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Don’t lie, P Chidambaram

OpIndia Staff
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Don’t lie, P Chidambaram

Former Union Minister of Finance, P. Chidambaram, who is facing corruption and money laundering charges took to Twitter to take credit for the interim budget announced by Finance Minister Piyush Goyal earlier today. Trying to take claim for the pro-poor budget, Chidambaram said that the interim Finance Minister has copied Congress’ declaration that the poor have the first right to resources of the country.


Unfortunately, the former minister is lying, to say the least. Back in 2006, senior Congress leader and Prime Minister Dr Manmohan Singh, while speaking on the UPA government’s plans for the minorities, had said that Muslims have the first claim on the resources. Prior to that, while speaking at the National Commission for Minorities, the former Prime Minister had even favoured ‘fair share for minorities’ in government as well as private jobs.

So unless Chidambaram is trying to imply that the minorities, especially the Muslims, are ‘poor’, he is lying about Congress’ ‘pro-poor’ stance with respect to the resources.

In the interim budget presented today, Finance Minister Piyush Goyal gave numerous sops to farmers. The Centre also gave relief to the middle-class as individuals with annual income up to Rs 5 lakh will get full income tax rebate. Over and above that, the Union Government recently passed a law giving 10% reservation for economically weaker section of the society.

Budget 2019: Centre has released 35,000 crores for OROP scheme, Defence spending gets a boost with ₹3 lakh crore allocation

OpIndia Staff
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Budget 2019: Centre has released 35,000 crores for OROP scheme, Defence spending gets a boost with ₹3 lakh crore allocation

During the interim budget on Friday, acting Finance Minister Piyush Goyal has announced a significant financial outlay for the One Rank One Pension (OROP) scheme. Piyush Goyal, while delivering the last budget of the present NDA government, spoke about the One Rank One Pension (OROP) scheme that had been implemented by the Centre.

Piyush Goal has announced that the government has released funds to the tune of ₹35,000 crores to Army personnel as part of the One Rank One Pension (OROP) scheme. The One Rank One Pension (OROP) demand by the former defence personnel had been ignored by the previous government for almost 40 years now. The previous Congress government headed by had allocated just Rs.500 crore for the implementation of the OROP.


 

In addition to the OROP, Finance Minister Piyush Goyal also said that the Centre has also enhanced the Defence spending to ₹3 lakh crore. “The Defence Budget has crossed Rs. three lakh crore for the first time. Additional funds will be provided, if necessary,” said Piyush Goyal.

“The previous governments announced it in 3 budgets but sanctioned a mere Rs 500 crore in the interim budget of 2014-15. This had been pending for 40 years but has been implemented by us. In contrast, we have already disbursed over ₹35,000 crores as part of OROP after implementing it in the true spirit,” Goyal said.

The defence budget was increased for the first time to ₹3 lakh crore in 2019-20 “for securing our borders and to maintain preparedness of highest order and if necessary additional funds will be provided,” Goyal said.

 

Rajasthan: Gehlot government blames BJP for not being able to implement loan waiver that Congress promised

OpIndia Staff
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Rajasthan: Gehlot government blames BJP for not being able to implement loan waiver that Congress promised

As Lok Sabha elections are around the corner, the Congress government in Rajasthan led by Ashok Gehlot have now started playing politics over their incapability of fulfilling their pre-poll promise of farm loan waiver.

According to a report by The Economic Times, the Congress has now come up with a way to blame the previous BJP regime for leaving the state in massive debt, and are citing this as the reason behind them being unsuccessful to keep up their promise.

Gehlot on Thursday said that the farm loan waiver involving cooperative banks would amount to Rs 18,000 crore at a time when the state was caught in debt of Rs 3 lakh crore left by the former BJP government.

“We want to do the loan waiver as the other states (Congress-ruled Madhya Pradesh and Chhattisgarh) have done. We have set up a committee to find a way out. Regarding the loans with nationalised banks, negotiations need to be done with them as they invariably do with farmers in case of NPAs (non-performing assets or bad loans),” said Gehlot.

Gehlot’s comment gave the BJP an opportunity to mock the Congress government for going back on its promises. BJPs’ Gulab Chand Kataria told ET, “They know they simply cannot do a comprehensive loan waiver, as they had promised, given the huge amount involved. Forget the waiver, the state government does not even know its total extent – no lists of eligible farmers have been prepared. We are now planning a big jail Bharo Aandolan (fill jails campaign) on February 7 or 8 to protest against this cheating with the farmers of the state,” said Kataria.

Gehlot’s statement has made it obvious that since the model code of conduct is not expected to come into effect before the first week of March, it is highly unlikely for the state government to be able to implement the loan waiver before the general election.

“This will surely impact Congress chances in the state in the Lok Sabha polls since loan waiver was a major promise,” said another senior BJP leader.

Meanwhile, the Bharatiya Janata Party (BJP) has been lashing out at the Ashok Gehlot government alleging that the Congress has not fulfilled its promise to waive off farm loans. The BJP has further alleged that the deceived Rajasthan farmers have started committing suicide because of the state government’s unfulfilled promises regarding loan waiver, which was an integral part of the Congress’ election manifesto.

The party claimed that three deaths, including a suicide, have been reported in the state.

The BJP had also slammed the Rajasthan government’s decision to waive off farm loans of those who have committed suicide.

It is notable to mention that cases of non-existent names appearing on the list surfaced in Rajasthan after the Congress government initiated the loan waiver scheme. Scores of names have appeared in the list of beneficiaries for the farm loan waiver scheme who had no loans against their names.

This is similar to the dubious cases, amounting to Rs 120 crores, of non-existent farm loans being waived off in Madhya Pradesh where Congress formed its government.

Apart from this, the Congress governments in both Madhya Pradesh and Rajasthan are facing severe outrage from the farmers within weeks of their government formation, for mismanaging the supply of urea.

Budget 2019: individual taxpayers with annual income up to ₹5 lakh to get full income tax rebate

OpIndia Staff
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Budget 2019: individual taxpayers with annual income up to ₹5 lakh to get full income tax rebate

Although the finance minister did not make any change to the income tax structure, as he was presenting an interim budget, Piyush Goyal in Budget 2019 announced significant reliefs to individual income taxpayers in the last budget of the current Modi government.


The Budget 2019 announced a full rebate of income tax for income up to ₹5 lakh. This will mean that individual taxpayers up to a gross income of ₹6.5 lakhs will need not pay any income tax if they make investments in provident fund and prescribed equities. Around 3 crore middle-class taxpayers will get tax exemption due to this measure.

The standard deduction for salaried income has also been raised to ₹50,000 from current ₹40,000. The finance minister also announced tax relief on interest income, as TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000. This means if the interest earned on deposits made at banks and post offices remain below ₹40,000, there will no TDS deduction on the interest paid.

Similarly, TDS threshold on rental income raised from ₹1.8 lakh to ₹2.4 lakh. Benefits under section 80(i)BA is also being extended for one more year, for all housing projects approved till the end of 2019-2020.

Budget 2019: Piyush Goyal underlines 10 important dimensions that will guide the government in ‘Vision 2030’

OpIndia Staff
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Budget 2019: Piyush Goyal underlines 10 important dimensions that will guide the government in ‘Vision 2030’

Finance Minister, Piyush Goyal while rolling out the interim budget 2019 in the parliament today, underlined 10 important dimensions for ‘Vision 2030’, the reforms the government would implement that could build a developed India by 2030.

  • Talking about the first dimension, the government aims to build next-gen infrastructure, physical as well as social, for a $10 trillion economy and also provide ease of living.
  • The Government aims to build a digital India and creating innumerable startups and job opportunities through the same it aims to reach every citizen of the country.
  • The third dimension the FM spoke about is Clean and Green India – an India that drives electric vehicles, with renewables becoming a major source of energy.
  • The government aims to expand rural industrialization using modern industrial technologies, based on Make In India approach.
  • The FM announced that the fifth dimension is Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using the strength of the blue economy and Sagar mala.
  • Oceans and coastlines are the sixth dimensions of the government’s vision for 2030
  • Our seventh dimension is the aim to become launchpad of the world, placing an Indian astronaut in space by 2022, said FM Piyush Goyal
  • By giving emphasis on organic food forms and improving agricultural productivity along with providing self-sufficiency in food is the eighth dimension of the government’s vision.
  • Creating a healthy India, with distress-free and comprehensive wellness system for all became the ninth dimension to the vision 2030.
  • Finally, the Finance minister spoke about the tenth dimension which is ‘Minimum Government Maximum Governance’, a proactive, responsible and a friendly bureaucracy.

Finance Minister, Piyush Goyal is presenting Narendra Modi government’s sixth and final budget before the country goes in for the general elections 2019.

Budget 2019: As Congress leaders laugh hysterically and create ruckus, Piyush Goyal remembers what Modi said about Ramayan

OpIndia Staff
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Budget 2019: As Congress leaders laugh hysterically and create ruckus, Piyush Goyal remembers what Modi said about Ramayan

As Finance Minister Piyush Goyal presented the interim budget today, Congress leaders present in the Parliament created a ruckus by shouting, sloganeering and booing, Goyal quipped and said how he is reminded of “Ram Leela”, the theatrical depiction of the Hindu epic Ramayan.


This is not the first time the hysterical Congress leaders were compared to actors in the epic drama. Last year, Prime Minister Modi, while speaking in Rajya Sabha took a jibe on Congress’ Renuka Chowdhary who was caught laughing frantically. PM Modi was referring to an old speech of ex-Home Minister and ex BJP President L K Advani made twenty years ago. When the PM proceeded to mention AADHAAR was actually conceptualised here (the parliament), Congress MP Renuka Chowdhary started laughing hysterically.

Her sudden and loud laughter took many by surprise but the Rajya Sabha speaker and Vice President Venkaiyah Naidu did not take it kindly. He not only chided Renuka Chaudhury for ‘loose and unruly behaviour’ but also advised her to visit a doctor if she has a problem.

The PM too did not let the opportunity go. He requested the speaker that he must not stop Renuka Chowdhury. He added further, “many years after Ramayan we are getting to hear such hearty laughter.”

Budget 2019: Government to identify nomadic and semi-nomadic tribes to include them in social welfare schemes

OpIndia Staff
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Budget 2019: Government to identify nomadic and semi-nomadic tribes to include them in social welfare schemes

Addressing the budget session, acting Finance Minister Piyush Goyal has announced a slew of measures to be incorporated by the government beneficial to the Indians. Acknowledging the remoteness of nomadic and semi-nomadic tribes and their exclusion from the economy, Piyush Goyal declared that the government will identify such tribes and extend the welfare schemes to them.


The government will set up a committee under NITI Aayog to identify the nomadic and semi-nomadic tribes who have not benefitted from the government welfare schemes owing to their isolation. Welfare development board will be set up under the Ministry of Social Justice and Empowerment to reach out to these faraway tribes and develop tailored strategic interventions for providing them with social and economic assistance.

As per a report in the Indian Express, at present, there are about 260 extremely marginalised tribes that have never been classified under any reserved categories and have also been left out of the social welfare schemes.

Budget 2019: Demonetization helped undisclosed income to light and over 3 lakh shell companies deregistered, says Piyush Goyal

OpIndia Staff
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Budget 2019: Demonetization helped undisclosed income to light and over 3 lakh shell companies deregistered, says Piyush Goyal

Acting Finance Minister Piyush Goyal highlighted the steps undertaken by the Modi government in his Budget 2019 speech. He said that the anti-Black Money drive has brought an undisclosed income of Rs. 1.30 lakh crore rupees to the fore and over 3 lakh shell companies have been deregistered as a consequence.


Goyal also thanked the taxpayers in the Budget 2019 speech of the country for their contribution to nation-building and for providing a better quality of life to the poor and marginalized sections of society. He also said that their taxes help provide for the gas connections in the households of poor and healthcare to marginalized sections of society. He also said it was the taxpayers who help pay for the OROP for Army men.

Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

OpIndia Staff
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Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

Interim Finance Minister Piyush Goyal in his budget speech has announced a new pension scheme for the labour workforce employed in the unorganized sector, reported ANI.

The NDA government has now launched a new pension scheme called ‘Pradhan Mantri Shram Yogi Mandhan‘, to provide assured monthly pension of Rs.3000 per month for workers in unorganized sector after 60 years of age, with the maximum contribution of just Rs.100 per month. Any worker in the unorganised sector earning less than Rs 15,000 a month will be covered under the first phase of the scheme, said Piyush Goyal.


The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme. Any worker working in the unorganised sector can avail the benefits of this scheme. Workers between 18-28 years of age have to pay Rs 55 per month, while workers above 29 years will be paying Rs 100 per month to avail the benefits. The union government will also contribute an equal share every month, said the Finance Minister.

Goyal stated that half of India’s GDP comes from the sweat and toil of 42 million workers in the unorganised sector and the government has decided to provide them with a comprehensive social security coverage.

The move is likely to benefit household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. The Finance Minister also said that the new pension scheme will be the world’s biggest pension scheme for the unorganised sector in just five years.

More than 90% of India’s workforces are employed in unorganised sectors who are often deprived of not only just minimum wages but also any kind of social security like pensions or health insurance.

Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

OpIndia Staff
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Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

As we had speculated earlier, the Budget 2019 features numerous sops to farmers to counter farmer distress. Most significantly, structured income support will be provided to farmers through the Pradhan Mantri Krishan Samridhi Yojana.


Rs. 6000 will be provided to farmers with less than 2 hectares of land annually in three instalments. It will cost the state Rs. 75,000 crores per year.

In addition, a 2% interest subvention has been provided to farmers who practice animal husbandry and fisheries. An additional 1% interest subvention will be given if loans are repaid on time.


The PM Kisaan Samman Nidhi will also support farmers in procuring basic inputs like seeds and fertilizers. The move will also benefit the seeds and fertilizers industries. Allocation for Rashtriya Gokul Mission has been increased to Rs. 750 crores.

In addition, farmers who have been severely affected by natural calamities will receive a 2% interest subvention on loans and additional 3% subvention on timely repayment.


GauMata has also featured prominently in the Budget. The Rashtriya Kamdhenu Aayog will be set up to ensure the welfare of cows, including genetic improvement and sustainable development. Acting Finance Minister Piyush Goyal said, “Yeh sarkar kabhi Gau mata ke samman mein peeche nahi hategi. (This government will never shy away from honouring our Mother Cow).”

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