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The Asian Development Bank (<keyword id="20326540" type="General" weightage="20" keywordseo="ADB" source="keywords">ADB</keyword>) has approved a loan of USD 240.5 million to finance <keyword id="20294641" type="General" weightage="20" keywordseo="rooftop-solar-systems" source="keywords">rooftop solar systems</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, aiding the government's efforts to expand <keyword id="21339373" type="General" weightage="20" keywordseo="energy-access" source="keywords">energy access</keyword> through <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>. The ADB announced on Wednesday that this financing will support tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, initially approved by ADB in 2016. In 2023, the program was restructured to focus specifically on deploying residential solar rooftop systems. "India aims to achieve about 50 per cent of cumulative electric power installed capacity from non-fossil fuel energy sources by 2030 in line with its global commitments to reduce carbon emissions. ADB's financing supports these goals and will contribute to the Prime Minister's Surya Ghar program, which encourages people to install rooftop solar systems across the country," said ADB Principal Energy Specialist Kaoru Ogino. The approved financing will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (<keyword id="19911205" type="General" weightage="20" keywordseo="NABARD" source="keywords">NABARD</keyword>). These institutions will provide loans to developers and end-users throughout India for the installation of rooftop solar systems. Specifically, ADB will provide SBI with USD 90.5 million from its Clean Technology Fund (CTF), while NABARD will receive USD 150 million--comprising USD 80 million from ADB's ordinary capital resources and USD 70 million from the CTF. ADB stated that the installation of rooftop solar systems offers significant benefits to the overall power distribution system. It can reduce the technical and operational burden by generating electricity close to where it is consumed, thereby decreasing the need for long-distance power supply and the associated system losses. This proximity to the point of consumption enhances the efficiency of power distribution and provides a degree of energy independence, minimizing power supply disruptions. Moreover, the implementation of rooftop solar systems aligns with India's broader energy and environmental goals. By increasing the share of renewable energy in the country's energy mix, India can reduce its reliance on fossil fuels, thereby cutting greenhouse gas emissions and advancing towards its climate commitments. ADB highlighted that the deployment of these systems also supports the Prime Minister's Surya Ghar program, which is designed to encourage widespread adoption of rooftop solar installations, contributing to a more sustainable and resilient energy infrastructure across the country. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m35-5g-with-6000mah-battery-launched-in-india-starting-at-16999/slidelist/111806447.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/samsung-galaxy-m35-5g-with-6000mah-battery-launched-in-india-starting-at-16999/slidelist/111806447.cms" target="_blank">Samsung Galaxy M35 5G with 6,000mAh battery launched in India starting at ₹19,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms" target="_blank">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-added-3-45-million-subscribers-in-may-2024-while-vi-lost-nearly-a-million/articleshow/111800758.cms" target="_blank">Reliance Jio and Airtel added 3.45 million subscribers in May 2024, while Vi lost nearly a million</a>

ADB approves $240.5 million loan for rooftop solar systems in India

Government-owned National Bank for Agriculture and Rural Development (<keyword id="6360385" type="UNKNOWN" weightage="20" keywordseo="nabard">NABARD</keyword>), the second largest lender to <keyword id="3646337" type="PERSON" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword> Limited (RCF) with over Rs 1,100 crore of secured loan exposure, has given a clean chit to RCF and has removed its red flag. NABARD is a part of the consortium of lenders and is signatory to an inter creditor agreement (ICA) executed between the lenders of RCF under the June 7, 2019 circular of RBI on resolution of stressed assets. NABARD had classified the account of RCF as red flag on February 25, 2020. Thereafter lenders conducted a detailed forensic audit by Grant Thornton (GT). At a meeting of the consortium of lenders led by Bank of Baroda held on September 25, NABARD informed the consortium of lenders that having examined the GT forensic report, it found no element of fraud and has therefore removed the red flag. Earlier, the Delhi High Court on August 14 had stayed a move by Bank of Baroda, the leader of the consortium of banks, to classify the accounts as fraud, restraining it from taking any other coercive action till the next hearing. Similar action of Punjab National Bank was also stayed by the Delhi High Court on August 11.

NABARD removes the red flag from Reliance Commercial Finance

<ul><li>Reliance Capital board took note of views from legal experts and other auditors to conclude that it did not violate any laws.</li><li>PwC quit as company’s statutory auditor alleging that it wasn’t allowed to work independently.</li><li>In June, yet another group company Reliance Infrastructure’s auditor too said that it did not receive enough evidence to complete its audit. </li></ul> Almost two months after PriceWaterhouseCoopers (PwC) quit as the auditor of Reliance Capital, the company’s Board of Directors gave a clean chit to the management. In a special review meeting, the board of Reliance Capital took note of views from legal experts and other joint auditors to arrive at the conclusion that it did not violate any laws, as <a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">alleged by PwC</a>. Reliance Capital’s share price closed the day 2% lower and the board decision was announced after market close. The stock has lost nearly half its value since PwC quit as the auditor nearly two months ago. It’s down over 47% since that day. “The Board also noted that PWC had duly audited the accounts for the financial year 2017 – 2018, as also limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns,” Reliance Capital said in a media release. On June 11, PwC shot off a letter quitting as the statutory auditor of the company alleging that the company disallowed it from making an independent judgment in its report. “The PWC letter is devoid of any rationale or basis and is invalid,” RCap said. In its letter, PwC said, “RCap impaired its independence and hence it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign.” The dispute started when PwC noted some observations and transactions, which according to its auditor, had to resolved satisfactorily. If not done so, it would be “significant or material” to the financial statements. When it questioned the company, PwC did not receive satisfactory response to its queries. “PWC had chosen not to attend the audit committee meeting on June 12, 2019 despite being invited to do so. It abruptly resigned at the unearthly hour of 4.32 am on June 11,” RCap said in today’s statement. However, PwC is not the only company which had found discrepancies in with the highly indebted Anil Dhirubhai Group. In the very same month of PwC’s exit, Reliance Infrastructure’s auditor said that they did not receive enough evidence to complete the audit. Pathak H D&amp; Associates could not find any ‘evidence’ of Rs 8,858 crore which were listed as receivables and inter-corporate deposits like interests and advances. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job</a> <a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms">Anil Ambani company Reliance Infra's auditors reveal all, say there is missing money on balance sheet</a>

Anil Ambani’s Reliance Capital gets a clean chit from the Board on audit violations

<ul><li>Reliance Marine was today admitted for insolvency proceedings. </li><li>Reliance Marine is a subsidiary of Reliance Naval which itself is on the verge of bankruptcy. </li><li>It is the second company of Anil Dhirubhai Ambani Group (ADAG) after Reliance Communications to head to bankruptcy. </li></ul> This could be the worst year of 60-year-old <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s life. Within two months of Reliance Communications heading to bankruptcy, yet another company Reliance Marine was today admitted for insolvency proceedings, as per<a href="https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/reliance-marine-to-face-insolvency-proceedings/articleshow/70782215.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral"> an ET report</a>. The group’s telecom venture, Reliance Communications <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-heads-to-bankruptcy-court/articleshow/69122711.cms?from=mdr">went bankrupt </a>in May with massive unpaid dues of around ₹46,000 crore. Reliance Marine and Offshore is a subsidiary of Reliance Naval, whose shares are trading at a mere ₹1.22. The debt of Reliance Naval is a 100 times that of the company’s market value of ₹90 crore today (August 22). Ballooning debt Reliance Naval’s subsidiary Reliance Marine has debt of around ₹1,000 crore and the lenders include government firms like NBFC and IFCI, who filed the bankruptcy petition as early as 2017, which has been accepted today. A company spokesperson has not responded to Business Insider’s queries on the development. Anil Ambani had bought over Pipavav Defence, a struggling company in 2015 and renamed it Reliance Naval, hoping to bag defence engineering contracts from the government. And he did. The company had contracts worth ₹2,500 crore from the Indian Navy, but as the deadline was overshot by 4 years, it decided to encash the bank guarantees that RNaval gave. Crisis of confidence A second group company going bankrupt will add to crisis of confidence in connection with Anil Ambani. Auditors have been pointing out discrepancies in the financials of his companies, or even quitting his companies. In June, PriceWaterHouseCoopers has quit as the auditing firm of Reliance Capital and Reliance Home Finance saying that it “<a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">impaired its</a> independence”. Recently, Reliance Capital’s board gave a <a href="https://www.businessinsider.in/business/reliance-capital-share-price-as-its-board-clears-it-of-pwcs-charges/articleshow/70588987.cms">clean chit to </a>the management over the allegations. Added to that, yet another of its company Reliance Infrastructure’s auditors Pathak HD&amp; Associates who pointed out that there was money missing from<a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms"> their balance sheet</a>, and that the audit was hence incomplete. Lack of confidence has hurt <a href="https://www.business-standard.com/article/markets/adag-stocks-tumble-after-rpower-posts-loss-in-q4-rinfra-defers-result-119061000163_1.html">the share prices </a>of all the group companies, and in turn, the small investors who hold the stock. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a>

Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Tariff wars started in the telecom sector when <keyword id="1543410" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio-Infocomm">Reliance Jio Infocomm</keyword> launched free calls and dirt cheap data plans and since then there has been a tug of war happening between the top incumbent carriers. Now, to maintain its lead and win this fight, <keyword id="6354287" type="CITY" weightage="20" keywordseo="Bharti-Airtel">Bharti Airtel</keyword> is going to unleash aggressive 4G bundled offers. 
 Despite being the leading operator, Bharti <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword> is struggling to revive its slowing data revenue growth and boost penetration amid rising competitive intensity. 
 "It's difficult to compete with a free services offer and we expect <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword>'s full-fledged price launch to happen sometime in December, but we too will come up with aggressive 4G bundled packs to take them on shortly," Gopal Vittal, MD Airtel, told ET. 
 As per reports, <keyword id="6354504" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio">Reliance Jio</keyword>’s free service offer had put an element of softness in Airtel’s data revenue growth, adding that he expected the new 4G rival to grab 40 million customers by December-end. Bharti Airtel's data realisation dipped 10% sequentially in the September quarter. Year-on-year data revenue growth of nearly 24% in the quarter was its slowest so far. 
 
A 5% on year fall in net profit in September quarter was reported 
 Meawhile, Airtel also plans on approaching the <keyword id="6356988" type="PERSON" weightage="20" keywordseo="TRAI">TRAI</keyword> to clear all the confusion regarding Point of Interconnections (PoIs). The company claims to have provided more PoIs than any other teleco. 
 Vittal said that that confusion at the Trai’s end over the issue of providing PoIs to <keyword id="1699939" type="UNKNOWN" weightage="20" keywordseo="Jio-Infocomm">Jio Infocomm</keyword>. 
 
"Airtel's PoI augmentation for Jio has been nothing short of staggering as the number of E1s (interconnect points) provided to the company within a mere five weeks is 2.5 times the levels offered to any other operator in India. Airtel, he said, would shortly go back to Trai and telecom department to clear up any confusion on the PoI issue, adding that the company is confident that they will take "an objective view" on the matter,” Vittal told ET. 
 Trai had recommended a combined penalty of Rs 3,050 crore on Bharti Airtel, Vodafone India and <keyword id="6354924" type="PERSON" weightage="20" keywordseo="Idea-Cellular">Idea Cellular</keyword> as a fine for not providing enough PoIs to Jio Infocomm. 
 
Trai, however, recently gave Jio a clean chit and said its tariff plans including free voice for life is permissible and compliant with rules.

Battle is on with Reliance Jio; Airtel to unleash aggressive 4G offers

New Delhi, Jan 12 () Quarterly earnings, inflation data and the much-awaited US-China trade deal signing would drive the equity markets this week, according to analysts.
 "Market wants to look forward where Q3 earnings and pre-Budget movement will be the theme of this week. In terms of earnings, Wipro, IndusInd Bank, Reliance Industries, HCL Technologies and HDFC Bank will be key companies that will post their Q3 results this week," said Santosh Meena, Senior Research Analyst, TradingBells.
 He added that Infosys shares may react positively on Monday after the company's audit committee gave a clean chit to the management on allegations of misconduct.
 Infosys on Friday said the board's audit committee has completed the independent probe into the anonymous whistleblower allegations and found "no evidence" of financial impropriety or executive misconduct.
 The IT services major reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter. The earnings were announced after market hours on Friday.
 "Markets will first react to IT major Infosys results in the early trade on Monday. Meanwhile, volatility would remain high on the stock-specific front due to prevailing earnings season and global uncertainty," said Ajit Mishra, VP - Research, Religare Broking Ltd.
 Among macroeconomic data announcements, retail and WPI inflation numbers will be released on Monday and Tuesday, respectively.
 On the global front, with US-Iran tensions cooling off, focus will largely shift to the upcoming US-China trade deal signing.
 Kotak Mahindra Asset Management Company, Senior VP and Head of Equity Research, Shibani Kurian said, "From here on, the equity markets would focus on the upcoming Union Budget and also RBI policy at the start of February. Markets would also take cues from the Q3 FY20 earnings season with key focus being on management commentary on business outlook."
 Markets would on Monday may also react to industrial production data which was announced post market hours on Friday.
 The country's industrial output grew 1.8 per cent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.
 "Markets are heading for testing times given that the result season has set in and Budget parleys too will have to be digested in weeks to come. Volatility is expected to increase, although prices are not expected to move much till Budget. However, sector specific rallies are likely to continue," Jimeet Modi, Founder &amp; CEO, SAMCO Securities &amp; StockNote said.
 During the last week, the Sensex advanced 135.11 points or 0.32 per cent. SUM ABM
ABM

Markets to eye earnings report card, inflation, global events this week: Analysts

<ul><li>India's Supreme Court will consider fresh evidence to be produced by petitioners.</li><li>Judges turn down the incumbent government's appeal against the sourcing of the evidence.</li><li>Government had contended that the new evidence may not be admissible because the documents were 'privileged'.</li></ul> India's most recent corruption scandal involving the Narendra Modi government's agreement to purchase 36 Rafale fighter jets from French company Dassault has seen a fresh twist. The country's top court will consider fresh evidence brought in by the petitioners against the government. The government's appeal that the documents to be presented were 'privileged', and crucial to national security, and, therefore, inadmissible as evidence, has been unanimously turned down by the bench of judges, including the <keyword id="45053" type="POSITION" weightage="20" keywordseo="Chief-Justice-of-India">Chief Justice of India</keyword>. A Indian daily alleged, <a href="https://www.thehindu.com/news/national/rafale-modi-govt-gave-unprecedented-waivers-in-offset-agreements/article26775545.ece" data-type="tilCustomLink" target="_blank">citing classified documents</a>, that the Modi administration gave unprecedented waivers to the French company escalating the cost of the deal. The series of reports were taken up by the petitioners in the case for seeking a review of the earlier judgement that was initially ruled in favour of the government. So far, even the federal auditor, the Comptroller and Auditor General of India, had also given the government a clean chit in the <keyword id="921384" type="PERSON" weightage="20" keywordseo="Rafale-deal">Rafale deal</keyword>. The latest Supreme Court order to consider the fresh evidence has come a day before polling begins in the 2019 general elections where Prime Minister Narendra Modi is seeking a second term. His rivals are likely to turn up the heat on the Bharatiya Janata Party (BJP) on the eve of the polling to tilt the scales in their favour. The Rafale deal In April 2015, the Indian government announced that it will buy 36 Rafale fighter jets off-the-shelf, scaling back from an earlier agreement, struck by the previous government, to buy a total of 126 jets, of which 18 would be off-the-shelf. Rivals have accused the Modi government of reworking the deal at higher cost to the taxpayer, of about ₹58,000 crore, and adding clauses that would benefit a friendly industrialist, Anil Ambani, whose company Reliance Defence had been picked as Dassault's Indian partner. SEE ALSO: <a href="https://www.businessinsider.in/cag-report-on-rafale-deal-tabled-in-parliament-says-jets-cheaper-under-modi-government-than-upa/articleshow/67970948.cms" data-type="tilCustomLink" target="_blank">CAG report on Rafale deal is a blessing for Modi government</a> <a href="https://www.businessinsider.in/Seven-shocking-details-about-how-India-buys-arms/Chinook-Heavy-Lift/slideshow/67982017.cms" data-type="tilCustomLink" target="_blank">Seven shocking truths about how India buys arms</a>

Rafale fighter jets case: India's Supreme Court will consider fresh evidence against Narendra Modi government

<ul><li>India's Supreme Court will consider fresh evidence to be produced by petitioners in the <keyword id="921384" type="PERSON" weightage="20" keywordseo="Rafale-deal">Rafale deal</keyword>.</li><li>Judges turn down the incumbent government's appeal against the sourcing of the evidence.</li><li>The Government had contended that the new evidence may not be admissible because they were 'privileged' documents. </li></ul>A nearly 40-year old verdict from the Supreme Court of US, in the Pentagon papers leak that unraveled America's involvement in the Vietnam war, has become the basis of the latest court verdict in an alleged corruption case against the Indian government. The country's most recent scandal involving the Narendra Modi's agreement to purchase 36 Rafale fighter jets from French company Dassault has seen a fresh twist. The country's top court will consider fresh evidence brought in by the petitioners against the government. The government's appeal that the documents to be presented were 'privileged', <a href="https://timesofindia.indiatimes.com/india/rafale-documents-not-stolen-petitioners-used-photocopies-attorney-general/articleshow/68322747.cms" data-type="tilCustomLink" target="_blank">deemed secret by the government</a>, and, therefore, inadmissible as evidence, has been unanimously turned down by the bench of judges, including the Chief Justice of India. A Indian daily alleged, <a href="https://www.thehindu.com/news/national/rafale-modi-govt-gave-unprecedented-waivers-in-offset-agreements/article26775545.ece" data-type="tilCustomLink" target="_blank">citing classified documents</a>, that the Modi administration gave unprecedented waivers to the French company escalating the cost to the exchequer. The series of reports were taken up by the petitioners in the case for seeking a review of the earlier judgement that did not find any reason to doubt the government's decision. The Modi government's Attorney General, KK Venugopal, contended that the sourcing of these documents by the newspaper, The Hindu, was a breach of the <keyword id="167751" type="PERSON" weightage="20" keywordseo="Official-Secrets-Act">Official Secrets Act</keyword>. However, that has now been turned down by the Indian Supreme Court. However, the petitioners cited the US Supreme Court verdict on the Pentagon papers leak to say that once documents are published, the government can no longer claim privilege. In 1971, the New York Times had published <a href="https://www.nytimes.com/2017/12/20/us/pentagon-papers-post.html" data-type="tilCustomLink">leaked papers from the Pentagon</a>, the headquarters of the US Department of Defense, that uncovered America's secret involvement in the Vietnam war. Following the leaks, the then US government had tried to book the whistleblower Daniel Ellsberg for conspiracy, espionage, and theft of government property and endangering national security. The charges against Ellsberg were later dropped. The Rafale deal In April 2015, the Indian government announced that it will buy 36 Rafale fighter jets off-the-shelf, scaling back from an earlier agreement, struck by the previous government, to buy a total of 126 jets, of which 18 would be off-the-shelf. Rivals have accused the Modi government of reworking the deal at higher cost to the taxpayer, of about ₹58,000 crore, and adding clauses that would benefit a friendly industrialist, Anil Ambani, whose company Reliance Defence had been picked as Dassault's Indian partner. To be clear, while questions have been raised against the Rafale deal, so far nothing has been proven beyond doubt. Even the federal auditor, the Comptroller and Auditor General of India, had given the government a clean chit. The latest Supreme Court order to consider the fresh evidence has come a day before polling begins in the 2019 general elections where Prime Minister Narendra Modi is seeking a second term. His rivals are likely to turn up the heat on the ruling coalition led by the Bharatiya Janata Party (BJP) on the eve of the polling to tilt the scales in their favour. SEE ALSO: <a href="https://www.businessinsider.in/cag-report-on-rafale-deal-tabled-in-parliament-says-jets-cheaper-under-modi-government-than-upa/articleshow/67970948.cms" data-type="tilCustomLink" target="_blank">CAG report on Rafale deal is a blessing for Modi government</a> <a href="https://www.businessinsider.in/Seven-shocking-details-about-how-India-buys-arms/Chinook-Heavy-Lift/slideshow/67982017.cms" data-type="tilCustomLink" target="_blank">Seven shocking truths about how India buys arms</a>

The US verdict on Pentagon papers leak has put India's Narendra Modi government in a spot

<ul><li>India’s President’s address was full of praises for <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword>. </li><li>However, some of the accolades may be exaggerated or not in sync with facts.</li></ul>Ram Nath Kovind, India’s President for eighteen months, took the lead to give the country’s Parliament a report card on behalf of the four-and-a-half year old Narendra Modi government. Kicking off the <keyword id="105431" type="ORGANIZATION" weightage="20" keywordseo="budget-session">budget session</keyword> of Parliament, Kovind, in a speech that lasted over an hour, gave a glowing tribute to the incumbent government that will be seek re-election in less than 100 days from now. The following are some of the highlights of Kovind’s laudatory speech, each followed by facts that may question the President’s conviction about the Modi government’s performance. 1. “Compromising with security needs is not in interest of present &amp; future of country. New deals in last year, purchase of defence equipment raised morale of defence. After decades, Indian Air Force will use ultramodern Rafale aircraft in coming months &amp; strengthen itself.” The government auditor – the Comptroller and Auditor General of India – is yet to <a href="https://www.news18.com/news/india/only-3-copies-of-cags-rafale-report-likely-to-reveal-pricing-details-parliament-may-get-redacted-version-2018409.html" data-type="tilCustomLink" target="_blank">submit</a> its report on the government’s deal to purchase 36 Rafale aircraft for an undisclosed sum of money. Giving a clean chit to the government on the <a href="https://economictimes.indiatimes.com/news/defence/all-you-need-to-know-about-the-rafale-deal-controversy/jet-set-go/slideshow/65079741.cms" data-type="tilCustomLink" target="_blank">alleged irregularities</a> may be premature. 2. “Youth are the greatest strength of our nation. India has the largest number of young people in the world, and the policy decisions of my Government have been inspired by the aspirations and dreams of young Indians of 21st century.” The President said this on the day a report revealed that employment in the Indian economy was at its <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">worst</a> in 45 years, a labour survey that the government has not made public yet. 3. “GST has benefited businesses by bringing in more honesty and transparency." In December 2018, the All India Manufacturers’ Organisation (AIMO), <a href="https://www.businessinsider.in/indias-micro-and-small-enterprises-saw-a-whopping-32-drop-in-jobs-in-the-last-4-years-survey/articleshow/67123219.cms" data-type="tilCustomLink" target="_blank">said</a> small businesses across the country lost over 3.5 million job losses since 2014. The job losses were attributed to a 70% drop in operational profits in the MSME sector since 2014, according to K E Raghunathan, president of AIMO. 4. “By decreasing the burden of income tax and keeping the rate of inflation under control, the government has created new opportunities for expanding the savings of the middle class.” Despite the government’s best intentions, the “current (consumer) sentiment on the general economic situation dipped further into the pessimistic zone” – this is the finding from a consumer confidence <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729"></a><a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=18729" data-type="tilCustomLink" target="_blank">survey</a> conducted in six Indian cities by the Reserve Bank of India. In fact, the consumer confidence is at its lowest it has been since Modi government took charge. Indeed inflation has been low for much of the current government’s tenure, jobs have been scarce and income growth very tepid, making middle class consumers penny wise. 5. “Demonetisation was a defining moment in the govt’s war on corruption and black money. This decision struck at the very root of the parallel economy thriving on black money; and the money outside the formal system was brought within the ambit of nation’s economy.” One of the defining steps against black money taken by the Modi government, by its <a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/"></a><a href="https://www.financialexpress.com/economy/modi-says-demonetisation-forced-nirav-modi-vijay-mallya-to-flee-curbed-black-money/1431229/" data-type="tilCustomLink" target="_blank">own admission</a>, was demonetisation. However, contrary to the hope that a big chunk of unaccounted cash stashed away will be left worthless, nearly all the <a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/finance/after-almost-two-years-of-counting-rbi-says-99-3-of-demonetised-notes-returned/articleshow/65589904.cms" data-type="tilCustomLink" target="_blank">banned notes</a> have returned to the system. What came to a grinding halt was the <a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms"></a><a href="https://economictimes.indiatimes.com/news/economy/policy/demonetisation-hit-growth-by-2-percentage-points-us-study/articleshow/67154320.cms" data-type="tilCustomLink" target="_blank">Indian economy</a> leading to job losses. 6. “Government has approved ₹25,500 crores for ‘Namami Gange Mission’. By stopping the flow from dozens of big drains into the river, by stopping the industrial waste, and by setting up sewer treatment plants, my government has shown proactiveness to clean up Ganga.” Indeed the money has been allotted and a lot has been spent, but is it working? India’s waterman <a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms"></a><a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms" data-type="tilCustomLink" target="_blank">Rajendra Singh</a> believes that a clean Ganga may still be a distant dream. 7. "Government's digital plan is helping rural India." Once again, one of the stated goals of demonetisation was to make India a cashless society and push people towards digital payments. It seemed to work in the initial days of the cash crunch, but soon after, people were back to using cash, and in fact, it is <a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html"></a><a href="https://www.livemint.com/Money/Oxohtwl6CBCWjnfjdbHCEL/Cash-transactions-up-after-demonetisation-but-Indias-ATM-ne.html" data-type="tilCustomLink" target="_blank">now more than before</a> demonetisation. 8. “In 2014, only 59 village panchayats in the country had digital connectivity. Today, 1 lakh 16 thousand village panchayats are connected with optical fibre and about 40 thousand village panchayats have been provided with wi-fi hotspots.” The other big pillar of the Digital India dream is to allow millions of Indian villagers access to internet through a broadband network that spans the length and breadth of the country. The network has been laid for the first phase covering one lakh villages, but only 10% of the network is getting utilised. This has <a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html"></a><a href="https://www.deccanchronicle.com/business/in-other-news/220119/rs-42000-crore-bharatnet-projects-face-delay-cost-overrun.html" data-type="tilCustomLink" target="_blank">reportedly</a> led to the department of telecom warning the two implementing agencies, as recently as last week. India is ranked 91st among 139 countries on the Networked Readiness Index 2016, according to the <a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/"></a><a href="http://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/" data-type="tilCustomLink" target="_blank">World Economic Forum (WEF)</a>). 9. “By enacting RERA law, my govt has ensured that construction of houses is completed and they are handed over to the buyers as scheduled. After enactment of this law, about 35,000 real estate projects have been registered where lakhs of houses are being constructed.” The Real Estate Regulation Act is a potential game changer for India’s tainted real estate industry, infamous as a haven for ill-gotten wealth, but the reform measure has made little progress since it was rolled out in May 2017. “States have notified the act but, unfortunately, the structures of the RERA machinery in most of the states have not been put in place,” Samantak Das told the <a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms"></a><a href="https://economictimes.indiatimes.com/wealth/real-estate/poor-implementation-of-rera-across-states-poses-a-challenge-to-home-buyers/articleshow/66375451.cms" data-type="tilCustomLink" target="_blank">IANS</a> in October 2018, adding that, “"After constituting a model act at the central level, the Union government has a role to look at whether the states are adhering to the central legislation and implementing it in true letter and spirit.” 10. “Be it cities or villages, the government is working at a fast pace to strengthen healthcare related infrastructure.” The government last year set a target of raising annual health spending to 2.5% of India’s gross domestic product (GDP) by 2025, from 1.15% now-- which is one of the lowest proportions in the world. Nepal (2.3%) and Sri Lanka (2%) spend more on healthcare than the government in India does. 11. “Thirty four crore bank accounts have been opened in the country because of ‘Jan Dhan Yojana’ and almost every family is now connected to the banking system. Today, Rs 88,000 crore deposited in Jan Dhan accounts is a testimony to the changing saving habits.” While it is true that the government pushed millions of Indians to have a bank account for the first time in their lives, it is still not a universal phenomenon. According to an August 2018 report from NABARD, nearly 190 million people still do not have access to a bank. Only “49% households reported that at least one of their members had saved any money in an institution (banks, post office etc.),” according to the report. 12. "Our daughters are making remarkable contribution in every field today and have brought laurels to the country. It is for the first time since independence that the policies &amp; programmes of the Govt have created numerous new opportunities for enterprise for women" It is true that there are more conversations about ending the discrimination against women today than ever before, but it is a global phenomenon too. However, presidential speeches have little impact unless it is forced into practice, particularly among public personalities like members of Parliament. In India’s political sphere, there is more sexism than oxygen in the air. Most recently the newly-appointed Congress general secretary <a href="https://www.indiatoday.in/elections/story/pretty-face-no-other-talent-bihar-minister-s-sexist-remark-about-priyanka-gandhi-1438935-2019-01-25" data-type="tilCustomLink" target="_blank">Priyanka Gandhi </a>was at the receiving end of jibes that called her ‘chocolate face’ and ‘Surpanakha’ (a demon from Hindu mythology). But is not BJP’s forte <a href="https://www.timesnownews.com/india/article/bjp-up-chiefs-sexist-joke-on-mayawati-akhilesh-and-mulayam-over-1995-guest-house-incident-raises-a-storm/355537" data-type="tilCustomLink" target="_blank">alone.</a> It’s something that unites the country’s <a href="https://www.newsbytesapp.com/timeline/Politics/39755/176209/congress-and-bjp-can-t-be-absolved-of-sexist-remarks" data-type="tilCustomLink">political class</a> more than anything else. Meanwhile, in India’s booming private sector, 40% of <a href="https://www.businessinsider.in/a-whopping-40-of-indias-women-engineers-dont-have-jobs-because-of-rampant-sexism-at-workplace/articleshow/67486684.cms">women engineers </a>in India do not have a job because the country’s corporate culture has a gender bias. See Also: <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">Unemployment in India is at its highest in 45 years – says an Indian daily citing an undisclosed jobs survey</a> <a href="https://www.businessinsider.in/indian-government-commits-to-increasing-public-health-spending-to-2-5-of-gdp-by-2025but-is-that-enough/articleshow/67086285.cms">Indian government commits to increasing public health spending to 2.5% of GDP by 2025—but is that enough?</a>

Here’s a fact check after Indian President's glowing tribute to the Narendra Modi government

Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> presented the Union Budg2017, his fourth annual <keyword id="6358021" type="PERSON" weightage="20" keywordseo="budget">budget</keyword>, today. The highlights of Budget 2017 are : 
 
 
Monetary policy to be expansionary in major economies 
 
More steps will be taken to benefit farmers and the weaker sections; budget being presented during weak global economy 
 Pace of remonetisation has picked up; <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> effects will not spill over to next year 
 
Functional autonomy of the railways to be maintained 
 
Demonetisation will help in transfer of resources from tax evaders to government: 
 
Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways and inland water transport 
 
Only transient impact on economy due to demonetisation; long term benefit include higher GDP growth and tax revenue 
 
GDP will be bigger, cleaner after demonetisation 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> 
 
 Effects of demonetisation not expected to spill over to the next year, says <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister 
 
 
Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation 
 
Demonetisation was a continuation of series of measures taken by govt in 2 yrs; it is bold and decisive measure 
 
We are seen as engine of global growth; IMF sees India to grow fastest in major economies 
 
36 pc increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs 
 
CAD declined from 1 pc last year to 0.3 pc in first half of current fiscal: FM 
 
 
India has emerged as bright spot in the world: FM 
 
 
Uncertainty around commodity prices especially oil to have impact on emerging economies: FM 
 
Double digit inflation has been controlled; sluggish growth replaced by high growth; war on blackmoney launched: FM 
 
We have moved from discretionary based administration to policy based administration: FM Jaitley 
 
Agricultural sector is expected to grow at 4.1 per cent this fiscal, says Jaitley 
 
Demonetisation was a bold and decisive strike in a series of measures to arrive at a new norm of bigger, cleaner and real GDP 
 
Committed to double farm income in 5 yrs 
 
Plan, non-plan classification of expenditure done away with in the Budget for 2017-18 to give a holistic picture 
 
Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 krishi vigyan kendras in the country 
 
Budget presentation advanced to help begin implementation of schemes before onset of monsoon 
 
We will continue the process of economic reform for the benfit of poor 
 
Spend more in rural areas, infra, poverty alleviation, while maintaining fiscal prudence as guiding principle of Budget 
 
Our agenda for next year is to transform, energise and clean India 
 <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> expects GDP growth rate at 7.6 pc in FY18 and 7.8 pc in FY19 
 
Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation 
 
Rs 9,000 cr higher allocation for payment of sugarcane arrears 
 
Target of agriculture credit fixed at Rs 10 lakh cr in 2017-18 
 
Tax administration honouring the honest is one of the 10 pillars of Budget 2017-18 
 
National Testing agency to conduct all examinations in higher education, freeing CBSE and other agencies 
 
133-km road per day constructred under Pradhan Mantri Gram Sadak Yojana as against 73-km in 2011-14 
 
Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore 
 
1 cr households to be brought out of poverty under Antodya Scheme 
 
Participation of women in MNREGA increased to 55 pc from 45 pc in past 
 
Modern law on contract farming will be drafted and circulated to states 
 
Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore 
 
Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act 
 
Space technology to be used for monitoring MNREGA implementation 
Sanitation coverage in villages has increased from 42 pc in Oct 2016 to 60 pc, a rise of 18 pc, says FM 
 
We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations 
 
To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 cr to Rs 23,000 cr 
 
100 pc electrification of villages to be completed by May 2018 
 
27,000 cr on to be spend on PMGSY; 1 cr houses to be completed by 2017-18 for houseless 
 
PM Kaushal Kendras will be extended to 600 districts; 100 international skill centres to be opened to help people get jobs abroad 
 
The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore 
 
In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions 
 
A system of annual learning outcome in schools to be introduced; innovation fund for secondary education to be set up 
 
Two new AIIMS to be set up Jharkhand and Gujarat 
 
New rules regarding medical devices will be devised to reduce their cost 
 
1.5 lakh health sub centres to be converted to Health Wellness Centres 
 
National Housing Bank will refinance indiviual loans worth Rs 20,000 crore in 2017-18 
 
Rs 500 cr allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh cr to Rs 1.84 lakh cr for women &amp; child welfare. 
 
Capital and development expenditure pegged at Rs 1.31 lakh cr for railways in 2017-18 from Budget 
 
Allocation for SCs increased from Rs 38,833 cr to Rs 52,393 cr, a rise of 35 per cent 
 
35 pc increase in allocation for SC to Rs 52,393 cr 
 
For senior citizens, Aadhaar based health cards will be issued 
 
Model Shops and Establishment Bill to open up additional opportunities for employment of women 
 
Select airports in tier-II cities to be taken up for operations, development on PPP mode 
 
New metro rail policy to be unveiled 
 
Railway tariffs to be fixed on the basis of cost, social obligation and competition 
 
Service charge on e-tickets booked through IRCTC will be withdrawn 
 
Delhi and Jaipur to have solid waste management plants and five more to be set up later 
 
Government proposes Coach Mitra facility to redress grievances related to rail coaches 
 
500 stations will be differently abled by providing lifts and escalators 
 
Unmanned railway level crossings to be eliminated by 2020 
 
Railway line of 3,500 km will be commissioned in 2017-18 as against 2,800 km in 2016-17 
 
Total allocation for rural, agri and allied sectors for 2017-18 is a record Rs 1,87,223 cr, up 24 per cent from last year 
 
Rs 1 lakh cr corpus for railway safety fund over five years 
 
A scheme for senior citizens to ensure 8 per cent guaranteed returns 
 
Dedicated micro-irrigation fund to be set up by NABARD to achieve mission of Per Drop, More Crop 
 
Digi Gaon will be launched to promote tele-medicine and education 
 
Crude oil strategic reserves to be set up in Odisha and Rajasthan apart from 3 already constructed 
 
Coverage of Fasal Bima Yojana to go up from 30 pc of cropped area to 40 pc in 2017-18 and 50 per cent next year 
 
For transport sector, including railways, road and shipping, government provides Rs 2.41 lakh crore 
 
Allocation of Rs 10,000 cr for Bharat Net project for providing high-speed broadband in FY18 
 
Allocation for national highways stepped up to Rs 64,000 cr from Rs 57,676 cr 
 
Budget allocation for highways stepped up to Rs 64,000 crore in FY18 from Rs 57,676 crore 
 
Dispute resolution in infrastructure projects in PPP mode will be institutionalised 
 
Rs 2,74,114 crore allocated for defence expenditure, excluding pension; This includes Rs 86,000 crore for defence capital 
 
Govt to further liberalise FDI policy 
 
Over 90 per cent of FDI proposls are now processed through automatic route 
 
FIPB will be abolished 
 
Trade Infrastructure Export Scheme to be launched in 2017-18; total allocation for infra at record Rs 3.96 lakh cr 
 
Second phase of solar power development to be taken up with an aim of generating 20,000 MW 
 
After demonetisation on Nov 8 last year, deposit of between Rs 2 lakh and Rs 80 lakh made in 1.09 cr bank accounts at an average of Rs 5.03 lakh till Dec 30 
 
More funds beyond Rs 10,000 cr for recapitalisation of banks will be provided if needed 
 
The shares of railway CPSCs like IRCTC and IRFC to be listed on various stock exchanges 
 
We are largely a tax non-compliant society 
 
New ETF with diverse stocks will be launched in 2017-18 
 
Of 76 lakh individuals who reported income of over Rs 5 lakh, 56 lakh are salaried 
 
Integrated public sector oil major to be created to match global giants 
 
Govt will amend the Multi-state Cooperative Act to protect the poor and gullible investors 
 
Urgent need to protect poor from chit fund schemes, draft bill placed in public domain 
 
Computer emergency response team to be set for cyber security of financial sector

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