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The central government and Central Public Sector Enterprises are estimated to monetise assets worth Rs 1.50 lakh crore in the current fiscal, a tad lower than the targeted of Rs 1.75 lakh crore, a senior official said. Under the <keyword id="20375177" type="General" weightage="100" keywordseo="national-monetisation-pipeline" source="keywords">National Monetisation Pipeline</keyword>, the aggregate monetisation potential of the central government's brownfield infrastructure assets has been estimated at Rs 6 lakh crore over a four-year period, from FY 2022 to FY 2025. In an interview to PTI TV, the Department of Investment and Public Asset Management (DIPAM) Secretary <keyword id="20233368" type="General" weightage="20" keywordseo="tuhin-kanta-pandey" source="keywords">Tuhin Kanta Pandey</keyword> said about Rs 1.75 lakh crore was the target for asset monetization this year and "we are going to achieve something like Rs 1.50 lakh crore through monetisation". Pandey said monetisation is going on through infrastructure investment trust (InvITs), <keyword id="20427261" type="General" weightage="20" keywordseo="toll-operate-transfer" source="keywords">Toll Operate Transfer</keyword> (TOT) in mining, road and power sector and is beginning to happen in the petroleum sector. "The <keyword id="2744401" type="General" weightage="20" keywordseo="asset-monetisation" source="Orion">asset monetisation</keyword> proceeds do not visibly appear in the Budget... to the extent NHAI does it and the receipts are with the government that is only reflected in the Budget," Pandey said in most cases the proceeds accrues to the enterprise and not to the government. Asset Monetization, based on the philosophy of Creation through Monetisation, is aimed at tapping private sector investment for new infrastructure creation. It also creates employment opportunities, thereby enabling high economic growth and integrating the rural and semi-urban areas for overall public welfare.

India's FY24 asset monetisation falls short of target at Rs 1.50 lakh crore

<keyword id="12760343" type="General" weightage="20" keywordseo="National-Highways-Infra-Trust" source="Orion">National Highways Infra Trust</keyword> (<keyword id="49448" type="General" weightage="20" keywordseo="NHAI" source="Orion">NHAI</keyword> InvIT), the infrastructure investment trust sponsored by <keyword id="83263" type="General" weightage="20" keywordseo="National-Highway-Authority-of-India" source="Orion">National Highway Authority of India</keyword> (NHAI) to support the Central government's <keyword id="11929270" type="General" weightage="20" keywordseo="National-Monetization-Pipeline" source="Orion">National Monetization Pipeline</keyword>, has raised a sum of ₹1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI. The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors. The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&amp;T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and <keyword id="5050251" type="General" weightage="80" keywordseo="star-union-daiichi-life-insurance" source="Orion">Star Union Daiichi Life Insurance</keyword>. NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15 per cent. The units were subscribed through a book build process at Rs 109 per unit, at a premium over floor price of Rs 107.12 per unit. In addition to the above, NHAI InvIT has also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise Rs 1,500 crore. The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/recession-fears-mount-as-uk-gdp-falls-0-3-in-aug/articleshow/94823828.cms">Recession fears mount as UK GDP falls 0.3% in Aug</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-now-a-spam-factory-1-in-2-indian-swamped-with-promotional-messages-report/articleshow/94815568.cms">WhatsApp now a spam factory, 1 in 2 Indian swamped with promotional messages: report</a>

NHAI InvIT raises ₹1,430 crore through follow-on issuance

<ul><li>For attaining over 6% GDP growth, a public investment led budget was needed this year. </li><li>This budget focuses on increased spending in infrastructure, which is likely to have a multiplier effect. </li><li>The budget also announced multiple forward-looking initiatives for improving the infrastructure sector. </li></ul>India intends to be a 5 trillion-dollar economy in the next few years. Infrastructure is one of the key catalysts for achieving this objective. Government of India launched the National Infrastructure Pipeline for the period FY 20–25 for supporting development of road, airport, port, urban, electricity, railways, among others. Given the importance of infrastructure sector, in budget FY21–22 Government of India announced multiple initiatives including creation of a new Development Finance Institution for extending long tenure debt financing at reasonable rates and announced potential projects for monetization through a National Monetization Pipeline besides increasing capital expenditure (Source: Budget FY2021–22). In Budget 2022–23, initiatives to further strengthen the infrastructure sector were undertaken including significant increase in infrastructure capital expenditure, new infrastructure development programmes, formation of a high-level committee for urban planning among others (Source: Budget FY2022–23). Continuing with the focus of creating world-class infrastructure, the current Budget has allocated substantial funds for capital expenditure for developing infrastructure. The Government has committed an outlay of ₹10 lakh crore during 2023-24 towards infrastructure capital expenditure compared to ₹7.5 lakh crore (BE) during 2022–23, which is a 33% year-on-year increase. The overall effective capital expenditure of the Government is estimated at ₹13.7 lakh crore for 2023–24 considering the additional grant in aid earmarked for capital asset creation for states. Given such high budgetary provisions, it is clear that infrastructure spending remains a key lever for the Government of India to enable overall GDP growth. Multiple initiatives have been declared for developing infrastructure in the current Budget including: <ul><li>₹2.4 lakh crore capital outlay for railways </li><li>₹75,000 crore (including ₹15,000 from private sector) for creating 100 critical transport infrastructure for improving first and last mile connectivity for ports, coal, steel, fertilizer and food grain sectors </li><li>50 additional airports, heliports, water aerodromes and advance landing grounds for improving regional connectivity, </li><li>100% mechanical desludging of septic tanks and sewers in all cities and towns focusing on scientific wet and dry waste management </li><li>₹79,000 crore outlay on PM Awas Yojana, 66% higher than previous year </li></ul>The budget also announced multiple forward-looking initiatives for improving the infrastructure sector. For ensuring more private sector investments in infrastructure like roads, railways, urban infrastructure and power, support will be provided by the newly established Infrastructure Finance Secretariat. Focus will be provided to transform our cities to sustainable cities by encouraging states and cities to undertake urban reforms. Cities will be incentivized to improve their creditworthiness – emphasis will be on property tax governance and ring-fencing user charges. An Urban Infrastructure Development Fund (UIDF) will be created and managed by National Housing Bank, which will enable creation of infrastructure in Tier 2 and 3 cities by supporting viability gap funding, enabling creation of more bankable projects, enhancing access to external funding, among others. Further, fifty-year interest free loans for capital expenditure within 2023-24 may be availed by the states, which will enable the states allocate funds in areas like urban planning and reforms, fiscal reforms in urban local bodies, capital expenditure (states share), among others. To complement the physical infrastructure spending, multiple initiatives for augmenting digital infrastructure have also been announced in the budget. Examples include the National Data Governance Policy which will enable innovation in areas like road sector management, urban service delivery, urban safety &amp; security management, infrastructure management, among others. Open data will also enable evidence-based policy formulation in the infrastructure sector. The three Centres of Excellence for Artificial Intelligence will enable development of solutions for creating sustainable cities. One hundred labs for developing applications using 5G services will enable creation of digital solutions in areas like intelligent transport management, urban water management, solid waste management, among others. The budget also focusses on green growth, including initiatives for greening of infrastructure. A Green Credit Programme is proposed to be notified for incentivizing undertaking environmentally sustainable activities by various stakeholders including local bodies. Galvanizing Organic Bio-Agro Resources dhan (GOBARdhan) scheme intends to create 500 new “Waste to Wealth” plants for promoting a circular economy. Investment of ₹20,700 crore including ₹8,300 crore central support has been allocated for construction of inter-state transmission system for grid integration and evacuation of 13 GW renewable energy from Ladakh. Overall, for attaining over 6% GDP growth, a public investment led budget was needed this year. This budget focuses on increased spending in infrastructure, which is likely to have a multiplier effect by increasing demand generation, creating more employment as well as enhancing the quality of life of citizens. (The author is a Partner at Deloitte Touche Tohmatsu Indian LLP)

Budget 2023-24: Continued focus on infra to enable growth, create jobs & enhance quality of life

<ul class="summary-list"><li>A string of <a href="https://www.businessinsider.com/scientists-risk-arrest-in-global-climate-protests-2022-4">climate protests</a> this year involved throwing food at famous pieces of art.</li><li>Activists say their actions are meant to halt the use of fossil fuels and call attention to the climate crisis.</li></ul>Young activists are taking an eye-catching tactic to demand action on climate change this year — <a href="https://www.insider.com/activists-throw-tomato-soup-van-gogh-painting-climate-protest-2022-10">hurling food</a> at famous pieces of art. The activists say they're trying to stop an oil pipeline, limit fossil fuel use, and wake up the masses to the gravity of the climate crisis. The wave of food-throwing climate protests prompted international outcry, with <a href="https://twitter.com/JamesCleverly/status/1581327788388163584?ref_src=twsrc%5Etfw">government officials</a> and art experts shunning the practice and <a href="https://news.artnet.com/art-world/icom-statement-museum-climate-action-vandalism-2207520">museums the world over</a> increasing security, according to <a href="https://www.wsj.com/articles/museum-food-throwing-protesters-11667829440">The Wall Street Journal</a>."What I've found is that these tactics are likely to be viewed as positive by people who already believe that climate change is a serious social problem," Dylan Bugden, a sociologist at Washington State University who studies global climate change protests, told Insider.In Bugden's research, he's found disruptive and confrontational tactics aren't effective on people who are not already concerned about climate change. "While that speaks to the limitations of this form of protest, it is also evidence that these tactics are unlikely to backfire," Bugden said, adding, "These more extreme tactics tend to preach to the choir more than anything."So far, no art has been harmed by this year's protests, which build the decades-long fight for a healthy planet, according to the <a href="https://www.epa.gov/environmentaljustice/environmental-justice-timeline">EPA</a>. The food protests, which have included smearing cake and tossing tomato soup on famous works of art, continue at a rapid clip.<h1>Tomato soup on van Gogh's 'Sunflowers'</h1><div type="image" title="Climate protesters hold a demonstration as they throw cans of tomato soup at Vincent van Gogh's Sunflowers at the National Gallery in London, United Kingdom on October 14, 2022." height="720" width="1280" msid="95624461" hostid="261" sizebytes="46334"></div>Protesters from UK group Just Stop Oil called for the government to halt any new fossil fuel projects and threw<a href="https://www.insider.com/activists-throw-tomato-soup-van-gogh-painting-climate-protest-2022-10"> cans of tomato soup</a> at Vincent van Gogh's "Sunflowers" in London's National Gallery in October. There was glass covering the painting."I recognize that it looks like a slightly ridiculous action," a protester who threw soup at the van Gogh painting said in an <a href="https://www.youtube.com/shorts/NYUqSv1ug5o">interview</a> with social media publisher JOE, after appearing in court. "But we're not asking the question, 'Should everyone be throwing soup on paintings?' What we're doing is getting the conversation going so that we can ask the questions that matter." <h1>Flour on a car Andy Warhol painted</h1><div type="image" title="Climate activists of the Last Generation throw flour on Andy Warhol's work, in Milan, Italy, November 18, 2022." height="2752" width="4128" msid="95624464" hostid="261" sizebytes="456242"></div>On November 18, protesters from the Last Generation in Milan threw flour over a car that was repainted by Andy Warhol in 1979, <a href="https://www.reuters.com/business/cop/flour-thrown-warhol-car-milan-climate-change-protest-2022-11-18/">Reuters</a> reported.Last Generation, a self-proclaimed "Italian civil disobedience campaign," is calling for the Italian government to halt the use of fossil fuels and prioritize renewable energy, according to their <a href="https://www.ultima-generazione.com/en/chi-siamo">website</a>. <h1>Maple syrup on an Emily Carr painting</h1>On November 12, protesters with Stop Fracking Around, an anti-fracking group in Canada, poured maple syrup on Emily Carr's 1934 painting "Stumps and Sky" to protest a major oil pipeline, according to the <a href="https://news.artnet.com/art-world/climate-protesters-hurled-maple-syrup-on-an-emily-carr-2209586">art news website Artnet</a>. The painting was behind a protective glass frame."I think any amount of publicity we can get as an organization is worth it because the climate crisis is the most pressing crisis of our time," Emily Kelsall, one of the protesters, told <a href="https://www.cbc.ca/news/canada/british-columbia/emily-carr-painting-maple-syrup-climate-activism-vancouver-1.6650085">CBC News</a>. <h1>Cake smeared on a 16th-century masterpiece — the 'Mona Lisa' </h1><div type="image" title="Visitors take pictures and video of the painting &quot;Mona Lisa&quot; after cake was smeared on the protective glass at the Lourve Museum in Paris, France May 29, 2022." height="944" width="1259" msid="95624466" hostid="261" sizebytes="77022"></div>In May, a man disguised as an old woman smeared cake on <a href="https://www.insider.com/protester-smears-pastry-across-the-mona-lisa">Leonardo da Vinci's "Mona Lisa"</a> to call attention to the climate crisis. It's unclear if the man was affiliated with any activist organization."Think about the Earth. There are people who are destroying the Earth," the man told the crowd in French as he was escorted by security, according to <a href="https://www.cbsnews.com/news/mona-lisa-cake-climate-change-protest-louvre/">CBS News</a>. The painting remained unharmed behind bullet-proof glass."Think about it ... all artists, think about the Earth — this is why I did this. Think about the planet," he added.<h1>Mashed potatoes on a Claude Monet painting</h1>In October, German protesters from the Last Generation threw mashed potatoes at <a href="https://www.businessinsider.com/climate-activists-target-claude-monet-larry-fink-and-ted-cruz-2022-10">Claude Monet's painting "Grainstacks"</a> at the Barberini Museum in Potsdam, Germany. As Insider <a href="https://www.businessinsider.com/climate-activists-monet-haystacks-painting-mashed-potatoes-environment-germany-2022-10">previously reported</a>, the artwork was not damaged due to a protective glaze. "We are in a climate catastrophe and all you are afraid of is tomato soup or mashed potatoes on a painting. You know what I'm afraid of? I'm afraid because science tells us that we won't be able to feed our families in 2050," one of the activists said, <a href="https://www.theguardian.com/environment/2022/oct/23/climate-activists-mashed-potato-monet-potsdam-germany">The Guardian</a>, reported. "Does it take mashed potatoes on a painting to make you listen?"

Climate protesters are chucking food at priceless paintings. A social movements expert says these tactics only convince people who already think climate change is serious.

The government has no proposal to recognise <keyword id="6354947" type="General" weightage="20" keywordseo="Bitcoin" source="Orion">Bitcoin</keyword> as a currency in the country, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said in a reply to the Lok Sabha on Monday. She also informed the House that the government does not collect data on <keyword id="1943777" type="General" weightage="20" keywordseo="Bitcoin-transactions" source="Orion">Bitcoin transactions</keyword>. Whether the government has any proposal to recognise Bitcoin as a currency in the country, the Finance Minister said "No, sir". Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. It was introduced in 2008 by an unidentified group of programmers as a cryptocurrency as well as an electronic payment system. It is reportedly the first decentralised digital currency where peer-to-peer transactions take place without any intermediary. Meanwhile, the government plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the ongoing Winter Session of Parliament. The Bill seeks to ban all but a few private <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> to promote underlying technologies while allowing an official digital currency by RBI. In reply to another question, Sitharaman said, ministries and departments have spent Rs 2.29 lakh crore as capital expenditure during the April-September period of the current fiscal. This is 41 per cent of the Budget Estimate (BE) of Rs 5.54 lakh crore for 2021-22. The actual expenditure during current fiscal is about 38 per cent higher than the corresponding expenditure in FY 2020-21, she said. To accelerate capital expenditure for creation and upgradation of infrastructure in the economy, Government of India had launched the National Infrastructure Pipeline (NIP) with projected infrastructure investment of Rs 111 lakh crore during the period 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens. NIP was launched with 6,835 projects, which has expanded to over 9,000 projects covering 34 sub-sectors. NIP is expected to improve project preparation, attract investments into infrastructure, and play pivotal role in economic growth, she said. National Monetization Pipeline (NMP) was also launched on August 23, 2021 to unlock the value of investments in public sector assets by tapping private sector capital and efficiencies for delivering infrastructure services, she said, adding, the monetization proceeds are envisaged to be ploughed back to augment existing/ create greenfield infrastructure to boost the economy. Subsequently, she said, Gati Shakti (National Master Plan for Infrastructure Development) was launched on October 13, 2021 as a digital platform to bring Ministries/Departments together for integrated planning and coordinated implementation of infrastructure connectivity projects. It will also facilitate the last mile connectivity of infrastructure and also reduce travel time for people, she added. On inflation, the Finance Minister said price situation of major essential commodities is being monitored by the government on a regular basis and corrective actions are taken from time to time. "The uptrend in inflation has been largely led by exogenous factors viz. increased international prices of crude oil and edible oils which have an impact on domestic inflation due to India's import dependence on these items," she said. The rise of WPI inflation is also mostly driven by 'fuel and power' and manufactured products inflation, once again driven by increased global prices of crude oil and increase in international commodity/input prices, she said. Several supply side measures have been taken by the government to curb the inflationary pressures, she said. To check the petrol and diesel prices, Sitharaman said, the central government has reduced Central Excise Duty on Petrol &amp; Diesel by Rs 5 and Rs 10 respectively with effect from November 4, 2021. "In response many states governments have also reduced Value Added Tax on petrol and diesel. Consequently, retail prices of petrol and diesel have sobered down," she said. As an additional measure to control prices, India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves, she said, adding, this release will happen in parallel and in consultation with other major global energy consumers including the USA, People's Republic of China, Japan and the Republic of Korea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/a-ban-on-crypto-in-india-will-only-lead-to-surge-in-black-market-trading-according-to-experts/articleshow/87914173.cms">Experts fear that a 'ban' on crypto in India will only drive investors to the grey market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/bitcoin-slides-metaverse-coins-hammered-as-fears-about-new-covid-variant-drive-investors-to-dump-crypto/articleshow/87934708.cms">Bitcoin slides, metaverse coins hammered as fears about new COVID variant drive investors to dump crypto</a>

India has no plans to recognise Bitcoin as a currency, says country's Finance Minister Nirmala Sitharaman

By Debashish Biswas India’s urban population is expected to grow from 377 million in 2011 (31% of total population) to around 600 million or 42% of the total population in 2030. It is estimated that in 2030, for five states – <keyword id="20154" type="General" weightage="20" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, Gujarat, Maharashtra, Karnataka and Punjab, urbanisation levels will be more than 50% (Sources: Census of India 2011, McKinsey Global Institute and <keyword id="13071722" type="General" weightage="20" keywordseo="UN-World-Urbanisation-Prospects-2018" source="Orion">UN World Urbanisation Prospects 2018</keyword>). Indian cities will act as the engines of growth for the economy. As highlighted in the National Infrastructure Pipeline, an estimated ₹19,19,267 crores capital expenditure is estimated between FY20-FY25 in <keyword id="557969" type="General" weightage="20" keywordseo="urban-infrastructure" source="Orion">urban infrastructure</keyword> (Source: National Infrastructure Pipeline, Volume 1). Around 21% of this capital expenditure is proposed to be funded through private sector participation. Given this, as part of Budget 2022-23, it is expected that urban sector development will continue to remain as one of the major focus areas. Budgetary allocations are expected to be made for: <ul><li>Strengthening core urban infrastructure – Continued investments to reinforce core urban infrastructure like water supply, solid waste management, urban mobility, among others. Recently, in October 2021, Ministry of Housing and Urban Affairs announced AMRUT 2.0 which focuses on enhancing water connections in around 4800 urban local bodies, sewerage/ septage services in 500 cities as well as rejuvenation of water bodies, green spaces and parks (Source: AMRUT 2.0 guidelines). Further, <keyword id="6735318" type="General" weightage="20" keywordseo="swachh-bharat-mission-urban" source="Orion">Swachh Bharat Mission-Urban</keyword> 2.0 was also announced in October 2021 with the aspiration of making all cities garbage free.</li><li>Housing to remain a key focus area – Housing, specially providing affordable housing for all, remains a key priority for the country. It is also important to provide necessary incentives and improve various regulatory processes to attract private investments in the housing sector, especially in affordable housing.</li><li>Developing smart digital infrastructure in terms of mobility management, digital service delivery, city management, safety and security, environmental management, etc. <keyword id="857936" type="General" weightage="20" keywordseo="emphasis" source="Orion">Emphasis</keyword> may be provided on creating specific digital urban solutions leveraging the data being captured at the city level, specifically in the smart cities where the command control centers are already operational. Also, focus may be provided in creating cloud based shared digital infrastructure at state as well as district level so that even the smaller urban local bodies may get access and leverage digital infrastructure. </li><li>Environment and sustainability focus: Given the focus of building environmentally friendly and resilient cities, the budget may provide specific emphasis on developing sustainable urban areas including increasing green cover, urban forest, water conservation, water recycling, waste reuse, renewable energy usage, energy conservation, etc. On the mobility front, focus may be provided on further developing non-motorized transportation and electric vehicle infrastructure. For facilitating developing environmentally friendly infrastructure, necessary policies and incentives may be considered. Funding available under CSR activities may be leveraged for implementing various environmentally friendly infrastructure at city level.</li><li>Continue municipal reforms: To enable urban infrastructure growth, the ongoing municipal reforms should continue. These include -- a) strengthening municipal bond market – key steps to be undertaken by the urban local bodies are improving financial discipline; accounting reforms; improved governance and augment own source revenues; b) asset monetization and attracting private sector – creating an environment for attracting more private investments; and c) enabling user charges for funding urban infrastructure. Additional incentives may be provided to urban local bodies which undertake such overall reforms proactively. </li></ul>Overall, like last year, the current pandemic calls for a public investment led push for enabling economic growth. The FY 22-23 budget needs to focus on increased spending in overall urban infrastructure &amp; capital assets, which are likely to have a multiplier effect on demand generation and gross domestic product (GDP) growth. Further, higher urban infrastructure spend will improve investment attractiveness, create more employment opportunities and enhance quality of life. Debashish Biswas is Partner with Deloitte Touche Tohmatsu India LLP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/economic-budget-survey-2022-government-projects-8-to-8-5-growth-rate-in-year-2022-23/slidelist/89242472.cms">India’s Economic Survey projects 8-8.5 percent growth next year, here are other key points to note</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/despite-a-worldwide-chip-shortage-semiconductor-sales-cross-500-billion-for-the-first-time/articleshow/89242629.cms">Despite a worldwide chip shortage, semiconductor sales cross $500 billion for the first time</a>

OPINION: There should be continued focus on building urban infrastructure and sustainable smart cities

<ul><li>Finance Minister Nirmala Sitharaman today assured that all the divestments announced so far will be completed by the end of 2021-22.</li><li>The companies where divestment is announced includes BPCL, Concor, Pawan Hans and more.</li><li>The target is to raise as much as ₹1.75 lakh crore.</li></ul>Finance Minister Nirmala Sitharaman today said that senior citizens aged 75 years and above who are living only on pension and interest income need not file income tax returns. “I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Sitharaman. She also eased the painstaking prices of return filing for everyone by announcing that in addition to TDS and salaries that come pre-filled, details like capital gains and interest from post and other investments will also come pre-filled. Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax. She also ensured that migrant and gig workers receive minimum wages by covering them under the act. “All categories of workers will be covered by it. Social security will be provided to gig and platform workers,” she said, adding that this announcement will conclude the process that started 20 years ago. Sitharaman also said that migrant, construction and gig workers will be registered on a portal and ensure that they receive health and insurance benefits. Women can also take up all jobs including night shifts provided they receive substantial protection. Finance Minister Nirmala Sitharaman today assured that all the divestments announced so far will be completed by the end of 2021-22. The target is to raise as much as ₹1.75 lakh crore by the end of next year. The companies where divestment is announced includes BPCL, Concor, Pawan Hans and more. Added to that, the government will also prepare a new list of divestments and also form a special purpose vehicle (SPV) to monetize lands owned by it. Free gas connections will now reach 9 crore Indian homes that live below the poverty line. Finance Minister Nirmala Sitharaman today expanded the Ujjvala scheme by adding a crore more beneficiaries. Also, 100 more districts will be connected by the city gas pipeline and said that a new gas pipeline project will kickstarted in Jammu and Kashmir. Sitharaman also proposed a sharp increase in capital expenditure to ₹5.54 lakh crore in the Union Budget 2021, which is 44.5% higher than last year’s expenditure of ₹4.39 lakh crore. “More than ₹2 lakh crore will be given to states and autonomous bodies for their capital expenditure. We will nudge states to spend more on infrastructure creation,” she said. She also announced an Atmanirbhar Health Yojana with an outlay of ₹64,180 crore over 6 years. The government will also strengthen the National Center for Disease Control and will set up 15 health emergency centers. She also provided a boost to the auto sector with a voluntary vehicle scrapping policy where passenger vehicles older than 20 years will undergo fitness tests. “The three Atmanirbhar packages and two measures taken by the RBI are like five mini Budgets,” she said, adding that they accounted for ₹27.1 lakh crore and 13% of GDP. This is the first ever Union Budget after the Covid-19 pandemic where a large number of sectors that have been hit, are hoping for revival packages. At the same time, many sectors like education and technology are hoping for larger allocations to handle the transformatory effect that the pandemic has had on them. The financially stressed citizens, on the other hand, are expected some let up in income tax. The government itself is facing a large chunk of expenditure on healthcare as it has already started a massive vaccination drive that will eat into the Budget itself. And experts hope that more announcements on privatisation of assets are heavily expected this year. “I think the government should go through with surgical execution of privatisation plans,” Uday Kotak, chairman of Kotak Mahindra Bank, said right before the Budget announcements.

Union Budget 2021 highlights: Pensioners over 75 years need not file IT returns, says FM

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Getty Images / LightRocket</div></div></div><ul class="summary-list"><li>Goldman Sachs has revamped its 20-year forecast for the online music-streaming industry. It now expects it to nearly triple between now and 2030.</li><li>The firm lists the four stocks it says are best positioned to take advantage of this explosive growth, and provides detailed reasons why.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary" target="_blank" rel="noopener">Click here for more BI Prime stories</a>.</li></ul>It turns out the demand for music-streaming services is greater than even <a href="https://markets.businessinsider.com/stocks/gs-stock" target="_blank" rel="noopener">Goldman Sachs</a> could've predicted. So the firm revamped its 20-year forecast for the industry to account for even more growth.Goldman now says the recorded-music market will expand by an additional 4% to reach $45 billion by 2030. That's roughly two-and-a-half times the industry's current size of $19 billion.The firm's reason for boosting its outlook stems from the obvious catalyst of faster-than-expected adoption of paid streaming services like <a href="https://www.businessinsider.com/category/spotify" target="_blank" rel="noopener">Spotify</a> and <a href="https://www.businessinsider.com/category/apple-music" target="_blank" rel="noopener">Apple Music</a>. With music ownership quickly becoming a relic of a bygone era, listeners are racing to sign up for these platforms.Goldman also notes that the industry's prospects have been lifted by positive updates to the profit outlooks for industry giants like UMG, Warner Music, and Spotify.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-12-companies-hedge-mutual-funds-love-2019-6" target="_blank" rel="noopener">GOLDMAN SACHS: Buying the stocks loved by both hedge funds and mutual funds has produced supercharged returns. Here are the 12 that fit the bill.</a>But, as in any competitive industry, there must be winners and losers. And Goldman has done extensive analysis around which players will end up on top. It ultimately arrived at the four publicly traded companies listed below, each of which occupies a unique niche in the overall music-streaming pipeline.Note that Goldman has buy ratings on each companies listed.<h3><a href="https://markets.businessinsider.com/stocks/vivendi-stock" target="_blank" rel="noopener">Vivendi</a> and <a href="https://markets.businessinsider.com/stocks/sony-stock" target="_blank" rel="noopener">Sony</a></h3>These two companies will be the "main beneficiaries of streaming growth due to their ownership of the world's two largest record labels and music publishers," Goldman said.The firm added: "Over the near-to-medium term, we forecast the major labels and publishers to continue receiving 60-70% of royalties for every piece of content monetized."<h3><a href="https://markets.businessinsider.com/stocks/spot-stock" target="_blank" rel="noopener">Spotify</a></h3>"We see Spotify as extremely well-positioned to capture growing consumer demand for music streaming, with scope to tap into the $28 billion radio advertising market and $32 billion concerts and events market," Goldman said.It added: "We expect its scale, ecosystem, content, and technology to allow Spotify to maintain its lead amongst streaming services."<h3><a href="https://markets.businessinsider.com/stocks/tme-stock" target="_blank" rel="noopener">Tencent Music</a></h3>"We believe Tencent Music has a unique opportunity to capture the growing demand for online music in China and leverage the massive user base on its social media platforms to drive traffic to its music services," Goldman said.It added: "We also see significant scope to drive greater monetisation of music content over time with only 4% of its user base currently paying for music content."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Goldman Sachs</div></div></div>The chart above shows the relative growth trajectories of the main online music-streaming services. That Spotify made it onto Goldman's list is no surprise. But the presence of Tencent Music shows just how much growth potential the firm is assigning to the still-fledgling Chinese market.Going beyond Goldman's four top stock recommendations, the firm also laid out a bonus trio of catalysts it says could significantly alter the music-streaming landscape in 2019. They are as follows:<ol><li>Spotify's renegotiations with major record labels - Goldman's base case is for Spotify's royalty rate to stay unchanged. If it declines, that could be an issue going forward.</li><li>National implementation of Article 17 n the European Union driving better remuneration for content rights holders - Goldman expects this will "allow rights holders (e.g., record labels) greater leverage and ultimate remuneration in future licensing renegotiations with platforms."</li><li>Potential sale of a stake in UMG - Goldman says the outcome of such a deal "could significantly alter the structure of the music industry, particularly if it involves one of the global online streaming players."</li></ol>Stay tuned. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">What is CBD oil and how did it become a $1 billion industry?</a></h3> <div> </div> </div>

GOLDMAN SACHS: The music-streaming industry will nearly triple over the next 20 years. Here are the 4 dominant stocks you should buy to ride the wave.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul class="summary-list"><li>CBS and Viacom are already plotting their next acquisition, execs at the two companies suggested on a call this week. </li><li>Business Insider talked to M&amp;A experts about what <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword>, <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword>, and other companies would make the best potential targets and why.</li><li>ViacomCBS, as the combined company is to be called, wants the scale to compete with Disney, Comcast, and Netflix, which makes unscripted TV giant Discovery a frontrunner.</li><li>But the company could also pursue a handful of smaller deals for media franchises or ad-tech companies to bolster its portfolio of brands and advertising tools.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>CBS and Viacom have <a href="https://www.businessinsider.com/cbs-viacom-agree-to-merger-details-revenue-2019-8">agreed to tie the knot</a> and are already plotting their next merger.The media outfits say they'll be stronger together financially, paving the way for future deal making - with no further speculation hanging over the companies about whether they themselves will recombine."One of the other big things this deal does is take a big uncertainty off the company," Viacom CEO Bob Bakish, who will be CEO of the combined ViacomCBS if the deal goes through, told analysts on a conference call Tuesday. "We will be very well positioned to exploit those opportunities," he said, adding that both companies have been, and will continue, looking for opportunities.Media strategists and analysts told Business Insider that ViacomCBS doesn't need to jump into another merger right away, though the companies seem to want to. Bakish summed up his ambitions on the call."Simply put, the combined company will be one of only a few with the breadth and depth of content and platforms and the global reach to shape the future of the industry," Bakish said.ViacomCBS is sizing up content and production assets to reach the scale required to challenge media giants like Netflix, Disney, and Comcast. The company is also in a bit of a time crunch to get these deals done to generate more income to bid on NFL rights against deep-pocketed rivals like tech company Amazon, analysts say. Shari Redstone, president of National Amusements, which has a controlling stake in both CBS and Viacom, has been shopping for deals with companies like Sony Pictures Entertainment and TV company Discovery Communications, <a href="https://www.nbcnews.com/news/all/if-cbs-viacom-reunite-more-mergers-could-be-way-n1036476">NBC News previously reported</a>.There are few directions that ViacomCBS could go in with its next acquisition, the experts said. It could make a big deal for a company like Discovery, or snap up a handful of smaller companies in key growth areas like content production and ad-tech.<h2>Scale</h2>If scale is the name of the game, ViacomCBS will be looking for other media companies with robust production capabilities, popular franchises, and international footholds that complement its own breadth of brands and IP.CBS has an older crowd through its broadcast network and sports and news channels, and Viacom targets kids with Nickelodeon, and teens through adults with myriad cable networks like Comedy Central, MTV, and BET.Together, the two companies have a combined enterprise value of about $48 million. But they'd still be dwarfed by Disney, worth $313 billion; Comcast, worth $308 billion; and Netflix, worth $145 billion.In addition to Sony and Discovery, execs at CBS and Viacom have mulled the idea of acquiring Starz, or its parent company Lions Gate, <a href="https://www.wsj.com/articles/cbs-viacom-merger-opens-door-to-more-deals-11565726296">The Wall Street Journal</a> reported. Movie studio MGM and cable programmer AMC Networks have also been floated in news reports as possible targets. Analysts Business Insider spoke with mentioned Fox, as well as Univision, which is <a href="https://variety.com/2019/biz/news/univision-for-sale-strategic-review-spanish-language-1203259599/">seeking a buyer</a>.Of this group, unscripted TV giant Discovery seems to be the best fit, according to the experts.Discovery would offer ViacomCBS three things: greater international presence, since Discovery has a variety of international TV channels, including Eurosport; content assets and access to non-fiction talent, like Chip and Joanna Gaines of "Fixer Upper" fame, and its arsenal of Food Network stars; and enough cable-TV networks to form an advertising juggernaut."CBS-Viacom with Discovery would make them the de facto gorilla in terms of ad sales in the pay-TV universe," Mary Ann Halford, a senior advisor at OC&amp;C Strategy Consultants, told Business Insider. "They would be the market leader in that area."Adding more cable channels exposes ViacomCBS to more risk from cord-cutting. But the company could also leverage its free ad-supported TV service Pluto TV, as Viacom is doing now.<h2>All about that brand</h2>But if the priority is to build scripted production capabilities and content assets to compete with Netflix and Disney (and sell programming to them), then Sony or Lions Gate would be better bets."The question that's behind this merger and will be behind subsequent moves is: Do we have a pipeline of content that is attractive and defendable?" Stephen Beck, cofounder and managing partner of management consultancy cg42, said. "And then, can we monetize it, and to what extent?"Sony has brands like the Spider-Man franchise and a strong international presence. Lions Gate, meanwhile, has content assets like the "Hunger Games" franchise, and its subsidiary Starz could be used to bolster ViacomCBS' premium-TV service Showtime.The key is finding content assets that still have a lot of runway. "They're going to pay a premium for content that is, 1. marquee enough to hold consumers' attention and 2. which is almost more important, provides a platform for CBS to able to expand the content pool," Greg Portell, a lead partner with the global management consultancy AT Kearney, said.Think Star Wars before Disney bought Lucasfilm. It was still a huge cultural phenomenon, but there was plenty of opportunity to revive the franchise for a new generation, broaden the universe with TV shows and spin-off films, sell toys and video games, and, ultimately, use Star Wars as a launch pad for Disney's streaming services, as Disney is doing now by making "The Mandalorian" the first original series to hit Disney Plus.That could make movie studio MGM appealing at the right price. "The only reason to buy MGM is to get the Bond franchise," Halford of OC&amp;C said.<h2>Think like a tech company</h2>ViacomCBS doesn't need to acquire a major media company to get the brands, IP, and relationships with top talent it's after. But to get around that, it'd have to start thinking like a tech company.Like Netflix before it, ViacomCBS could make a handful of smaller deals with production companies and media franchises to shore up its portfolio.Netflix has grown its assets, not by buying other media companies, but by signing long-term deals with top showrunners like Shonda Rhimes, Ryan Murphy, and "Game of Thrones" creators David Benioff and D.B. Weiss. It's also bought a few small production companies with valuable IP, including comic-book creator Mark Millar's MillarWorld and <a href="https://media.netflix.com/en/press-releases/netflix-acquires-the-critically-and-fan-acclaimed-storybots-property-and-commits-to-bringing-educational-content-to-kids-and-families-around-the-world">kid's media franchise</a> Storybots.Viacom <a href="https://deadline.com/2019/08/viacom-to-acquire-garfield-1202662457/">recently acquired</a> the "Garfield" kids franchise, which suggests CEO Bakish is open to that thinking.Endemol Shine, the Dutch-based media company behind productions like "Big Brother," and dramas like "Peaky Blinders" and "Black Mirror," is reportedly on the market, among other smaller studios in Europe."At the end of the day what you want to do is build your IP," Naveen Sharma, analyst at S&amp;P Global, said. "And it wouldn't blow up their balance sheet."<h2>Another ad-tech </h2>Execs of the future ViacomCBS also called out ad-targeting as one of the three key areas of growth for the combined company. As Halford said, advertising could become even more important if ViacomCBS doubles down on pay-TV channels through a deal with Discovery. ViacomCBS could pursue an ad-tech company to sure up its advertising tools, just as AT&amp;T followed up its deal with Time Warner by buying AppNexus."As pressure on CPMs and ad revenue continues to increase, just having size and scale isn't necessarily going to help CBS and Viacom," Portell said. "They're going to need some kind of secret sauce that offers advertisers more than just the eyeballs."<h2>The Vice question</h2>Another potential target floated in media coverage has been Vice, which is reportedly eager to find a buyer. None of the strategists or analysts that Business Insider spoke with were clear on what the upside of a deal with the digital media company would be for ViacomCBS."The question with Vice is how much revenue and profit will it add to the bottom line of a potential acquirer?" Portell explained. "That's always been debatable. If you're an established media player you're always being criticized because you're not creative enough and can't keep up with the Vices and BuzzFeeds, but as soon as you buy that company, your scorecard goes back to economics of the deal. Those acquisitions very rarely have paid off."<a href="https://www.vanityfair.com/news/2019/08/nancy-dubucand-big-investor-hoping-for-an-exit-strategy-cbs-viacom">Vanity Fair also reported</a> that Viacom's Bakish has no interest in acquiring Vice, which could squash its deal potential now that Bakish will be leading the combined company.<h2>Other considerations</h2>There are other considerations that will affect future deals with ViacomCBS, including whether the companies are for sale, and the competition to buy them.Sony execs haven't said publicly whether they'd consider selling Sony Pictures, but <a href="https://nypost.com/2019/04/08/hedgie-to-pitch-sony-on-selling-off-entertainment-division/">The New York Post reported</a> that Amazon may also be interested in the movie and TV studio. Meanwhile, Lions Gate and Univision, which has touted its Hispanic audience, are actively courting buyers.Lions Gate, Starz, and Discovery come with another caveat: industry insiders suspect investor John Malone, which has <a href="https://www.bloomberg.com/graphics/2018-john-malone/">stakes in all three companies</a>, will want some kind of active involvement, such as a seat on the board of the merged company, if a deal is done. His relationship with the Redstone family has been <a href="https://variety.com/2016/film/news/john-malone-sumner-redstone-starz-lionsgate-1201809934/">rocky in the past</a>. Also, ViacomCBS will be in a stronger financial position coming out of the merger, but it's unclear if it will have the leverage to acquire a company the size of Discovery, which is larger now than Viacom was alone. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/scary-stories-tell-dark-details-missed-2019-8">21 details you may have missed in 'Scary Stories to Tell In the Dark'</a></h3> <div> </div> </div>

M&A experts break down what Viacom and CBS could buy next, from ad-tech to James Bond

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>In a session at this week's Facebook <a href="http://www.businessinsider.com/facebook-f8-live-blog-2015-3">F8 conference</a>, the social network gave the crowd the update on what to expect from Facebook Video in the coming year, including new tools that put more power in the hands of content creators.The takeaway: Yeah, <a href="http://www.businessinsider.com/google-should-be-terrified-right-now-2015-3">Google should be worried</a>, but it's not there yet.Facebook Product Management Director Fidji Simo gave some impressive stats for Facebook Video. The platform gets three billion video views a day, 65% of which are on mobile, and 53% of that traffic is driven by people sharing links on their news feed. By way of comparison, YouTube passed 4 billion views per day <a href="http://www.reuters.com/article/2012/01/23/us-google-youtube-idUSTRE80M0TS20120123">back in 2012</a> and is probably significantly bigger than that now."We still have a lot to build," Simo admitted. After Simo discussed Facebook's existing successes with video and video ads, Facebook Video Engineering Director Maher Saba took the microphone to explain some of the new tools and features coming to the platform. First off, developers get access to a much-improved API, which is the technical pipeline for apps and publishers to bring videos directly to Facebook. Without getting too bogged down in details, the new API lets publishers control when videos go up and come down, upload bigger videos, control which parts of the world can see which videos (in case you have east coast/west coast beef), queue up an inventory of videos without clogging up their own news feed, and see how many people are engaging with the videos. "I'm an engineering guy, so I get excited by APIs," Saba says.Publishers also get access to a new platform for managing their videos. For instance, the National Hockey League is using it to edit clips taken live streamed games and share them directly to their Facebook page, giving fans quick instant replays straight in Facebook. That comes in addition to better tools for seeing and managing all the better controls mentions above.Last, but definitely not least, is the embedded Facebook Video player that was so integral to this morning's keynote."Let's just say I'm an editor at Buzzfeed - humor me," joked Saba.You just take the video embed code from any Facebook video and slam that HTML into your own site, and it appears smoothly and easily. All of this is a shot across the bow at Google and YouTube, which has been doing a lot of this for years. Facebook wants to own everything, everywhere, and video ads are a major source of revenue in today's mobile-everywhere world. Silicon Valley startups have been tripping over themselves to broker the emerging mode of <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword>. The thing that's conspicuously absent, though, is any word on how users can monetize their own videos. Facebook is an advertising company, but it doesn't seem to want to share the wealth. That ability to capitalize on video has led YouTube and <a href="http://www.businessinsider.com/sean-plott-explains-why-twitch-is-so-successful-2015-3">Twitch</a> to some success, and if Facebook can't offer the same, it may not be enough to draw popular video game streamers or video bloggers to the platform - meaning that their audiences aren't likely to spend as much time on Facebook."We're really exploring early options to allow content creators to have business models on the platform," Simo said in response to an audience question. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-ways-to-make-facebook-even-better-2014-11">7 Cool Things You Didn't Know You Could Do On Facebook</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="owMjJtazqMUH7TM8QR6fL2saI8bz6oeq" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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