<ul><li>Out of these, 9,62,640 are currently active; 50,16,520 have been discharged, while 95,542 lost the battle against the viral disease.</li><li>While the recovery rate stands at 82.58 per cent, one of the highest in the world; the <keyword id="7038688" type="UNKNOWN" weightage="20" keywordseo="fatality-rate">fatality rate</keyword> has come down to 1.57 per cent, the data from the Ministry of Health and Family Welfare said. </li></ul>With a spike of 82,170 <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> cases and 1,039 deaths in 24 hours, India's tally on Monday breached the 60 lakh-mark with a total of 60,74,702 cases. Out of these, 9,62,640 are currently active; 50,16,520 have been discharged, while 95,542 lost the battle against the viral disease. On July 17, India had logged 10 lakh cases, which then doubled to 20 lakh on August 7. The country added another 10 lakh on August 23 and went past 40 lakh on September 5. In 11 days, it added another 10 lakh cases, mounting to 50 lakh cases. Twelve days later the tally has mounted to 60 lakh. While the recovery rate stands at 82.58 per cent, one of the highest in the world; the fatality rate has come down to 1.57 per cent, the data from the Ministry of Health and Family Welfare said. <keyword id="13126" type="LOCATION" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> continues to be the worst-hit with a total of 13,39,232 cases including 35,571 deaths; followed by <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword>, Tamil Nadu and <keyword id="6354780" type="LOCATION" weightage="20" keywordseo="Karnataka">Karnataka</keyword>. According to the data from the Indian Council of Medical Research (ICMR), 7,09,394 sample tests were conducted across the country in a single day on Sunday, taking the total number of samples tested so far to 7,19,67,230. On the global front, India rallies behind the US, which has recorded 71,13,666 cases and 2,04,750 deaths. As of Monday morning, the total number of cases in the world stood at 3,29,77,556 and the fatalities rose to 9,96,674. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-approves-panel-of-three-independent-directors-to-run-lakshmi-vilas-bank/articleshow/78358980.cms">RBI approves panel of three independent directors to run Lakshmi Vilas Bank</a>

With 82,170 new COVID-19, India's coronavirus tally crossed 60 lakh

New Delhi, Nov 28 () A Noida-based multi-level marketing firm's assets worth over Rs 8 crore have been attached in connection with an alleged online ponzi fraud case, the federal agency said on Thursday.
A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued by the Enforcement Directorate against the company-- Webwork Trade Link Pvt Ltd. 
The case dates back to 2017 when Noida Police had filed an FIR against the firm and its directors Anurag Garg, Sandesh Verma and others for allegedly perpetrating an online fraud and cheating gullible depositors.
The ED subsequently took cognisance of this police criminal compliant to file a case under the PMLA.
"The attachment consists of fixed deposits, mutual funds, balances in savings and current accounts of entities who had received money on account of selling the immovable properties and ornaments or providing services but due to the business shutting down and consequent fraud cases against the company, these funds remained with the beneficiaries," the agency said in a statement.
 The total value of the attached assets as part of the latest order is Rs 8.82 crore.
"Webwork Trade Links Pvt Ltd, through its online portal, in the name of addsbook.com and web-work.in had been defrauding the public by inducing them to invest in very lucrative investment schemes.
"Investigation revealed that the bank accounts were being opened and closed in succession by the company in many banks like Citi Bank, ICICI Bank, Vijaya Bank, Lakshmi Vilas Bank and Axis Bank," the ED alleged. 
In this very short span of time, the agency claimed, the multi-level marketing company diverted large amounts to the accounts of different persons and companies associated with them. 
This is the second attachment of assets action by the ED in this case as it has earlier frozen properties worth Rs 27.66 crore. 
The ED had also filed a chargesheet in this case last year before a special PMLA court in Lucknow and the case is under trial at present, it said. NES NES DPB
DPB

Online ponzi: ED attaches Rs 8.82-cr assets of Noida-based firm

<ul><li>The final results of Pfizer and BioNTech’s COVID-19 vaccine show that it's 95% effective. </li><li>The only significant side effect, with a frequency of over 2%, was fatigue. </li><li>The company plans to file for Emergency Use Authorisation (EUA) with the US’ Food and Drug Administration (FDA) within the next few days. </li></ul>The COVID-19 vaccine being developed by Pfizer and BioNtech is 95% effective according to its <a href="https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-conclude-phase-3-study-covid-19-vaccine">final analysis</a>. Even in adults over the age of 65 years, the efficacy was observed at 94%. “No serious safety concerns were observed in the COVID-19 vaccine trial,” said the <a href="https://www.pfizer.com/news/press-release/press-release-detail/pfizer-and-biontech-conclude-phase-3-study-covid-19-vaccine">press note</a> issued by both companies. The phase 3 study only showed mild to moderate side effects that cleared up quickly. “The only significant side effect than that 2% in frequency was fatigue at 3.7%,” the study highlighted. How does the vaccine work? With a 95% efficacy rate, those who get the vaccine will be protected within 28 days of the first dose — and there is only a two-dose schedule. This is far more effective than the threshold laid out by the White House coronavirus advisor Anthony Fauci, who has previously stated that a vaccine that is 50% to 60% effective would be acceptable. When will the vaccine be able for the public? Now that the vaccine is ready for market as soon as it gets the required permissions, Pfizer and BioNTech plan to make up to 50 million doses before the end of the year and another 1.3 billion in 2021. According to the company, the vaccine’s efficacy is consistent across different ages, races and ethnicities. In light of the success, Pfizer plans to file for Emergency Use Authorisation (EUA) for the vaccine with the US Food and Drug Administration (FDA) within the next few days. It claims it has met all the safety data milestones required by the authorities. Why India shouldn’t rejoice just yet A year since the first COVID-19 case was detected, the success of a possible vaccine provides a ray of hope after the last seven grueling months of the pandemic. However, the Pfizer vaccine may not be suited for use in India since it requires storage at minus 70 degrees Celsius. According to the Director of the All India Institute of Medical Sciences (AIIMS) <a href="https://www.businessinsider.in/science/health/news/indian-covid-vaccines-can-survive-in-warmer-temperatures-pfizers-says-aiims-director/articleshow/79172255.cms">Randeep Guleria</a>, the Pfizer vaccine’s requirement of a lower storage temperature is something that India’s cold storage infrastructure may not be able to support for the population of 1.3 billion. However, Pfizer believes its expertise and existing cold-chain infrastructure will be enough to distribute the vaccine around the world in specially designed and temperature controlled thermal shippers that use dry ice. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-customers-have-withdrawn-10000-crore-since-rbis-moratorium-was-announced-last-night/articleshow/79281857.cms">Lakshmi Vilas Bank customers have withdrawn ₹10,000 crore since RBI's moratorium was announced last night</a> <a href="https://www.businessinsider.in/careers/news/capgemini-hr-head-explains-why-the-french-it-major-is-going-crazy-hiring-in-india-and-around-the-world/articleshow/79277396.cms">EXCLUSIVE: Capgemini HR head explains why the French IT major is going crazy hiring in India and around the world</a> <a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms">IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a>

Pfizer's new COVID-19 vaccine is 95% effective and the only severe side-effect to worry about is fatigue, according to the final results

<ul><li>Gaurav Gulati, the owner of the biggest <keyword id="6357453" type="UNKNOWN" weightage="20" keywordseo="Harley-Davidson">Harley Davidson</keyword> showroom in Delhi, told Business Insider that dealers never imagined something like this coming their way; and Harley’s exit has left all of them in a lurch. </li><li>The Harley dealers association revealed that many are reaching out for servicing requirements that they are unable to handle as the brand has stopped supplying spare parts.</li><li>The American motorcycle manufacturer on <a href="https://www.businessinsider.in/business/auto/news/harley-davidson-exits-india-as-a-part-of-its-restructuring-plan/articleshow/78296191.cms">September 24 announced </a>that it would shut down the manufacturing facility in Bawal and significantly reduce the size of its sales office in Gurgaon as part of its planned restructuring.</li></ul>After years of mounting losses, Harley-Davidson's exit from India has turned out to be a nightmare for its dealers. Despite the red flags and rumours in the market, the dealers never imagined something like this coming their way, and this move has left all of them in a lurch. While Harley has tied up with India’s largest two-wheeler maker, Hero MotoCorp, to sell its bikes in India, there is still a lot of uncertainty that both dealers and customers face. "The impact is as bad as probably you had a bad dream. You were sleeping on a plush bed in a plush environment, and suddenly you were seen on the road," Gaurav Gulati told Business Insider, while sharing his 10-years journey from a Harley rider to the owner of the biggest Harley Davidson showroom in Delhi. Earlier in August 2020, when the <a href="https://www.thehindu.com/business/Industry/harley-davidson-may-exit-india/article32397914.ece">media reports</a> surfaced about Harley's exit plan, the dealer committee did bring it up with the company. Still they refuted reports saying "it's all speculation and there's nothing firm," he added. In fact, the dealers association for Harley revealed to Business Insider that the brand had asked many of its dealers to make room for the new stock in September, just before announcing the formal exit. “The brand kept on promising a growth mode that would include the introduction of a new smaller segment of bikes and several methods to improve our sales and for dealers to make profit finally. Instead, the company decided to exit India and has left us in the lurch. We are now left with uncertainty about the fate of our investments and future business outlooks”, it said. Dealers and customers stuck in a limbo The dealers who had months of inventory lying with them haven’t sold a bike since then as customers are uncertain about the servicing and amenities available to them after Harley completes its exit from India. Gulati is one of those dealers — “I haven’t sold even a bike since the beginning of October.” Although there are a series of enquiries coming their way, no one is buying it, he said. Not just dealers, Harley’s customers in India are also facing troubles. The dealers association revealed that many were reaching out for servicing requirements that they are unable to handle as the brand has stopped supplying spare parts. “We as dealers are responsible towards our customers, but since the brand has not been communicating with us, we don’t know how to respond to the customer’s questions about their investments,” it said. Harley is offering ‘undervalued compensation’ for years of losses The biggest grouse that dealers are putting forth is around compensation. There has been no official word on this front, but in an informal meeting held post the exit announcement, Harley did offer a compensatory amount. But the dealers believe that the ‘undervalued compensation’ is not even a fraction of losses that they have borne over the past years. The association is ‘thoroughly disappointed’ with these terms and feels that ‘the brand has let us down by not valuing an integral part of its brotherhood.’ According to Gulati over the period of time investment with recurring losses will be around ₹12-14 crores for his “only showroom”. And, Harley has nearly <a href="https://www.livemint.com/auto-news/harley-davidson-exit-likely-to-impact-35-dealerships-in-india-take-away-2-000-jobs-11601027325099.html">35 dealerships</a> just in India. What’s next? The Harley-Davidson’s dealers association is looking at taking legal action against the US cult bike manufacturer, over measly compensation. “We are currently seeking the legal opinion of our advisors, AZB &amp; Partners. Dealer paperwork is being reviewed to help us arrive at the best legal remedy to be adopted,” the association told Business Insider. The Hero-Harley tie-up may bring in some solutions for Harley riders, but it will not compensate the dealer losses accrued due to their abrupt ill-planned exit, the association added. The American motorcycle manufacturer on September 24 <a href="https://www.businessinsider.in/business/auto/news/harley-davidson-exits-india-as-a-part-of-its-restructuring-plan/articleshow/78296191.cms">announced</a> that it would shut down the manufacturing facility in Bawal and significantly reduce the size of its sales office in Gurgaon as part of its planned restructuring. The move came after COVID-19 dented the company’s profit due to poor sales forcing the bike maker to exit the Indian market. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/wipro-ceo-delaportes-new-plan-could-allow-company-to-catch-up-to-to-tcs-infosys-hcl-tech-and-others/articleshow/79299467.cms" data-type="tilCustomLink">Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-customers-have-withdrawn-10000-crore-since-rbis-moratorium-was-announced-last-night/articleshow/79281857.cms" data-type="tilCustomLink">Lakshmi Vilas Bank customers have withdrawn ₹10 crore since RBI's moratorium was announced last night</a>

A Harley Davidson dealer in Delhi shares his anxiety over the US luxury motor company's sudden exit from India

Prime Minister Boris Johnson has outlined his 10 climate pledges for a <keyword id="5142998" type="ORGANIZATION" weightage="20" keywordseo="Green-Industrial-Revolution">green industrial revolution</keyword> for 2,50,000 jobs and ending the sale of new petrol and diesel cars and vans by 2030. Covering clean energy, transport, nature and innovative technologies, the Prime Minister's blueprint launched on Tuesday will allow the UK to forge ahead with eradicating its contribution to climate change by 2050, particularly crucial in the run up to the COP26 climate summit in Glasgow next year. The plan -- which is part of the PM's mission to level up across the country -- will mobilise £12 billion of government investment to create and support up to 2,50,000 highly-skilled green jobs in the UK, and spur over three times as much private sector investment by 2030. At the centre of his blueprint are the UK's industrial heartlands, including in the North East, Yorkshire and the Humber, West Midlands, Scotland and Wales, which will drive forward the green industrial revolution and build green jobs and industries of the future. The Prime Minister's ten points, which are built around the UK's strengths, are: Offshore wind: Producing enough offshore wind to power every home, quadrupling how much it produces to 40GW by 2030, supporting up to 60,000 jobs. Hydrogen: Working with industry aiming to generate 5GW of low carbon hydrogen production capacity by 2030 for industry, transport, power and homes, and aiming to develop the first town heated entirely by hydrogen by the end of the decade. Nuclear: Advancing nuclear as a clean energy source, across large scale nuclear and developing the next generation of small and advanced reactors, which could support 10,000 jobs. Electric vehicles: Backing world-leading car manufacturing bases, including in the West Midlands, North East and North Wales, to accelerate the transition to electric vehicles, and transforming the national infrastructure to better support electric vehicles. Public transport, cycling and walking: Making cycling and walking more attractive ways to travel and investing in zero-emission public transport of the future. Jet Zero and greener maritime: Supporting difficult-to-decarbonise industries to become greener through research projects for zero-emission planes and ships. Homes and public buildings: Making homes, schools and hospitals greener, warmer and more energy efficient, whilst creating 50,000 jobs by 2030, and a target to install 6,00,000 heat pumps every year by 2028. Carbon capture: Becoming a world-leader in technology to capture and store harmful emissions away from the atmosphere, with a target to remove 10MT of carbon dioxide by 2030, equivalent to all emissions of the industrial Humber today. Nature: Protecting and restoring natural environment, planting 30,000 hectares of trees every year, whilst creating and retaining thousands of jobs. Innovation and finance: Developing the cutting-edge technologies needed to reach these new energy ambitions and make the City of London the global centre of green finance. The UK Prime Minister said: "Although this year has taken a very different path to the one we expected, I haven't lost sight of our ambitious plans to level up across the country. "My ten point plan will create, support and protect hundreds of thousands of green jobs, whilst making strides towards net zero by 2050. "Our green industrial revolution will be powered by the wind turbines of Scotland and the North East, propelled by the electric vehicles made in the Midlands and advanced by the latest technologies developed in Wales, so we can look ahead to a more prosperous, greener future." Following extensive consultation with car manufacturers and sellers, the Prime Minister has confirmed that the UK will end the sale of new petrol and diesel cars and vans by 2030, 10 years earlier than planned. However, it will allow the sale of hybrid cars and vans that can drive a significant distance with no carbon coming out of the tailpipe until 2035. The UK car industry already manufactures a significant proportion of electric vehicles in Europe, including one of the most popular models in the world. Responding to the announcements, Mohamed Adow, Director of Nairobi-based energy and climate think tank, Power Shift Africa Director, told IANS in a statement, "Nowhere suffers more disproportionately from the climate crisis than Africa, so it's good to see Boris Johnson stepping up and providing personal leadership on this issue. "As hosts of the crucial UN climate summit next year in Glasgow it has a key role in securing a new era of global action to cut emissions and support those already suffering from climate breakdown. The eyes of the world will be on Britain." The UK Prime Minister's speech coincides with a new report from Power Shift Africa which shows that the UK burns more CO2 per person than 18 Commonwealth countries combined. "The UK government announcement on ban of petrol or diesel cars would positively impact the health issues caused by air pollution from such vehicles. It is going to be life saviour for current and future generations," said Quality and Accreditation Institute CEO Bhupendra Kumar Rana. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms" data-type="tilCustomLink">Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000</a> <a href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms" data-type="tilCustomLink">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a>

New petrol and diesel cars sales to be banned in the UK after 2030 under Boris Johnson government's green plan

Mumbai, Dec 31 () When the Narendra Modi government, stumped by the sudden resignation of Urjit Patel, parachuted retired bureaucrat Shaktikanta Das to RBI in December 2018, many expected a great lull in the public acrimony that marred the days of his academically more illustrious predecessors Patel and Raghuram Rajan.
 And 'the history graduate', as Das was parodied in his initial days, did not disappoint as the 25th governor of the central bank. He completed one year at the helm on December 12.
 But challenges are galore for the nation's chief money man as Das' record-setting rate cuts did not alleviate credit crisis, especially in the shadow banking space, and now turmoil in the cooperative banks sector due to the PMC scam.
 Also, falling growth and spiralling inflation are the other critical challenges facing the Reserve Bank of India (RBI) in the New Year.
 So far this fiscal, bank credit has grown just 7.8 per cent, against 13.6 per cent a year ago and might plunge to a 58-year low of 6.5-7 per cent by March, if the latest projections are anything to go by.
 It was in fiscal 1962 when credit demand was lower than this on record. At that time, it stood at 5.4 per cent.
 Ironically, the more the Reserve Bank of India (RBI) slashed rates, the faster the economy turtled, hitting a 25-quarter low of 4.5 per cent in the September quarter.
 Even as it eased the rates, the RBI slashed growth estimates by an unprecedented 240 basis points since the rate cutting cycle began in February to a low of 5 per cent.
 Similar has been its loss of face on the inflation front, which, after hovering under the glide path for a few years, has suddenly screeched up and is now pegged sharply higher at 5.1-4.7 per cent for 2020.
 Das, who as the economic affairs secretary managed the note ban mayhem with elan both for the government and the RBI, could temper the raising tempers between the central bank and the government, was primarily because he gave in a lot of space to North Block.
 Be it the historic cash transfers by setting up the Bimal Jalan panel in December 2018 itself or taking some of the crippled state-run banks out of the RBI radar or in getting a new NPA framework in place by June 2019 or in opening a special financing window for MSMEs.
 Under his governorship, Das silenced the ever-hungry market and North Block mandarins with 135 basis points reduction in interest rates through five successive rate cuts.
 However, the central bank's youngest Deputy Governor ever -- Viral Acharya -- quit six months before his three-year term was to end in June 2019.
 But those who know Das, including the RBI staff, fully back his working style and glasnost.
 RBI Central Board member Sachin Chaturvedi described Das as a person who brings in pragmatism, commitment, transparency and sincerity to the table.
 "Das has succeeded in getting government and other functionaries together and has made the board a cohesive platform," he told .
 Das also settled the autonomy issue -- most contentious of all -- and had said that so far as decision-making is concerned or taking a final call on any issue, they are taken by the RBI and is more than 100 per cent autonomous in decision-making.
 "Nobody interferes in my decision-making," Das said in September.
 The RBI, under Das, has been instrumental in diversifying liquidity management toolkit by launching the dollar-rupee swap auctions -- buying dollars and releasing equivalent amount of rupees into the system to ease liquidity.
 And the latest in containing rupee volatility and bond spikes are the open market operations twist under which RBI buys and sells equal quantum of gilts.
 Allowing non-residents to participate in rupee interest rate derivatives markets and making NEFT 24x7 and free are among the other decisions this year.
 RBI also put its foot down when it declined to raise the retirement age of private sector bank CEOs from 75 years, refused green-signal to Indiabulls' takeover bid for the crippled Lakshmi Vilas Bank and said no to Uday Kotak's convoluted stake dilution move at Kotak Mahindra Bank. The last matter is now before the Bombay High Court.
 The apex bank also got regulatory powers of the NHB following the crisis at DHFL, also the first non-banking finance company to be referred for insolvency proceedings.
 It also forced banks to link all fresh retail loans to an external benchmark, following which repo rate was made as their benchmark for loan pricing.
 While the RBI should be credited for seeing the slowdown coming and cutting rates, the apparent fault was in not anticipating severity of the economic slump.
 However, the central bank unexpectedly paused rate cuts in December. It indicates the RBI is waiting for the budget on quality of fiscal deficit and quantum of off-balance-sheet borrowings, among others.
 Having worked with three finance ministers, Das also made the long and stormy RBI board meetings into non-events in no time with his consultative process even as he made it clear that the central bank is not a "cheer leader" for anyone.
 All said, it is difficult to say now whether it has been a year of floccinaucinihilipilification or that Das maintained a Panglossian countenance, smiling away at every difficulty.
 Monetary Policy Committee's Chetan Ghate had used the 29-letter word --floccinaucinihilipilification -- which refers to an action of estimating something as worthless.
 The New Year might have a clear if not direct answer to Panglossian ways. BEN HV RAM BAL ANS
ANS

History behind, Das-led RBI charts new trails sans acrimony

Mumbai, Feb 1 () Tax experts and analysts on Saturday said the optionality clause in the new income tax budget proposal is a big disincentive for investment in tax-saving instruments, which will dampen the markets and have ripple effects across all asset classes, including housing.
The Union Budget for 2020-21 has proposed new income tax slabs and reduced the tax rate for different slabs, with lower payouts provided the taxpayer foregoes all the existing exemptions/deductions.
Under the proposal, a person with an annual income of Rs 5-7.5 lakh will have to pay a lower tax rate of 10 per cent; Rs 7.5-10 lakh at 15 per cent; Rs 10-12.5 lakh at 20 per cent; Rs 12.5- 15 lakh at 25 per cent; and above Rs 15 lakh 30 per cent tax will be applied.
The proposal will lead to a revenue sacrifice of Rs 40,000 crore per annum, if all the taxpayers opt for the new structure.
It can be noted that household savings have been steeply declining over the years. According to government data household savings have dropped to 17.2 per cent of GDP in FY18 from 23.6 per cent in FY12.
The move to tax dividend at the hands of the investors will also have a deep negative impact on the markets as it will force investors to look for other asset classes like fixed deposits.
"With the optional new regime, taxpayers will have to evaluate what works better for them. Those committed to long-term savings and investing via 80C may be discouraged and this may likely de-motivate them from investing in tax-saving asset classes," said Archit Gupta, founder of Cleartax.
However, he said shifting of the dividend distribution tax from the companies to the individual investor is a good step as it increases dividend received in the hands of the taxpayer. Those above 20 per cent tax slab will now face more tax on their dividend income.
Biocon CMD Kiran Mazumdar Shaw tweeted that removal of exemptions and DDT will hurt individual tax payer and affect consumer spending.
Ajit Mishra of Religare Broking said the widely expected personal income tax cuts have come in with lots of caveats, leaving no major impacts.
Similarly, Dhiraj Relli of HDFC Securities said the proposals on the tax front will not stimulate positive sentiments for the capital markets.
RK Gurumurthy of Lakshmi Vilas Bank said tinkering with the personal tax and some structural changes in Dividend Distribution Tax (DDT) will work are cosmetic benefits that the small and medium investor will like.
However, Vivek Gambhir, head of Godrej Consumer Products said reduction in personal income tax slabs will provide some relief to the middle class, which in turn will increase disposable income and drive demand.
Similarly, Tapan Singhel of Bajaj Allianz General Insurance said the new personal income tax regime will help put more money in the hands of people, which should boost consumption.
Vijay Chandok of ICICI Securities also supported the view saying rationalisation of personal income tax rates is likely to be key catalyst for consumption pickup.
Kamlesh Rao of Aditya Birla Sun Life said the income tax relief will improve public sentiment and augur well for the economy.
SOTC managing director Vishal Suri said the new personal income tax regime will put more disposable income in the hands of individuals leading to more consumer spends and help consumption, especially tourism," he added. BEN BAL
BAL

New income tax regime big disincentive to investment: Analysts

NEW DELHI: The Modi government promises a 40% increase in the supply of heavily subsidised grain as it seeks to expand coverage under the food security law, a move that can inflate the subsidy bill and disappoint critics who thought the new regime would abandon UPA’s entitlement-based approach. 
 Food Minister Ram Vilas Paswan said monthly entitlement of 5 kg foodgrain per person under food security law was meagre. “The focus of the government will be on providing food security to all. With huge <keyword id="6354298" type="ORGANIZATION" weightage="80" keywordseo="stocks">stocks</keyword> of grain in the country we want to increase monthly entitlement to 7 kg,” he told ET in an interview. He said the food law passed by the previous government was inadequate. 
 
“I feel the Food Security Act was prepared hurriedly. In my understanding during three months in government, it does not have clear concepts,” Paswan said. 
 
He said Modi himself, when he was chief minister of Gujarat, had observed that the grain provided under the Act was too less. 
 
Paswan was silent about the food subsidy bill, which is already projected to be Rs 1.15 lakh crore this year, but analysts said additional grain would cost a lot of money. 
 
Tejinder Narang, a Delhi-based analyst said the bill may rise by about 15% apart from starving the open market, which would raise prices. Pramod Joshi, director, International Food Policy Research Institute, said if the government is raising the quantity of susbsidised grain it would also be looking at steps like focusing on the poorest households and direct cash transfers subsidies following the campaign to open bank accounts. 
 The issue of food security came to the centre stage last year when <keyword id="689" type="PERSON" weightage="80" keywordseo="Sonia-Gandhi">Sonia Gandhi</keyword> spearheaded the food security law in the last year of the UPA government. 
 
 
 It aims to give over 61 million tonnes of wheat, rice and coarse grains priced between Re 1 and Rs 3 per kg to 81 crore people. The law was seen as a key tool in the Congress party’s bid to be voted back to power but it was eventually trounced by Modi-led BJP. The <keyword id="58687" type="ORGANIZATION" weightage="80" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> had earlier showcased the food security apparatus in states ruled by the party as better solutions for combating hunger and deprivation. 
 Paswan said welfare of the people was a key priority and the Central government would not budge from its position despite international pressure to change its stance to facilitate an agreement under the <keyword id="84934" type="ORGANIZATION" weightage="80" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> (WTO). Some analysts say the issue of food security may be raised during Modi’s visit to the US. Paswan said there was a huge difference in the mindset of a developing and developed country. 
 
“We are a welfare state and we have a public responsibility. We have to protect the interest of farmers and the poor man. Not just USA, but some of our own experts feel that subsidy should end,” he said. Paswan said it was a huge challenge to store grain and check leakages in transportation and distribution. 
 A high-powered committee under <keyword id="6358126" type="CITY" weightage="80" keywordseo="Himachal-Pradesh">Himachal Pradesh</keyword> MP <keyword id="194696" type="PERSON" weightage="80" keywordseo="Shanta-Kumar">Shanta Kumar</keyword> would submit its report in three months on restructuring Food Corporation of India (FCI). 
 
He said there were numerous complaints about irregularities in the FCI, the biggest organisation under its ministry. “The first major problem is on damage. Products that come from FCI godown or from rakes is not of proper quality. Sometimes it doesn’t reach fair price shops or beneficiaries,” the food minister said. “It goes to the open market. Quality is only on paper, not physically. Sometimes, we find grain rotting in the open. There is nobody to buy it. If it has been bought, then it is not stored properly,” he added. 
 
“In the public distribution system, there so much 'dhandebazi' (corruption) irrespective of states. Wherever you go, you will not find the correct beneficiary’s names; there are problems in quality and quantity. We have started door-todoor delivery. Now with the usage of new technology like CCTV and GPS, we should be able to track trucks, storage position in grounds. We have to see how successful we are,” he said.

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