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Budget has nothing for Maharashtra, says ruling alliance

Hello Jammu News at 9:29:00 PM 0

Mumbai, Feb 1 : The ruling Shiv Sena, NCP and Congress on Saturday termed as "disappointing" the Union budget, claiming that it did not offer much to the "highest tax-payers" Mumbai and Maharashtra.

Opposition BJP in Maharashtra hailed the Budget 2020- 21, saying it strengthens the economy and makes provision for the welfare of all.

"The budget has left Maharashtra and Mumbai the most disappointed. Mumbai gives highest tax, Maharashtra gives highest tax to the Centre, but they were completely ignored," Revenue Minister and state Congress chief Balasaheb Thorat told reporters here.

The budget presented by Union finance minister Nirmala Sitharaman was "old wine in new bottle", he said.

Thorat also questioned the Union government's claim that farmers' income would be doubled by 2022.

The agricultural growth rate should be 11 per cent to achieve this goal, while the current rate is not moving beyond 2 per cent, the Congress leader said.

NCP MP Supriya Sule said, "Sensex plunged when the budget was being presented in the House. It shows the budget makes no sense."

The Budget has introduced new slabs and reduced the income tax rate for different slabs for individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.

Referring to it, Shiv Sena spokesperson Manisha Kayande said there was no clarity about the option offered.

"Who would not like to get a tax benefit? If a person is investing in LIC or mediclaim, why would the person not opt for tax benefit? People basically make these investments for tax benefit apart from getting insurance (cover). So there is no clarity on this," she said.

The Sena leader also expressed concern over "closing down" of government-owned enterprises like Air India.

"It is a major drawback. Plus, they are banking completely on LIC. Almost 290 million people invest in LIC.

That means the government is eying public money," she added.

Water Resources Minister and NCP leader Jayant Patil said the budget offers nothing to give a momentum to the economy.

"Farmers too have got nothing from the budget...the budget is mere 'jumlebaazi' (gimmick)," the former Maharashtra finance minister said.

NCP spokesperson Mahesh Tapase accused the government of "over-commitment and under-delivery" leading to loss of faith of investors, industry and consumers.

Tapase said the current gross GDP figures do not support the government's claim about the target of USD 5 trillion economy.

Former Maharashtra chief minister Ashok Chavan said the budget ignores the burning issue of unemployment and the Union government was making no effort to increase purchasing power of the poor and middle classes.

BJP leader and former chief minister Devendra Fadnavis hailed the budget as "progressive and reform-oriented", saying it lays the foundation of a "new India".

"The 2020 #JanJanKaBudget lays the foundation for the journey of Bharat to Navbharat in this new decade, of an even more developed and modern India with a greater speed ! Kisan Rail, Krishi UDAN are path breaking steps for our farmers and will fulfill the ASPIRATIONS of INDIA!" Fadnavis tweeted.

Maharashtra BJP chief Chandrakant Patil said the budget takes care of all sections of society including farmers, women, the youth, tribals, traders, employed and others in line with Prime Minister Narendra Modi's 'Sab Ka Sath, Sab Ka Vikas, Sab Ka Vishwas' (inclusive growth with the trust of all) slogan.

Budget MoHUA National New Delhi

Union Budget: MoHUA allocated Rs 50,000 crore

Hello Jammu News at 9:24:00 PM 0

New Delhi, Feb 1 : The Ministry of Housing and Urban Affairs was on Saturday allocated around Rs 50,000 crore for the next fiscal, a hike of nearly 18 per cent from the current financial year.

The Swachh Bharat Mission-Urban, a flagship programme of the Modi government, has been given Rs 2,300 crore as against Rs 1,300 crore in the revised 2019-20 Union Budget, where the ministry was allocated a total of Rs 42,266.72 crore.

Another flagship programme, the Smart Cities Mission has been given Rs 6,450 crore as against Rs 3,450 crore.

The Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, which aims at ensuring robust sewage networks, water supply and other infrastructure to improve the quality of life in urban areas, has been allocated Rs 7,300 crore.

Around Rs 17,482 crore has been given for metro projects in the Union Budget, while the Real Estate Regulatory Authority (RERA) was allocated Rs 4 crore.

Budget Narendra Modi National New Delhi Prime Minister Top Stories

Budget 2020 has both vision and action: PM Modi

Hello Jammu News at 9:16:00 PM 0

New Delhi, Feb 1 : Asserting that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade, Prime Minister Narendra Modi on Saturday heaped praise on it for having both "vision and action".

He also said provision of faceless appeal, new and simple structure of direct tax, move towards unified procurement system, stress on disinvestment are some of the steps which will reduce the government out of people's lives and will enhance their "ease of living".

"I believe that this budget will increase income and investment, increase demand and consumption, bring new vigour in the financial system and credit flow," he said

The budget, Modi noted, will meet the current needs of the country as well as the future expectations in the decade.

"The new reforms announced in the budget will work to accelerate the economy, financially empower every citizen of the country and strengthen the foundation of the economy in this decade," Modi said in his comments.

Noting that the main areas of employment are agriculture, infrastructure, textiles and technology, he said the four have been given great emphasis in the budget to increase employment generation.

Referring to the government's efforts to double the income of farmer, he said 16 action points have been created which will serve to increase employment in rural areas.

Integrated approach has been adopted for the agriculture sector in the budget, which along with traditional methods will increase value addition in horticulture, fisheries, animal husbandry and also increase employment, he said.

"Under the Blue Economy, the youth will also get new opportunities in the field of fish processing and marketing," Modi noted.

According to the World Bank, the blue economy is the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.

The prime minister said new mission for technical textile has been announced. Man-made fibre has been reformatted into the duty structure of its raw material to be produced in India. This reform was in demand for the last three decades, he pointed out.

Referring to the Ayushman Bharat scheme, Modi said it has given a new expansion to the health sector of the country.

"In this sector, there has been a lot of scope for human resources - doctors, nurses, attendants as well as medical device manufacturing. New decisions have been taken by the government to increase it," he said.

The Ayushman Bharat Yojana, also known as the Pradhan Mantri Jan Arogya Yojana (PMJAY), is a scheme that aims to help economically vulnerable Indians who are in need of healthcare facilities.

Prime Minister Modi had rolled out the scheme in September 2018.

He said in the budget, the government has made several special efforts to promote employment generation in the field of technology.

A number of policy initiatives have been taken for areas such as new smart cities, electronic manufacturing, data centre parks, biotechnology and quantum technology.

He hoped that India will move strongly towards becoming an integral part of the global value chain.

He pointed out that new and innovative initiatives have been announced regarding skill development of youth.

"For example, apprenticeships in degree courses, internships in local bodies and provision of online degree courses. Bridge courses are also being arranged for young people from India who want to go abroad for jobs," he said.

Modern infrastructure is of great importance for modern India, he said, adding that the infrastructure sector is also a large employment generator.

"Construction of 6,500 projects from Rs 100 lakh crore will increase employment opportunities in a big way. The National Logistics Policy will also benefit trade, business and employment. In the field of infrastructure, we will give new power to youth energy through start-ups and through project development," he said.

Describing investment is the biggest driver for employment, he said some historical steps have been taken in this direction.

Arrangements are being made to strengthen the bond market and for long-term financing of the infrastructure, he said.

Due to the removal of the dividend distribution tax, Rs 25,000 crore will come in the hands of companies which will help them in further investments.

Various tax concessions have been given to attract outside investment into India. Tax benefits have also been provided for start ups and real estate. All these decisions will accelerate the economy and through this will provide new employment opportunities to the youth.

He said the rights of taxpayers will be explained in the taxpayer charters.

"Our government has always relied on small entrepreneurs associated with MSMEs. Audit on turnover up to Rs 5 crore will no longer be required," he said.

Steps like establishing a common online exam for government jobs, Kisan Rail and Krishi Udaan are going to have long-term benefits for a cross section of citizens.

He said to get government jobs, youth have to take many different exams and travel to places.

"Changing this arrangement, appointments will now be made through the online Common Examination taken by the National Recruitment Agency," he said.

Budget Chief Minister National Puducherry V Narayanasamy

Most disappointing budget, says Puducherry CM

Hello Jammu News at 9:12:00 PM 0

Puducherry, Feb 1 : Senior Congress leader and Puducherry Chief Minister V Narayanasamy on Saturday dubbed the union budget presented by Finance Minister Nirmala Sitharaman as the most disappointing and lacking in firm measures to deal with economic slowdown.

In his reaction to the budget, the Chief Minister slammed the Centre for its "commitment to sell its stake in public sector undertakings such as LIC and the railways."

Also, he said he was shocked and dismayed over the failure of the Finance Minister to unveil steps for relief to farmers, unemployed youth and the poorer sections.

"No firm steps have been rolled out for promoting investments in the industrial sector," he said.

The budget has several schemes that would only fatten the rich people at the cost of the poor and have-nots, the Chief Minister said.

Further, several genuine and legitimate demands of Puducherry have been totally ignored, he said.

While there were proposals to earmark copious funds for the newly created Union Territories of Jammu and Kashmir and Ladakh, the Union Territory of Puducherry has been left high and dry, he said.

"Our consistent plea for sanction of funds to Puducherry to meet its commitment to implement the report of the Seventh Pay Commission and also to include Union Territory in the 15th Central Finance Commission had not been conceded, he lamented.

He said he was displeased with the absence of schemes to waive loans borrowed by farmers.

"In all, the budget lacks firm measures to relieve the country of its economic slowdown, inflation and setback in industrial development," he said.

Budget Business Election Commission of India National New Delhi

Budget: EC gets Rs 269 crore

Hello Jammu News at 9:05:00 PM 0

New Delhi, Feb 1 : The Election Commission was on Saturday allocated Rs 269 crore in the Union Budget under the 'Election' head as compared to Rs 255.46 crore last year when the Lok Sabha elections were held.

A senior Law Ministry officer and a former Election Commission functionary explained that the amount allocated to the poll panel would also be used for "book adjustments" for expenditures incurred in holding of LS polls and other elections.

In the previous budget, the Law Ministry was allocated an additional sum of over Rs 666 crore for conducting the Lok Sabha elections which were held in the summer of 2019.

In the Vote on Account 2019-2020, an additional provision was made for the Law Ministry of Rs 666.66 crore (voted) in revenue section for conducing the polls.

The Law Ministry is the administrative ministry for the Election Commission.

Certain funds are also allocated to the Union Home Ministry for elections which is largely used for transportation and logistics related to security personnel.

Budget Business Maharashtra Mumbai

Budget 2020: Sensex nosedives 900 pts, gives up 40k level

Hello Jammu News at 8:54:00 PM 0

Mumbai, Feb 1 : The BSE Sensex plummeted over 900 points to sink below the 40,000 level in late afternoon trade on Saturday, tracking a massive selloff in capital goods and financial stocks after Finance Minister Nirmala Sitharaman presented the Union Budget for 2020-21.

After a highly volatile session, the 30-share index sank 900.29 points to 39,805.61.

Similarly, the 50-share NSE Nifty plunged 248.05 points to 11,714.05.

ITC was the top laggard in the Sensex pack, tanking 6 per cent, followed by HDFC, L&T, SBI, ICICI Bank and ONGC.

On the other hand, TCS, HUL, Tech Mahindra and Infosys bucked the market trend to trade with gains.

Budget Maharashtra Mumbai National

Budget most disappointing for Mumbai, Maha: Congress

Hello Jammu News at 7:55:00 PM 0

Mumbai, Feb 1 : The ruling Shiv Sena, NCP and Congress on Saturday termed as "disappointing" the Union budget, which they said didn't offer much to the "highest tax-payers" Maharashtra and Mumbai.

On the other hand, the opposition BJP in Maharashtra hailed the Budget 2020-21, saying it strengthens the economy and makes provision for the welfare of all.

"The budget has left Maharashtra and Mumbai the most disappointed. Mumbai gives highest tax, Maharashtra gives highest tax to the Centre, but they were completely ignored (in the budget)," Maharashtra Revenue Minister and state Congress president Balasaheb Thorat told reporters here.

The budget is like a "new bottle containing old wine", he added.

Thorat also questionned the Centre's claim of doubling the income of farmers by 2022.

He said the agricultural growth rate should be at 11 per cent to achieve the goal set by the Modi government, while the current rate is not moving beyond 2 per cent.

"How are they going to double it then? So, it is clear they have made a false announcement," he added.

The Budget has introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.

Referring to the announcement, Shiv Sena spokesperson Manisha Kayande said there was no clarity about the option the government has offered.

"Like who will not like to get tax benefit? Suppose if a person is investing in LIC or mediclaim, why will a person not opt for tax benefit? People basically do these investments for tax benefit apart from getting an insurance (cover). So, there is no clarity on this," she said.

The Sena leader expressed concern over "closing down" of government-owned enterprises like the Air India.

"So, this is a major drawback. Plus, they are banking completely on the LIC. Almost 290 million people are investing in the LIC. That means the government's eye is on public money," she added.

NCP spokesperson Mahesh Tapase accused the government of "over commitment and under delivery" leading to loss of faith of investors, industry sector and consumers.

"Instant negative reaction by the stock market proves this," he said.

Tapase said the current gross domestic product figures do not support the government's claim of achieving the target of $5 trillion economy.

The NCP leader also questioned the announcement of five new smart cities at a time when nothing much allegedly changed in the case of 100 smart cities the government had earlier declared.

"The BJP should steer away from vote banks politics and concentrate more on economic prosperity of the common man if it is serious about a higher GDP," he added.

Maharashtra BJP chief Chandrakant Patil said the budget takes care of all the sections of the society including farmers, women, the youth, tribals, traders, employed and others in line with Prime Minister Narendra Modi's 'Sab Ka Sath, Sab Ka Vikas, Sab Ka Vishwas' (inclusive growth with the trust of all) slogan.

"The budget focuses on fulfilling the aspirations of the society, strengthening the economy and taking care of the weaker section," Patil said in a statement.

Budget Congress leader National New Delhi Rahul Gandhi

No strategic idea, anything concrete in Union Budget: Rahul Gandhi

Hello Jammu News at 7:48:00 PM 0

New Delhi, Feb 1 : Congress leader Rahul Gandhi on Saturday said there was no strategic idea or anything concrete in the Union Budget and it described the "hollow" approach of the government that was "all talk and nothing happening".

Talking to reporters outside Parliament soon after the presentation of the budget, he described it as repetitive, saying the budget does not address the main issue of unemployment confronting the country's youth and the poor state of the economy.

"The main issues confronting this country today are unemployment and the situation as far as the economy is concerned. I did not see any concrete idea, any strategic idea that would help our youngsters get jobs. I saw a lot of tactical stuff, redundant things, I did not see any central idea," he told reporters.

"The speech was over 2.5 hours long and I did not find any strategic thing in it. The main issue is employment and economy. There is redundancy and income tax has been complicated instead.

"The government's approach is visible in this budget. It did not have anything in it. It was hollow," he said.

Gandhi said the Union Budget describes the government quite well, which is of "all talking" and nothing concrete.

"It was more than 2 hours and 45 minutes (long). A lot of repetition, a lot of rambling, nothing concrete. So it is the mindset of the government - all talk, all talk, all talk, nothing happening. But, the country is, of course, is suffering," he said.

"Our youth want jobs. Instead they got the longest budget speech in parliamentary history that said absolutely nothing of consequence. PM & FM both looked like they have absolutely no clue what to do next," Gandhi tweeted.

Addressing youth in universities and colleges directly, he said, "You know exactly what is going on. You know that you don't have a future, as far as jobs are concerned. And, nothing happened here to help you."

The Congress leader said the budget was very long and it was probably the longest speech ever which saw tactical stuff but no central idea.

Finance Minister Nirmala Sitharaman announced cuts in personal income tax, extended tax benefits for affordable housing and gave relief to companies on payment of dividend in the Union Budget for 2020-21 as the government looked to boost consumption to bring the economy out of the worst slowdown in 11 years.

The minister proposed raising customs duty on a variety of products ranging from tableware and kitchenware, electrical appliances to footwear, furniture, stationery and toys to give a level playing field to domestic companies and boost 'Make in India'.

Offering an optional lower rate of income tax to individuals, Sitharaman in her Budget for 2020-21 proposed new tax slabs of 15 per cent and 25 per cent in addition to the existing 10 per cent, 20 per cent and 30 per cent. The new I-T slabs would be for individuals not availing certain specified deductions or exemptions.

Budget Business Finance Minister National New Delhi Nirmala Sitharaman Top Stories

Budget cuts personal income tax, raises customs duty

Hello Jammu News at 7:45:00 PM 0

Indian Finance Minister Nirmala Sitharaman

New Delhi, Feb 1 : Finance Minister Nirmala Sitharaman on Saturday announced cuts in personal income tax, extended tax benefits for affordable housing and gave relief to companies on payment of dividend in the Union Budget for 2020-21 as the government looked to boost consumption to bring the economy out of the worst slowdown in 11 years

Under the proposed I-T slab, annual income upto Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh will pay 5 per cent tax

Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those between Rs 7.5 and 10 lakh at 15 per cent

Those earning between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while those between Rs 12.5 and Rs 15 lakh will pay at the rate of 25 per cent. Income above Rs 15 lakh will be taxed at 30 per cent

Individuals opting for taxation under new rates will not be entitled to exemption/deductions including under Section 80C and 80D, LTC, housing rent allowance, deduction for entertainment allowance, professional tax, and interest on self occupied/vacant property

Currently, annual income upto Rs 2.5 lakh is exempt from I-T. While a 5 per cent tax is charged for income between Rs 2.5 and 5 lakh. 20 per cent for income between Rs 5 lakh and Rs 10 lakh and 30 per cent for those earning above Rs 10 lakh

"The new tax regime shall be optional for tax payers," she said

"The proposed tax structure will provide significant relief to taxpayers and more so to those in the middle class," Sitharaman added

To boost growth, Sitharaman announced higher spendings on infrastructure, rural development and agri sector

The Finance Minister said the government is proposing a 16-point action plan to boost agriculture and farmers welfare

Agricultural services need copious investments, she said, adding government has insured 6.11 crore farmers under the Pradhan Mantri Fasal Bima Yojna

With her post 2019-20 Budget corporate tax cut drilling a Rs 1.45 lakh crore hole in government revenues, the minister hiked the fiscal deficit target for current fiscal to 3.8 per cent of GDP, from 3.3 per cent

For 2020-21, she pegged the fiscal deficit at 3.5 per cent.

Budget Maharashtra Mumbai National

Maharashtra budget session curtailed

Hello Jammu News at 2:49:00 PM 0

Mumbai, Feb 28 : The budget session of the Maharashtra Legislature has been curtailed in view of tensions between India and Pakistan, Chief Minister Devendra Fadnavis said on Thursday.

The session will conclude on Thursday instead of March 2, as scheduled earlier, to ease pressure on police in Mumbai, Fadnavis said in the Assembly.

Fadnavis discussed the issue at an all-party meeting in the morning.

State Finance Minister Sudhir Mungantiwar on Wednesday presented an interim budget for 2019-20 having an estimated revenue deficit of Rs 19,784 crore and provision of special fund for farm loan waiver.

The vote-on-account, which has budgetary provisions for four months of the next financial year (from April to July this year), was passed by the Assembly on Thursday without any debate. [Agencies]

Aam Aadmi Party AAP Budget National

AAP govt presents Rs 60,000 cr budget for 2019-20

Hello Jammu News at 1:02:00 PM 0

New Delhi, Feb 26 : The AAP government Tuesday presented a Rs 60,000 crore budget for 2019-20 in the Assembly and said it is "two times more" than the one presented in 2014-15.

Presenting the budget, Deputy CM Manish Sisodia said the budget has been dedicated to soldiers martyred in the Pulwama attack.

The Delhi Assembly session began with a standing ovation to the the Indian Air Force for carrying out pre-dawn air strikes on terror camps inside Pakistani territory

"The budget estimates for 2019-20 are pegged at Rs 60,000 crore which is two times more than the budget presented in 2014-15," Sisodia said.

A 53,000 crore was presented last year. [Agencies]

Agartala Budget National Top Stories Tripura

Tripura govt presents Rs 17,530cr budget for 2019-20

Hello Jammu News at 8:06:00 PM 0

Agartala, Feb 25 : Tripura Deputy Chief Minister Jishnu Dev Varma on Monday presented a tax-free and zero-deficit budget of Rs 17,530.46 crore for the fiscal 2019-20.

He later told reporters that the state government could achieve 14.5 per cent revenue growth compared to last last year, due to better tax management and administrative disciplines.

In the budget speech, Dev Varma, who is also the finance minister of the state, said the collection of own tax revenue is projected at Rs 2,048.95 crore, while non-tax revenue is estimated at Rs 285.21 crore in 2019-20.

The total receipts from the Centre is projected at Rs 12,764.30 crore in the budget estimate, and the total expenditure at Rs 17,530.46 crore, including revenue expenditure and capital expenditure.

The gross borrowings for 2019-20 is estimated at about Rs 2,430 crore, the minister said.

Dev Varma said the state government has decided to increase the social pensions from Rs 700 to Rs 1,000 per month in the first phase for certain categories of beneficiaries.

He said sugar at subsidised rates will be supplied to households under all categories in the next financial year.

Free smart phones will also be provided to students completing their graduation.

The minister said under the Mini Dairy scheme of NABARD, 10,000 cows (2 cows per family) to women members of 5,000 families will be provided to give a boost to milk production in the state, for which the Tripura government shall provide 100 per cent interest subvention.

A total of 1,867 check dams will be constructed, which will create "enormous" opportunities for pisciculture, drinking water supply and irrigation, he said.

Dev Varma added that 2,110 self-help groups will be formed and livelihood opportunities will be created for 52,030 families. [Agrencies]

Calibrating Categorization Criteria:Director Information chairs meeting of official panel

Hello Jammu News at 7:40:00 PM 0

New advertisement rates to be implemented after categorization; Newspaper advt budget pegged at Rs 35 cr for 2018-19

JAMMU, FEBRUARY 21: The Committee constituted by the government to calibrate the criteria for categorization of the empaneled newspapers met here today under the chairmanship of Director Information Muneer-ul-Islam.

Joint Director Information Headquarters, Sajid YehayaNaqash; Joint Director Information Kashmir, Mir Zahoor Ahmad; Joint Director Information Jammu, Naresh Kumar;Deputy Director Information Jammu, Atul Gupta;Deputy Director Information (Central), Avleen Kour Bali; Deputy Labour Commissioner Jammu, Thakur Sher Singh; Manager Ranbir Govt Press Jammu, Kulvir Singh; Coordinator Indian Institute of Mass Communication (IIM) Jammu, Manohar Khajuria and Senior Assistant Professor, MERC, Kashmir University Dr Syeda Afshana were present at the meeting

The meeting held threadbare deliberations on the parameters and criteria to be adopted for categorization of the newspapers and other periodicals in light of the Advertisement Policy-2016 for release of government advertisements and fixation of rates thereof.

Pertinent to mention that the government has constituted a broad-based committee to deliberateon the issue of categorization and submit its recommendations to the Empanelment Committee headed by Secretary to the Government, Information Department. The Empanelment Committee will finalize the categorization of the newspapers and other periodicals to implement the new advertisement rate structure announced by the government recently.

The government while ordering revised advertisement rates for the newspapers and other periodicals has made it conditional with the categorization of the newspapers.

The Advertisement Budget for 2017-18 was Rs 30 crore which has been hiked to Rs 35 crore in the 2018-19 Budget.

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