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Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

ONGC, TCS, telecom and other hot stocks to watch out for on September 9

New York, US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> has declared a national emergency over the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> outbreak in the country and reached an agreement with the Democrats on a relief package. The national emergency he declared on Friday will make more funds available for fighting the fallout of the disease and cut red tape for finding medical solutions while its symbolism will reflect the seriousness of the situation. Later, both he and Speaker <keyword id="128640" type="PERSON" weightage="20" keywordseo="Nancy-Pelosi">Nancy Pelosi</keyword> said that a deal had been reached to pass a relief package to help those after by the pandemic. The Democrat-controlled House of <keyword id="185742" type="COMPANY" weightage="20" keywordseo="representatives">Representatives</keyword> was scheduled to vote on it Friday night and Republican-majority Senate was expected to approve it on Monday after cancelling its spring recess. The battered stock markets zoomed as Trump declared the national emergency at a White House news conference. After having plummeted by more than 9 per cent on Thursday, the markets gained about the same percentage, most of the uptick coming dramatically while Trump spoke. Trump said the emergency declaration was "to unleash the full power of the federal government" and that up to $50 billion will be available to states and territories to meet the challenge. He said: "I'm urging every state to set up emergency operations centres effective immediately." Trump said that under the emergency the rules would be made flexible to allow doctors and hospitals to deal with the crisis. Health Secretary Alex Azar and the Food and Drug Administration (FDA) will be empowered to waive rules for developing medications and tests and for promoting telemedicine. The declaration came as the number of coronavirus cases in the US hit 1,800 with 41 deaths hitting all aspects of life from the economy and politics to education and entertainment. Although Trump had criticised the relief package proposed by the <keyword id="155982" type="COMPANY" weightage="20" keywordseo="Democratic-Party">Democratic Party</keyword> during the news conference, he tweeted his support for it asserting it includes his "direction" for free coronavirus tests and paid sick leave. Pelosi wrote to her fellow Democrats that they had reached an agreement on the package to be known as the Families First Coronavirus Response Act. Treasury Secretary Steve Mnuchin negotiated the deal on behalf of the Trump administration as the President and the Republican leaders in Congress have bad relations with Pelosi, having traded personal insults. In keeping with the Republican philosophy of involving the private sector Trump announced several initiatives with corporations while declaring the emergency. The showpiece of the private-public partnership is an initiative with Google that will enable people to screen themselves online to see if they needed a COVID-19 test and if they are a candidate for it where to get it. Trump said that 1,700 engineers will be working on the projects with Google. He met with several executives of private companies before the news conference to work out their participation and some of them spoke to the media about their programmes. The retailer Walmart with a large national footprint and others said they will make available their facilities for COVID-19 testing. Trump defended his administration's response to the crisis saying that it was following the procedures in place that were not designed for a crisis like the coronavirus and that changes would be made to deal with similar crises should they arise in the future. Seema Verma, who heads the two separate federal health insurance programmes for senior citizens and for the poor, noted that a lot of the deaths were among older people and said that several new regulations are being put in place to protect those in nursing homes for the elderly. Pressed by a reporter who accused him of being "selfish" by not getting himself tested for the coronavirus after having been photographed in the company of someone who had come done with it, Trump said that he would undergo the test but would not say when or commit to making it public. Trump and medical experts with him said that people should undergo tests only when a doctor advises them to take them. He declared the emergency under a 1988 law for funnelling aid to states and local administrations. Unlike in India, a state of emergency in the US does not involve limiting civil rights and it only paves the way for providing funds for dealing with the fallout of the coronavirus and for relaxing laws and regulations to speed up medical response. Senate Republican leader Chuck Schumer has said that under the law known as the Stafford Act $42.6 billion could be immediately available from the Disaster Relief Fund. Trump has been under criticism for his handling of the coronavirus crisis by not responding soon enough or adequately. Schumer and 35 other senators had written to Trump on Wednesday asking him to declare the state of emergency to make the funds available. (Arul Louis can be contacted at arul.l@ians.in and followed on Twitter @arulouis) --IANS al/ksk/

Coronavirus: Trump declares national emergency, reaches deal for relief package

Kolkata, Apr 28 () Hit hard by the COVID-19pandemic, exporters have sought relief from the government andbanks to deal with the situation, a representive of a tradebody said on Tuesday.Chairman of CII National Committee on Exports andImports, Sanjay Budhia, said exporters are looking forward toextension of interest subvention scheme that expired on March31, among other measures."CII and all industry associations are asking forrenewal of the scheme as interest rates in India are as highas 9 to 10 per cent," Budhia said.Indian exporters should get cost of credit atinternational rates to compete with Chinese exports, he said.Budhia said China has announced export rebate of up to13 per cent and also devalued its currency.Another exporters' body, Engineering Exports PromotionCouncil (EEPC), has also made a case for term loan extension."Working capital is an issue and term loan extensionis what the exporters are looking for," Executive Director ofEEPC Suranjan Gupta said.On rolling over of forward contracts, Budhia said dueto the lockdown, there are no shipments taking place."The exporters are seeking rollover of forwardcontracts and they should not be penalized for forward covertaken as non-shipment of goods is not leading to realisationof export proceeds," he said.Leading public sector lender State Bank of India saidsome packages are being worked out for exporters, adding thatthese have to be within the guidelines of the RBI and otherregulations."We are already extending an emergency line of fund-based limit and non-fund based limit to the MSMEs," anofficial of the bank said.He also said exporters will be granted extension oftime for export realisation and no interest charges will applyfor making deferred payments up to three months. DCRBT RBT

Exporters seek relief amid COVID-19 outbreak, SBI working on packages

New Delhi, May 22 () Finance Minister Nirmala Sitharaman on Friday held a review meeting with CEOs of public sector banks (PSBs) and asked them to implement the mega 'Aatmanirbhar' relief package to revive the COVID-hit economy. The meeting via video conferencing took place in the backdrop of the Rs 21 lakh crore stimulus package announcement and the Reserve Bank coming out with fresh measures, including interest rate cuts. The Union Cabinet headed by Prime Minister Narendra Modi on Wednesday gave its nod for many of the schemes announced as part of 'Aatmanirbhar Bharat Abhiyan' package to prop up the economy reeling under the COVID-19 crisis. "Finance Minister Smt.@nsitharaman chairing the review meeting, through VC, with the chief executives of PSBs today to review the readiness of banks in implementing 'Aatmanirbhar' relief package," the Finance Ministry said in a tweet. "To operationalise the announcements made by Hon'ble FM @nsitharaman ji under #AatmanirbharBharat, review meeting through VC was held with all PSBs. Everyone aligned on the need for quickly addressing the needs of MSMEs &amp; other customers. Operational details to be released soon," the Department of Financial Services, Ministry of Finance, said in a tweet. The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation, Indian Bank managing director Padmaja Chunduru said after the meeting. Since the Union Cabinet has already given approval to various schemes announced under the package, operational guidelines have been issued to banks. The most important among them is the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for MSMEs hit hard by the coronavirus crisis. The 100 per cent guarantee scheme at the concessional rate of 9.25 per cent was the second-biggest component of the Rs 20 lakh crore comprehensive package announced by Sitharaman last week. Currently, the rate of interest on loans given by banks to the MSME sector varies from Rs 9.5 per cent to 17 per cent, depending on the risk perception. The MSME sector is considered as the backbone of country's economy as the sector contributes over 28 per cent of the GDP and more than 40 per cent of exports, while creating employment for about 11 crore people, second highest after agriculture. The scheme is expected to benefit 45 lakh MSME units. Other scheme to help the stressed MSME sector also included Rs 20,000 crore subordinate debt for stressed or loan defaulting MSMEs, which could benefit 2 lakh such businesses. A fund of funds for MSME is also being created, which will infuse Rs 50,000 crore equity in MSMEs with growth potential. After the meeting, Central Bank of India managing director and CEO Pallav Mohapatra said the finance minister took stock of the situation and reviewed the progress of various schemes. "All the banks are very-very optimistic about the schemes that have been announced in the recent past by the government to support the economy. State-run banks sanction in the COVID-19 period is more than the corresponding period last year, which was a normal year," he said. "Loans worth over Rs 6.68 lakh crore were sanctioned by PSBs during March 1 - May 19 for 59.79 lakh accounts from MSME, Retail, Agriculture &amp; Corporate sectors. A steady increase in credit availability for each of these vital sectors" the finance ministry had tweeted earlier in the day. "Public Sector Banks sanctioned over Rs 1.07 lakh crore as emergency credit lines &amp; working capital enhancements in the period March 20 to May 19, with Rs 25,527 crore of this amount already being availed by customers," it said. Later, in an interview with DD News, the finance minister said the meeting with the public sector banks was "very good". She commended the work done by the public sector banks for the implementation of the Rs 1.70 lakh crore PM Garib Kalyan Yojana, which was an announcement made within two days after the lockdown was announced. "I must give credit to the public sector banks for having done a splendid job in implementing PM Garib Kalyan Yojana. So now with that same spirit this (Rs 20 lakh crore) package we have come up with, a partial guarantee, full guarantee for all enterprises... which banks will have to do. I was very reassured that the banks spoke in a very positive way," she said. On the credit guarantee scheme, Mohapatra said the government's commitment is for the entire Rs 3 lakh crore. "The commitment on the government under this Rs 3 lakh crore collateral free loans is 100 per cent." During deliberations, Indian Bank's Chunduru said, "Banks decided to focus also on Tier Ii and Tier III towns in all states to ensure needy MSMEs get the succour. CEOs of PSBs welcomed the Rs 3 lakh crore fully guaranteed loan component to MSMEs and assured the FM that all eligible units will get these loans promptly." Central Bank's Mohapatra said, "Risk aversion, to a great extent, has gone. No actions are being taken for any commercial decision going wrong because of other reasons." The meeting also took stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments. The RBI has increased the moratorium on loan repayment by another three months till August 2020 to provide relief to borrowers whose income has been hit due to the crisis. DP MKJ

FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

<ul><li>State-run telecom firm <keyword id="30351" type="COMPANY" weightage="20" keywordseo="BSNL">BSNL</keyword>'s employee unions have called for a nationwide hunger strike on Monday, to protest against delay in execution of the Rs 69,000-crore revival package announced by the government.</li><li>In October 2019, the central government approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS), as well as their merger.</li><li>The BSNL employees' body said that due to the delay in the allotment of 4G spectrum and also due to the non-availability of funds, it is understood that BSNL's 4G service is not likely to be launched before the end of 2020.</li></ul>State-run telecom firm BSNL's employee unions have called for a nationwide hunger strike on Monday, to protest against delay in execution of the Rs 69,000-crore revival package announced by the government. "The All Unions and Associations of BSNL (AUAB) is organising a country-wide hunger strike on February 24, 2020. This hunger strike is being organised to demand the expeditious implementation of the Union Cabinet's revival package in respect of BSNL, as well as to demand settlement of the grievances of the employees," AUAB said in a statement. In October 2019, the central government approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme (VRS), as well as their merger. AUAB, , said the salient feature of the revival package is the allotment of 4G spectrum, the issuing of sovereign guarantee for raising funds to the tune of Rs 15,000 crore, with share of BSNL at Rs 8,500 crore and Rs 6,500 crore for MTNL, by way of issuing long-term bonds, monetisation of assets and implementation of a VRS. "Out of these, only the VRS has been implemented, through which 78,569 BSNL employees have been sent home. It is extremely disturbing to note that, even after the lapse of nearly 4 months, 4G spectrum has not been allotted to BSNL," statement said. It added that the government has not yet issued the sovereign guarantee to BSNL, to enable it to raise Rs 8,500 crore, by way of issuing long-term bonds. "The process of monetisation of BSNL's assets is also moving at snail's pace. The Supreme Court of India's judgment, with regards to the calculation of the AGR, has caused uncertainties in the telecom sector, due to which banks are also unwilling to extend the much-needed loans to BSNL," the statement said. The BSNL employees' body said that due to the delay in the allotment of 4G spectrum and also due to the non-availability of funds, it is understood that BSNL's 4G service is not likely to be launched before the end of 2020. "This delay is much against the spirit of the Union Cabinet, in approving the revival package for BSNL. The attention of the Minister of Communications (Ravi Shankar Prasad) has already been drawn to the need to provide BSNL with the much-needed working capital. However, nothing has happened," the statement said. AUAB said that despite the relief package, employees are not getting salary on time and the wages of the contract workers have not been paid for the past 10 months. "Under these circumstances, the AUAB has already organised country-wide lunch-hour demonstrations on February 11, 2020. In continuation of this, hunger strikes are being organised throughout the country on February 24 to urge the Department of Telecommunications and the BSNL management to take expeditious actions," AUAB said. PRS HRS See also: <a href="https://www.businessinsider.in/business/news/taxes-transfers-and-all-other-worries-that-dog-bsnl-and-mtnl-employees-as-they-decide-on-vrs/articleshow/71967148.cms">Taxes, transfers and all other worries that dog BSNL and MTNL employees as they decide on VRS</a> <a href="https://www.businessinsider.in/unpaid-bsnl-employees-react-to-the-current-crisis/articleshow/71063961.cms">An unpaid BSNL employee believes the company will survive the current turmoil</a> <a href="https://www.businessinsider.in/business/telecom/news/after-vrs-now-bsnl-will-now-slash-contract-worker-jobs/articleshow/72283164.cms">After VRS, BSNL will now slash contract worker jobs</a>

BSNL employee unions call for nationwide hunger strike on Monday for delay in relief package

New Delhi, Apr 9 () Industry body Ficci on Thursday suggested the government to open more procurement centres to buy winter crops like wheat that are ready for harvesting, and sought relief package for poultry farmers who have been hit badly because of COVID-19 pandemic. "The number of procurement centres need to be increased in the states where arrivals are expected to start in a few days. Farmers should not have to transport more than 3 km to offer their produce for MSP operation," Ficci said. The number of trucks for lifting the procured stocks from procurement centers should be increased substantially, it said, adding that sufficient storage space needs to be created at warehouses of Food Corporation of India and state agencies. "APMC regulations should be relaxed which prohibit sale and purchase outside mandi jurisdiction. Farmers of perishable produce (vegetables, fruits, milk, fish, meat etc.) should be allowed to sell their produce outside the regulated markets," Ficci said. The industry association said mandis should be allowed to operate smoothly after ensuring appropriate protection and hygiene measures. "Food processing units should be allowed to function without any artificial distinction between essential and non-essential," it said. Stating that the poultry sector has been hit badly due to the coronavirus outbreak, Ficci demanded a relief package for the sector. "Government may also consider giving direct assistance to poultry farmers through direct benefit transfer so that they are compensated to some extent for the losses incurred by them," it added. Eggs should be purchased for conversion into powder for consumption by army, para military forces, police as well as health workers engaged in COVID-19 related duty, it suggested. "Eggs should be included in mid-day meals and also to pregnant and nursing mothers attached to Anganwadi centres," it said. MJH RVK

COVID-19: Ficci seeks more procurement centres for crops, relief package for poultry farmers

New Delhi, Apr 16 () Estimating losses to the logistics sector at about Rs 50,000 crore due to the coronavirus lockdown, industry body ICC on Thursday demanded a relief package for the industry, including priority lending and lower taxes. The growing logistics sector in India is looking at mounting losses, with the aviation sector taking the biggest hit, the Indian Chamber of Commerce (ICC) said in a statement. "With the lockdown extended to May 3, the cumulative loss estimate is as high as Rs 50,000 crores with the highest loss coming from the Aviation Sector, followed by the Roadways, in terms of lost Toll Taxes and Goods wasted on the road due to a sudden lockdown, grinding to a halt fully loaded trucks," ICC said. Though the government has allowed movement of both essential and non-essential goods, the situation is not so easy at the ground level, it said. Container freight stations, inland container depots, warehouses and port terminals, which are all notified as essential services, are getting choked due to slow evacuation of containers and cargo, it added. "Moreover quarantining of ships for 2 weeks at high seas with delayed berthing is also adding to the chaos. Given the capital intensive nature of the industry, the standing cost of assets is very high, running into crores of rupees. A lifeline needs to be extended to the industry," the chamber said. It sought relief measures like digital permits and packaged food service from NHAI for drivers after every 50 kms and complete waiver of EMI obligations for at least 6 months till earnings normalise. Demanding treatment of logistics industry as priority sector for lending -- sanctioned soft loans and existing loans be rolled over at a lower rate, it also stressed the need for auto renewal of national movement permits till September 2020. Besides, it sought a reduction in GST for the sector to lower than 12 per cent and waiver of revenue share and lease rental payable by PPP operators to government partners till September 2020 as well as waiver of minimum performance obligations of private operators till September 2020. ICC also stressed the need for a government-sponsored health insurance cover for all employees of the sector and extension of construction period of ongoing PPP projects by 6 months to 1 year, besides allowing of GST input credit for such projects. NAM NAM ABMABM

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Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

PTI

ONGC, TCS, telecom and other hot stocks to watch out for on September 9

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Coronavirus: Trump declares national emergency, reaches deal for relief package

IANS

Exporters seek relief amid COVID-19 outbreak, SBI working on packages

PTI

FM meets PSU bank chiefs, prods them to implement 'Aatmanirbhar' relief package

PTI

BSNL employee unions call for nationwide hunger strike on Monday for delay in relief package

PTI

COVID-19: Ficci seeks more procurement centres for crops, relief package for poultry farmers

PTI

Logistics sector to lose Rs 50k cr due to lockdown; relief package needed: ICC

PTI

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