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<a href="https://www.businessinsider.in/budget/news/budget-2019-live-updates/liveblog/67784324.cms" data-type="tilCustomLink">Check Budget 2019 Live Updates</a> It's election year and the <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword> may not leave any stone unturned to woo India's huge <keyword id="7280638" type="UNKNOWN" weightage="20" keywordseo="informal-workforce">informal workforce</keyword> that is faced with a job crisis like never before. The budget 2019 may offer a monthly pension of ₹3,000 to the country's informal workforce above the age of 60, according to a report from Hindustan Times. The payment will be linked to unique identity number, Aadhaar. This will reportedly benefit over 391 million people and cost the exchequer ₹1.2 trillion annually. "Close to 81% of all employed persons in India make a living by working in the informal sector, with only 6.5% in the formal sector and 0.8% in the household sector.," the International Labour Organisation <a href="https://thewire.in/labour/nearly-81-of-the-employed-in-india-are-in-the-informal-sector-ilo" data-type="tilCustomLink" target="_blank">said</a> in May 2018. Half of all urban jobs in India and 85% of rural jobs are in the unorganised space. The rural parts of the country have had a tough time last few years. The wages have been so low that even with subdued inflation, workers have struggled to make ends meet. 
 
 
 
 
 
 
 
 
 
 
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 The report has after thousands of workers from the unorganised sector reportedly <a href="https://www.business-standard.com/article/pti-stories/workers-to-march-to-parliament-demanding-minimum-wages-social-security-right-to-housing-119013101340_1.html" data-type="tilCustomLink" target="_blank">threatened</a> to march to the Parliament when the interim Budget is presented, demanding minimum wages, right to housing, and social security among other issues. The government has been cornered by a <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms" data-type="tilCustomLink" target="_blank">report</a> that the country's unemployment is at its worst in 45 years. In defence, Niti Aayog, a think tank chaired by the country's prime minister, <a href="https://www.businessinsider.in/latest-unemployment-report-has-niti-aayog-defending-modi-government-citing-jobs-as-ola-and-uber-driver/articleshow/67776732.cms" data-type="tilCustomLink" target="_blank">denied</a> a mounting crisis but admitted that there is a scarcity of high-paying, good quality jobs in the country.

Budget 2019 may offer a monthly pension for informal workers above 60 with Aadhaar

<ul><li>The stand-in finance minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> took time in the middle of his speech to praise a recent blockbuster, <keyword id="71431" type="CITY" weightage="20" keywordseo="Uri">Uri</keyword>. </li><li> “Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well,” Goyal said. </li><li>Modi government’s affair with Bollywood is a recent phenomenon. </li></ul>Budget 2019 had, possibly, the maximum reference to Indian showbiz of all the finance bills presented in the country’s history. To start with, the stand-in finance minister Piyush Goyal took time in the middle of his speech to praise a recent blockbuster, Uri, which glorified the Narendra Modi government’s decision to conduct ‘surgical strikes’ into Pakistan-occupied-Kashmir. He then went on to solicit Bollywood’s love with a change in rule, which should not have been there in the first place. “Single window clearance for ease of shooting films, available only to foreigners, is now going to be made available to Indian filmmakers as well,” Goyal said. And that was not all. He also said that “regulatory provisions will rely more 14 on self-declaration. We will also introduce anti-camcording provisions in the Cinematograph Act to control the menace of piracy.” Goyal also highlighted how the government pushed for a lower tax on cinema tickets through the GST (goods and services tax) Council. Let’s look at how the relationship has evolved in the last four and a half years. It’s showtime Modi government’s affair with Bollywood is a recent phenomenon. In fact, in the first three years of the regime, the government’s relationship with the film industry was rather tenuous. One of the government’s appointees, the former chairman of the film certification board, the CBFC, Pahlaj Nihalani was a big thorn in the flesh for the country’s film industry. He infamously took the moral high ground and censored multiple films, most famously Anurag Kashyap’s Udta Punjab. Even after the Bombay High Court <a href="https://www.indiatoday.in/movies/bollywood/story/udta-punjab-latest-dveelopment-cbfc-bombay-high-court-verdict-censor-board-13840-2016-06-13">struck down</a> the CBFC demand for cuts in the film, Nihalani <a href="https://www.huffingtonpost.in/2016/06/14/pahlaj-nihalani_n_10451088.html">said</a> , “the door for films with obscene and vulgar content.” Despite the fans’ anger and the industry’s anguish, he remained the chief of the ‘censor board’, as CBFC is colloquially known in India, for 2 years, while <a href="https://www.youtube.com/watch?v=bP-l_JY2Vng">he intermittently flattered the </a>government and the prime minister. Not just the working professionals in Bollywood, the government faced a severe backlash from the students of cinema too. In 2017, Gajendra Chauhan’s appointment as the chairman of Film and Television Institute of India (FTII), triggered <a href="https://indianexpress.com/article/opinion/columns/the-problem-with-gajendra-chauhan/">a huge uproar</a>. Students <a href="https://indianexpress.com/article/india/india-news-india/ftii-students-call-off-hunger-strike-to-attend-classes-wont-engage-with-govt/">went on a protest</a>, that even turned violent for a bit, saying Chauhan was qualified to lead a reputed institution like the FTII. The students, who alleged that Chauhan’s appointment was a political move and not based on merit, found vindication when Chauhan <a href="https://indianexpress.com/article/india/im-a-bjp-soldier-will-do-whatever-is-assigned-gajendra-chauhan-4553227/">said</a>, “I am a BJP soldier and I will do whatever is assigned any duty assigned to me.” However, things turned for the better in 2018. Firstly, the new CBFC chief, the accomplished writer and lyricist Prasoon Joshi, has cannily handled the two divergent groups-- the government and the film industry. Secondly, some members of the film industry also served the government well. Two films released towards the end of 2018 were just what prime minister wanted, months before seeking re-election. The first film, <a href="https://www.businessinsider.in/accidental-prime-minister-is-at-the-epicenter-of-a-massive-political-controversy-in-india-just-with-its-trailer-launch/articleshow/67286606.cms">The Accidental Prime Minister</a>, was based on a revelatory book about all the corruption scandals of the previous government led by the Congress. It was the country’s first biopic made on a living prime minister, and showed the Manmohan Singh administration in poor light, and deservedly so, as many would argue. However, that government was voted out in 2014. The other movie of 2018, which helped the cause of the Narendra Modi government, was the slick story of border conflict, Uri. <a href="https://economictimes.indiatimes.com/magazines/panache/budget-2019-piyush-goyal-all-praise-for-uri-in-parliament-says-the-josh-was-unmatched/articleshow/67789368.cms">The movie was a hit</a>,and it allowed the government to revive nationalistic sentiments that are directly proportional to the amount of hate for Pakistan. A little gratitude for pliable filmmakers was probably in order. Who knows, others may fall in line too. See also : <a href="https://www.businessinsider.in/budget/news/budget-2019-live-updates/liveblog/67784324.cms">Budget 2019 Highlights and News Live: Proposal: no tax on income up to ₹5 lakhs</a> <a href="https://www.businessinsider.in/explainer-the-modi-governments-pension-scheme-for-informal-workers/articleshow/67790926.cms">Explained: The Modi government’s pension scheme for informal workers</a>

Modi government’s new found love for Indian Cinema

<ul><li>Chief Economic Advisor KV Subramanian's latest survey has a dedicated chapter for the country's banking sector. </li><li>The report outlined the benefits of bank nationalisation that has been a topic of heated ever since the then Prime Minister Indira Gandhi ordered the move fifty years ago.</li><li>This is yet another signal of how keen, or not, the Narendra Modi government is in selling stake in state-owned banks. </li><li>"Existing unsold housing inventory can be cleared and the balance sheets of both bank/ non-bank lenders cleaned if the real estate developers are willing to take a ‘hair-cut’ by allowing the house-prices to drop," the survey said.</li></ul>Chief Economic Advisor KV Subramanian's latest survey has dedicated a lot of time and space to delve into the problems, and possible solutions, of the country's banking sector. The survey was generous in its praise for the nationalisation of banks, which was undertaken by Prime Minister Indira Gandhi in 1969. "In 2019, India completed the 50th anniversary of bank nationalization. It is, therefore, apt to celebrate the accomplishments of the 3,89,956 officers, 2,95,380 clerks, and 1,21,647 sub-staff who work in Public Sector Banks (PSBs)," the latest Economic Survey said. However, this was a significant departure from the stance of the Narendra Modi administration's view on the issue so far. As recently as in 2017, Modi called the government ownership of banks '<a href="https://www.firstpost.com/business/narendra-modis-gujarat-speech-if-bank-nationalisation-was-indiras-drama-he-has-a-chance-to-undo-it-4233287.html" data-type="tilCustomLink" target="_blank">Indira Gandhi's drama</a>' and claimed that he has a chance to undo it. Not the first applause for nationalisation But Subramanian is not the first person from the Modi government to laud the role of public sector banks, while a big chunk of the Bharatiya Janata Party's vote bank, especially corporate India and market participants, have been pushing the government move to privatise more. Recently, even trade minister Piyush Goyal batted for the state-owned banks saying <a href="https://economictimes.indiatimes.com/news/economy/policy/piyush-goyal-bats-for-psus-says-private-sector-is-full-of-scandals/articleshow/71224679.cms" data-type="tilCustomLink" target="_blank">'privatisation' may not be the panacea</a>. If these were to be taken as a signal for what <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> may have her in her budget speech on February 1, it may be fair to expect additional capital for PSU banks, and very little in terms of stake sale. As the survey highlighted, "In 2019, when Indian economy is the fifth largest in the world, our highest ranked bank—State Bank of India— is ranked a lowly 55th in the world and is the only bank to be ranked in the Global top 100." 
	
 <div type="image" title="banks" msid="73803282" hostid="261" caption="&amp;lt;p&amp;gt; In 2019, when Indian economy is the fifth largest in the world, our highest ranked bank&amp;#8212;State Bank of India&amp;#8212; is ranked a lowly 55th in the world and is the only bank to be ranked in the Global top 100. SOurce: India Economic Survey 2020&amp;lt;/p&amp;gt;"></div>



 There is support for disinvestment outside banks A chapter in the Economic Survey analysed the performance of 11 public sector companies before and after they privatised between 1999-2000 and 2003-04. "Analysis shows that these privatized CPSEs, on an average, perform better post privatization than their peers in terms of their net worth, net profit, return on assets (ROA), return on equity (RoE), gross revenue, net profit margin, sales growth and gross profit per employee." 
 <div type="image" title="divestment" msid="73797987" hostid="261" caption="&amp;lt;p&amp;gt;A chapter in the Economic Survey analysed the performance of 11 public sector companies before and after they privatised between 1999-2000 and 2003-04. Source: India Economic Survey 2020&amp;lt;/p&amp;gt;"></div>


 But just pumping money into PSU banks may not be enough Budget 2019-20 announced an infusion of ₹70,000 crore into Public Sector Banks (PSBs) to boost credit and investment in the economy. As of November 2019, ₹60,314 crore has been infused from this provision. India's government banks are so inefficient that the amount of money, ₹1.4 lakh crore, written off by banks is as much the country's total food subsidy. "Over ₹4,30,000 crore of taxpayer money is invested as Government’s equity in PSBs. In 2019, every rupee of taxpayer money invested in PSBs, on average, lost 23 paise," the report said. " In contrast, every rupee of investor money invested in “New Private Banks” (NPBs)—banks licensed after India’s 1991 liberalization—on average gained 9.6 paise." This may be a cue for the government to tighten the leash on bankers before they can get their pound of flesh from the taxpayer's kitty. Investment in digitising government banks Not just that, there may be a push to bring these state-owned banks up to speed with investment in digital capabilities to make them more contemporary and allow them to compete with the more advanced peers from the private sector. "The survey suggests use of FinTech (Financial Technology) across all banking functions and employee stock ownership across all levels to enhance efficiencies in PSBs," Subramanian's report said. 
 <div type="Article" hostid="261" msid="73753459" title="Exclusive: TCS CEO shares his hopes and fears from the budget 2020" mstype="2" mssubtype="0"></div>



 If Sitharaman were pay heed to this advice, she may set aside a dedicated amount for the digital transformation of these banks. This will also provide an opportunity for the likes of Tata Consultancy Services (TCS), Infosys, HCL Tech, and Wipro, who have experience in similar projects that they have carried out for global firms in the banking, financial services, and insurance space. There may be additional push for banks to increase lending The share of corporate loans in non-food credit peaked in 2013. The subsequent decline led to the economic slowdown 2017 onwards. Fall in credit starts showing in GDP growth four years later, Subramanian said while explaining his report. Here's market veteran Vallabh Bhanshali of ENAM Group, explaining the impact of lack of credit on the economy. 
 <div type="Youtube" id="Kd75yZqHQGk" title="Time for RBI to do 'whatever it takes' to save India's financial sector: Vallabh Bhanshali" thumbUrl="https://i.ytimg.com/vi/Kd75yZqHQGk/mqdefault.jpg"></div>



 Boost home sales to save banks The Economic Survey also highlighted the mess in India's real estate. While the demand for new homes has been sliding, the builders are struggling to repay loans, the prices of apartments have barely moved down. 
	
 <div type="image" title="unsold homes" msid="73803921" hostid="261" caption="&amp;lt;p&amp;gt;Source: India Economic Survey&amp;lt;/p&amp;gt;"></div>



 Any push to expedite repayment of loans may be bad news for builders but a great move for potential home buyers who are sitting on the fence. "Existing unsold housing inventory can be cleared and the balance sheets of both bank/ non-bank lenders cleaned if the real estate developers are willing to take a ‘hair-cut’ by allowing the house-prices to drop," the Economic Survey said. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/these-are-the-documents-needed-to-open-a-restaurant-the-checklist-is-much-smaller-for-a-gun/articleshow/73802113.cms" data-type="tilCustomLink" target="_blank">These are the documents needed to open a restaurant— the checklist is much smaller for a gun</a> <a href="https://www.businessinsider.in/here-is-the-price-of-a-thali-in-every-india-state-and-jharkhand-has-the-cheapest/articleshow/73799864.cms?src=hp_latest" data-type="tilCustomLink" target="_blank">Thalinomics: here is the price of a thali in every India state — and Jharkhand has the cheapest</a> <a href="https://www.businessinsider.in/apple-iphone-7-and-ipod-price-and-value-addition-in-different-countries/articleshow/73801274.cms?src=hp_latest" data-type="tilCustomLink" target="_blank">Here’s how much countries gain from putting together iPhone 7 and iPod ⁠— Economic Survey’s case for ‘Assemble in India’</a>

Economic Survey 2020 has signs for what banks can expect from Nirmala Sitharaman's budget speech

<ul><li>Indian startups have raised $8 billion in the first two months of 2022. </li><li>Indian startups have already cracked 277 deals in January and February 2022. </li><li>The ecosystem has also witnessed the entry of 10 startups into the unicorn club.</li></ul>Indian <keyword id="138263" type="General" weightage="20" keywordseo="startup" source="Orion">startup</keyword>s have raised $8 billion in the first two months of 2022, according to Business Insider’s calculations. This means that nearly $1 billion was invested in the startup ecosystem on a weekly basis in January and February. The ecosystem had raised <a href="https://economictimes.indiatimes.com/tech/funding/indian-startups-raised-42-billion-in-2021-report/articleshow/88875670.cms">$42 billion</a> across 1,579 deals all through 2021 and <a href="https://inc42.com/reports/the-annual-indian-tech-startup-funding-report-2020/">$11.5 billion</a> across 924 deals in 2020. Indian startups have already cracked 277 deals in the first two month of 2022. This includes Reliance-backed Dunzo, Nykaa’s rival Purple, Zomato’s rival Swiggy and others. The data has been based on Entrackr’s weekly <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> <a href="https://entrackr.com/category/weekly-funding-report/">reports</a>. <div type="image" title="Indian startups raised around $1 billion a week in January and February" msid="89890610" hostid="261"></div> The ecosystem has also witnessed the entry of <a href="https://www.businessinsider.in/business/startups/news/total-ten-startups-have-turned-unicorns-till-now-in-2022-in-india/slidelist/89774609.cms">10 startups into the unicorn club</a>, which includes startups valued over a billion dollars. The list of 2022 includes software-as-a-service (SaaS) companies Fractal, DarwinBox, Hasura and Uniphore, edtech company Lead School, logistics company XpressBees, and ecommerce platforms Livspace, Dealshare and ElasticRun. Direct-to-consumer (D2C) Mamaearth too announced its entry into the unicorn club on January 1 this year. However, it was already reported in the media based on regulatory filings of the company. India is currently home to 91 unicorns, according to Venture Intelligence data. This includes companies like BharatPe, Cred, Groww, Zerodha, Upstox, Spinny, Cars24, ShareChat and more. Finance Minister Nirmala Sitharaman, during the budget speech of 2022, <a href="https://www.businessinsider.in/budget/news/budget-for-startups-2022-finance-ministry-proposes-to-extend-tax-holiday-by-another-year/articleshow/89269955.cms">highlighted </a>that “startups have emerged as a driver of growth for our economy”. Commerce and industry minister Piyush Goyal in January said that India should aim to raise 75 unicorns in 75 weeks to the 75th anniversary of Independence. "We have 43 unicorns added in 45 weeks, since the start of 'Azadi ka Amrit Mahotsav' on March 12, 2021,” he said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms" style="">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/finance/banks/news/what-is-swift-how-does-it-work-why-is-it-important-and-how-nations-are-using-it-to-punish-russia/articleshow/89886091.cms" style="">What is SWIFT, how does it work, why is it important and how nations are using it to punish Russia</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-falls-sharply-on-worsening-russia-ukraine-war-hdfc-bank-axis-bank-eicher-motors-among-biggest-losers/articleshow/89886018.cms">Markets remain worried as energy rich Russia faces harsh sanctions from western countries</a>

Indian startups raised around $1 billion a week in January and February

<ul><li>Buying a home remains one of the obsessions of the average Indian, with a very high ownership ratio in urban India.</li><li>While the Indian government has been hoping for real estate prices to cool down, it has set an outlay of ₹48,000 crore for affordable housing under the PM Awas Yojana.</li><li>But does the relatively high price of homes make home buying a good option in 2022?</li><li>Business Insider tries to decode this with the help of experts.</li></ul>Indians are <a href="https://www.livemint.com/Money/QdFkLbtD8iCeZWa1XLfggJ/Obsession-with-buying-a-house-Why-do-Indians-prefer-real-es.html">obsessed</a> with buying a house, and now might be a good time to get one. From tax incentives to historically low interest rates on home loans, now might be the time to buy your dream home. “When one gets a home, a poor person gets courage,” said Finance Minister Nirmala Sitharaman while announcing the budget, clearly outlining the government’s priority when it comes to homes. But before you make a decision, you should know what the <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword> has in store for home buyers, and how the new announcements may impact home prices going forward. In her Budget 2022 speech, Sitharaman also announced a slew of incentives for home buyers. The most eye-catching is the allocation of ₹48,000 crore for the Pradhan Mantri Awas Yojana (PMAY). But there’s a lot more to digest beyond that, and here’s what the experts think will impact home prices, thanks to Budget 2022. <cmsannotation type="cmsannotation" annotationid="What about the prices of homes?" comment="subhead" text="What about the prices of homes?">What about the prices of homes?</cmsannotation> The steady and multi-fold increase in prices of inputs used in constructing homes could be the biggest contributor to real estate prices not coming down. This is despite Piyush Goyal – one of the key ministers in the government, urging real estate developers to cool down prices of homes at a time when other sectors have also passed on price cuts to customers. “This government is more comfortable with real estate prices cooling off,” said Shubhada Rao, the founder of QuantEco Research. However, is there enough room for real estate prices to correct? Vikram Kotak, cofounder of Ace Landsdowne Investments, points out that while land prices may not have gone up by much in relative terms, the prices of other core inputs like cement have gone up by three to four times. And the fact that there is sustained demand makes it difficult for a price correction to take place – both in terms of the inputs as well as the finished product, which is the house itself. The relatively high prices of real estate may seem attractive from an investment standpoint, but Deepak Shenoy, the founder of Capitalmind, has a different view. “Houses are not investments if you live in them, they are expenses and therefore, I don’t consider them as useful investments,” he told Business Insider, which is something you will want to keep in mind before making your home purchase. <cmsannotation type="cmsannotation" annotationid="Why are home loans so cheap, then?" comment="subhead" text="Why are home loans so cheap, then?">Why are home loans so cheap, then?</cmsannotation> But houses are still an attractive avenue for banks and finance companies to lend money for, since they have a lower risk factor than, say, starting a business. This is one of the reasons why interest rates for home loans start around 6-7%, while business loans start at upwards of 8%, going all the way up to 21%. Apart from this, there are a multitude of tax incentives for home buyers, from additional deductions on the interest component, to exemptions on reinvesting the proceeds from the sale of an asset into a new home. For instance, under the provisions of the Income Tax Act, you can invest up to ₹50 lakh into a house or park the money from proceeds of a house property sale in qualifying investments to claim exemption from capital gains tax, which makes it one of the most lucrative tax incentives available in India. <cmsannotation type="cmsannotation" annotationid="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:" comment="subhead" text="Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:">Here are home loan interest rates offered by some of the most popular banks and finance companies in 2022:</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank/Financier </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Starting interest rate (per annum) </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.40% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.50% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.55% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citibank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.75% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC Housing Finance </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.90% </td></tr></tbody><tbody></tbody></table> Source: Banks, finance company websites <cmsannotation type="cmsannotation" annotationid="Should you invest in real estate stocks if you don’t want to buy a home?" comment="subhead" text="Should you invest in real estate stocks if you don’t want to buy a home?">Should you invest in real estate stocks if you don’t want to buy a home?</cmsannotation> If you have the additional income that you would like to invest in equity, the real estate sector could be one of the avenues for you to plough in some money, but what should you be looking out for, exactly? Shenoy says that the criteria that he would consider for real estate stocks is how well they are selling their inventory of homes, rather than the pressure or performance of the stocks themselves. If purchasing a home is not your top priority and if you expect the real estate sector to perform well over the next few years, real estate stocks could be an option worth considering. However, this is not investment advice, Shenoy added, so you will have to do your own due diligence. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/from-new-updated-it-return-to-surcharge-on-ltcg-at-15-here-are-the-personal-finance-highlights-from-budget-2022/articleshow/89268183.cms">From crypto tax to updated IT return, here are the personal finance highlights from Budget 2022</a> <a href="https://www.businessinsider.in/tech/enterprise/news/cognizant-reports-strong-revenue-growth-with-an-improving-attrition-rate/articleshow/89315375.cms">Cognizant is giving positive vibes to the Indian IT industry with strong revenue growth and an improving attrition rate</a> <a href="https://www.businessinsider.in/business/startups/news/budget-2022-mandates-all-startups-to-disclose-source-of-income-of-their-creditors/articleshow/89315291.cms">A tax guru explains all that is wrong with Indian government’s latest requirement for startups to disclose creditors’ source of income</a>

Want to buy your dream home? Know how the union budget may impact home prices

<ul class="summary-list"><li><keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> has been in a standoff in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> over censoring accounts amid huge anti-government protests.</li><li><keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword>'s Government has backed <keyword id="3518161" type="PERSON" weightage="60" keywordseo="koo">Koo</keyword>, an app so similar to Twitter it even has a bird logo.</li><li>The "free expression" app, which has been accused of hosting hate speech, doesn't moderate content.</li></ul><a href="https://www.businessinsider.com/india-government-attack-us-celebrities-backing-farmer-protests-burn-effigies-2021-2" target="_blank" rel="noopener noreferrer">India's farmers' protests</a> put Twitter in a censorship standoff with the Indian Government, which reacted by backing "Koo", the app mimics tweets and says it has no plans to moderate its content.Koo is just 10 months old. But <a href="https://www.businessinsider.com/how-twitters-india-standoff-dragged-in-journalists-and-activists-2021-2">Twitter's refusal to block accounts supporting the protests outside Delhi </a>- where tens of thousands farmers have come to global attention in their bitter, at times violent, demonstrations against new agriculture laws - has been its making.Prime Minister Narendra Modi's ministers were among those encouraging people in the world's second-fastest growing internet economy to switch to Koo. It crossed more than 4.1 million downloads in two weeks in February and has secured $4.1 million in funding.Celebrities, politicians, and right-wing publications are now "Kooing". Even the yellow bird logo and the name - Koo is a bird's sound in Hindi - emphasize its desire to challenge Twitter. Some even cheekily used Tweets to announce their new Koo profiles."I am now on Koo," says <a href="https://twitter.com/PiyushGoyal/status/1359058583934013442">the pinned tweet</a> of Piyush Goyal, India's minister of railways, commerce, and industry who has more than 9.5 million followers on Twitter. "Connect with me on this Indian micro-blogging platform for real-time, exciting, and exclusive updates."According to mobile analytics firm Sensor Tower, Koo's downloads soared by 159.9% on February 9, the day Goyal endorsed it.This was on top of a 186.8% jump in downloads the previous day, triggered when Twitter published <a href="https://help.twitter.com/en/rules-and-policies/tweet-withheld-by-country">a defiant response</a> to the government.<div type="image" title="Koo account" height="1200" width="1696" msid="81278576" hostid="261"></div>"We strongly believe that the open and free exchange of information has a positive global impact," Twitter wrote, "and that the Tweets must continue to flow." The surge put Koo at the top of the app charts. Koo was founded in the southern city of Bangalore by Aprameya Radhakrishna, who sold his cab-hailing startup for $200 million to Uber's biggest rival in India, and Mayank Bidawatka, a serial entrepreneur.At first glance, the similarities with Twitter are remarkable. Koo lets you follow people, read updates in a reverse-chronological feed, add and track hashtags, post a "Koo" in up to 350 characters, attach media, and respond to and like other people's Koos.But Koo has features, unavailable on Twitter, that are tailored to the Indian market. it is compatible with a handful of Indian languages and lets people filter out content by their chosen language, which helps in a country where only 10% of the population speaks English.<div type="image" title="Koo as it appears in the Google Play Store" height="1120" width="1434" msid="81278578" hostid="261"></div>It also has a dedicated button for forwarding "Koos" to WhatsApp, India's most popular messaging app.But arguably what truly sets this social network apart is its lack of content moderation. Its homepage invites people to "join India's best minds that speak their mind".Its founders say they won't govern their network the way the likes of Twitter and Facebook currently struggle to do. Instead, when Koo discovers any post that can be deemed unlawful, it will hand it over to the government for action."We don't govern. Why should we govern? It's a free-expression platform," <a href="https://restofworld.org/2021/how-koo-became-a-right-wing-darling-in-india/">Radhakrishna recently said</a>, "We're not the ones to take action. There's an elected government. Irrespective of who runs the government in the future ... If it's going to lead to violence, we'll cooperate with the government."The Indian government meanwhile has pulled out all the stops to make Twitter fall in line, with Koo effectively becoming a weapon in the fight. Twitter has since agreed to comply partially with India's banning order, suspending more than 500 accounts. Challenging Twitter is no easy feat - it has 340 million users worldwide. In late November, another Twitter-esque app called Tooter got a lot of attention. Its brash "About" page likened Twitter's dominance in India to the British Empire in the days before independence. But the absence of diverse voices meant its early adopters soon left.<div type="image" title="Koo homepage" height="1124" width="1800" msid="81278580" hostid="261"></div>Modi's government's endorsement of Koo has made it particularly inviting to India's right-wing and supporters of the governing party.Nikhil Pahwa, a digital rights activist and founder of tech policy publication MediaNama, posted on Koo about the internet shutdowns authorities imposed to disrupt the protests and was soon flooded with "hateful comments and responses," he told Insider. Pahwa said he found Koo's approach to moderating "extremely problematic." "To allow any platform that just gives a wholesale licence to the government to censor our speech is not a platform worth being on," he said. This has led many to draw parallels between Koo and <keyword id="9465142" type="UNKNOWN" weightage="60" keywordseo="parler">Parler</keyword>, a US-based "free-speech social network" that grew after Twitter began censoring and <a href="https://www.businessinsider.com/trump-twitter-ban-wont-be-lifted-if-runs-president-again-2021-2">eventually banned former President Donald Trump</a>.Radhakrishna has dismissed the comparison, telling tech blog Rest Of World that Parler was a "pro-Trump thing", adding, "We are existing today irrespective of whether Twitter gets into trouble or not, irrespective of one ideology being there or not. We exist because we want to give a voice to every Indian."But while <a href="https://www.businessinsider.com/parler-website-is-back-online-2021-1">Parler has struggled</a>, Koo might thrive under India's current administration. Modi has made the "Make in India" campaign his party's centerpiece and has rolled out policies that promote domestic manufacturing and Indian startups.The government is reportedly developing a range of homegrown apps aimed at eventually replacing Western services like WhatsApp, Zoom, and of course, Twitter.China has already gone down this road with apps such as TikTok and WeChat. Will India follow? "I know that the Indian government has China envy," Pahwa said. "They want to exercise the kind of control that the Chinese government does over speech and over technology in its country. "But I sure hope India doesn't become like that."Koo did not respond to a request for comment from Insider.

Koo, the 'free expression' social media app, is the Indian government's latest weapon in its standoff with Twitter

New Delhi, Dec 2 () Finance Minister Nirmala Sitharaman has responded to industrialist Rahul Bajaj's statement that India Inc was afraid of criticising the Narendra Modi government, saying spreading one's own impression "can hurt national interest" - a remark that drew sharp reactions on social media.
At The Economic Times' ET Awards event in Mumbai on Saturday evening, Bajaj, chairman of Bajaj Group, had told Sitharaman, Home Minister Amit Shah and Railway Minister Piyush Goyal on dias that people are afraid of criticising the BJP government's policies and added that no one in the business community would speak about this issue.
Shah had responded to him saying there is "no need to fear about anything. The Narendra Modi government has been criticised continuously in media. But, if you are saying that there is such an environment, we need to work to improve this".
Bajaj found support in Biocon chairperson Kiran Mazumdar Shaw who said the government treated India Inc as "pariahs" and doesn't want to hear any criticism of the economy.
"Hope the govt reaches out to India inc for working out solutions to revive consumption n growth. So far we are all pariahs n govt does not want to hear any criticism of our economy," she tweeted on Sunday evening.
Soon after, Sitharaman tweeted a video of the ET event to say: "Home Minister @AmitShah answers on how issues raised by Shri. Rahul Bajaj were addressed. Questions/criticisms are heard and answered/addressed".
"Always a better way to seek an answer than spreading one's own impressions which, on gaining traction, can hurt national interest," she said.
Her remarks drew varied responses with the opposition Congress seizing on it to criticise the government.
Congress leader and former union minister Kapil Sibal said: "Rahul Bajaj only said: Industry fears to criticise government".
"Does national interest lie in praising you!," he tweeted.
His party spokesperson Salman Anees Soz said that "Only an insecure, incompetent, and intolerant government will stoop so low as to characterize government criticism as against the national interest".
Defending the government, Civil Aviation Minister Hardeep Singh Puri alleged there were fake narratives.
"That Mr Rahul Bajaj could stand up to Sh @AmitShah Ji's face, express himself freely &amp; instigate others to join him clearly indicate that freedom of expression &amp; democratic values are alive &amp; flourishing in India. This is exactly what democracy is all about," he tweeted.
Minister of Railways and Commerce Piyush Goyal referred to Shah's response to Bajaj's remarks to say there is no fear.
"See Home Minister @amitshah respond to Rahul Bajaj's claim that people are afraid to express themselves. "After hearing your question I doubt anybody believes this claim that people are afraid," he tweeted.
A day before the ET event, former Prime Minister Manmohan Singh had stated that many industrialists have told him they lived in fear of harassment by government authorities.
Delivering the valedictory speech at the National Economy Conclave, Singh had on Friday warned: "There is a palpable climate of fear in our society today. Many industrialists tell me they live in fear of harassment by government authorities. Bankers are reluctant to make new loans, for fear of retribution. Entrepreneurs are hesitant to put up fresh projects, for fear of failure attributed to ulterior motives. Technology start-ups that are an important new engine of economic growth and jobs, seem to live under a shadow of constant surveillance and deep suspicion". ANZ
BAL

FM on Bajaj's lack of freedom comment: Spreading one's own impression can hurt national interest

New Delhi, Mar 13 () The government on Friday approved a scheme for reimbursement of taxes and duties to exporters with a view to give boost to the country's dwindling outbound shipments.A decision in this regard was taken in a Cabinet meeting chaired by Prime Minister Narendra Modi here.The reimbursement of taxes such as duty on power charges, VAT on fuel in transportation, farm sector, captive power generation, mandi tax, stamp duty and central excise duty on fuel used in transportation would make Indian products competitive in global markets, the Commerce and Industry ministry tweeted.The measures are compliant with WTO norms, it mentioned.The sectors and products under the remission of duties and taxes on export products (RoDTEP) will be notified in a phased manner and the MEIS benefit for those sectors and items will be withdrawn. Finance Minister Nirmala Sitharaman had announced RoDTEP scheme in her Budget speech on February 1.Briefing the media about this decision, Commerce Minister Piyush Goyal on Friday said with the rolling out of this new scheme, the Merchandise Export Incentive Scheme (MEIS) will be "phased out". Sitharaman had said the scheme will be launched this year itself. The scheme is to incentivise exporters at an estimated cost of Rs 50,000 crore to the exchequer. It is proposed to digitally refund to exporters, duties and taxes levied at the Centre, State, and local levels, Sitharaman had said while presenting the Union Budget for 2020-21. These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.The move assumes significance as a WTO dispute resolution panel has ruled that MEIS was not in compliance with global trade rules. Under the World Trade Organisation (WTO) rules, certain duties like state taxes on power, oil, water, and education cess are allowed to be refunded.The country's exports contracted for a sixth month in a row by 1.66 per cent in January to USD 25.97 billion.During April-January 2019-20, exports slipped 1.93 per cent to USD 265.26 billion, while imports declined 8.12 per cent to USD 398.53 billion, leaving a trade deficit of USD 133.27 billion. RR RR ANUANU

Govt approves tax reimbursement scheme for exporters

<ul><li>The biggest menace for the Indian startups angel tax was not addressed in the Budget 2019. </li><li>Indian entrepreneurs are disappointed with the exclusion of startup policies. </li><li>However, Finance Minister Piyush Goyal included artificial intelligence in the government’s Vision 2030, which could boost the growth of AI startups. </li></ul>Indian startups had big hopes from the Budget 2019 but the government failed to bring anything on board for the entrepreneurs in the country. The impact of startups in India was measured with jobs created in the country. “With job seekers becoming job creators, India has become the world’s second largest start-up hub,” said Finance Minister Piyush Goyal during his Budget speech. However, the Budget failed to cover important aspects that startups looked forward to – most importantly the Angel Tax menace. From entrepreneurs to investors, everyone was looking at angel tax being removed. “With the upcoming budget, I wish the government addresses problems being faced by startups over taxes levied on angel funds,” Harshil Mathur, cofounder of Razorpay, had said before the budget had been announced. Meanwhile, Dr Ritesh Malik, one of the most active <keyword id="6365770" type="UNKNOWN" weightage="20" keywordseo="angel-investors">angel investors</keyword> in the country and co-founder of Innov8, had expected that the government will bring an instrumental change in policies which will transform, safeguard and support the startup ecosystem. Finance Minister mentioned that special benefits and incentives were given to small businesses and start-ups while also simplifying overall compliance processes. However, considering the <keyword id="3209713" type="PERSON" weightage="20" keywordseo="Startup-India-initiative">Startup India initiative</keyword> is considered to be one of the most important initiatives of the Modi government, there was more awaited. While the government did mention Digital India as one of its initiatives for Vision 2030, covering artificial intelligence and robotics, the Budget failed to accommodate expectations of entrepreneurs. “Looks like the government doesn't realise the potential of growth that startups can contribute to the overall economy and the jobs creation situation in the country. Ignoring the pain areas for startups and the ecosystem is sending wrong signals to the youth of the country. Budget 2019 for startups in India was too much of expectation, but too less was delivered. The Startup josh is low and something needs to be done!,” said Deep Malhotra, Co-Founder, BECKFriends.com. See Also: <a href="https://www.businessinsider.in/indian-government-just-added-a-lot-more-red-tape-for-startups-while-trying-to-fix-the-devilish-angel-tax/articleshow/67572452.cms">Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’</a> <a href="https://www.businessinsider.in/budget-2019-national-artificial-intelligence-program/articleshow/67788068.cms">Budget 2019: The Indian government is launching a national program for development of artificial intelligence</a>

Budget 2019 royally ignored India’s startups

<ul><li>During the <keyword id="7190005" type="UNKNOWN" weightage="20" keywordseo="interim-budget-2019">Interim Budget 2019</keyword>, the Modi government presented Vision 2030. </li><li>From clean Ganga to an astronaut in space and building hubs for Digital India, the Vision 2030 agenda has big plans. </li><li>The government’s current track record in some cases and the lack of details in others are uninspiring. </li></ul>Indian government’s budget for 2019-20 was supposed to be an interim vote on account before the elections in the upcoming summer. However, the government’s promises, hopes and estimation went as far as 2030. Here’s the 10-point agenda for the next decade set by Piyush Goyal, standing in for finance minister Arun Jaitley. “We are poised to become a Five Trillion Dollar Economy in the next five years and aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter.” The message from the government is that it is not just focussed on the headline growth, but also on the quality of life. “On the social infrastructure side, every family will have a roof on its head and will live in a healthy, clean and wholesome environment,” said Finance MInister Piyush Goyal. It was 2017, when prime minister Modi promised to double farmers’ income in the following five years. However, the rural distress has been one of the biggest failures of the administration. While ‘housing for all by 2022’ is still an ongoing project, there is still a lot left to desire in <a href="https://www.bloombergquint.com/global-economics/15-million-indian-households-have-meters-but-no-electricity">electrification</a> and <a href="https://www.livemint.com/Politics/d0gb1cTpVnVwJaUQIPIaaP/Swachh-Bharat-Abhiyan-Why-Indias-toilet-data-is-too-good-t.html">sanitation</a> of villages. “Digital India into every sector of the economy” There were two announcements towards digitisation of the economy – to turn 1 lakh villages into Digital Villages over next five years, and a plan to build centre of excellences for Artificial Intelligence (AI). This is not the first time the government has promised a push for AI. ₹3,073 crores were allocated for the programme in 2018-19. This fund was supposed to boost the development of artificial intelligence, robotics, big data analysis, and digital manufacturing, by setting up centres of excellences in the country. However, there has been little or no progress so far. The Indian government had allocated ₹10,000 crores in the last budget for Bharat Net phase II-- a pan-India broadband network--to create 500,000 rural wifi hotspots. By December 2018, the network had covered half the target range, but the utilisation was reportedly less <a href="https://thewire.in/government/pmo-bharatnet-project-shoddy-state-of-broadband-initiative">than 10%</a>. “Over ₹17,000 crore has been spent already on BharatNet. No results can be seen. There is no utilisation...Public money has been wasted and it will become a serious problem for the government," a senior official at Trai told <a href="https://www.livemint.com/politics/policy/trai-asks-telecom-dept-to-auction-bharatnet-assets-to-private-firms-1548698974471.html">Mint</a> in January. “This India will drive on Electric Vehicles with Renewables becoming a major source of energy supply. India will lead the world in the transport revolution through electric vehicles” India did assume the lead in the global fight against climate change after the <a href="https://www.hindustantimes.com/india-news/what-signing-the-paris-climate-change-treaty-means-for-india/story-RsDH1IAohQNEqRxb426YbM.html">Paris pact </a>of 2016. But the push towards green vehicles at home has had, at best, a sputtering start. While there has been a growth in demand for electric two-wheelers, only 1,200 electric cars were sold in FY 2017-18, according to a report done by the <a href="https://www.livemint.com/Politics/1x96WeyG6cCVnm5zPcUraK/Govt-proposes-incentives-to-boost-EVsalesin5-years.html">Society of Manufacturers of Electric Vehicles.</a> The main concern of the automobile companies is the lack of infrastructure for growth of EVs in India as well as the absence of <a href="https://auto.economictimes.indiatimes.com/news/industry/are-indian-automakers-ditching-ev-in-want-of-clear-policy/67749150">clarity</a> regarding the EV policy. “Expanding rural industrialisation using modern digital technologies to generate massive employment” Both industrial growth and employment have been among the big failures of the Modi regime, mostly because private investment has been lacking. The most recent data in factory output growth was the lowest in 17 months. A news report based on leaked data from the National Sample Survey Office (NSSO) said that India’s unemployment rate has hit a <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">45-year high</a> by December 2018, with a majority of job losses seen in rural India, showing that the government’s policies have so far failed to spur industrialisation and jobs. “Our Government has worked vigorously for cleaning River Ganga. Fifth Dimension of our Vision for India of 2030 is Clean Rivers” The government has already approved ₹25,500 crores for ‘Namami Gange Mission’, but the impact has less than satisfactory, according to environmental activists. There was no additional in the current budget for the same programme. Spending crores of rupees for beautification of ghats has been "wastage of the public exchequer" because "without ensuring a continuous flow, clean Ganga will continue to remain a distant dream", said <a href="https://www.businessinsider.in/why-indias-waterman-thinks-the-governments-3-5-billion-plan-to-clean-up-ganga-is-not-working/articleshow/67672185.cms">Rajendra Singh,</a> who goes by the sobriquet "Waterman of India". “Our efforts in the Sagarmala programme will be scaled up and we will develop other inland waterways faster.” According to a reply to a right-to-information petition filed in 2018, it was <a href="https://www.business-standard.com/article/economy-policy/sagarmala-drives-in-slow-lane-only-1-5-projects-completed-since-fy16-118091700931_1.html">reported</a> that just 80 projects had been completed out of the 220 projects envisioned under the Sagar Mala project, over three years after its inception. “Placing an Indian astronaut into space by 2022” The ISRO chief K Sivan in a press conference last month had <a href="https://www.businessinsider.in/indias-first-manned-mission-to-space-may-have-women-too/articleshow/67486206.cms">announced</a> that under the Gaganyaan mission,a three-member team will be sent to space which could also include a woman astronaut. It’s too soon to evaluate the progress of this plan. “High farm production and productivity will be achieved through modern agricultural practices and value addition” India, a country which has over 45% of its population employed in agriculture, is also a major exporter. According to <a href="https://www.ibef.org/exports/agriculture-and-food-industry-india.aspx">reports</a>, during April-October 2018, exports of agricultural and processed food products totalled US$ 21.61 billion. India now faces the problem of <a href="https://indianexpress.com/article/opinion/columns/agrarian-crisis-farmer-protests-rural-distress-surplus-production-crop-procurement-the-age-of-surplus-5213499/">surplus</a>, where farmers are ready to answer the demand for more produce. However, the farmer has not been in the winning end of the deal. A report of the Committee on Strategy for Doubling Farmers' Income by 2022 <a href="https://www.downtoearth.org.in/news/agriculture/you-may-pay-a-steep-price-but-does-the-farmer-make-any-money--62364">states </a>that “The WPI (wholesale price index) of food articles was lower than that of agricultural inputs for most years, indicating that farmers received lower market prices for agricultural commodities than the prices paid for the purchase of inputs.” “Aiming at healthy society with an environment of health assurance and the support of necessary health infrastructure” The Indian government had announced its ambitious Ayushman Bharat scheme in 2018. The Finance Minister during his budget speech announced that so far ₹3000 crore had been allocated to Ayushman Bharat which has benefited over 10 lakh people. However, many states have pulled out of the scheme criticising it for legitimate and political reasons. As the minister from Chhattisgarh explained, Ayushman Bharat provided insurance for secondary and tertiary healthcare in hospitals, whereas <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/chhattisgarh-govt-to-pull-out-of-ayushman-bharat/articleshow/67550227.cms">nearly 80%</a> of the state’s citizens required primary healthcare services. Outpatient treatment, which is hugely popular with India’s poor households according to <a href="https://www.brookings.edu/wp-content/uploads/2016/12/201612_health-and-morbidity.pdf">a Brookings report</a>, isn’t provided under the scheme. In addition, as public hospitals lack the requisite infrastructure, the government is relying heavily on private hospitals, which aren’t that widespread in semi-urban and rural areas and can promote expensive treatments to improve their margins “Transforming India into a Minimum Government Maximum Governance nation” ‘Minimum Government Maximum Governance’ was one of the many slogans that Modi came up with ahead of the 2014 elections. Indeed, he managed to reduce the layers in bureaucracy and made processes simpler in many cases. It helped India to rise to the <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=184513">77th position</a> in the ease of doing business ranking assessed by the World Bank, up from 142 in 2014. Yet, the spirit of the slogan does not pervade all parts of the government. For instance, startups, which mushroomed in India in the years where there was no focussed regulation, have now hit a wall with the infamous ‘angel tax’. Early stage investors who back these startups were burdened with higher tax in a bid to control money laundering. The sweeping tax on all angel investors hurt new investments in startups. Even the steps taken to assuage the concern has only added to the layers of permission required to start a new business. See Also: <a href="https://www.businessinsider.in/income-tax-slabs-for-2019-20/articleshow/67788923.cms">No tax proposed on annual income up to ₹500,000</a> <a href="https://www.businessinsider.in/the-indian-government-just-announced-its-highest-ever-outlay-for-defence/articleshow/67789219.cms">The Indian government just announced its highest ever outlay for defence</a> <a href="https://www.businessinsider.in/budget-2019-income-tax-and-other-benefits-for-middle-class-in-india/articleshow/67789294.cms">Here is how the Budget 2019 benefits the Indian middle class</a>

India’s Narendra Modi has a grand vision for 2030 – but it is short on details

Citing danger to life and national security, India's central bank, the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India&amp;sortorder=effectivedate">Reserve Bank of India</a> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), refused to share specific details of <a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minister+Narendra+Modi%27s+&amp;sortorder=effectivedate">Prime Minister Narendra Modi's </a>ban on high-value banknotes. This deepens the mystery over who took the unprecedented decision. 
 The <keyword id="6355513" type="ORGANIZATION" weightage="20" keywordseo="cabinet">Cabinet</keyword> has accepted that it was the RBI who recommended the move and was announced by PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> on Nov. 8, Power Minister Piyush Goyal had told parliament. 
 
According to a report by <a href="https://www.bloomberg.com/news/articles/2017-01-11/central-bank-cites-threat-to-life-as-india-cash-mystery-deepens">Bloomberg</a>, the RBI board approved the ban three-hours before PM Modi's speech and hadn't discussed the matter beforehand. 
 
On the other hand, the RBI told a lawmakers' panel that the government had "advised" the monetary authority to "consider" the ban a day before the RBI board made its recommendation. The government then "considered the recommendations" and decided to withdraw the notes, culminating in PM Modi's address that blindsided the nation. 
 Now, more clarity is expected on January 20th, when RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> deposes before a parliamentary committee. Details are essential to help assess the success of the shock move as well as gauge the impact of the decision on Asia's No. 3 economy. 
 
"It is very perplexing that the RBI doesn't answer questions about how the decision was arrived at. There are concerns that in the whole process the RBI has been sidelined by the government and that raises questions about its independence," Shilan Shah, Singapore-based India Economist at Capital Economics, told ET. 
 
The central bank as of January 11th, had answered five out of 14, disclosing the date and time of the RBI's board meeting and the fact that the board had never discussed <a href="http://www.businessinsider.in/searchresult.cms?query=demonetization&amp;sortorder=effectivedate">demonetization</a> before Nov. 8 
 
It also said it doesn't have information to answer one question, on how many of the worthless notes have been deposited at commercial banks 
 
It transferred two questions on printing of new notes to organizations that manage the presses 
 The RBI said that a question asking "what prompted the board to discuss and approve the withdrawal of notes" doesn't come under the definition of "information" under the <keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword> Act 
 
Also, RBI provided different answers to a question asked three times, seeking details on board members who opposed the move. In two replies the RBI said "it is a matter of fact that the decision was unanimous." In a separate response, it said "this information is not available on record" 
 
To a question seeking details on the number of demonetized notes already at banks on the evening of PM Modi's speech, the RBI claimed an exemption, citing danger to the life or physical safety of anyone who disclosed this information to the public 
 
The RBI also claimed exemptions on two questions seeking detail on its preparations for the demonetization and studies it used to forecast the impact of the move. Sharing these "sensitive matters" would endanger India's sovereignty, integrity and security, according to the RBI 
 The use of those specific exemptions are "perplexing," Capital Economics's Shah said. <keyword id="164869" type="PERSON" weightage="20" keywordseo="Shailesh-Gandhi">Shailesh Gandhi</keyword>, a former bureaucrat with the <keyword id="6390205" type="ORGANIZATION" weightage="20" keywordseo="Central-Information-Commission">Central Information Commission</keyword>, told the FirstPost website on December 31st that the RBI's attitude of stonewalling smacked of "sheer arrogance." 
 
"What the RBI is doing by refusing to answer queries under RTI is denying citizens their fundamental rights," Gandhi said.

This is why RBI is not answering questions on why it banned Rs 500/Rs 1000 notes and it is quite serious

<ul><li>The world has produced over 6.3 billion tonnes of plastic waste since 1950.</li><li>Every Indian on an average consumes 11 kgs of plastic per year. </li><li>India also planning to join the “Clean Marine Ecosystem”.</li></ul>Plastic is a growing concern not only for India but the whole world. Disposal and recycling of single-use plastic items such as polythene bags and containers are a major concern. Since the 1950s, an estimated 6.3 billion tonnes of plastic has been <a href="https://www.economist.com/international/2018/03/03/the-known-unknowns-of-plastic-pollution">produced</a>, of which an estimated 9% has been recycled and another 12% of plastic waste has been incinerated. India was the global host of the <keyword id="18996" type="ORGANIZATION" weightage="20" keywordseo="World-Environment-Day">World Environment Day</keyword> this year. The country, which is in the 75th year of its independence, pledged to eliminate the use of all single-use-plastic items like straws, plastic bags and water bottles, by the year 2022. 
 
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Union Environment Minister Harsh Vardhan, on the occasion of the World Environment Day, said - "We make a solemn pledge that we will eliminate all single-use plastics from our country." This statement has also shed some light on the PM’s idea of new India by the year 2022. 
 
 <div type="javascript" title="Custom"><cdata><![CDATA[



]]></cdata></div> At Vigyan Bhawan where India’s Prime Minister <keyword id="6597234" type="PERSON" weightage="20" keywordseo="narendra-singh-modi">Narendra Singh Modi</keyword> emphasised on India’s relentless commitment towards protecting the environment, Vardhan said - "This India of our dreams (New India) will be single-use plastic free." This commitment is intended to send strong messages to the world which is threatened with increasing <keyword id="1820144" type="PERSON" weightage="20" keywordseo="plastic-pollution">plastic pollution</keyword> due to the huge amounts of environmental degradation it causes. 
 
 <div type="javascript" title="Custom"><cdata><![CDATA[



]]></cdata></div> <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> in his speech mentioned that India is preparing to join the “Clean Sea Campaign” and make its contribution towards saving the world's oceans. "Plastic threatens to become a menace to humanity. A lot of it never makes it to the recycling stations”, he said. The annual average per capita <a href="https://economictimes.indiatimes.com/news/environment/the-good-earth/by-2022-india-vows-to-stop-single-use-plastics/articleshow/64471467.cms">consumption of plastic in India</a> is at 11 kg as against the global average of 28 kg. The large amount of plastic waste the world produces inevitably enters the environment, with <a href="https://globalnomadic.com/turning-rubbish-into-money-environmental-innovation-leads-the-way/">studies</a> <a href="https://www.sciencedirect.com/science/article/pii/S0016648014004225?via%3Dihub">suggesting</a> that the bodies of 90% of seabirds contain plastic debris.

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