister himself has been followed by many of his team members as well as the newly-appointed Chief Economic Advisor K Subramanian. Some of the issues that the government has not been able to overcome in the recent past are the lack of jobs, the escalating rural distress, bone-dry private investment, and falling consumption. It is widely expected that the government will try to revive the economy's animal spirits-- a term used to describe people's level of confidence in the economy-- which will be essential to the lift the growth in Gross Domestic Product (GDP) from the five year low it hit in the January-March 2019 quarter. The right signals <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword> offers an opportunity for the government to inspire confidence among the country's private investors who have shied away from betting their money on the country's economic prospects. That has led to a rise in unemployment as millions of young Indians join the workforce every year and there just aren't enough jobs created. That in turn has affected consumption. The two biggest numbers that are key to deciding the market confidence are the fiscal deficit projection for 2019-20 and the government borrowing programme. Fiscal deficit is the difference between the amount of money the government makes and the amount spent. The government had said in February that in 2018-19, the deficit would be 3.4% of the GDP. The fiscal deficit target for 2019-20 will decide whether the government takes its targets seriously. The excess of expenditure over earnings, the deficit, is met by borrowing money from the market. "From an investor point of view we want RBI, which is adeauately capitalised, and we want an economy which is adequately liquid. Today, apart from liquidity it is also transmission of credit which is also important. Today we have a scenario where PSU banks are not lending because they are not adequately capitalised," Nilesh Shah of Kotak Asset Management told Business Insider. Bank recapitalisation And that is one of the most significant numbers to look forward to in Sitharaman's speech-- the amount of money that the government will invest in state-owned banks that have been squeezed by a pile of bad loans threatening to rise further. In the last financial year ending March, the government invested a total of ₹1 lakh crore, according to Financial Services Secretary Rajiv Kumar in February. Still, there still isn't enough money floating around in the economy. "As a matter of fact if you look at the 50 year chart, the money supply has grown in the last few years at the same rate as it used to grow in the 1960s when the economy used to grow at 3-4%," market veteran Vallabh Bhanshali, Chairman of the Enam Group, told Business Insider. Banks need money (and confidence) to lend more and they are looking towards the government for support. Demands galore Essentially, everyone from the individual taxpayer to different industry segments-- from farmers to industrialists, from manufacturers to retailers, from real estate developers to banks to home buyers, from car makers to car buyers--- needs some kind of government support. Where is the money going to come from? Disinvestment One way of making up for the shortfall is for the government to sell stake, or fully priavatise, in companies that it owns. All eyes are on the hoardes of sick government companies that are sitting on millions of assets that are under-utilised and therefore, the companies are turning in losses for years. The most high-profile of them is Air India. The government has already indicated that it is looking for a strategic private investor in the airline. Government-owned telecom operators BSNL and MTNL are two other companies that have run out of cash even to pay salaries. Spectrum sale The other big source of government revenue is the sale of spectrum, which yields a lot of money. The government would want the upcoming auction of 5G spectrum to be a big money spinner but the bidders, the telecom operators are buried in debt. While the government would want 5G to give impetus to its Digital India programme, the 5G spectrum has to be reasonably priced. The Budget on the whole will be a tightrope walk. SEE ALSO: <a href="https://www.businessinsider.in/defence-budget-2019-20indias-defence-budget-has-nearly-doubled-in-5-years/articleshow/70037360.cms" data-type="tilCustomLink" target="_blank">India’s defence budget has nearly doubled in 5 years but the money is not enough to upgrade the weapons</a> <a href="https://www.businessinsider.in/niti-aayog-wants-education-budget-to-increase-further/articleshow/69941463.cms" data-type="tilCustomLink" target="_blank">India’s education budget has improved over the years — but it’s still too low</a> <a href="https://www.businessinsider.in/health-budget-2019-india-might-increase-spending-on-healthcare-but-that-may-not-be-enough/articleshow/69956156.cms" data-type="tilCustomLink" target="_blank">India might increase spending on healthcare but that may not be enough</a>

Income tax, bank recap, Air India, and 5G spectrum sale are some things to watch out for in Finance Minister Nirmala Sitharaman's first budget speech

<keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> members on Wednesday raised in both Houses of Parliament the alleged tracking of over 10,000 prominent Indian individuals and organisations by a Chinese technology company and asked the government to build an "impregnable firewall" to deal with the "<keyword id="9949853" type="UNKNOWN" weightage="20" keywordseo="digital-aggression">digital aggression</keyword>" by the neighbouring country. Rajya Sabha Chairman M Venkaiah Naidu asked the Minister of Parliamentary Affairs to inform the minister concerned to "see what can be done and find out the veracity also", after Congress members, K C Venugopal and Rajiv Satav expressed concern over a media report in this regard, during the Zero Hour. Leader of Congress in <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> Adhir Ranjan Chowdhury said China has been behind the spread of coronavirus, physical aggression in Ladakh and now "digital aggression". "We are in clutches of China. Is the government not aware of it?...Our national security is being shattered," Chowdhury said while raising the issue during the question hour in the Lower House. He requested IT Minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> to build an "impregnable firewall to resist the new menace". His party colleague Suresh Kodikunnil too raised the issue. Earlier in the day, Congress members Venugopal and Satav took up the issue during the Zero Hour in the Upper House. "I would like to invite the attention of this House through you Chairman, a shocking news which is related to national security and privacy of Indian citizens," Venugopal said. He said the Indian Express has reported that a Shenzen-based technology company with links to the Chinese government, and the Chinese Communist Party, is tracking over 10,000 Indian individuals and organisations in its global database of foreign targets. "This includes...very shocking, the President of India also, you the Vice President of India, the Prime Minister of India and the opposition leaders, including Congress President, Chief Ministers, MPs, army chief, and industrialists," Venugopal said. The Chinese company has also collected the database of bureaucrats in key positions, judges, scientists, academicians, journalists, actors, sportspersons, religious figures and activists, he added. "This is a major area of concern. I would like to know from the government whether it has taken note of it. If so, what action has been taken," Venugopal asked. The Congress leader also charged that the government was not answering and discussing reports regarding Chinese intrusion in border areas. Echoing his views, Satav said this is a very serious issue. "The government should clarify. The truth should come out. How can a Chinese company spy on prominent people," Satav said. To this, Naidu asked the Minister of Parliamentary Affairs to take note of the matter. "It has appeared prominently. So inform the minister concerned and see what can be done and find out the veracity also," the Rajya Sabha Chairman said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-speech-highlights-on-16-september-2020/articleshow/78143035.cms">RBI Governor highlights five key areas that will determine India's growth in the post-COVID world</a> <a href="https://www.businessinsider.in/tech/gadgets/news/apple-watch-series-6-ipad-air-ipad-8-and-apple-one-will-be-available-in-india/slidelist/78141813.cms">Apple Watch Series 6, iPad Air, iPad 8, and Apple One will be available in India — here’s how much they cost</a> <a href="https://www.businessinsider.in/business/startups/news/amid-india-china-standoff-tencent-is-back-with-an-investment-in-flipkart/articleshow/78140794.cms">Amid India-China standoff, Tencent is back with an investment in Flipkart</a> <a href="https://www.businessinsider.in/science/health/news/-indias-surging-covid-19-infections-is-testing-the-health-infra-once-again/articleshow/78143000.cms">India’s surging COVID-19 infections is testing the health infra once again — beds added during lockdown aren’t enough</a>

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