Gandhinagar, Gujarat Deputy Chief Minister Nitin Patel, who also holds the <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> portfolio, on Wednesday presented the state's annual budget for the financial year 2021-22 running to ₹2,27,029 crore with an overall surplus of ₹588 crore. Patel presented the budget for the ninth time as the Finance Minister, on the <keyword id="15891" type="PERSON" weightage="20" keywordseo="Second-day">second day</keyword> of the Assembly session. The budget has estimated revenue receipts of ₹1,67,969 crore, with a revenue expenditure of ₹1,66,760 crore for the year 2021-22. The finance minister estimated capital receipts at ₹50,751 crore and capital expenditure including loans and advances at ₹56,571 crore. Under the budget provisions, the finance minister allocated Rs 7,232 crore for the Agriculture and farmers welfare <keyword id="6360339" type="UNKNOWN" weightage="20" keywordseo="department">department</keyword>, ₹5,494 crore for Water Resources, ₹32,719 crore for the <keyword id="63592" type="COMPANY" weightage="20" keywordseo="Education-department">Education department</keyword> and ₹11,323 crore for the health department. The <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword> will be introducing a new scheme to provide pre-primary education under the New Education Policy 2020. Also, ₹3,974 crore has been allocated for Water Supply and ₹4,353 crore to the Social Justice and Empowerment department, where the government has raised the subsidy given under the 'kunvarbai mameru scheme' from ₹10,000 to ₹12,000. The state government has allocated ₹13,493 crore, the maximum allocation, to the <keyword id="170906" type="COMPANY" weightage="20" keywordseo="urban-development-department">Urban Development Department</keyword>, ₹13,034 crore to the Energy and Petrochemical department, ₹11,185 crore has been allocated to the Roads and Buildings department, ₹6,599 crore to the Industries and Mining department, ₹2,656 crores for the Tribal development department, ₹8,796 crore for the Panchayats and Rural Development Department, ₹1,502 crore to the Labour and Employment department. The Finance Minister informed that ₹7,960 crores was allocated for the law and order situation maintained by the Home department, ₹1,814 crore for the <keyword id="6356408" type="COMPANY" weightage="20" keywordseo="forest-department">Forest department</keyword>, ₹1,224 crore for the Food and Civil supplies department, ₹1,478 crore to the Ports and Transportation department, ₹9,102 crore to the <keyword id="6361617" type="COMPANY" weightage="20" keywordseo="climate-change">Climate Change</keyword> department. Later in the day, the state government will move three bills in the assembly, including the Gujarat Fiscal Responsibility (amendment) bill, Pandit Deendayal Petroleum University (amendment) bill and Gujarat Fire Prevention and Life Safety Measures (amendment) bill. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/nokia-power-earbuds-lite-review-missed-opportunity/articleshow/81304603.cms">Nokia Power Earbuds Lite review – missed opportunity</a> <a href="https://www.businessinsider.in/finance/news/india-largest-insurer-lic-is-inviting-bids-from-payment-aggregators/articleshow/81304375.cms">EXCLUSIVE: India's largest insurer LIC is inviting bids from payment aggregators⁠</a> <a href="https://www.businessinsider.in/stock-market/news/the-600-crore-ipo-of-defence-components-maker-mtar-technologies-is-off-to-a-great-start-today/articleshow/81306780.cms">Former Blackstone exec’s firm MTAR Tech’s ₹600 crore IPO⁠ — what works for it and what doesn't</a> <a href="https://www.businessinsider.in/business/news/indian-companies-stand-to-lose-7-14-lakh-crore-to-climate-change-but-they-could-end-up-making-2-9-lakh-crore-too/articleshow/81306789.cms">Indian companies stand to lose ₹7.14 lakh crore to climate change — but they could end up making ₹2.9 lakh crore too</a>

Gujarat's annual budget for the next financial year has a surplus of ₹588 crore

(Eds: Adding details) New Delhi, Mar 11 () India on Wednesday prohibited entry of any international cruise ship, crew or passenger with a travel history to coronavirus-hit countries post February 1, 2020 to its major ports till March 31. To prevent the spread of the deadly virus, the Ministry of Shipping said it will allow only such international cruise ships which had intimated their call to ports by January 1, 2020. "Only those international cruise ships which had planned and intimated their call to an Indian Port not later than 1st January, 2020 will be allowed to call on such port. "Any international cruise ship or any member of its crew or any passenger therein having a travel history of visiting any of the Covid-19 affected countries... since 1st Feb, 2020; will not be permitted to enter any Indian port till 31st March, 2020," the Ministry of Shipping said. The government said international cruise ships will be allowed only at ports having thermal screening facilities for passengers and crew members. If any passenger/crew member shows symptoms of coronavirus, disembarking will not be permitted, it added. Announcing standard operating procedures (SOPs) for all international cruise ships which had intimated their call to major domestic ports in advance, the government said the shipping agent/master of vessel will have to submit all documents related to crew and passengers regarding their travel to/from Covid-19 affected countries. "All passengers and crew members will have to fill the Self Reporting Form as prescribed by Ministry of Health and Family Welfare and submitted to Port Health Officer. PHO will carry out thermal screening of all the passengers and crew members on board ship. Until clearance by PHO, passengers will not be allowed ashore," the government said. No sick passengers/crew will be allowed to board the ship by shipping agent/master of vessel, it added. "If any passengers/crew show symptoms of the disease, disembarking of such passengers/crew will not be permitted. The passenger will be quarantined on the ship. "Samples of the patient will be collected and sent to designated hospital/lab for testing. If sample is tested positive, the passenger will be taken to the isolation facility attached to the Port and the ship will be asked to move out," the government said. If the sample is negative, the passengers and crew will be allowed to disembark. A declaration to follow this procedure will be taken from all ships before they are allowed to enter the port, it added. Further, it stressed that cruise ships need to take special measures to prevent coronavirus-affected patients to board the ships in the first place. This includes automatically denying boarding to cruise guests who have travelled through China, Hong Kong, Iran, South Korea and Italy and other affected countries in the past 14 days. It also stressed on mandatory screenings of persons with influenza-like illnesses at boarding port terminals and said all guests onboard have to fill out self-declaration health forms. It also underlined the need for regular sanitisation of ships. India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). The government last month had directed all 12 major ports to immediately put in place screening, detection and quarantine system for disembarking seafarers and cruise passengers as a preventive measure against the coronavirus outbreak. The Ministry of Shipping had issued necessary directions to the 12 major ports to "place a screening, detection and quarantine system immediately for disembarking Seafarers or Cruise Passengers". Directions had also been issued to ports to procure N-95 masks as well as thermal scanners to screen passengers, besides obtaining self-declaration from arriving crews/passengers. India has reported 60 coronavirus cases so far. NAM ABM

India prohibits entry of cruise ships with travel history to coronavirus-hit nations till Mar 31

New Delhi, Apr 19 () To ensure smooth cargo operations at India's ports amid the coronavirus pandemic, the shipping ministry has sought the commerce ministry's intervention for issuing advisory for recognition of electronic trading documents instead of "manual trade documentation" still required by many departments and financial institutions. Citing bottlenecks caused in handling EXIM cargo on account of the current manual process, it sought the commerce ministry's intervention for issuing advisory to departments, including customs, and the Indian Banks Association for accepting 'electronically generated trade documentation'. India has 12 major ports -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) that handled nearly 705 million tonnes (MT) cargo in 2019-20. Citing challenges faced in handling of EXIM cargo, Shipping Secretary Gopal Krishna in a letter to Commerce Secretary Anup Wadhawan said the inability of service providers such as courier agencies, general lockdown restrictions and the requirement of social distancing are causing severe impediment in issuance, delivery and despatch of physical format based trade documentation, which is directly impacting the release of import containers and cargo. Stating that the current manual process that requires surrender of original bill of lading (BL) at the shipping lines office, collection of paper invoice and payment by cash and collection of paper delivery order issued by then shipping line add up to 11.5 hours of person-to-person contact on an average, Krishna said it not only creates a high level of risk with the contagious nature of COVID-19 but results in considerable delays in release of cargo. Considering the present circumstances on account of COVID-19, the Indian Ports Association (IPA) under the aegis of the Ministry of Shipping has taken steps towards digitising some of trade related process through implementation of Port Community System (PCS), the letter said. PCS was launched in December 2018 and has managed to digitise the major part in port related activities including e-invoice, e-payment and and electronic delivery order (e-DO). Bill of lading (BL), a critical component, however is still missing and trade bodies under the umbrella of the Federation of Indian Logistics Association (FILA) have supported the IPA initiative of eBL and identified providers like CargoX, the letter mentions. "I would request you to consider issuing suitable guidelines and advisory consistent with international conventions on the subject to Departments as well as to Indian Bank Association for banks in India by accepting 'electronically generated trade documentation'. "Also, the 'stakeholders of the trade industry' such as carriers, exporters and importers can also be issued mandate to adopt and use such platforms for 'electronically generated trade documentation' including Bill of Lading (document of title) across stakeholders and across nations," the shipping secretary said. "Such a measure shall help ease the economic and humanitarian challenges and also encourage continuity of trade and also enable trade revival in future. This will also support the Ministry of Shipping and Ministry of Commerce in their efforts to ensure smooth flow of Export Import trade and release of import containers/cargo at various ports in India. Should the stakeholder or financial institutions or Departments require any support or assistance, they can reach out to Ministry of Shipping or the IPA," he added. The ministry also requested considering CargoX, a public block chain platform that provides the eBL solution and added that other solution providers of eBL like Tradelens, Wave, Bolero etc are explored for maritime EXIM cargo. The number of vessels handled by ports during 2019-20 was around 20,837, whereas during 2018-19, number of vessels handled was 20,853. The vessel traffic declined slightly by 0.08 per cent in comparison to last year. The major ports handle about 60 per cent of the country's total cargo traffic. NAM NAM ABMABM

COVID-19: Shipping Min seeks govt intervention for recognition of electronic trade documents

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

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Gujarat's annual budget for the next financial year has a surplus of ₹588 crore

IANS

India prohibits entry of cruise ships with travel history to coronavirus-hit nations till Mar 31

PTI

COVID-19: Shipping Min seeks govt intervention for recognition of electronic trade documents

PTI

Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

Sriram Iyer

Full transcript of PM Narendra Modi's TV interview

BI India Bureau