<ul><li>The government has proposed to replace traditional meters with digital meters in the next three years. </li><li>This will allow consumers to port out of a service provide (selling power) just like they port out of a mobile service provide. </li></ul>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> has allocated ₹22,000 for the power and renewable sector. The government has proposed to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provide (selling power) just like they port out of a mobile service provider. Competitive pressure to increase on companies like Tata Power and Adani Power. Apart from this, she also proposed the setting up of large solar power capacity alongside rail tracks and said that more Tejas- type trains will be introduced to connect tourist destinations. She said that the Delhi-Mumbai Expressway will be completed by 2023 and that the Chennai-Bengaluru Expressway will also be launched. "1,150 trains will be run in PPP mode, also four stations will be redeveloped with the help of private sector. 550 wi-fi facilities have been commissioned at railway stations," the FM said. See also: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Check live budget updates here</a>

Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier

New Delhi, Feb 1 () The Finance Minister's focus to provide impetus to the travel and tourism sector along with development of transportation infrastructure will accelerate the sector's contribution towards country's economy, according to industry players.
 "Increased allocation of funds for the Ministry of Tourism and Ministry of Culture, development of financial roadmaps for tourist destinations and plans to assign specified grants for states will go a long way in accelerating the contribution of the sector towards India's economy," MakeMyTrip Co-founder and CEO-India Rajesh Magow said.
 Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman on Saturday said Rs 3,150 crore has been allocated for the Ministry of Culture and Rs 2,500 crore for the Ministry of Tourism.
 "Additionally, development of five iconic archeological sites across Haryana, Uttar Pradesh, Assam, Gujarat and Tamil Nadu comes as a strategic step towards boosting domestic and inbound heritage tourism to these states," Magow said.
 According to Thomas Cook India Chairman and MD Madhavan Menon said, "... an Indian Institute of Heritage and Conservation will be set up with the status of a deemed university, and this is an imperative towards education and skill development of our sector that contributes a significant 10 per cent to India's GDP".
 The Union Budget intended to give impetus to the Travel and Tourism sector with the allocation of Rs 2,500 crore and equally critical allocation of Rs 1.7 lakh crore towards transportation infrastructure in 2020-21, he added.
 In similar vein, ITC Ltd Executive Director and Chairman-FAITH Nakul Anand said "the allocation to develop 100 new airports by 2024 and the soon to be introduced Tejas trains for iconic destinations are advancements in modern infrastructure that augur well for Indian tourism."
 InterGlobe Hotels President and CEO J B Singh said, "we are hoping that this budget will help in creating and developing new and iconic destinations, thereby redefining the tourism industry, for the better and further improve spending, domestic travel and all this will have great long term benefits for the economy".
 Stating that the vision of government to invest in the tourism sector will be a great push for the hospitality sector, Apeejay Surrendra Park Hotels MD Vijay Dewan said: "India's heritage and culture rich experiences have always attracted tourists to the country and government's plan to develop five archaeological sites at iconic sites with on-site museums will attract more tourists from India and globally."
 Sterling Holidays CMD Ramesh Ramanathan said: "We are pleased with the proposed budget, as it will play a pivotal role in the hospitality and domestic tourism sector, and will have a multiplier effect across the board."
 Travel Food Services COO and Business Head Gaurav Dewan said: "The government's focus on development is clear and reinforced with the allocation of additional funds to the Airport, Railway and the Highway sectors."
 This will boost business and leisure travel thereby generating employment, connectivity and overall economic development of catchment areas, he added.
 "The government's push for infrastructure development by building more airports and the announcement of new Tejas trains will boost tourism outside the main centers. This, in turn, will have a positive impact on the hotel sector," Cygnett Hotels and Resorts Founder and MD Sarbendra Sarkar said.
 It is heartening to see a budget that focuses on improving standards of living as well as economic development, OYO, India South Asia CEO Rohit Kapoor said. AKT DRR

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

<ul><li>At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in negative territory on Wednesday, on the back of subdued cues from the global peers. At 7:42 am, the SGX Nifty was down 0.34%, indicating a tepid start for Nifty50. US stocks slipped on Tuesday, with the S&amp;P 500 and the Dow Jones industrial average trading lower after closing at record highs on Monday, as traders baulk at spiking virus cases. The Dow Jones Industrial Average closed 167 points lower, and the S&amp;P 500 was down 0.48%. These are the stocks to watch out for during the trading session today: Lakshmi Vilas Bank On Tuesday evening, the government placed Lakshmi Vilas Bank under a one-month moratorium, superseded its board and capped withdrawals at ₹25,000 per depositor. The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender. Meanwhile, the RBI has also placed in the public domain a draft scheme of amalgamation of Lakshmi Vilas Bank (LVB) with DBS Bank. The shares of Lakshmi Vilas Bank ended 0.32% lower on Tuesday. DLF DLF gets listed on Dow Jones Sustainability Indices (DJSI), becoming the only Indian realty firm to be included in the DJSI index. The index recognised DLF based on its record for its governance, social and environmental initiatives. DJSI Emerging Markets Index in 2020 recognised 100 companies across industries in emerging markets like China, Brazil, Hong Kong, Mexico, Chile, Thailand, Taiwan, Colombia, amongst others besides India. The shares of DLF ended 1.4% higher on Tuesday. Tata Steel HDFC Mutual Funds reduced its stake in Tata Steel from 5.02% to 2.96% on November 12. The shares of Tata Steel ended 6% higher on Tuesday. Oil and Natural Gas Corp ONGC has signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. The shares of ONGC ended 2% lower on Tuesday. IIFL Securities The board of IIFL Securities will meet on November 20 to consider the share buyback proposal. The shares of IIFL Securities ended 20% higher on Tuesday. PTC India Aditya Birla Sun Life Mutual Fund reduced its stake in PTC India from 5.46% to 3.42% on November 12. The shares of PTC India ended 1.3% higher on Tuesday. IRCTC The Indian Railways operator IRCTC cancelled running of two Tejas Express trains due to low occupancy levels owing to Covid-19. The shares of IRCTC India ended 1.04% lower on Tuesday. Just Dial In a BSE filing, Just Dial informed investors that the company is pursuing all legal remedies in the Court to counter the allegations filed by Indiamart Intermesh pertaining to the launch of its proposed B2B project – JD Mart. The company also said that JD Mart platform’s development is running as per the planned schedule, and the product demo is already available on the company’s platforms, which will be launched in due course of time after seeking legal recourse, as may be necessary. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/lakshmi-vilas-bank-under-moratorium-rbi-caps-maximum-deposit-or-withdrawal-at-25000/articleshow/79267116.cms" data-type="tilCustomLink">Lakshmi Vilas Bank under moratorium— RBI caps maximum deposit or withdrawal at ₹25,000</a> <a href="https://www.businessinsider.in/business/startups/news/urban-ladder-was-the-fourth-startup-from-vani-kola-kalaari-capital-portfolio-to-be-sold-to-reliance/articleshow/79264455.cms" data-type="tilCustomLink">Urban Ladder was the fourth startup from Kalaari Capital’s portfolio to be sold to Reliance – the investment firm’s MD is of the belief ‘selling does not mean sellout’</a>

Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

The first batch of five Rafale fighter jets will be formally inducted into the <keyword id="15141" type="COMPANY" weightage="20" keywordseo="Indian-Air-Force">Indian Air Force</keyword> on Thursday in Ambala air base, at a time India is engaged in an escalating border row with China in eastern Ladakh. A galaxy of dignitaries including Defence Minister Rajnath Singh, his French counterpart Florence Parly, Chief of Defence Staff Gen Bipin Rawat, Air Chief Marshal RKS Bhadauria and Defence Secretary Ajay Kumar will attend the ceremony. "The program will include ceremonial unveiling of the <keyword id="939956" type="PERSON" weightage="20" keywordseo="Rafale-aircraft">Rafale aircraft</keyword>, a traditional 'Sarva Dharma Puja', air display by Rafale and Tejas aircraft as well as by 'Sarang aerobatic team'," an IAF spokesperson said, describing the ceremony as a "very important milestone" in the history of the force. The Rafale jets, produced by French aerospace major Dassault Aviation, are known for air-superiority and precision strikes. IAF Spokesperson Wing Commander Indranil Nandi said a traditional water cannon salute will be given to the Rafale fleet before its ceremonial induction into the 17 squadron of the force. The first batch of five Rafale jets arrived in India on July 29, nearly four years after India signed an inter-governmental agreement with France to procure 36 of the aircraft at a cost of Rs 59,000 crore. The French delegation at the ceremony will include French envoy Emmanuel Lenain, Air Gen Eric Autellet, Vice Chief of <keyword id="162534" type="COMPANY" weightage="20" keywordseo="French-Air-Force">French Air Force</keyword>, Chairman and Chief Executive of Dassault Aviation Eric Trappier and CEO of missile maker MBDA Eric Beranger. After the ceremony, Parly and Singh will hold talks in Ambala on ways to further deepen bilateral defence and security cooperation after the ceremony, they said. Ten Rafale jets have been delivered to India so far and five of them stayed back in France for imparting training to IAF pilots. The delivery of all 36 aircraft is scheduled to be completed by the end of 2021. A second batch of four to five Rafale jets are likely to arrive in India by November. Sources said a preliminary discussion on a possible procurement of another batch of 36 Rafale jets by India from France may figure in the talks between Singh and Parly. The Rafale jets are India's first major acquisition of fighter planes in 23 year after the Sukhoi jets were imported from Russia. The Rafale jets are capable of carrying a range of potent weapons. European missile maker MBDA's Meteor beyond visual range air-to-air missile and Scalp cruise missile will be the mainstay of the weapons package of the Rafale jets. Meteor is a next generation beyond visual range air-to-air missile (BVRAAM) designed to revolutionise air-to-air combat. The weapon has been developed by MBDA to combat common threats facing the UK, Germany, Italy, France, Spain and Sweden. Out of 36 Rafale jets, 30 will be fighter jets and six will be trainers. The trainer jets will be twin-seater and they will have almost all the features of the fighter jets. While the first squadron of the Rafale jets will be stationed at Ambala air base, the second one will be based at Hasimara base in West Bengal. The 17 Squadron of the IAF which was resurrected on September 10 last year. The squadron was originally raised at Air Force Station, Ambala on Oct 1 1951. The 17 Squadron has many firsts to its credit; in 1955 it was equipped with the first jet fighter, the legendary De Havilland Vampire. SEE ALSO: <a href="https://www.businessinsider.in/india/news/airline-ticket-refund-supreme-court-seeks-clarification-from-the-centre-and-grants-ten-days-to-airlines-to-submit-their-reply/articleshow/78014888.cms" data-type="tilCustomLink">Airline ticket refund: Supreme Court seeks clarification from the Centre and grants ten days to airlines to submit their reply</a>

India to formally induct Rafale aircraft in the 17 Squadron 'Golden Arrows' today

<ul><li>The <keyword id="15141" type="COMPANY" weightage="20" keywordseo="Indian-Air-Force">Indian Air Force</keyword> (IAF) has initiated work on two of its ambitious ‘<keyword id="6354869" type="PERSON" weightage="20" keywordseo="make-in-India">Make in India</keyword>’ projects to acquire <keyword id="6408212" type="UNKNOWN" weightage="20" keywordseo="114-fighter-jets">114 fighter jets</keyword> and the C-295 transport aircraft. </li><li>The project for 114 fighter jets is presently the biggest deal around the world, and includes French, US, Rusian and the European fighter <keyword id="6624488" type="UNKNOWN" weightage="20" keywordseo="Eurofighter-Typhoon">Eurofighter Typhoon</keyword>. </li><li>The project is worth ₹1,50,000 crore and the C-295 transport aircraft is worth ₹11,929 crore. </li></ul>The Indian Air Force has initiated the process of its two ambitious Make in India projects for 114 fighter jets and 56 medium transport transport aircraft, worth about ₹1,50,000 crore. The authorities are working on a project to manufacture 114 fighter jets, as the request for proposal (RFP)---which invites interested bidders---might be issued in late 2019 or early 2020, <a href="https://timesofindia.indiatimes.com/india/iaf-pushes-for-mega-make-in-india-projects-for-fighters-transport-planes/articleshow/70120240.cms?from=mdr">reported the Time of India</a>. A large number of international players are known to be interested to take part in indegenous production of these fighter jets. One of them known to be in the race is Rafale, along with F/A-18 and F-16 from the US, Mig 35 and Sukhoi-35 from Russia, Gripen-E from Sweden, and the Eurofighter typhoon. Depleting Numbers The proposal for 114 fighter jets is presently world’s biggest deal in aviation industry. “The 114-fighter project is crucial because the 36 Rafales and the indigenous Tejas light combat aircraft will not make up for the fast depleting numbers. There is an urgent need to plan for the future,” <a href="https://timesofindia.indiatimes.com/india/iaf-pushes-for-mega-make-in-india-projects-for-fighters-transport-planes/articleshow/70120240.cms?from=mdr">a source told TOI</a>. The Indian Air Force (IAF) severely lacks fighter squadrons. Only 30 of the 42 available squadrons are in working condition. However, these numbers will be reinforced as Rafale jets from <keyword id="6354785" type="LOCATION" weightage="20" keywordseo="france">France</keyword> will be delivered in May 2020. The deal worth ₹56,000 crore was finalised in 2016. The induction team of the IAF which includes 10 pilots, 10 flight engineers and 40 technicians are currently undergoing training in France. Tata-Airbus venture The Air Force is already working on medium transport aircraft which will be manufactured by the TATA-Airbus consortium. This production is expected to kickstart in 2019-20. The TATA-Airbus joint venture for 56 twin turboprop tactical C-295 is in its final stages. “The extensive trials and CNC (contract negotiations committee) are over now. DAC will take up the project to approve certain deviations before sending it to the cabinet committee on security for the final nod,” as per sources. The C-295 planes will replace the Avro Aircraft, which was first inducted in 1960’s. Initially valued at ₹11,929 crore, it was meant for the Indian private sector to enter aerospace manufacturing. The aircraft will be delivered in two phases. Airbus will supply the first 10 aircraft and the remaining 40 will be manufactured by TATA in India, over the next eight years.

Air Force to call bids for 114 jets worth ₹1,50,000 crore--to be Made in India

<div class="KonaFilter image-container display-table"><div><div class="image on-image">MaRS</div></div></div> <ul><li dir="ltr">Toronto and New York City have both established their own ecosystems for fostering startups aimed at solving the big global problems.</li><li dir="ltr">Now partnerships between the two offer a case study in how to establish a multi-city pipeline to fuel investment, innovation and real-world application of next-generation technologies. </li><li dir="ltr">This thinking could create a meaningful East Coast challenge to Silicon Valley.</li></ul> Toronto, New York City, and other east coast business hubs are looking for new opportunities to help their startups scale by jointly competing with Silicon Valley's established tech community. From healthcare to energy to finance to defining the future of work, cities traditionally known for big industry are jumping into the startup game. A budding alliance is forming between a growing list of partners outside of Silicon Valley to build sustainable, scalable and accessible innovations that tackle the world's largest problems and benefit from established global infrastructure only cities like New York, Toronto and Boston can provide.Indeed, there's a fresh spike in public and private sector partnerships on the East Coast, in particular - especially at the city level - to deliver innovations that address civic issues and help close socioeconomic gaps. The emerging partnership between tech leaders in Toronto and New York City, for instance, aims squarely at building technology that delivers impactful utility and improves people's lives. Both cities have established their own respective ecosystems for solving the big global problems. Now, they're pooling assets, mindshare and deal flow to amplify those efforts through partnerships like the newly-minted one between Toronto's <a href="https://www.marsdd.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.marsdd.com/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNEGlMj2ta0GLMVCYatFipW0EzUZkA">MaRS Discovery District</a> and New York's <a href="https://grandcentraltech.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://grandcentraltech.com/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNFBylSRm9UgH7o6M3mVPUUy1UTneQ">Grand Central Tech</a>.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">MaRSSalim Teja, President of Venture Services at MaRS</div></div></div>More broadly, Toronto and New York City provide a useful case study in how to establish a multi-city pipeline to fuel investment, innovation and real-world application of next-generation technologies. After all, Toronto and NYC working together can lead to stronger business networks and streamlined deal flow by bundling startups with market-ready solutions in both cities. Proximity is often crucial to securing venture capital investment. In fact, a report from Fast Company points out that the average distance between funders and startups is only 80 miles. While VCs and investors are increasing travel to New York and Toronto to hear pitches, select investments and meet with people bent on changing the world, co-locating startups in one central location will accelerate investment opportunities. The startup community is also beginning to flow back and forth between the two global cities to partner with strategically aligned corporations and institutions, scale production, recruit talent and expand supply chains across industries. The link uniquely benefits upstarts, like Toronto's<a href="https://www.crunchbase.com/organization/thinkdata-works-inc-" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.crunchbase.com/organization/thinkdata-works-inc-&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNEII7dpDONIVaFWa6UFu8ZpnExgAQ">ThinkData Works</a>, <a href="https://www.bioconnect.com/#" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.bioconnect.com/%23&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNEJl8hiviKiripL3oRVMnDenwVyfQ">BioConnect</a>, and <a href="https://www.overbond.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.overbond.com/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNGKQ7qHH_NuF9HWbtpIrdpt_jl5Jw">Overbond</a>, that maintain Toronto-based headquarters, but use NYC office space to grow industry footprints and expand international operations. The two-way innovation flow also extends to academic institutions teaming up for research and development. In fact, Ryerson University's business-focused<a href="https://dmz.ryerson.ca/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://dmz.ryerson.ca/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNGZk-QhbxKuighOH3ERXNitPzzj_g">The DMZ</a> recently partnered with NYC's The Primary to offer coworking space for startups with global ambitions. Meanwhile, University of Toronto-backed <a href="https://www.creativedestructionlab.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.creativedestructionlab.com/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNHIK6urgok9SWA1O6wopnKB8ab31g">Creative Destruction Lab</a> is <a href="https://beta.theglobeandmail.com/report-on-business/creative-destruction-lab-takes-a-bite-out-of-big-apple/article36535331/?ref=http://www.theglobeandmail.com&amp;" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://beta.theglobeandmail.com/report-on-business/creative-destruction-lab-takes-a-bite-out-of-big-apple/article36535331/?ref%3Dhttp://www.theglobeandmail.com%26&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNH7VAZw_bQp5g9oAsjNyF_GYbWquw">replicating</a> its startup launching and scaling programs for students at NYU's Stern School of Business.Cities, for their part, are increasingly dedicating personnel and assets to working with local tech communities to improve education, infrastructure, healthcare and other government-driven elements of people's lives. New York City's Mayor<a href="http://www1.nyc.gov/site/forward/index.page" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www1.nyc.gov/site/forward/index.page&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNHm3FbhSlI0odR6_PJ2y27rqTfulg">Bill De Blasio</a> and Toronto's Mayor <a href="http://startupheretoronto.com/toronto/mayors-diversity-inclusion-pledge-toronto-technology-innovation-events/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://startupheretoronto.com/toronto/mayors-diversity-inclusion-pledge-toronto-technology-innovation-events/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNHis-tG7viBMMK40MOeyGAwUdWCMQ">John Tory </a>are both prioritizing investment in new innovations, recruiting talent <a href="https://www.wewantyouin.nyc/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.wewantyouin.nyc/&amp;source=gmail&amp;ust=1509631082631000&amp;usg=AFQjCNG6sxV40UGR4rTesu0T_wPsgq4giA">away from Silicon Valley</a>, local workforce re-training and public-private partnerships that use tech to address important civic demands. Individually, these cities have created hubs, like the new $50 million Sidewalk Labs Toronto waterfront-redevelopment <a href="https://www.wired.com/story/google-sidewalk-labs-toronto-quayside/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.wired.com/story/google-sidewalk-labs-toronto-quayside/&amp;source=gmail&amp;ust=1509631082632000&amp;usg=AFQjCNGEcYELwJnssSHYaE34vb6xnTwSYw">partnership</a>, that benefit from a confluence of ideas emanating from public, nonprofit and private sector stakeholders. Together, they have tremendous potential to compete on the same level with Silicon Valley, mutually benefit from local discoveries and innovations, disrupt entire industries and, more importantly, change lives around the world.The days of total Silicon Valley domination are numbered. I'm confident that partnerships between cities, startups and research-focused academics that produce local innovations transforming global industries - from <a href="https://www.greentownlabs.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=https://www.greentownlabs.com/&amp;source=gmail&amp;ust=1509631082632000&amp;usg=AFQjCNFY4QL06JuaBqThbrjfBzLfeYkOUg">energy and transportation</a> to finance and healthcare - will seal that fate. Meanwhile, it's up to Toronto, New York City, Boston and other east coast cities leading this shift to strengthen alliances, expand networks, improve talent and tech mobility between cities and earnestly work together to address humanity's greatest challenges.Salim Teja is the President of Venture Services at <a href="http://www.marsdd.com/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.marsdd.com/&amp;source=gmail&amp;ust=1509631082632000&amp;usg=AFQjCNGXcnj_NJzGA5x1zIo26gSVLJoLCg">MaRS</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/cartel-wives-reveal-el-chapo-money-hid-billion-henchmen-us-mexico-trafficking-drug-lords-2017-10">The wives of El Chapo's henchmen reveal how they hid and spent $2 billion</a></h3> <div> </div> </div>

New York and Toronto are forming an Eastern alliance to compete with Silicon Valley

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

Industry experts share their optimism about Budget 2020

In the recent past, <keyword id="6354416" type="ORGANIZATION" weightage="100" keywordseo="Indian-Army">Indian Army</keyword> has successfully conducted two cross-border <a href="http://www.businessinsider.in/Manohar-Parrikar-says-major-credit-for-surgical-strikes-goes-to-Modi/articleshow/54810750.cms">surgical strikes</a>, one in Myanmar in June 2015 and then in <a href="http://www.businessinsider.in/BREAKING-NEWS-India-conducts-surgical-strikes-on-terror-hubs-in-Pakistan/articleshow/54580499.cms">Pakistan-occupied Kashmir</a> in September 2016. It’s high time now that Indian <keyword id="15350" type="ORGANIZATION" weightage="100" keywordseo="Army">army</keyword> takes the long-delayed route to modernise its <keyword id="6466913" type="UNKNOWN" weightage="100" keywordseo="Special-Forces">Special Forces</keyword>, and looks like it’s about to happen. 
 
Also read: <a href="http://www.businessinsider.in/indian-army-has-less-life-protecting-equipments-than-pakistan-sri-lanka-and-bangladesh/articleshow/56136012.cms">Indian Army has less life protecting equipments than Pakistan, Sri Lanka and Bangladesh</a> 
 
Sources told <a href="http://economictimes.indiatimes.com/news/defence/army-on-shopping-spree-commandos-to-get-deadlier/articleshow/57402280.cms">ET</a> that <keyword id="43909" type="ORGANIZATION" weightage="100" keywordseo="Defence-ministry">Defence ministry</keyword> has issued "restricted" tenders to select foreign arms companies so that it can acquire new assault rifles, sniper rifles, general purpose machine guns, light-weight rocket-launchers, tactical shotguns, pistols, night-vision devices and <keyword id="66787" type="UNKNOWN" weightage="100" keywordseo="ammunition">ammunition</keyword>. 
 
"Seven tenders or RFPs (request for proposals) were issued last week to American, Israeli, Swedish and other companies for acquisition of the specialised weaponry on a fast-track basis. Separately in a different capital acquisition project, trials are in progress to acquire over 120 light strike vehicles, which can be carried by helicopters, for the Special Forces," claimed a source. 
 
Also read: <a href="http://www.businessinsider.in/india-to-step-up-the-production-of-tejas-manohar-parrikar/articleshow/57161385.cms">India to step up the production of Tejas: Manohar Parrikar</a> 
 
It was only recently that India had inked a few rushed deals for ammunition and spares, costing around <a href="http://www.businessinsider.in/indian-government-seals-rs-20000-crore-urgent-arms-deal-to-make-forces-battle-ready/articleshow/56997094.cms">Rs 20,000 crore</a>, for all three branches viz. the Army, Navy and Air Force. This was done to make sure that the forces were ready to go to battle at short notice, and sustain the high-tempo operations for at least 10 days. 
 
Talking of the elite Special Forces, out of the 1.3-million strong Indian Army, there are only nine Para-Special Forces and five Para (Airborne) battalions. Each of these has 620 soldiers, selected after rigorous training. 
 
The small count of these forces mean that the costs involved in these new acquisitions is lesser as compared to the ones meant for army on the whole. Moreover, the Special Forces already have specialised weaponry, ranging from Israeli 5.56mm TAR-21 Tavor assault rifles and 7.62mm Galil sniper rifles to American M4A1 carbines and Swedish Carl Gustav rocket launchers. 
 
However, it was during the cross-border raids in Myanmar that the need for lighter, new-generation weapons was felt. Even though the Indian commandos carried huge weapon loads and quietly crossed over six km of the thickly-forested terrain, the Army conveyed the need of lighter equipment to top political authorities. 
 
(Image source: Indiatimes)

Finally! Indian Army is going modern with its ammo

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


































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

You Searched For "tejas train" and got 9 results

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You Searched For "tejas train" and got 9 results

Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier

BI India Bureau

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

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Top stocks to watch — Lakshmi Vilas Bank, ​Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others

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India to formally induct Rafale aircraft in the 17 Squadron 'Golden Arrows' today

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Air Force to call bids for 114 jets worth ₹1,50,000 crore--to be Made in India

BI India Bureau

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BI India Partner

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Top stocks to watch — Lakshmi Vilas Bank, Just Dial, DLF, Tata Steel, ONGC, IIFL, IRCTC and others