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<ul><li>Although banned in the 1990s, manual cleaning of <keyword id="79680" type="PERSON" weightage="20" keywordseo="Sewers">sewers</keyword> continues till date.</li><li>To help eradicate this, the Modi government has announced that it is working with urban local bodies to use technology to clean sewer systems.</li><li>Further, the government also announced ₹85,000 crore provision for the upliftment of scheduled caste and other backward classes, along with ₹53,700 crore for scheduled tribes.</li></ul>Indian finance minister Nirmala Sitharaman announced that there will be no manual cleaning of sewers anymore. The government has identified suitable technologies and equipment for this task, and that it is working with local bodies for the adoption of these technologies. “Our government is determined that there shall be no manual cleaning of sewer systems and septic tanks. Suitable technologies for such tasks have been identified by the Ministry of Housing and Urban Affairs,” the Finance Minister said. To make sure this policy is carried out effectively, she said that the ministry is “working with urban local bodies for the adoption of these technologies”. She further announced that the policy will be taken to its “logical conclusion” through legislative and institutional changes. Manual cleaning of sewer systems and septic tanks is a dangerous task and has claimed hundreds of lives. According to data provided by the National Commission for Safai Karamcharis, 123 workers were <a href="https://indianexpress.com/article/india/official-data-shows-one-manual-scavenging-death-every-five-days-5361531/">reported</a> to have died between January 2017 and September 2018. The job of <keyword id="6390598" type="UNKNOWN" weightage="20" keywordseo="manual-scavenging">manual scavenging</keyword> has historically been undertaken by the <keyword id="45041" type="CITY" weightage="20" keywordseo="dalit">Dalit</keyword> community in India, which brings out the social inequalities prevalent in the country. Even though the Indian government outlawed the practice in the 1990s, it continues to happen even in 2020. Sitharaman also announced a provision of ₹85,000 crore for 2020-21 for the upliftment of scheduled castes and other backward classes. Similarly, the scheduled tribe community gets a provision of ₹53,700 crore. See also: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Check live Budget 2020 updates here</a>

“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman

<ul><li>The Chennai-based startup provides robotic solutions for the sanitation industry, such as robots for cleaning septic tank cleaning and pipeline detection. </li><li>Incubated at <keyword id="6356755" type="General" weightage="20" keywordseo="iit-madras" source="Orion">IIT Madras</keyword>, the startup won the award for the Best on Campus category at ET Startups Awards 2022. </li><li>The founders walked away with an investment of ₹90 lakh for 3% equity from sharks Anupam Mittal and Peyush Bansal. </li></ul>The harsh reality of <keyword id="6390598" type="General" weightage="50" keywordseo="manual-scavenging" source="Orion">manual scavenging</keyword> and its impact on people’s lives and health can’t be ignored. <keyword id="14698200" type="General" weightage="20" keywordseo="Solinas-Integrity" source="Orion">Solinas Integrity</keyword>, the latest startup to appear on the second edition of <keyword id="1417364" type="General" weightage="80" keywordseo="shark-tank" source="Orion">Shark Tank</keyword> India, aims to end the problem of <keyword id="7915231" type="General" weightage="100" keywordseo="manual-scavenging-in-India" source="Orion">manual scavenging in India</keyword> by developing robotic solutions for the sanitation industry. The sharks on the reality show fought to become investors in the Chennai-based startup that is an end-to-end water sanitation management company. One of the sharks - boAt co-founder Aman Gupta – had this to say as he bowed out of the fight: “The shit is (a) hit (referring to the shark fight). Your purpose and cause are good. You have mentors and funds, what else do you need? I’m out but I’m glad they’ve made offers.” <cmsannotation type="cmsannotation" annotationid="Septic tank-cleaning robot that requires no manual intervention" comment="subhead2" text="Septic tank-cleaning robot that requires no manual intervention">Septic tank-cleaning robot that requires no manual intervention</cmsannotation> Founded in 2018, Solinas manufactures three products (which it has also designed): HomoSEP- a septic tank cleaning robot, Endobot - a pipeline crawler (or inspection robot), and iGlobus - an inline inspection robot designed for long-distance leak and pilferage detection. Between 2017-2021, 330 people lost their lives due to "hazardous cleaning of sewer and septic tanks" in India, as per the <a href="https://www.thequint.com/news/politics/330-people-died-cleaning-tanks-but-no-manual-scavenging-deaths-government-says-in-monsoon-session#read-more">data presented in Lok Sabha in August 2022</a>. The government, which has introduced several measures to prohibit manual scavenging and rehabilitate those involved, does not consider septic cleaning as manual scavenging, despite the National Human Rights Commission’s (NHRC) recommendation to expand the definition of manual scavengers. Solinas claims that HomoSEP is the first-ever septic tank cleaning robot in India that requires no manual intervention. Traditionally, smaller suction machines (priced at ₹15-₹20 lakh) remove the top layer of waste in the septic tanks. But the hard sludge at the bottom of septic tanks is cleaned by manual scavengers, who step into a manhole with little to no protective gear. Compared to global solutions like super-sucker machines with a starting price of ₹3-₹4 crore, HomoSEP is more affordably priced between ₹15-₹25 lakh, stated the founders. While super-sucker machines traditionally use a high-vacuum suction system, HomoSEP is equipped with a patented multiple-blade cutter that can mix the deepest and hardest sludge at the bottom, and a suction pump that can store and transfer the sludge through a pipe into a tank. Meanwhile, Endobot includes a range of robots. These are pipeline crawlers that can inspect underground pipelines to identify leaks, contamination, and other critical defects. Endobots offer live visual inspection and instant leakage and blockage detection. Endobots operate as a service-based business model. iGlobus is a spherical robot developed for long-range inspection of pressurised water pipelines that are 10 inches or larger. In just a single deployment, it provides long-distance inspections for up to 24 hours and carries highly sensitive acoustic sensors and odometry sensors for leak detection and localisation respectively. <cmsannotation type="cmsannotation" annotationid="Converting a college project into a business" comment="subhead2" text="Converting a college project into a business">Converting a college project into a business</cmsannotation> Incubated at IIT Madras, Solinas currently has six founders - four of whom appeared on Shark Tank India. However, the man behind the idea was Divanshu Kumar. Originally hailing from Bihar, Kumar was studying at IIT Madras when he came up with the idea of developing a robot to clean septic tanks for his final year project. But it wasn’t until he actually talked to sanitation workers that he decided to turn this project into an impactful product. “For the first 3 months, I just wanted to be done with the project. (But) when we presented the project to sanitation workers, they laughed at our solution. They said, “have you ever seen a septic tank? Look at our nails, our skin - they’re peeling and affected. Because we have to step inside a septic tank.” When I saw them I decided, I have to take a chance - develop something worthwhile,” shared Kumar. The other three co-founders who appeared on the show are Bhavesh Narayani, Moinak Banerjee and Linda Jasline. Narayani, hailing from Gwalior, is also an alumnus of IIT Madras. He joined the company in 2019 and is the head of product development. Banerjee, from West Bengal, and Jasline, from Chennai, joined the company later. “This is amazing. Bodh Gaya (Bihar), Durgapur (West Bengal), Gwalior and Chennai - it appears to be a national integration project,” said shark Namita Thapar, executive director at Emcure Pharmaceuticals, about the founders. Interestingly, Narayani actually got married by employing the services of shark Anupam Mittal’s business venture, Shaadi.com. The founding team of Solinas also includes two IIT professors with whom Kumar worked with to develop the products. Solinas was also the <a href="https://economictimes.indiatimes.com/tech/startups/et-startup-awards-2022-solinas-integrity-wins-the-best-on-campus-category/articleshow/95187099.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">winner </a>in the Best on Campus category at ET Startups Awards 2022. The founders shared on the show that Solinas has applied for 4 patents, 2 of which have been granted. Solinas launched its products in 2020 and has already partnered with different municipalities and organisations. Its client base includes Pfizer, Kerala Water Authority, Mahindra World City (Chennai), and Voyants, to name a few. It generated sales to the tune of ₹1.2 crore in FY22. The founders stated that the annual recurring revenue (ARR) for FY23 was ₹5 crore, of which ₹3 crore is the expected revenue from HomeSEP machine and ₹2 crore from Endobot services. <cmsannotation type="cmsannotation" annotationid="Sharks fight for a front-row seat to the ‘shit’ show" comment="subhead2" text="Sharks fight for a front-row seat to the ‘shit’ show">Sharks fight for a front-row seat to the ‘shit’ show</cmsannotation> All the sharks were floored by the founders’ vision and cause. Thapar made the first offer, jointly, with Amit Jain, co-founder of CarDekho.com, – ₹52 lakh for 2% equity, with ₹38 lakh debt at 10% interest. This valued the startup at ₹26 crore, equivalent to the last valuation of the startup – the founders stated that they had raised ₹4.2 crore, valuing the company at ₹26 crore, 3 months before the show. Shaadi.com founder Anupam Mittal and Lenskart founder Peyush Bansal followed with a joint offer of ₹90 lakh for 3.35% equity, valuing the startup at ₹26.9 crore. “You'll have to make partners in your business. Look at the transport industry in India. When employment was created, whether it was food delivery or ride-sharing, everything worked. The solution to some of the biggest problems in India is to make micro-entrepreneurs,” remarked Bansal when making the offer. The founders responded to both offers by requesting a revised valuation without debt, keeping in mind the current crop of investors who also came at a valuation of ₹26 crore. Consequently, Bansal and Mittal revised their offer to ₹90 lakh for 3% equity, raising the company’s valuation by approximately ₹4 crore to ₹30 crore. However, Thapar and Jain, who were willing to revise their debt-equity deal, backed out as they believed the founders wanted to go with Bansal and Mittal. Ultimately, the founders agreed to a deal with Bansal and Mittal, walking away with an investment of ₹90 lakh for 3% equity. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-new-zealand-t20-to-begin-from-january-27-squads-match-dates-and-head-to-head-record/slidelist/97301912.cms">India vs New Zealand T20 from January 27 – squads, match dates, and head-to-head record</a>

The IIT-Startup working to end manual scavenging in India wins big on Shark Tank

<ul><li>The campaign is a part of <keyword id="6527909" type="LOCATION" weightage="20" keywordseo="mission-garima">Mission Garima</keyword>, an initiative of Tata Trusts to promote safe, healthy and humane working conditions for conservancy workers in Mumbai, India crafted by FCB Ulka. </li><li>Tata Trusts and FCB Ulka bring these unsung heroes to the spotlight; it urges citizens to segregate waste at the source, to make the lives of the conservancy workers better, more dignified.</li><li>Tata Trusts has provided improved Personal Protective Equipment (PPE) to more than 150 conservancy workers in Mumbai, in collaboration with the Municipal Corporation of Greater Mumbai (MCGM). </li></ul>In a bid to engage citizens to adopt improved waste management practices which is a need of the hour, Tata Trusts, through its programme, Mission Garima, has launched a campaign -- #TwoBinsLifeWins. The campaign brings to light the story of a child whose father has to segregate waste in sewers because citizens wouldn’t. 
 
 
 
 <div type="Youtube" id="c13be-R6aAg" title="#TwoBinsLifeWins" thumbUrl="https://i.ytimg.com/vi/c13be-R6aAg/mqdefault.jpg"></div>









 The campaign urges citizens to segregate waste at the source, to make the lives of the conservancy workers better, more dignified. It is a part of an on-going initiative of the Trusts -- Mission Garima -- to promote safe, healthy and humane working conditions for conservancy workers in Mumbai. Under Mission Garima, the Trusts have identified and procured technologies to make the process for waste management more mechanical, and reduce human intervention. Tata Trusts has provided improved Personal Protective Equipment (PPE) to more than 150 conservancy workers in Mumbai, in collaboration with the Municipal Corporation of Greater Mumbai (MCGM). The launch of the campaign will further see the distribution of more sets of PPE at a first- of-its-kind model chowki at L-ward, Kurla, jointly inaugurated by Tata Trusts and MCGM. Chowkis are facilities in every ward where cleanliness workers assemble to begin their day, and come back to change and rest. The first-of-its kind model chowki in Kurla comprises office space, separate rooms for men and women staff with improved water and sanitation services, storage, and a functional open space. It will be equipped with amenities like a water purification system, microwave oven, a gym, among other recreational activities. Mr. Divyang Waghela, Head – Tata Water Mission, Tata Trusts, said, “Conservancy workers are the backbone of large metropolitan cities like Mumbai. They help in keeping our city clean, and in order. It is imperative that efforts are made to ensure their safety, and to protect their dignity. Tata Trusts launched Mission Garima to bring about a significant positive impact in the work environment of conservancy workers. With #TwoBinsLifeWins, we hope to prod the conscience of the nation and encourage citizens to segregate waste at their respective homes, so conservancy workers live a life of dignity and respect.” The campaign has been developed by FCB Ulka. Shedding light on the storytelling, Keegan Pinto, National Creative Director, FCB Ulka, said, “The inspiration for this heartfelt film comes from true feelings, testimonials and insights. This film is very special to us. But the film is not more important than the cause. Nothing is more heinous, ridiculous, tragic, disgusting and a greater product of our trademark Indian collective convenience and ignorance than a man having to go down in the drain and then, dying too early leaving his children orphaned. We really wish the film makes a difference and we hope people start segregating their waste at home with the small act of 2 bins and abolish this practice altogether.”

You can help improve the lives of conservancy workers, Tata Trusts tells you how

Tech company <keyword id="830107" type="General" weightage="50" keywordseo="zoho-corporation" source="Orion">Zoho Corporation</keyword> said on Wednesday that it has invested Rs 20 crore in <keyword id="6023606" type="General" weightage="100" keywordseo="genrobotics" source="Orion">Genrobotics</keyword>, an Indian startup building robotics and AI-powered solutions for social issues such as hazardous working conditions. Chennai-headquartered Zoho said that the investment will assist Genrobotics in its mission to eradicate manual scavenging in India and provide safety and dignity to workers in the sanitation and oil and gas industries. Genrobotics offers '<keyword id="6131529" type="General" weightage="80" keywordseo="bandicoot" source="Orion">Bandicoot</keyword>' robot, the world's first robotic scavenger, which helps clean confined spaces such as sewers manholes, sewer wells, storm water manholes, oily water sewers (OWS) and storm water sewers (SWS) in refineries. Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> had launched 'Bandicoot' in 2018. "Building such technological competencies and critical know-how locally can help foster sustainable growth across key sectors, like industrial manufacturing, healthcare, and energy, in turn making the country economically stronger and self-reliant," said <keyword id="191862" type="General" weightage="50" keywordseo="sridhar-vembu" source="Orion">Sridhar Vembu</keyword>, CEO and co-founder of Zoho Corp. Currently, smart cities, <keyword id="6374279" type="General" weightage="50" keywordseo="urban-local-bodies" source="Orion">Urban Local Bodies</keyword> (ULBs), refineries, multinational companies, townships and housing colonies across 14 states are leveraging Bandicoot robots, thereby eliminating the need for human entry into manholes. Genrobotics recently ventured into healthcare and launched a robot-assisted gait training solution called 'G Gaiter' to aid the recovery of people with paraplegia through improved rehabilitation experiences. "Bandicoot, which combines the use of human intelligence and <keyword id="107950" type="General" weightage="50" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword>, is transforming the sanitation and oil and gas industries by offering a viable alternative to the dangerous practice of manual cleaning," said <keyword id="14022379" type="General" weightage="50" keywordseo="vimal-govind-mk" source="Orion">Vimal Govind MK</keyword>, CEO and co-founder of Genrobotics. Bandicoot robots are designed to mimic human movements with the help of AI. They use their legs, various sensors and cameras to enter manholes, move around and gain stability in different terrains. The multi-purpose robotic arm can perform actions such as shovelling, grabbing, picking and water-jet positioning necessary for various types of cleaning. It is equipped with a sensor to detect poisonous gases and specially-designed four-IP68 night vision cameras that provide visuals of the confined space through the user interface located safely above the manhole, enabling sanitation workers to do their jobs safely and efficiently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/if-you-place-an-order-youre-accepting-the-service-charge-restaurant-body-says/articleshow/91779455.cms">If you place an order, you’re accepting the service charge, restaurant body says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-avinya-renders-reveal-the-expected-design-of-the-concept-electric-car/articleshow/91765348.cms">Tata Avinya renders reveal the expected design of the concept electric car</a>

Tech company Zoho Corporation invests ₹20 crore in 'Genrobotics', aims to solve social issues

New Delhi, Apr 9 () A plea seeking to ensure protection of rights of 'safai karamcharis' (sanitation workers) during the nationwide lockdown in wake of COVID-19 outbreak has been filed in the Supreme Court.The petition by activist Harnam Singh sought COVID-19 Personal Protection Equipment (PPE) for sanitation workers within a period of 24 hours and provisions for testing the workers and their immediate family within 48 hours."Safai Karamcharis/sanitation workers carry out the essential service of keeping every city, town and village clean, sweep the roads, carry waste of every household, clean sewers etc." the petition said."In order to carry out the said work, these Safai Karamcharis/sanitation workers are not equipped with any COVID-19 protective gear/Personal Protection Equipment (PPE) to safeguard them from the highly infectious coronavirus," it said.Referring to a technical brief and an internal guidance issued by the World Health Organisation (WHO), the PIL said that the organisation had stated that sanitation workers have to wear appropriate PPE which includes protective outerwear, gloves, boots, goggles or a face shield, and a mask while carrying out their duties.The plea contended that 'The Prohibition of Employment As Manual Scavengers and Their Rehabilitation Act 2013' makes it clear that cleaning of sewers or septic tanks without protective gear amounts to hazardous cleaning and attracts penal consequences.The Union Health Ministry on Thursday stressed on the rational use of PPE by healthcare workers treating coronavirus patients amid concerns over their dwindling numbers in the country.Joint Secretary at the Health Ministry Lav Agarwal said there is no need to panic as India has sufficient stock of PPE and the government is making all efforts to augment their supply further.Addressing a daily briefing at 4 pm to provide updates on the COVID-19 situation, he said that 20 domestic manufacturing companies of PPE have been developed."Orders for 1.7 crore PPE have already been placed with them and supply has already begun," Agarwal said.Since Wednesday, 540 cases of the coronavirus infection and 17 deaths have been reported, taking the total number of COVID-19 cases in India to 5,734 and death toll to 166, he said. PKS RHL

COVID-19: Plea seeking protection of rights of sanitation workers filed in SC

<ul><li>The monsoon session of the <keyword id="145182" type="ORGANIZATION" weightage="20" keywordseo="Indian-Parliament">Indian parliament</keyword> began on July 19 and is almost half way through.</li><li>Several pressing matters have been raised during this session regarding the COVID-19 situation, farmers' protest and more.</li><li>However, when faced with questions, the government has cited lack of data on at least four issues listed below.</li><li>The session is scheduled to close on August 13 and several other matters like Pegasus spyware are yet to be discussed.</li></ul>It has already been more than 10 days since the Indian parliament kicked off its monsoon session on July 19, 2021. Lot of important questions have been raised over several long hours of discussions and brawl, however, not all have been answered. From death due to oxygen shortage during the pandemic to cryptocurrency investments, these are the pressing issues for which the <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> has simply slid past saying it has no data in hand. ‘No one died due to oxygen shortage’ If the first wave of COVID-19 brought Indian healthcare system to its knees, the second one was a blade on the neck. The South Asian country witnessed the worst healthcare crisis in its history, with people looking for hospital beds, oxygen cylinders and concentrators, COVID-19 medicines and other necessary equipment over Twitter. Many lost their lives in this struggle. However, Union Minister of State for Health and Family Welfare Bharati Pravin Pawar in the Rajya Sabha, a day after the monsoon session began,<a href="https://www.thehindu.com/news/national/parliament-proceedings-no-deaths-reported-due-to-lack-of-oxygen-health-ministry-tells-rajya-sabha/article35428791.ece"> said</a>, “no deaths due to lack of oxygen have been specifically reported by states/union territories’ during the second wave of COVID-19. This led to a nationwide outrage. ‘Farmers death, what?’ The farmers of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> took to streets in September 2020, after the government passed three farm acts. On 30 November 2020, an estimated crowd of 200,000 to 300,000 farmers were walking to the national capital of Delhi to make their voices heard. The protest went on for close to ten months, however the government has no data on how many people have lost their lives during this course. As per a press release issued by the Samyukt Kisan Morcha (Joint Farmers’ Force), a coalition of over 40 farmers’ unions, 537 farmers have died in the agitation till date. SKM has also updated the<a href="https://humancostoffarmersprotest.blogspot.com/2020/12/list-of-deaths-in-farmers-protest-at.html"> list of farmers</a> who have died during the protest since November 24 last year. However, the Minister of Agriculture and Farmers Welfare Narendra Singh Tomar, in the parliament, said that the government has no record of farmers having died or fallen ill during the protests. ‘Black money is white money painted in a different colour’ Indian Prime Minister Narendra Modi’s speech of 8 November 2016, while announcing the demonetisation of some currency notes, was a historical moment against black money in India. <div type="ExtQuote" text="“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper.”" auname="— Narendra Modi, demonetisation speech of 2016."></div> He also highlighted the government passed a law 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015', soon after taking over the office, for disclosure of foreign black money. The country had signed agreements with many countries, including the USA, to add provision for sharing banking information. Cut to 2021, there is no data available. The Minister of State for Finance, Pankaj Chaudhary, has informed that there is <a href="https://www.dnaindia.com/india/report-no-official-estimate-of-black-money-stashed-in-swiss-banks-centre-tells-parliament-2902569">no official </a>estimate of the amount of black money deposited in Swiss banks in the decade. According to data shared by Switzerland's central bank, Indian individuals and firms have deposited over CHF 2,554.7 million or<a href="https://scroll.in/latest/997838/indian-deposits-in-swiss-banks-rise-to-over-rs-20700-crore-highest-in-13-years"> ₹20,700 crore</a> in Swiss Banks in 2020. All of this may not be black money, but it’s a good data point to begin with. The Indian government, in 2019, said that it has an information sharing agreement with the Swiss authorities. Yet they have no data to show in 2021. ‘Cryptocurrency bill on the way, but no data yet’ Indian Finance Minister Nirmala Sitharaman informed the Rajya Sabha (Upper House) on July 27 that the government does not collect any information on the number of cryptocurrency exchanges and investors in India. It does sound fair, but not when the government of India has been pushing to <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">regulate cryptocurrency</a> in India since 2019. As per the <a href="https://www.moneycontrol.com/news/business/economy/no-information-collected-on-number-of-crypto-exchanges-and-investors-in-india-finance-minister-nirmala-sitharaman-7232611.html">data </a>shared by crypto exchanges, there are about 15 million Indian cryptocurrency investors, with holdings worth ₹15,000 crore ($2 billion) cumulatively. There are 350 startups that operate in the blockchain and crypto space, as per the crypto currency exchanges. Besides this, Sitharaman also mentioned that the government of India has no information on drug trafficking and money laundering that is being carried out through crypto exchanges. ‘No one dies due to manual scavenging’ No deaths have been reported due to manual scavenging in India over the last five years, the minister for Social Justice and Empowerment Ramdas Athawale said in the Rajya Sabha on <a href="https://thewire.in/government/centre-says-no-death-reported-due-to-manual-scavenging-activists-decry-govt-response">July 29</a>. If only, the ministry had thought of going through this year’s budget session thoroughly. Athawale, during his own speech during the budget session, highlighted<a href="https://www.thehindu.com/news/national/340-sewer-cleaning-deaths-in-past-5-years-government/article33732992.ece"> 340 people </a>died while cleaning sewers and septic tanks in the last five years till December 31, 2020. He also noted that 66,692 manual scavengers have been identified across the country. ‘Information on witnesses killed, turned hostile not maintained centrally’ The Minister of State for Home Affairs, Nityanand Rai, has informed the parliament that the government has no data of the cases where key witnesses were killed or turned hostile. “The Witness Protection Scheme, 2018 provides that the witness protection measures ordered shall be proportionate to the threat and shall be for a specific duration not exceeding three months at a time," Rai added. However, these cases are fairly common in India. In March 2021, the family and lawyers of the 19-year-old Dalit girl who was allegedly gang raped and murdered in Hathras in 2020, were <a href="https://www.ndtv.com/india-news/allahabad-high-court-on-threats-to-hathras-family-will-consider-shifting-trial-2395571#:~:text=The%20affidavit%20said%20that%20the,stated%20that%20it%20was%20%22evident">threatened </a>before the special court where the case was pending. ‘Hospital beds data not available’ The Minister of State for Health and Family Welfare, Dr. Bharati Pravin Pawar, informed that the government of India does not centrally maintain the data of hospital beds. This is majorly because health is a state subject, meaning it's up to the governments in states and union territories (UT) to increase the bed strength in their hospital. Despite this, Pawar shared that India has an isolation and ICU bed capacity of 18.21 lakh and 1.22 lakh, respectively. If the government had data on isolation and ICU beds, then the question remains why doesn’t it have information on hospital beds. ‘No data available for MSMEs that went under’ When the member of parliaments (MPs) asked the government for details on the number of micro, small and medium enterprises (MSMEs), which shut down during the pandemic. Instead of the data, the government listed the steps taken by the Reserve Bank of India (RBI) for extension and restructuring of credit. It even cited two surveys, which stated 88% of MSMEs were affected by the pandemic. ‘No data on deaths due to air pollution’ Minister of State for Environment, Forest And Climate Change Ashwini Kumar Choubey informed the parliament that they do not have any conclusive data to establish a direct correlation of death/disease exclusively due to air pollution. According to ‘States of India: The Global Burden of Disease Study 2019’ <a href="https://www.thehindu.com/news/national/17-million-deaths-in-india-were-attributable-to-air-pollution-in-2019-says-study/article33394600.ece">report</a>, nearly 1.7 million deaths in India were attributed to air pollution in 2019. This was 18% of the total deaths in the country. ‘No updates on how many lost jobs during second wave of COVID-19’ A few MPs asked the government for details on the number of casual or contractual employees who lost their jobs during the second wave of COVID-19. However, the government did not share any such details. Instead, it listed out several initiatives undertaken by the government to boost hiring. [This is a developing story. The article will be updated as the government shares more details about the lack of data in their repository.] SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/droom-automobile-marketplace-raises-200-million-in-a-pre-ipo-round-at-unicorn-valuation/articleshow/84818567.cms">Automobile marketplace Droom is raising $200 million in a pre-IPO round at unicorn valuation</a> <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories</a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

There are at least 10 hot issues in India that the government has no data for

<ul><li>LIC is one of the few profit making companies that the government owns.</li><li>The value of LIC’s investment corpus is an all-time high of ₹31 lakh crore.</li><li>It has 250 million customers – which is a lion’s market share in a poorly insured country like India.</li></ul>The government just announced what is likely to be the biggest initial public offering (IPO) in the next financial year, the one from Life Insurance Corporation of India (LIC), which at least is half a century old. After delays and disinterest in the government’s plan to sell stakes in its debt-laden companies like Air India, now the Indian government wants to unlock value in Life Insurance Corporation (LIC). This Navratna company is one of the few profit making companies that the government owns, and has always been a vital part of the government’s investment plans. LIC is the oldest insurance company and also the largest financial institution of the country -- with a massive investment corpus of ₹31 lakh crore. Any value unlocking from this massive company will be able to fill the government’s coffers also make up for its rising fiscal deficit – the difference between its revenue collections and earnings. To put it in perspective, India’s fiscal deficit is at around ₹9 lakh crore which is more than thrice the value of LIC’s stock holdings only. If its insurance business and its extensive coverage across the country is included, the value of this unlisted company would rise massively. It has 250 million customers – which is a lion’s market share in a poorly insured country like India. LIC asset value at an all-time high The timings too is no coincidence since LIC’s asset value is currently at an all-time high. In fact, the value of LIC’s stock holding is 20% of total market value of Indian stock markets. In the very last month, it booked a profit of ₹14,000 crore only from its stock market holdings for the eight months between April and November, says a<a href="https://indianexpress.com/article/business/companies/lic-makes-over-rs-14000-crore-profit-from-markets-till-mid-nov-this-fiscal-6144766/"> report by Indian Express</a>. This, was in spite of the fact that LIC always bows down to government’s dictates to invest in government divestment programmes and initial public offers of state-owned companies. Foreign investor interest The insurance sector has been always been one of the most attractive sectors for foreign players. But it has hit an all-time high late last year, probably buoyed by the interest of millennials in insurance that opens a new vista of opportunities for the sector. In the last one year, the exposure of foreign inflows into the sector rose 10-fold. By the end of November 2019, foreign portfolio investments in insurance stocks were at $10.5 billion. In October 2018, they were at around a billion dollars. Both LIC’s asset value and the value of insurance in general might land a windfall for Indian government. That might save it from a sorry state that many of its company are in – high-debt and assets which are unsold. See also: <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a>

The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore

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


































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

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

Entire list of imported products that will be more expensive after budget 2020

Despite being introduced for hygiene and ease, automatic toilets can be extremely frustrating, either flushing too soon or not at all. We found out why bathroom sensors malfunction so often and a few simple fixes for the issues. Following is a transcript of the video.Narrator: We've all been in a situation where an automatic toilet flushes too soon or refuses to flush at all. The sensors are supposed to be hygienic and simple, but instead, they're frustrating and wasteful. Even worse, the problems don't end in the stall. Sinks and paper towel dispensers use the same annoying technology. To figure out why sensors fail so often, we spoke to Bill Strang. He's the President of Operations for luxury toilet brand TOTO.Bill Strang: So the sensor, it has a sending unit and a receiving unit. The sending unit will flash a little red light, it will go out into the room and look for something to bounce back off of. And so, as you approach that device, that light will emit, it will bounce off of you, it will then be caught by the sensor on the other side. The receiver receives it, having bounced off of your body, and it will then know to prepare, and then once you get up and walk away, and it sees that you're no longer there, it will go through about a four to seven second dwell time before it flushes.Narrator: Okay, that sounds great. So why do they flush too soon? It could be that you've moved out of the range of the sensor, activating the automatic flush. And if the sensor is old, it may not be able to register your presence.Strang: In the early days, there actually was a bit of a challenge if you wore black clothing and the material was particularly fluffy. The signal being sent may not have been caught by the sensor because it wasn't coming back very well-reflected off the clothing you had on. And if you got a flush valve that might be an electronic sensor from 20 years ago, it's likely you may have a bit of a challenge.Narrator: Other reasons your sensor may not work? Lime and calcium can build up and block the sensor if it's not cleaned properly. Dead batteries can also be at fault.Frustration aside, another concern is the amount of water wasted by multiple flushes. A 2010 study conducted in a Florida office building found that automatic toilets use 54% more water than manual flush systems.You may have also noticed toilets flushing even when no one is around. These phantom flushes are actually pre-programmed into the toilets for cleaning.Strang: There are occasions where we actually have a flush that occurs, it's a courtesy flush, we typically have it on a urinal. And one of the reasons for that is to make sure that you have the opportunity to replenish any of the water that might have evaporated in the trapway that would then allow sewer gas to come out.Narrator: So what's the trick to getting the sensors to work every time? You can activate a flush by holding the palm of your hand up to the sensor for a few seconds before taking it away. Or place a piece of toilet paper over the the sensor and remove it once you're finished.With tech advancements allowing for greater efficiency, we can only hope that in the future these issues will flush away.

Why bathroom sensors suck

<ul><li>Both Sensex and <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> declined nearly a percent and half as Finance Minister Nirmala Sitharaman read her budget speech.</li><li>Markets were hoping for a big stimulus from the government to revive the economic growth which has hit a six and a half year low. </li><li>Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, the IPO of LIC, extended tax holiday for affordable housing were among the big proposals.</li></ul>India's <keyword id="35199" type="PERSON" weightage="20" keywordseo="stock-markets">stock markets</keyword> were unusually open on a Saturday, in anticipation of an 'economic stimulus', but as Finance Minister Nirmala Sitharaman went through with her speech, both Sensex , down nearly 700 points, and Nifty that was down about 220 points at 2:30 pm. Changes to income tax slabs, passing of the tax on corporate dividends, liberalisation of education sector, extended tax holiday for affordable housing, and the initial public offering of Life Insurance Corporation (LIC) were among the big proposals. However, the stock market did not seem very excited with the minister's proposals. "Investors stayed away from taking fresh positions ahead of the big event. Focus will turn to the Union Budget as all eyes will be on how Centre is going to bring growth as any increase in spending would result in widening of fiscal deficit. Global economy is also on the edge with slow growth fears significantly high after the outbreak of the virus," Vinod Nair, head of research at Geojit Financial Services told IANS earlier in the day. Insurance stocks like HDFC Life, ICICI Prudential, and SBI Life took a heavy beating, down anywhere between 5% and 8%, after the budget proposed the listing of LIC ⁠— the country's largest insurance giant with a corpus of ₹31 lakh crore⁠— that is likely to corner a lot of interest from investors. Technology stocks were propped up as the early part of Sitharaman's speech gave a lot of thrust to leveraging technology in a whole host of sectors from health and education to quantum computing and gene mapping. Even stocks like HUL, Asian Paints, and Bajaj Finance, which started the day on buoyant note hoping for sharp cuts in income tax and a boost for consumption including housing, gave up the early gains as the tax cuts proposed by the budget can be availed only if the taxpayer gives up on exemptions. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Previous Tax Rate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New Tax Rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to ₹2.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.5 lakh to ₹5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 lakh to ₹7.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.5 lakh to ₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh to ₹12.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12.5 lakh to ₹15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abover ₹15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody></table> While Sitharaman said that a person earning up to ₹15 lakh a year can save up to ₹78,000 a year in taxes, if they give up on exemptions. These are some of the big highlights that are relevant to the share market: Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates. Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore. ""The decision to remove dividend distribution tax was much-needed as it was resulting in triple taxation of corporate earnings. The shift to a simplified scheme of personal income tax is another welcome move as it removes distortionary influences in the individual’s savings choices even though the actual tax savings may not be significant for those who were availing deductions and exemptions," VP Nandakumar, MD &amp; CEO of Manappuram Finance Limited said. However, the stock of the company fell over 3.2% in trade. Shares of IDBI Bank surged as much as 17% after the Finance Minister said that the government will sell its remaining 47% stake (as of December 2019) in the bank. LIC owns 51% stake in IDBI Bank, the unlocking of value will make the insurance giant's IPO even more valuable. Zeal Aqua (up 14.4%), Waterbase (up 5.58%), Apex Frozen (up 4.55%), Avanti Feeds (up 2.93%) and Coastal Corporation (up 2.66%) gained due to a dedicated push for the fishing industry. Sitharaman said that the fish production will be increased 200 lakh tonnes a year and set a target of ₹1 lakh crore in fish exports. The education sector has been allowed to borrow money from abroad as well as to invite foreign students via a new entrance examination called the INDSAT. Shares of Navneet Education (up 2.33%), Zee Learn (up 2.19%), Career Point (up 1.98%) and MT Educare (up 1.97%), gained in trade. The speech discouraged the use of chemical fertilisers, and promote organic farming, dragging down stocks like Rashtriya Chemical Fertilisers. The ₹2.83 lakh crore allocation for agriculture, irrigation, and rural development did little to stokes of a revival in rural demand. Dividend distribution tax will be taxable in the hands of the recipient and not the company. This will cost 25,000 crore to the exchequer. Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free. The budget also proposed to set up a 100 new airports in the next five years but stocks of airport construction majors like GMR Infra and GVK were down nearly 5% in afternoon trade. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a>

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