Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Highlights from Biden's fiery State of the Union address

<ul class="summary-list"><li>Joe Biden's reelection campaign raised $10 million in 24 hours after his State of the Union speech.</li><li>Biden's campaign and the DNC outraised Donald Trump and the RNC in January, NBC News reported.</li></ul>President Joe Biden brought his <a target="_blank" href="https://www.businessinsider.com/biden-state-of-the-union-speech-takeaways-trump-attacks-campaign-2024-3">A-game for his State of the Union</a> address last week, and it's paying off — literally.In the 24 hours following his address on Thursday, Biden's campaign for reelection brought in $10 million in what the campaign said was a record for the president, <a target="_blank" href="https://www.nbcnews.com/politics/2024-election/biden-raises-10-million-24-hours-state-union-rcna142624">NBC News</a> reported. Some 116,000 donations came from 113,000 supporters, the campaign told NBC."Ten million dollars in 24 hours. To quote the boss, that's a BFD," campaign manager Julie Chavez Rodriguez told NBC in a statement. "The President's State of the Union address reminded so many of our supporters who is fighting for them, and the stakes of this election for our freedoms, our rights, and our democracy."Biden's campaign did not immediately respond to a request for comment from Business Insider.NBC reported that it capped off a productive fundraising period for Biden, whose campaign ended January with $56 million to Donald Trump's $30 million. According to NBC, the DNC and RNC reported having $24 million and $9 million, respectively.In his <a target="_blank" href="https://www.businessinsider.com/state-of-union-speech-biden-congress-gaza-abortion-israel-aid-2024-3">SOTU address</a>, Biden lit into former President Trump as the likely GOP candidate for president and his Republican supporters while touting his own accomplishments with <a target="_blank" href="https://www.businessinsider.com/bidens-state-of-the-union-abortion-access-prescription-drug-cost-2024-3&amp;post-bottom-piano-recommendations">healthcare and prescription prices</a>. He also took <a target="_blank" href="https://www.businessinsider.com/biden-chastizes-supreme-court-justices-at-state-of-the-union-2024-3">aim at the conservative-majority Supreme Court</a> for its landmark dismantling of Roe v. Wade, promising that women nationwide would fight back at the ballot box.Trump commented on Biden's address on Truth Social, his social media website. Karoline Leavitt, a spokesperson for Trump's campaign, said she was "more confident than ever that he will take back the White House in November.""President Trump's campaign is fueled by small dollar donors across the country from every background who are sick and tired of Crooked Joe Biden's record-high inflation, wide open border, crime and chaos," Leavitt said in a statement to Business Insider.Following the State of the Union address, Biden's campaign launched a $30 million ad blitz on Saturday that underscored one of Biden's key <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-fitness-polls-election-donald-trump-2024-3">vulnerabilities</a>: <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-reference-state-of-the-union-speech-2024-2024-3">his age</a>."Look, I'm not a young guy. That's no secret," Biden, 81, says in the <a target="_blank" href="https://www.youtube.com/watch?v=R6e4ruziZBI">ad</a>. "But here's the deal, I understand how to get things done for the American people."

Biden's State of the Union address brought in $10 million for his reelection campaign, report says

<ul class="summary-list"><li>During the SOTU, Biden called Laken Riley's alleged killer, an undocumented immigrant, an "illegal."</li><li>Democrats in particular have long considered the word to be hurtful and dehumanizing.</li></ul>During his State of the Union <a target="_blank" href="https://www.businessinsider.com/biden-state-of-the-union-speech-takeaways-trump-attacks-campaign-2024-3">address</a> on Thursday night, President Joe Biden referred to a Venezuelan migrant as "an illegal."The <a target="_blank" href="https://www.businessinsider.com/mtg-challenge-biden-say-laken-riley-name-during-sotu-address-2024-3">impromptu remarks</a> came after Rep. Marjorie Taylor Greene heckled Biden over Laken Riley, a nursing student who was recently killed in Georgia. Authorities have charged Jose Ibarra, a Venezuelan national who entered the country illegally, with Riley's murder."[Laken] Riley, an innocent woman who was killed by an illegal," said Biden, holding up a pin displaying Riley's name that Greene handed to him as he entered the chamber. "That's right. But how many thousands of people are being killed by legals?"As Biden made the remarks, Business Insider observed Democratic Reps. Pramila Jayapal of Washington and Greg Casar of Texas — the chair and whip of the Congressional Progressive Caucus, respectively — sitting stone-faced in their seats.Both lawmakers had led the charge on the left against a Senate <a target="_blank" href="https://www.businessinsider.com/republicans-want-to-kill-bipartisan-border-bill-help-trump-campaign-2024-1">border security deal</a> that collapsed weeks ago."It was not a bill that I would have voted for or could support, because it was so harsh and enforcement-only," Jayapal told reporters earlier on Thursday.Yet Biden and other Democrats have used the ill-fated legislation — which collapsed after facing <a target="_blank" href="https://www.businessinsider.com/trump-immigration-bipartisan-border-security-us-mexico-democrats-2024-1">GOP opposition</a> for being not harsh enough — as a talking point, hoping to outflank Republicans on border security and immigration.The two lawmakers were among several progressives who remained seated as Biden urged Congress to pass the bill, prompting a standing ovation from most Democrats."Get this bill done," Biden said. "We need to act now."After Biden's speech, Jayapal and Casar told Business Insider that they were disappointed by the exchange and the president's remarks."It's not an accurate way of talking about people, and it's a hurtful way of talking about people," said Casar, referring to the use of the term "illegal." The Texas lawmaker also said he doesn't think the "exchange reflects what I think the President thinks.""Generally, I've found him and his team to be respectful of the immigrant experience," said Casar. "I don't engage with the gentlelady from Georgia. I don't think he should've either."Jayapal said she had difficulty hearing the remarks, but similarly said Biden shouldn't have taken the bait from Greene."I wish he hadn't engaged with her," said Jayapal. "I don't think she deserved that."But while Jayapal and Casar struck a diplomatic tone, other progressives made it clear that they were upset with the president's remarks.Democratic Rep. Delia Ramirez of Illinois said she was "disappointed" to hear Biden use "dehumanizing right wing rhetoric" to describe immigrants.Her Illinois colleague Rep. Chuy Garcia made a similar point, noting that he's an immigrant from Mexico himself."Let me be clear," wrote Rep. Ilhan Omar, the deputy chair of the Congressional Progressive Caucus. "No human being is illegal."The term "illegal" — particularly when used as a noun — has long been seen as dehumanizing among Democrats and progressives, though Republicans frequently employ it.Former House Speaker Nancy Pelosi <a target="_blank" href="https://www.cnn.com/videos/politics/2024/03/08/pelosi-illegal-undocumented-biden-state-of-the-union-vpx.cnn">said on CNN</a> that Biden "should've said undocumented" but was overall dismissive of the exchange."It's not a big thing, okay?" Pelosi said. "I don't think it's a big deal."The White House did not immediately respond to a request for comment.

Progressives are fuming at Biden for describing a migrant as an 'illegal' during his State of the Union address

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

Union Cabinet meets in Parliament ahead of Budget presentation

One of the fundamental focuses of this <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> was to boost skill development, job creation, and <keyword id="19898684" type="General" weightage="100" keywordseo="employment" source="keywords">employment</keyword>, with youth being one of its four cornerstones, in addition to women, the poor, and farmers. And to this front, the FM announced major changes, particularly to benefit first-timers or new additions to the workforce. New entrants across all formal sectors will be eligible for receiving one month worth of wages in three instalments, with a ceiling of Rs 15,000. This is expected to benefit 210 lakh young people who have a maximum annual salary is Rs 1,00,000. <h2>New in the workforce? You'll be paid</h2>Both employers and employees will be incentivised by means of <keyword id="20587419" type="General" weightage="20" keywordseo="EPFO-contributions" source="keywords">EPFO contributions</keyword> for the first 4 years of employment. What makes this scheme particularly lucrative for employees is that the government will reimburse EPFO contributions, Rs 3,000 per month, per additional employee, to the employer. For this purpose, all additional employees who have a maximum salary of Rs 1 lakh will be considered. In order to promote upskilling, the budget also promised loans of up to Rs 7.5 lakh, which will be backed by government' guarantee. It is estimated that this will benefit 25,000 students every year. Youngsters will also be able to get loans of up to Rs 10 lakh for pursuing higher education in domestic educational institutions. Apart from this, around 1,000 industrial training institutes will be upgraded, in order to train 20 lakh youth over the next 5 years. E-vouchers will be provided to 1 lakh students every year for interest subvention (bringing down the total interest cost) of up to 3% of the total loan amount. Says Krishnendu Chatterjee, VP and Business Head at TeamLease Services, "The government's commitment to employment and employability is clear with its Rs 1.48 lakh crore provision. This initiative, based on EPFO enrollment, focuses on recognizing first-time employees and includes direct benefit transfers of the first month's salary in three installments for salaries up to Rs 1 lakh". "Special emphasis is placed on the industrial and manufacturing sectors. Additionally, employers will receive incentives for job creation, with the government reimbursing up to Rs 3,000 per month for two years towards EPFO contributions for each new employee", he continued. <h2>Internship in top companies </h2>The budget also laid out a comprehensive scheme for assisting 1 crore young people to secure a 12-month internship in one of the top 500 companies of the country, over the next 5 years. For this, a monthly allowance of Rs 5,000 and a one-time help of Rs 6,000 will be provided. All training costs, along with 10% of the internship costs will be borne by the CSR funds of respective companies. Sunil Deshmukh, Chair of Global Board of Directors, Institute of Management Accountants noted that " with a Rs 2 lakh crore package for employment and skilling and Rs 1.48 lakh crores allocated to education, employment, and skill development, the budget comprehensively addresses job creation and skill enhancement. First-time workforce entrants will receive a direct transfer of up to ₹15,000, enhancing employability and stimulating economic growth. Overall, these measures demonstrate a strong commitment to economic reform and growth, creating a favorable tax environment that supports <keyword id="94495" type="General" weightage="20" keywordseo="Innovation" source="Orion">innovation</keyword>, investment, and long-term development.'

Union Budget 2024: More for new additions in workforce, internship in top 500 companies

In her <keyword id="19906106" type="General" weightage="20" keywordseo="Interim-Budget" source="keywords">Interim Budget</keyword> speech in February 2024, <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> celebrated what she termed as the Modi government's landmark achievement: unleashing 'nari shakti' or women's power through various initiatives since 2014. Among these, the creation of one crore 'Lakhpati Didis' — women whose annual household income exceeds one lakh rupees — under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), has garnered significant attention. <h2>The hype around it </h2>Imagine being a <keyword id="20416259" type="General" weightage="20" keywordseo="Lakhpati-Didi" source="keywords">Lakhpati Didi</keyword> — a rural woman whose annual household income exceeds Rs. 1 lakh. These women are not just financial achievers; they are community leaders who inspire others through their entrepreneurial journeys. Their success stories highlight the transformative impact of self-help groups (SHGs) and collective action in rural India. Launched amid much fanfare on August 15, 2023 by Prime Minister Narendra Modi himself, the 'Lakhpati Didi' scheme aims to empower women through diverse skill development programs, from producing LED bulbs to operating agricultural drones. Partnering with entities like Patanjali, Flipkart, and the Bill and Melinda Gates Foundation, the initiative also focuses on branding and marketing these products, ostensibly connecting women with credit lines and MUDRA loans for financial support. Almost an year on, the scheme is all set to get some well-deserved boost in the Budget 2024 to be presented on July 23. However, the time also apt to examine if it has actually contributed to <keyword id="20009191" type="General" weightage="20" keywordseo="women-empowerment" source="keywords">women empowerment</keyword> in the country. <div type="Article" hostid="261" msid="111915324" title="Finance Minister Nirmala Sitharaman to table Economic Survey in Parliament today" mstype="2" mssubtype="0"></div> <h2>The reality check </h2>Critics argue that such schemes may inadvertently tether women's SHGs to corporate networks, potentially benefiting transnational agribusiness giants aligned with the government. Programs like 'Namo Drone Didi', allocated Rs. 500 crore in the Interim Budget, exemplify this trend by integrating women into digital agriculture, albeit under the influence of corporate agendas. Further, while the Interim Budget championed the narrative of women's economic prosperity, it failed to adequately address their basic needs. Despite claims of empowerment, essential schemes such as PM Awas Yojana (Rural) and Har Ghar Jal have seen significant budgetary underspending, raising concerns about the government's commitment to women's welfare beyond mere rhetoric. For instance, the underutilisation of funds in Swachh Bharat Mission (Gramin) and the shrinking allocations for crucial subsidies like nutrition and education further highlight the disconnect between budgetary outlays and on-ground impact. This trend suggests a shift in responsibility towards state governments without commensurate support from the Union government, leaving vulnerable populations like widows and rural women at risk. Overall, the well-intentioned narrative around the scheme needs better translation and execution on ground to achieve desired outcomes. <h2>Looking ahead </h2>Until now, the budgetary allocation for women-centric programs have remained disproportionately low, with the Ministry of Women and Child Development having been allocated Rs 26,000 crore in 2024-25, an increase of 2.52% compared to the previous budget. This paltry investment underscores a broader pattern of neglecting systemic issues such as gender-based violence, social discrimination and pro-corporate stance. As Budget 2024 approaches, stakeholders eagerly anticipate policies that not only boost economic growth but also empower rural women as entrepreneurs and leaders. While Lakhpati Didi stands poised to empower rural women with opportunities and support, more steps are needed to make it more sustainable. <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?

In a significant move to safeguard <keyword id="19913584" type="General" weightage="20" keywordseo="public-health" source="keywords">public health</keyword>, the Indian government has banned 156 widely sold fixed-dose combination (FDC) drugs, many of which are used to treat common ailments such as fever, colds, allergies and pain. The banned FDCs include several popular antibacterial and pain-relief medications, which the government has declared "likely to involve risk to human beings." The ban was officially announced through a gazette notification issued by the <keyword id="19897332" type="General" weightage="20" keywordseo="Union-Health-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Health Ministry" meta.hostid="261" meta.entityid="Union Health Ministry">Union Health Ministry</keyword> on August 12. <keyword id="22891947" type="General" weightage="20" keywordseo="FDC-drugs" source="keywords">FDC drugs</keyword>, often referred to as "cocktail" drugs, contain a combination of two or more active pharmaceutical ingredients in a fixed ratio. While such combinations are intended to offer multi-faceted treatment, concerns have been raised about their safety and efficacy. Among the drugs on the banned list is the well-known combination of Aceclofenac 50 mg and <keyword id="20687368" type="General" weightage="20" keywordseo="paracetamol" source="keywords">Paracetamol</keyword> 125 mg, a popular pain reliever produced by several major pharmaceutical companies. Other banned FDCs include Mefenamic Acid Paracetamol Injection, Cetirizine HCl Paracetamol Phenylephrine HCl, Levocetirizine Phenylephrine HCl Paracetamol, Paracetamol Chlorpheniramine Maleate Phenyl Proanolamine, and Camylofin Dihydrochloride 25 mg Paracetamol 300 mg. A particularly notable ban is on the combination of Paracetamol, Tramadol, Taurine, and Caffeine. Tramadol, an opioid-based painkiller, has drawn attention for its potential for abuse and addiction, adding to the concerns surrounding its inclusion in over-the-counter FDCs. <div type="Article" hostid="261" msid="112557689" title="The drugmaker that hopes to legalize MDMA is cutting 75% of its staff after the FDA rejected the drug" mstype="2" mssubtype="0"></div>According to the government's notification, the Central government has determined that the use of these FDCs "is likely to involve risk to human beings," and that "safer alternatives to the said drugs are available." The decision follows an in-depth examination by an Expert Committee, which found many of these FDCs to be "irrational." The apex panel Drugs Technical Advisory Board (DTAB) also reviewed the combinations and concluded that there was "no therapeutic justification" for the ingredients in these FDCs. In light of the potential risks, the government deemed it necessary to prohibit the manufacture, sale, and distribution of these drugs under Section 26A of the Drugs and Cosmetics Act, 1940. The notification emphasised that "in the larger public interest, it is necessary to prohibit the manufacture, sale, or distribution of this FDC" as regulation or restriction would not be sufficient to protect patients. This is not the first time the Indian government has intervened to address the sale of FDCs. In 2016, the Centre had announced a ban on 344 FDCs after an expert panel — established at the direction of the Supreme Court — found that many of these combinations were being sold without sufficient scientific evidence supporting their efficacy. Although that decision was contested in court by <keyword id="22603498" type="General" weightage="20" keywordseo="drug-manufacturers" source="keywords">drug manufacturers</keyword>, it set a precedent for regulatory scrutiny of FDCs in India. In June 2023, 14 FDCs from the original list of 344 were also banned. Many of the drugs included in the recent list of 156 were part of this original 344-drug combination ban, reinforcing the government's continued efforts to remove unsafe and unjustified medications from the market. Several of the banned products had already been discontinued by manufacturers, but the new regulations ensure that these combinations will no longer be available for sale in India, further emphasising the government's commitment to public safety and rational drug use. <div type="Article" hostid="261" msid="112374485" title="Govt waives clinical trial requirement for several drugs approved in select countries" mstype="2" mssubtype="0"></div>

156 ‘combination medicines’ containing Cetirizine, Paracetamol and other common drugs banned by Centre

New Delhi [India], July 21 (ANI): As the Union <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword>, <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>, is set to present her seventh <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>, the <keyword id="21660910" type="General" weightage="20" keywordseo="Monsoon-Session" source="keywords">Monsoon Session</keyword> of Parliament will commence on July 22. With the presentation of this year's budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai's six budget presentations. Desai, who was the country's Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget. Like the previous few full Union Budgets, <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections. As part of the <keyword id="20321465" type="General" weightage="20" keywordseo="budget-preparation" source="keywords">budget preparation</keyword>, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy. These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors. During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit. The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth. The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure. Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce. This year's Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament's nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill will be tabled in this year's Monsoon Session. The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July. The Union Budget documents will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and is available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, <keyword id="20006170" type="General" weightage="100" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said on Monday. The August update of <keyword id="19896400" type="General" weightage="20" keywordseo="deloitte" source="keywords">Deloitte</keyword>'s India Economic Outlook said several initiatives in the <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">Union Budget</keyword> 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword>, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global liquidity conditions, as central banks in the West ease their monetary policy stance, will enhance capital flows and drive higher investments, particularly in the private sector," Majumdar said. Observing that strong economic fundamentals would drive <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> between 7 per cent and 7.2 per cent in FY25, the Economic Outlook report said effectively addressing the urban-rural consumer spending gaps, inflation, and employment concerns can significantly enhance the affordability of aspirational rural consumers. "The much-desirable policy pivot was evident in the Union Budget presented last month. Reducing the urban and rural spending gap in the coming years will ensure sustained consumer demand from a larger consumer base," it added. Deloitte India's growth projection is at par with that of RBI, which projected FY'25 growth at 7.2 per cent. It is higher than Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. The <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> grew at 8.2 per cent in 2023-24 fiscal year. The report further said despite strong growth, private consumption spending has remained modest over the past five years. The pandemic, high global and domestic inflation, consequent tightening of financial conditions, and the effects of poor agriculture output on rural demand seem to have capped private consumption growth in India. But a Deloitte research showed that India is witnessing distinct and broad-based shifts in consumption patterns. There is a broad-based shift in the composition of consumption towards more non-food and discretionary items, reflecting changing lifestyles and preferences that are here to stay. According to the Household Consumption Expenditure Survey, spending on discretionary goods and services (including conveyance) has gone up both in rural and urban India, with the former quickly catching up in spending on discretionary durable goods (including automobiles, electric and electronic goods) with the latter in just one decade. "Demand for processed food has been among the highest in most states, suggesting a shift towards ready-to-eat options. Rapid urbanization, increasing women's participation in the workforce, and enhanced marketing and availability are driving these changing dietary habits," the report said. According to Deloitte research, if increasing income in states results in a relatively equitable distribution and higher rural spending, businesses can tap into a larger proportion of the state's population that resides in rural areas. This gives businesses access to a large consumer base and a sustainable consumer spending demand, as compared to states with a widening gap.

You Searched For "union address" and got 10 results

Highlights from Biden's fiery State of the Union address

Insider

Biden's State of the Union address brought in $10 million for his reelection campaign, report says

Katie Balevic

Progressives are fuming at Biden for describing a migrant as an 'illegal' during his State of the Union address

Bryan Metzger

Union Cabinet meets in Parliament ahead of Budget presentation

ANI

Union Budget 2024: More for new additions in workforce, internship in top 500 companies

Ira Alok Puranik

Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?

Ashmita Gupta

156 ‘combination medicines’ containing Cetirizine, Paracetamol and other common drugs banned by Centre

BI India Bureau

FM Sitharaman to present historic seventh consecutive Union Budget in paperless format

ANI

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Indian economy likely to grow at 7-7.2 percent in FY25,Deloitte India says

PTI

Popular Keywords

Buying Guides