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As expected, leaders from the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords">BJP</keyword>) cannot stop singing praises of the Union Budget 2024-2025 presented by Finiance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> earlier today. However, moments after <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister" meta.hostid="261" meta.entityid="Union Finance Minister">Union Finance Minister</keyword> Nirmala Sitharaman presented the <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> in Parliament, the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party launched a critical attack on the ruling Centre. They claimed that portions of the fiscal document had been lifted directly from their <keyword id="19977669" type="General" weightage="20" keywordseo="Manifesto" source="keywords">manifesto</keyword> for the Lok Sabha elections held earlier this year. <h2><keyword id="19895780" type="General" weightage="20" keywordseo="Rahul-Gandhi" source="keywords">Rahul Gandhi</keyword>'s "Kursi Bachao" Budget comment</h2>Leader of Opposition Rahul Gandhi criticised the Budget, describing it as the "Kursi Bachao" (Save the Seat) Budget, aimed at appeasing the BJP's allies and cronies. He alleged that the document was copied from the Congress party's Lok Sabha polls manifesto. "Kursi Bachao Budget. Appease Allies: Hollow promises to them at the cost of other states. Appease Cronies: Benefits to AA with no relief for the common Indian. Copy and Paste: Congress manifesto and previous budgets," Gandhi said in a post on X (formerly Twitter). <div type="twitter" handle="RahulGandhi" handlename="RahulGandhi" favoritecount="0" retweetcount="0" id="1815672226584166514"></div><h2><keyword id="19934649" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P Chidambaram</keyword> takes dig at the Nirmala Sitharaman</h2>Former Finance Minister and senior Congress leader P Chidambaram expressed his satisfaction over what he perceived as the government's adoption of ideas originally proposed by the Congress. "I am happy the Union Finance Minister has virtually adopted the Employment-linked Incentive (ELI) outlined on page 30 of the Congress Manifesto," tweeted Chidambaram. He further noted his approval of the introduction of an apprenticeship scheme with allowances for apprentices, a concept detailed on page 11 of the Congress Manifesto. <div type="twitter" handle="PChidambaram_IN" handlename="PChidambaram_IN" favoritecount="0" retweetcount="0" id="1815638125168783772"></div> <div type="twitter" handle="PChidambaram_IN" handlename="PChidambaram_IN" favoritecount="0" retweetcount="0" id="1815641688922063221"></div><h2><keyword id="19897159" type="General" weightage="20" keywordseo="Mallikarjun-Kharge" source="keywords">Mallikarjun Kharge</keyword> highlights 10 areas the Budget 2024 went wrong</h2>The President of the Indian National Congress Karge called the <keyword id="19916814" type="General" weightage="20" keywordseo="Modi-Government" source="keywords">Modi Government</keyword> a "copycat" while going on to suggest that they could not even copy Congress' justice agenda properly. Here’s an English translation of his tweet: “The Modi Government's budget is distributing half-hearted "rewadis" to dupe its coalition partners so that the NDA survives. This is not a budget for "progress of the country", it is a "save Modi government" budget! 1. After 10 years, limited announcements have been made for the youth who are bearing the brunt of the slogan of two crore jobs per year. 2. Only superficial talks have been held for farmers, one and a half times MSP and doubling of income - all turned out to be electoral fraud! This government has no intention of increasing rural wages. 3. There is no revolutionary scheme for Dalits, Adivasis, backward classes, minorities, middle class and rural poor people like the one implemented by Congress-UPA. The word "poor" has become just a means of self-branding, there is nothing concrete! 4. There is nothing in this budget for women that would enhance their economic capacity and enable them to participate more and more in the workforce. 5. On the contrary, the government is patting its back on the back for rising inflation; it is robbing people of their hard-earned money and distributing it among its capitalist friends! 6. Less money has been spent on agriculture, health, education, public welfare and tribals than the budget allocation because these are not the priorities of the BJP. Similarly, Rs 1 lakh crore less has been spent on Capital Expenditure, so how will jobs increase? 7. Urban Development, Rural Development, Infrastructure, Manufacturing, MSME, Investment, EV scheme - only Document, Policy, Vision, Review etc. have been discussed, but no major announcement has been made. 8. Railway accidents are happening every day, trains have been stopped, the number of coaches has been reduced, ordinary passengers are troubled, but nothing has been said about the railways in the budget, there is no accountability. 9. Nothing has been said about Census and caste census, whereas this is the fifth budget which is being presented without Census! This is a shocking and unprecedented failure - which is against democracy and the Constitution! 10. On 20 May 2024, i.e. during the elections, Modi ji claimed in an interview that "We already have a 100-day action plan "... When the Action Plan was there two months ago, they should have at least told it in the budget! There is no plan in the budget and BJP is only busy in the action of cheating the public.” <div type="twitter" handle="kharge" handlename="kharge" favoritecount="0" retweetcount="0" id="1815669463284416605"></div> <div type="Article" hostid="261" msid="111917247" title="Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?" mstype="2" mssubtype="0"></div><h2>Jairam Ramesh accuses Centre of stealing ideas from the Congress</h2>In her Budget address, Sitharaman announced that the government would provide a month's wage to all first-time employees in formal sectors. This direct benefit transfer, disbursed in three installments, will cover employees registered with the Employees’ Provident Fund Organisation (EPFO) and amount up to ₹15,000 per individual. The eligibility limit is set at ₹1 lakh per month, potentially benefiting 2.1 crore youth across the country. Congress MP and communications in charge Jairam Ramesh also accused the Finance Minister of taking ideas from the Congress's "Nyay Patra 2024." He claimed the internship program announced in the budget was a clear adaptation of the Congress's proposed Apprenticeship Program called "Pehli Naukri Pakki." He also insinuated that this particular scheme seemed to have been come up with in haste. <div type="twitter" handle="jairam_ramesh" handlename="jairam_ramesh" favoritecount="0" retweetcount="0" id="1815714388340568111"></div>Ramesh critiqued the government's approach, describing it as a "festive offer" designed to capture headlines with arbitrary targets, such as the promise of one crore internships. He argued that the Congress's vision offered a programmatic guarantee for all diploma holders and graduates, rather than the broad and unfocused targets announced by the government. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div>Ramesh also pointedly criticised the government over a special package for Andhra Pradesh, highlighting a ₹15,000 crore allocation aimed at developing Amaravati, the state's capital city and a significant project for Chief Minister Chandrababu Naidu. "Why has it taken 10 years to announce that what was already committed to in the Andhra Pradesh Reorganisation Act, 2014 will be implemented?" questioned Ramesh in a post on X.

From ‘Copycat’ to ‘Kursi Bachao Budget' — Here’s what Rahul and other Congress leaders had to say about Budget 2024

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

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

<ul class="summary-list"><li><keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s intended visit to <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> involved his meeting with PM Modi this month.</li><li>Musk cited "heavy <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> obligations" in an X post on Saturday as the cause for the delay. </li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has postponed his trip to India amid the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">ongoing chaos at Tesla.</a> Musk announcement the decision <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1781541775183610310">via X</a> — the social media site he purchased two years ago — on Saturday. The Tesla CEO was expected to visit India early next week to <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1778116984137245137?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">meet with Prime Minister Narendra Modi.</a> "Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk wrote. Musk didn't publicly share many details about the trip, but sources <a target="_blank" class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/#:~:text=NEW%20DELHI%2C%20April%2017%20(Reuters,familiar%20with%20the%20discussions%20said.">told Reuters</a> he planned to announce a $2 to $3 billion investment in India. Musk wants to build a new factory in India, where the <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> is tiny but gaining steam, the outlet reported. The planned visit from Elon Musk coincided with the ongoing National Lok Sabha Elections in India. He confirmed on X that his visit would include a possible meeting with Prime Minister Narendra Modi, after which it was expected that they would together announce Tesla's official entry to India. While this might have benefitted the ruling party amid the crucial elections, the opposition is now capitalising on the delay in Musk's visit. On Saturday, senior Congress leader Jairam Ramesh <a href="https://twitter.com/Jairam_Ramesh/status/1781641711111803382" data-type="tilCustomLink">wrote on X</a>, "It was odd that Elon Must was coming all the way to India to meet an outgoing Prime Minister. He too has now read the writing on the wall and decided to put off his visit. INDIA’s PM will welcome him soon, and the INDIA Government will promote electric vehicles even more aggressively - I myself am a user of one!" Musk hinted at India's growing EV market in an <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/870411649621999617?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">X post</a> last week. "India commits to sell only electric cars by 2030. It is already the largest market for solar power," he wrote. Musk's decision to <keyword id="20881838" type="General" weightage="20" keywordseo="postpone" source="keywords">postpone</keyword> <a target="_blank" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">coincides with Tesla sharing its Q1 earnings on April 23</a>, when Musk and investors will reckon with the company's tumultuous start to 2024. <div type="image" title="A parking lot outside a Tesla building." height="609" width="1024" msid="109463369" hostid="261"></div> BI reported in early April that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">Musk's Tesla has struggled to compete in China's EV market</a> as rival companies make "aggressive price cuts." An equities strategist told BI that Tesla's troubles in China likely contributed to the company's first-quarter delivery miss. Around that time, <a target="_blank" class="editor-rtfLink" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q1-vehicle-delivery-miss-expectations-tsla-musk-2024-4">Tesla stock slid 7%</a>. By mid-April, Musk announced that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">Tesla would layoff 10% of its global workforce</a> in an internal memo to staff. The recent layoffs were further bogged down by reports that some employees <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-tesla-apologizes-severance-packagaes-layoffs-2024-4">received "incorrectly low" severance packages</a>. Another round of layoffs <a target="_blank" href="https://www.businessinsider.com/tesla-layoffs-continue-recruiters-2024-4">hit its recruiting department</a> on Friday. Tesla also recently recalled<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-accelerator-fault-pad-pedal-electric-vehicle-truck-2024-4#:~:text=Tesla%20is%20voluntarily%20recalling%20almost%204%2C000%20Cybertrucks%20over%20a%20fault,%2C%20and%20April%204%2C%202024."> almost 4,000 of its Cybertrucks</a> over faulty accelerator pedals. Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem. "We are just being very cautious," <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1780778694535192598">Musk wrote</a>. Musk did not immediately respond to a request for comment from Business Insider.

Elon Musk cancels trip to India as Tesla's struggles continue in the US

<ul class="summary-list"><li>The recently passed $1.9 trillion <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> plan contains $350 billion in state and local aid.</li><li>That includes $5.6 billion for <keyword id="72226" type="COMPANY" weightage="60" keywordseo="New-York-City">New York City</keyword>, which has been seeking federal aid.</li><li>Many local governments have warned of steep budget cuts without funding from the federal government.</li></ul>An ominous question lingered over much of 2020 and early 2021: What will happen to all the cities and states facing huge revenue shortfalls from the coronavirus recession?Most famously, some commentators have gone so far as to say <a href="https://www.businessinsider.com/is-new-york-city-dying-yes-and-no-seinfeld-altucher-2020-8">2020 killed New York City</a>, a metropolis in which interpersonal contact is a fact and way of life. Some Wall Street executives <a href="https://www.businessinsider.com/pandemic-prompts-wall-street-to-look-south-for-floridas-life-and-work-benefits-2020-12">voted with their feet</a> late in the year, moving to Florida along with <a href="https://www.businessinsider.com/miami-is-the-new-manhattan-2014-2">some of their operations</a>.The <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">recently signed</a> <a href="https://www.businessinsider.com/whats-in-the-biden-covid-stimulus-checks-tax-credits-unemployment-3">$1.9 trillion stimulus package</a> may have solved the issue, pumping billions of dollars into not just <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> but also state and local governments across the country. It spends $350 billion on state and local governments, to be exact.The package targets areas that experienced higher levels of unemployment over the last three months of 2020. According to a Fitch report, it will significantly boost near-term revenues for states, local governments, transit systems, and education providers.According to Fitch, $195.3 billion will be allocated to the states and the District of Columbia; $25.5 billion of that is divided up evenly, and the rest is allocated based on unemployment numbers. That means New York, California, Texas, and Florida are set to receive more than $10 billion each. In addition, local governments are set to receive $130.2 billion, with $45.6 billion allocated for cities. A Bank of America research note said New York would receive $12.7 billion, its local governments would get $10.6 billion, and New York City would get $5.6 billion. Tribal governments are set to get $20 billion in direct aid, as well as $11 billion more for other programs including healthcare, housing, and education. It's the government's largest-ever investment in Native communities, <a href="https://www.indian.senate.gov/news/press-release/senate-passes-largest-investment-native-programs-history-more-31-billion-heading">according to the Senate Committee on Indian Affairs</a>.<h2>Relief for a financially ailing New York</h2>Last year, Gov. Andrew Cuomo of New York demanded $15 billion in federal aid. <a href="https://apnews.com/article/donald-trump-new-york-andrew-cuomo-coronavirus-pandemic-6c3cca40895a2822b977ab8bb0761ef9">The Associated Press reported</a> Cuomo said he would pursue some form of legal action if the aid wasn't sent. He added that New York's highest earners would face the <a href="https://www.businessinsider.com/nyc-new-york-income-tax-deficit-cuomo-coronavirus-2021-1">country's highest income tax</a> if the White House didn't step in with aid.In his <a href="https://www1.nyc.gov/office-of-the-mayor/news/030-21/fact-sheet-mayor-de-blasio-releases-preliminary-budget-fiscal-year-2022">preliminary budget for fiscal year 2022</a>, New York Mayor Bill de Blasio said the city's revenue declined $1.5 billion and that property-tax revenue fell by $2.5 billion - the largest drop since 1996.According to Bank of America, sales-tax collections in New York City were down 6% year over year in January, but there's been an almost 22% overall year-over-year drop in collections since March 2020. That's in sharp contrast to other areas of the state, where collections have increased.Beyond these declining revenues, de Blasio said the city had spent $5.9 billion on "COVID-19 related expenses," with $1.3 billion not covered by federal reimbursement at the time. He added that the state's proposed budget cuts of $8 billion could mean $4 billion in cuts for the city. "With direct local aid, New York City can be made whole again," de Blasio said. About two months later, de Blasio was asked by a reporter at a March 16 press conference about community groups turning to platforms like <a href="https://charity.gofundme.com/o/en/campaign/bring-open-streets-restaurants-back-to-vanderbilt-avenue">GoFundMe</a> to fund the popular Open Streets initiative in their neighborhoods, and he said the <keyword id="45103" type="PERSON" weightage="60" keywordseo="stimulus-package">stimulus package</keyword> could enable the city to solve some of these issues."I think we have to recognize that until a week ago, we were dealing with a situation of tremendous financial scarcity and limits, and in that context, community groups stepping forward and doing whatever they could to support the efforts made sense," he replied. "I think now we have a chance to reevaluate because of the stimulus funding, see if there's some ways we can provide more support."Economists have previously warned about the <a href="https://www.businessinsider.com/how-state-and-local-budget-crisis-aid-failed-stimulus-checks-2020-12">dangers of not including state and local aid</a> in the stimulus packages of 2020 and 2021. Insider's <a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">Ben Winck and Joseph Zeballos-Roig reported</a> a lack of state and local aid after the Great Recession slowed growth for years afterward - which plagued Barack Obama's presidency and economic recovery with state cutbacks. Economists feared it could happen again this decade if that aid wasn't included in future packages.In February, every elected Democratic state treasurer called on the federal government to include the $350 billion in state and local aid in the stimulus."We are cutting costs, whether it's at the state or local level," Sarah Godlewski, Wisconsin's state treasurer, previously <a href="https://www.businessinsider.com/state-treasurers-call-on-congress-to-approve-350-billion-aid-2021-2">told Insider</a>. "We are being scrappy and figuring out how we can reallocate resources in ways that we've never imagined before."

Biden's stimulus may have just saved NYC - and countless state and local governments

New Delhi, The Union <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword>, chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, on Thursday approved the establishment of three semiconductor fabrication (fab) units that will start construction within the next 100 days and generate direct employment of 20,000 advanced technology jobs and nearly 60,000 indirect jobs. The semiconductor fab with 50,000 wafers per month capacity will be set up by Tata Electronics Private Ltd (TEPL) in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan, in Dholera, Gujarat. This fab will be constructed with an investment of Rs 91,000 crore, said Union IT Minister <keyword id="19904138" type="General" weightage="20" keywordseo="ashwini-vaishnaw" source="keywords">Ashwini Vaishnaw</keyword>. This fab will cover high-performance compute chips with 28 nm technology, and power management chips for electric vehicles (EVs), telecom, defence, automotive, consumer electronics, display, power electronics, etc, according to the government. Another semiconductor assembly, testing, monitoring, and packing (ATMP) unit with a capacity of 48 million per day by Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) in Morigaon, Assam, will be set up with an investment of Rs 27,000 crore. TSAT semiconductor is developing indigenous advanced semiconductor packaging technologies including flip chip and ISIP (integrated system in package) technologies. It will cover sectors like automotive, electric vehicles, consumer electronics, telecom and mobile phones, etc, according to the government. The third semiconductor ATMP unit for specialised chips will be set up by <keyword id="20541983" type="General" weightage="20" keywordseo="cg-power" source="keywords">CG Power</keyword>, in partnership with Renesas Electronics Corporation, Japan and <keyword id="20776317" type="General" weightage="20" keywordseo="stars-microelectronics" source="keywords">Stars Microelectronics</keyword>, Thailand in Sanand, Gujarat. "This unit with a capacity of 15 million per day will be set up with an investment of Rs 7,600 crore," the Centre said. The CG power semiconductor unit will manufacture chips for consumer, industrial, automotive, and power applications. Within a very short time, the India Semiconductor Mission has achieved four big successes. With these units, the semiconductor ecosystem will get established in India. India already has deep capabilities in chip design. With these units, the country will develop capabilities in chip fabrication. Advanced packaging technologies will be indigenously developed in India with Thursday's announcement. These units will accelerate employment creation in downstream automotive, electronics manufacturing, telecom manufacturing, industrial manufacturing, and other semiconductor consuming industries. The 'Programme for Development of Semiconductors and Display Manufacturing Ecosystem' in India was notified in 2021 with a total outlay of Rs 76,000 crore. In June last year, the Cabinet had approved the proposal of US-based Micron for setting up a semiconductor unit in Sanand, Gujarat. Construction of this unit is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the unit.

Cabinet approves 3 semiconductor fab units, to generate 80,000 jobs

<ul><li>Over 62% or 6 out of 10 Indians believe that the <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> led-government handled the COVID situation quite effectively, as per a new survey.</li><li>Furthermore, 52% of the respondents said that the government also handled the economic recovery during the different waves of the COVID-19 pandemic really well.</li><li>Despite rising unemployment and soaring inflation, the overall popularity of the <keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword> government has been rising since the beginning of the pandemic.</li></ul>Six out of ten Indians believe that the Narendra Modi led-government handled the COVID situation ‘quite effectively’, as per a survey. This is a drastic change from last year’s survey when only 27% believed so. Similarly the percentage of people who rated the pandemic handling as ‘quite poorly’ went down from 32% last year to a mere 9% this year, as per a report by <keyword id="6379818" type="General" weightage="50" keywordseo="localcircles" source="Orion">LocalCircles</keyword>, a community social media platform. The opinion seems to have changed after the vaccination drive which covered around 200 crore people in first, second and booster doses. Nine out of 10 Indians or 88% are satisfied with how the government effectively handled the COVID vaccine development, procurement and distribution. Furthermore, 52% of the respondents said that the government handled the economic recovery quite well during the different waves of the COVID-19 pandemic. Only 25% believed that the government handled it very badly. The government announced various stimulus packages and undertook many measures at different stages which were <a href="https://timesofindia.indiatimes.com/business/india-business/one-year-of-covid-lockdown-how-indian-economy-dealt-with-the-virus/articleshow/81666829.cms">reportedly</a> equivalent to ₹29.87 lakh crore or 15% of the GDP. <cmsannotation type="cmsannotation" annotationid="Unemployment issue is still unaddressed" comment="subhead" text="Unemployment issue is still unaddressed">Unemployment issue is still unaddressed</cmsannotation> Around 29% of citizens in the 2020 survey conducted by the LocalCircles, said that the government addressed the issue of unemployment very well. This percentage saw a marginal drop in 2021 to 27%. The Covid-19 pandemic and subsequent lockdowns since 2020 have had a drastic effect on an already struggling Indian economy, resulting in business disruption and massive job losses. The Center for Monitoring Indian Economy (CMIE) data says that unemployment is looming large as it rose to 7.8% in April from 7.6% in March this year. <cmsannotation type="cmsannotation" annotationid="Overall popularity of Modi government has risen" comment="subhead" text="Overall popularity of Modi government has risen">Overall popularity of Modi government has risen</cmsannotation> Despite rising unemployment and soaring inflation, the popularity of the Modi government has been rising since the beginning of the pandemic. Over 67% of the respondents said the government has either met or exceeded their expectations in the last three years, which is a jump from 51% in 2021. Only 30% say that they are not satisfied with the performance of the Modi government 2.0. BJP won the Lok Sabha elections in 2014 and formed the government again in 2019 with a thunderous majority. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/lic-reports-a-17-decline-in-the-net-profits-as-compared-to-same-quarter-in-the-last-fiscal/articleshow/91894568.cms">LIC reports a 17% decline in the net profits as compared to same quarter in the last fiscal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/stock-market/news/these-four-drone-company-stocks-gave-record-breaking-returns-in-one-year/articleshow/91892935.cms">These four drone company stocks gave record breaking returns in one year</a>

Modi government popularity soars after vaccination drives and a mild third wave

<ul><li>The Indian government is reportedly working on a multi-billion-dollar package to promote semiconductor manufacturing in India.</li><li>Companies like TSMC, Intel and AMD are some of the companies that are part of the discussions.</li><li>The demand for semiconductors in India is expected to reach $100 billion by 2025.</li></ul>The Indian government is reportedly working on a multi-billion-dollar capital support and production linked incentive (PLI) plan to promote manufacturing of semiconductors in the country. According to a TOI <a href="https://timesofindia.indiatimes.com/india/semiconductor-crunch-govt-plans-mega-package-to-woo-investments/articleshow/87443837.cms">report</a>, senior officers from the government are currently in active discussions with some of the top semiconductor manufacturers such as Taiwan Semiconductor Manufacturing Co. (TSMC), Intel, AMD, United Microelectronics Corp and Fujitsu. “The government is willing to talk capital support. We are closer to it like never before,” said a source part of the process. As per the report, the push to bring semiconductor manufacturers to India is being coordinated and closely monitored by the Prime Minister’s Office. Multiple ministries have been tasked with coming up with an attractive policy to bring the companies to the country. “The idea is to have representatives from various ministries and departments who are in charge of industries that are impacted by the semiconductor shortage,” the source added. The support to be provided by the government is expected to include financial support on capital expenditure and tariff cuts on certain components. The government may also offer additional benefits from schemes like Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and PLI. As India does not produce any semiconductors, the country’s demands are met with imports. The demand for semiconductors in India will reportedly reach around $100 billion by 2025, up from the current demand of $2 billion. While earlier attempts to attract semiconductor manufacturers to the country have failed, the government is confident that a large and fast-growing electronics market and requirements in other sectors such as defence and auto will push the companies to invest in India. “The domestic demand is going to be very high. The government expects domestic production of electronics to move up to $350-400 billion by 2025, against the estimated $75 billion now. This will be a big enabler to get in investments,” the source added. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/glasgow-cop26-summit-pm-modi-announces-net-zero-emissions-by-2070-for-india/articleshow/87477901.cms">Glasgow COP26 summit: PM Modi announces net zero emissions by 2070 for India</a> <a href="https://www.businessinsider.in/tech/news/us-india-japan-australia-to-sign-pact-for-stepping-up-chip-production-reduce-dependence-on-china/articleshow/86368995.cms">US, India, Japan, Australia to sign pact for stepping up chip production, reduce dependence on China</a> <a href="https://www.businessinsider.in/business/news/government-approves-26058-crore-pli-scheme-for-auto-and-drone-industries/articleshow/86228285.cms">Government approves ₹26,058 crore PLI scheme for auto and drone industries</a>

Indian government is reportedly working on a package to push semiconductor production in India

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on May 18 announced the last tranche of the ₹20 lakh crore stimulus package. </li><li>The economic stimulus package included measures like free food grains, hike in foreign direct investment for defence, liquidity measures for MSMEs, amended in Essential Commodities Act, increase in public expenditure in health, among others. </li><li>While the Narendra Modi government promised to allocate 10% of the GDP, the Reserve Bank of India’s measures accounts for nearly half the economic package. </li></ul>Finance Minister Nirmala Sitharaman on May 18 announced the last tranche of the ₹20 lakh crore Atma Nirbhar Bharat Abhiyan economic package to fight the coronavirus pandemic led economic slowdown in the country. However, while the Narendra Modi government promised to allocate 10% of the GDP, nearly half of the stimulus package is spent by the Reserve Bank of India. Global investment bank <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> said that most of the reforms announced by the Indian government will have an impact in the medium term while the short term may see a "deeper recession", and added that the country's real GDP growth may fall 5% in the current financial year ending March 2020. The economic stimulus package included measures like free food grains, hike in foreign direct investment for defence, liquidity measures for MSMEs, amendments in Essential Commodities Act, increase in public expenditure in health, among others. Whereas, the RBI package included measures like moratorium on loan repayments for all borrowers,and interest rate cut etc. “RBI has announced ₹9 lakh crore plus, but the actual money utilised (so far) is ₹8 lakh crore,” FM Nirmala Sitharaman said while explaining the break-up of the stimulus package. PM Narendra Modi said the package was <a href="https://www.businessinsider.in/india/news/pm-modi-promises-to-please-everyone-with-his-stimulus-package/articleshow/75701113.cms">designed keeping in mind</a> factors like land, labour, liquidity and laws. Here’s a breakdown of India’s ₹20 lakh crore stimulus package: <div type="image" title="overall" msid="75798397" hostid="261"></div> The first tranche worth ₹5.94 lakh crore provided a credit line to small businesses and support to shadow banks and electricity distribution companies <div type="image" title="tranche 1" msid="75798413" hostid="261"></div> There <a href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms">were 15 measures,</a> of which 6 were for MSMEs. The definition of SMEs was changed and the investment limit to qualify as MSMEs was raised. During the first tranche, Sitharaman announced ₹3 lakh crore collateral-free automatic loans for businesses. Apart from this, the government also increased the deadline for<a href="https://www.businessinsider.in/business/news/benefits-for-real-estate-sector-in-finance-minister-20-lakh-crore-stimulus-package/articleshow/75719588.cms"> real estate projects. </a> The second tranche included free foodgrains to stranded migrant workers for two months and credit to farmers, totalling ₹3.10 lakh crore <div type="image" title="tranche 2" msid="75798427" hostid="261"></div> There were <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-top-news-and-highlights-may-14/articleshow/75736580.cms">nine announcements in all in the second tranch</a>e of the stimulus package which focussed on migrant workers, small traders, small farmers etc. The government announced free food grain supply to migrant workers for 2 months. A National portability of ration cards — One Nation, One Ration card — was announced which allowed people to take ration from any public distribution unit in the country. The third tranche was worth ₹1,50,000 crore and focused on farming and related activities <div type="image" title="tranche 3" msid="75798441" hostid="261"></div> Sitharaman promised to allocate money and quickly ramp up policies in these spaces. The government allocated ₹1 lakh crore to strengthen farm-gate infrastructure. The government said the Essential Commodities Act <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-live-updates-from-third-tranche-modi-20-lakh-crore-stimulus/articleshow/75756781.cms">will be amended</a> to deregulate prices of cereals, edible oils, oilseeds, pulses, onions, potatoes etc. <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">According to Ashok Gulati</a>, former chairman of Commission of Agricultural Costs and Prices (CACP), this will allow market prices to prevail over essential commodities. The government also removed stock limit imposed on processors or value chain participants or any exporter subject to export demand, The fourth and fifth tranches that dealt mostly with structural reforms were worth ₹48,100 crore <div type="image" title="tranche 4 and 5" msid="75798458" hostid="261"></div> The <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-live-updates-from-third-tranche-modi-20-lakh-crore-stimulus/articleshow/75756781.cms">reform</a>s focused on coal, minerals, defence production, civil aviation, power distribution in Union Territories, space and atomic energy. India opened up more of its airspace for airlines, and also decided to put 6 airports up for auction. The government said<a href="https://www.businessinsider.in/stock-market/news/indigo-spicejet-adani-gmr-gvk-share-price-may-gain-after-civil-aviation-reforms/articleshow/75775888.cms"> airlines will fly on shorter routes</a> which would save ₹1,000 crore a year. Separately, the government allowed startups in the space sector to use resources of Indian Space Research Organisation. In the fifth <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms">tranche the government added ₹40,000 crore budget allocation</a> in the Mahatma Gandhi Rural Employment Guarantee Act (MNREGA). However, according to a financial services company Nomura, the minimum wage job may be a temporary relief and once the lockdown is over, urban businesses will struggle with the shortage of labour. Several experts have criticised the government’s latest economic package and said it is inadequate to provide immediate relief to the distressed part of the society. “The package may fall short of mitigating the near-term existential crisis for businesses and workers, but is better designed to improve India’s medium-term growth potential and attract long-term risk capital. As a consequence, we maintain our GDP growth projection for 2020 at -5% y-o-y,” Noaura, a global market research firm said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-among-58-nations-questioning-who-on-covid-19-response/articleshow/75797251.cms">India among 58 nations questioning WHO on COVID-19 response</a> <a href="https://www.businessinsider.in/india/news/lockdown-4-0-india-issues-new-guidelines-allowing-states-to-decide-the-red-green-and-orange-zones/articleshow/75790707.cms">Lockdown 4.0 ⁠— India issues new guidelines allowing states to decide the red, green, and orange zones</a>

Here's a breakup of Narendra Modi's ₹20 lakh crore stimulus⁠— RBI measures make up for nearly half of it

Expectations from Modi's package - Here's what Raghuram Rajan, Amitabh Kant, and others expect

<ul><li>The radio industry has been grappling with decreasing ad spends on the medium.</li><li>In wake of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> outbreak, <keyword id="8947255" type="COMPANY" weightage="20" keywordseo="the-association-of-radio-operators">the Association of Radio Operators</keyword> for India has written to the government seeking a bailout package.</li></ul> The Association of Radio Operators for India (AROI) has written a letter to the government seeking a bailout package, in view of the impact of the Coronavirus outbreak on the industry. In the letter, the industry body has requested the government to consider the concession requests it had made in December 2019. Considering a lot of brands are cutting back on spending on media, the industry body is expecting the radio industry, that is already grappling with decreasing ad spends, to be further impacted. And to seek a government intervention, AROI President <keyword id="1637280" type="PERSON" weightage="20" keywordseo="Anurradha-Prasad">Anurradha Prasad</keyword> has written this letter to Union minister of information and broadcasting <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> on March 16. As of now, the industry body has asked for a three-pronged bailout package. Speaking about the request <keyword id="2688166" type="PERSON" weightage="20" keywordseo="Nisha-Narayanan">Nisha Narayanan</keyword>, Director &amp; COO, RED FM and Magic FM said, “The industry has collectively asked for a three-pronged bailout package till the economy stabilizes. This included a one-year moratorium on all licence fees and charges by the government and <keyword id="139640" type="PERSON" weightage="20" keywordseo="Prasar-Bharti">Prasar Bharti</keyword>, and restoration of government advertising on radio, besides clearing the long-pending payments from the Directorate of Advertising and Visual Publicity. We hope that the government helps restore normalcy in this sector in these desperate times.” Emphasizing on the criticality of the request from AROI to the government at this juncture, Abraham Thomas, CEO, Big FM said, "The FM Radio business was already reeling under the effects of the cut in Ad spends by advertisers including Government with most players expected to degrow by -20% this fiscal. Covid19 crises has put additional pressure on us to invest behind uninterrupted business continuity services. Ad spends on the other end has completely dried up. Radio is a fixed cost business and directly/indirectly employs close to 20,000 employees. The impact of all this is going to be huge." For the past few years, advertising on radio has seen a decrease. Even advertising from government that used to account for 10% of the industry’s revenue, has cut down on its spend on the medium. That, coupled with the Coronavirus crisis, has further hit radio ad spends. The aim of this bailout package is to bring about some relief for a lot of stations that are planning steps for cutting cost, including cutting down on staff. The primary asks of the AROI from the government, points out Thomas, are as follows: <ul><li>Increased Spending: Government which used to account for almost 15% of the Radio Business, has decreased spends by over 70% in the last year alone. Spends at this time will help rally the citizens together and keep the communication live, local and credible.</li><li>Clearing Overdue Outstanding payments: Over 6 months of Govt. outstanding payments are due and clearing the payments now will be a big relief for the industry.</li><li>Defray Costs: A waiver on License fees, Prasar Bharti rentals, reduction in GST rate and moratorium on payment of GST, on Loan &amp; interest pay-outs are some of the requests made by the AROI to the government.</li></ul>

You Searched For "modi government package for coronavirus" and got 10 results

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