Around the Globe

Around the Globe

Modi promises employment to all

Prime minister Narendra Modi has said the government is working towards providing employment to each person and the task is enormous since India has 800 million population below 35 years.
“Our development needs are huge and is ambitious. We want to provide a roof over every head and jobs to every hand,” Modi said speaking at the Vibrant Gujarat Summit in Ahmedabad, where Adani group pledged to invest Rs 48,400 crore in the next five years in the state.

Free or Fettered?

A day after former governor of the Reserve Bank of India (RBI) YV Reddy commented that the central bank's identity seems to have been dented and its autonomy diluted post-demonetisation, another former governor Bimal Jalan on Tuesday stressed that the RBI autonomy is fundamental and needs to be maintained. A point proved by the RBI’s note to the parliamentary committee on demonetisation. The note confirmed the worst fears--of government’s interference in central bank’s decision making--and proved that the autonomy of the central bank has indeed been compromised.

TN declared drought-hit

The Tamil Nadu government on Tuesday declared the entire state as ‘drought-hit’. The state government intends to seek special aid from the central government to tide over the crisis prevailing in the state, due to the failure of the monsoon this year.
Chief minister, O Panneerselvam said in a statement that tax will be waived for all the farm lands across the state. The families of 17 farmers, who committed suicide due to the prevailing drought and crop failures, will be offered Rs 3 lakh each, he said.

TINA factor: equity is where you should put your money

Demonetisation impact will be for a limited period..say a maximum of 3-5 months; its effect will be more of a short term pain but long term gain. While estimates of demonetisations impact on GDP vary from 1 per cent to 4 per cent points, we think it will be more towards the lower number. Two wheelers and consumer durables purchases have seen some postponement. This could resume soon as disposable income has gone up after Seventh Pay Commission / One Rank One Pension pay outs started last year.

Tax evasion suspected in Rs 3-4 lakh crore deposits

After its estimate on black money went off the mark with major chunk of invalidated banknotes making their way to banks in the 50-day demonetisation drive, the government now suspects tax-evaders have managed to deposit Rs 3-4 lakh crore in banks.
It has started scanning high-value deposits in the now-defunct Rs 500 and Rs 1,000 notes to ascertain unaccounted money.

A sleeping pod with TV, music system for Gen Y

Here is a sleeping pod for the urban Gen Y population — a queen-size bed with attached personal TV, adjustable reading lamp, music system, power outlets, gaming, storage space and master controls.

Govt to fast track green nod for infra projects

The Centre plans to further fast track environment, forest and wildlife clearances processes for large projects as it looks to restart investment cycle in the infrastructure sector that has the potential to prop up the economy post-demonetisation.
Top sources in the government said the Centre is mulling a single-point public hearing process involving gram sabhas for granting all statutory green clearances to projects. Also one platform would be provided for giving all three clearances.

Note ban: SBI chief says situation will normalise by Feb-end

State Bank of India Chairman Arundhati Bhattacharya today said the prevailing situation arising out of demonetisation will get normalised by end-February, emphasising the need to promote digitisation of economy.

"We believe that the situation (arising out of demonetisation) will become totally normal by the end of February," Bhattacharya told reporters at the airport here after arriving to participate in the 8th Vibrant Gujarat Global Summit (VGGS).

Auto sales at 16-yr low in Dec as demonetisation takes toll

Monthly automobile sales growth rate in India slipped to a 16-year-low in December with total vehicle sales declining by 18.66 per cent as demonetisation hits the industry hard.

According to latest SIAM data, most of the major segments, including scooters, motorcycles and cars, witnessed record decline December sales as the automobile sector continued to bear the brunt of negative consumer sentiments in the wake of the ban of Rs 500 and Rs 1,000 banknotes announced in November.

Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

As it analyses bank deposits post- demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1000 notes.

A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded.