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3 episodes with finance minister nirmala sitharaman
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2 episodes with finance minister nirmala sitharaman
2 episodes with finance minister nirmala sitharaman
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12 episodes with finance minister nirmala sitharaman
2 episodes with finance minister nirmala sitharaman
9 episodes with finance minister nirmala sitharaman
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3 episodes with finance minister nirmala sitharaman
2 episodes with finance minister nirmala sitharaman
Rare earth elements (REEs), a group of 17 minerals, have become central to global industry and geopolitics. They power electric vehicle motors, wind turbines, semiconductors, consumer electronics and advanced defence systems. While moderately abundant, they are difficult and expensive to extract and process. China has built overwhelming dominance in this sector, controlling nearly 90% of global processing and about 70% of production, despite holding only around 30% of global reserves. In 2025, China imposed a series of export restrictions on these elements, disrupting supply chains worldwide. Since then, supply restrictions have eased since then. For India, the vulnerability was stark. Despite holding around 8% of global reserves, the country produces less than 1% of global output and imports to meet its requirements. In a bod to increase domestic capacity, the government launched the ₹34,300-crore National Critical Mineral Mission in January last year, and followed up in the Union Budget this year. In her Budget speech, Finance Minister Nirmala Sitharaman announced the government's plans to set up dedicated rare earth corridors in Odisha, Kerala, Andhra Pradesh and Tamil Nadu and manufacturing of Rare Earth Permanent Magnets. Can meaningfully reduce India's dependence on imports, strengthen strategic industries, and position the country as a serious player in global advanced-material supply chains? Guest: Shobhankita Reddy, Research analyst for the High Tech Geopolitics Programme, Takshashila Institute Host: Nivedita V Learn more about your ad choices. Visit megaphone.fm/adchoices
Yesterday in the Lok Sabha, Finance Minister Nirmala Sitharaman presented her ninth consecutive Union Budget, covering the period from April 2026 to March 2027. This budget comes at a time when questions are being raised about India's actual economic growth, concerns over US tariffs are looming large, and the government continues to shoulder the responsibility of stimulating the economy.To understand how the budget addresses these challenges and what it reveals about the government's broader plans, we speak to The Indian Express' Udit Misra in this episode.Hosted and produced by Shashank BhargavaEdited and mixed by Suresh Pawar
In an exclusive interview with Network 18, Finance Minister Nirmala Sitharaman highlighted Budget's focus on keeping the economic ship stable amid global uncertainty. Our reporters also take apart the securities transaction tax announcement, revealing its impact on the market. In other news - deal activity picks up, gold loan players come under RBI lens, tax defaults rise & car makers begin the year on a strong footing.
Listen to the latest SBS Hindi news from India. 02/02/2026
Yesterday, we saw the steepest Budget-day crash in 6 years. Today, the Nifty surged back to 25,088. Was the panic selling a mistake? While retail investors worried about the STT hike on F&O, smart money stepped in for "Value Buying." Plus, Finance Minister Nirmala Sitharaman just clarified that the Disinvestment roadmap is fully intact. Join Sanket Bendre as we decode whether this rebound is a "Dead Cat Bounce" or the start of a post-budget rally.
Yesterday, we saw the steepest Budget-day crash in 6 years. Today, the Nifty surged back to 25,088. Was the panic selling a mistake? While retail investors worried about the STT hike on F&O, smart money stepped in for "Value Buying." Plus, Finance Minister Nirmala Sitharaman just clarified that the Disinvestment roadmap is fully intact. Join Sanket Bendre as we decode whether this rebound is a "Dead Cat Bounce" or the start of a post-budget rally.
Yesterday, we saw the steepest Budget-day crash in 6 years. Today, the Nifty surged back to 25,088. Was the panic selling a mistake? While retail investors worried about the STT hike on F&O, smart money stepped in for "Value Buying." Plus, Finance Minister Nirmala Sitharaman just clarified that the Disinvestment roadmap is fully intact. Join Sanket Bendre as we decode whether this rebound is a "Dead Cat Bounce" or the start of a post-budget rally.
Finance Minister Nirmala Sitharaman tabled the Union Budget in the Parliament. Bidisha Bhattacharya, Associate Fellow, Chintan Research Foundation, explains what the Budget really says about India's economy with 12 big takeaways.
In this video, IPS Finance presents a detailed analysis of Union Budget 2026 from an investor's perspective, highlighting the key positives and negatives (Plus & Minus) announced by Finance Minister Nirmala Sitharaman. Economist V. Nagappan explains how the budget impacts equity markets, long-term investors, middle-class savings, and overall economic growth. A special focus is given to one of the most discussed questions after the budget – Is there any tax impact on Gold Bonds? The video breaks down budget announcements related to taxation, investments, gold, and financial planning in a simple and practical manner, helping investors understand what actions to take post-Budget 2026.
Finance Minister Nirmala Sitharaman presented the Union Budget on February 1, setting two records in the process. She became the first finance minister to present the Budget nine times in a row, and the first to do so on a Sunday. But despite the reform pitch ahead of the speech, the Budget was widely seen as lacklustre, with markets reacting negatively. So what did the government actually announce, and why has the response been muted?See omnystudio.com/listener for privacy information.
When the Goods and Services Tax — or GST — was rolled out in 2017, it was billed as one of India's biggest tax reforms. It replaced a maze of indirect taxes like excise duty, VAT, and service tax, with the promise of creating a single, unified market. It was meant to create a simpler, fairer, and more transparent system. GST is what's known as a destination-based tax, levied on every stage of value addition — a system designed to be simpler, fairer, and more transparent.Nearly eight years later, the system has seen major reforms. In its 56th meeting, the GST Council revamp the tax structure into a primarily two-rate system of 5% and 18%, and a 40% “special rate” on sin goods such as tobacco and luxury items such as large cars, yachts, and helicopters. The government is stated that this rationalise will help both businesses and also put more money in the hands of the public. Finance Minister Nirmala Sitharaman has said the changes will put nearly ₹2 lakh crore back into the hands of people. The government hopes that this extra money will boost domestic consumption. What this means for businesses, consumers, and the economy at large? Guest: Dr Sacchidananda Mukherjee, National Institute of Public Finance and Policy Host: Nivedita V Edited by Sharmada Venkatasubramanian Learn more about your ad choices. Visit megaphone.fm/adchoices
After a lull of many years, there's so much happening in India's nuclear energy sector this year. On 1 Feb 2025, when Finance Minister Nirmala Sitharaman presented the first full budget of Modi 3.0, she made a major policy announcement related to nuclear energy: the intention to amend the liability law, also referred to as CLNDA in short. But what is this law about, why is it being amended? Would this amendment serve as a silver bullet for the Indian nuclear industry that has been stagnating for a long time now? In this episode of All Things Policy, Lokendra Sharma, a research analyst with Takshashila, discusses the various facets of nuclear liability with Parthasarathy and Siddharth, who just finished Takshashila's Graduate Certificate in Public Policy. As part of this course, they examined nuclear liability in detail and made some recommendations on how to revise it. 'Introduction to Geospatial Science & Technology' - Join our 4-weekend expert capsule course starting June 14, designed to give you a solid foundation in geospatial science and technology— without disrupting your weekdays. Learn from top-notch experts covering critical topics and discover how geospatial tech can drive innovation across disciplines. Apply by June 7 - school.takshashila.org.in/ecc-geospatialAll Things Policy is a daily podcast on public policy brought to you by the Takshashila Institution, Bengaluru.Find out more on our research and other work here: https://takshashila.org.in/...Check out our public policy courses here: https://school.takshashila.org.in
Every day, millions of posts are made online — tweets, videos, memes, reels. Some content is violent, misleading, or even dangerous. This is where content moderation comes in. However, deciding what stays up and what comes down isn't as simple as it sounds. In fact, X has sued the Union government in the Karnataka High Court for the SAHYOG portal, which it says is a “censorship portal” that allows local police and different parts of the government to demand takedowns. The Karnataka High Court did not grant interim relief to X after the Centre informed the court that there was no reason for the social media platform to be apprehensive of any coercive action against it. The matter will be taken up on April 24. Taking down content is actually quite normal in India. In 2024, the govt blocked a 28,000 URLs across various social media platforms. These URLs had content linked to pro-Khalistan separatist movements, hate speech, and material that are considered to be la threat to national security and public order. A recent report in The Hindu says that nearly a third of the 66 takedown notices sent to X by the Ministry of Home Affairs' Indian Cyber Crime Coordination Centre (I4C) over the past year warn the platform to remove content about Union Ministers and Central government agencies. This included content about PM Narendra Modi, Home Minister Amit Shah and his son Jay Shah, and Finance Minister Nirmala Sitharaman. Globally, too, platforms have come under criticism for content moderation, or the lack of it. Facebook's role in amplifying hate speech during the Rohingya crisis in Myanmar is one such example. In the U.S., Twitter's internal communications — revealed in the so-called “Twitter Files” — sparked a debate about political bias and backchannel moderation. Instagram users have repeatedly flagged the increase of graphic content. Countries are responding to this challenge in very different ways. The European Union is pushing for algorithmic transparency and accountability with its Digital Services Act. The U.S. had taken a hands off approach despite several controversies. In India, the government and law enforcement agencies flag content to be taken down. So, who gets to decide what free speech looks like in the digital age? Is it the government, the platform themselves, or the public? And how do we draw the line between harmful content and healthy debate? Guest: Dr. Sangeeta Mahapatra, Research Fellow at the German Institute for Global and Area Studies Host: Nivedita V Edited by Sharmada Venkatasubramanian.
This is the Catchup on 3 Things by The Indian Express and I'm Flora Swain.Today is the 25th of March and here are the headlines.Finance Minister Nirmala Sitharaman's Budget 2025-26 ReplyIn her reply to the Finance Bill debate, Finance Minister Nirmala Sitharaman highlighted that the 2025-26 Union Budget offers "unprecedented tax relief" to honor taxpayers and aims to boost domestic production and enhance export competitiveness. She emphasized the introduction of provisions and reforms via the Finance Bill, hoping for their discussion in the upcoming Monsoon session. Sitharaman also noted that the new Income Tax Bill will be taken up for detailed discussion during Parliament's next Monsoon session.Mumbai Police Summon Comedian Kunal Kamra Over Eknath Shinde RemarksAmid controversy over comedian Kunal Kamra's remarks about Maharashtra Deputy CM Eknath Shinde, Mumbai police have summoned Kamra for questioning. The remarks, calling Shinde a ‘traitor' during a stand-up show, sparked public debate. Kamra, who lives in Puducherry, has been asked to appear before the Khar police by 11 am Tuesday. In response, Shinde acknowledged the importance of freedom of expression but stressed that satire should have its limits. Shiv Sena workers also vandalized the Mumbai studio where Kamra performed.Delhi CM Rekha Gupta Unveils BJP's First Budget in 26 YearsOn Tuesday, Delhi Chief Minister Rekha Gupta presented the BJP's first budget for the national capital in 26 years. With a record allocation of ₹1 lakh crore for 2025-26, the budget reflects a 31.5% increase over the previous year. Gupta focused on key areas like infrastructure, roads, water, and electricity, aiming to transform Delhi into a "Viksit Delhi." Criticizing the AAP government's record, she promised modern expressways and congestion-free corridors, vowing to reshape Delhi's infrastructure.Second Body Found in SLBC Tunnel Collapse in TelanganaRescue teams on Tuesday recovered a second body from the site of the SLBC tunnel collapse in Telangana's Nagarkurnool district. The body was found 50 meters from the original collapse site, where eight workers were trapped on February 22. One body was recovered on March 9, identified as Gurpreet Singh from Punjab. The Telangana government had decided to continue search operations, leading to the discovery of the second body the following day, though the identity remains unknown.Journalist Accidentally Added to US Military Strike Chat on SignalIn a major security breach, journalist Jeffrey Goldberg, editor-in-chief of The Atlantic, was accidentally added to a private Signal chat about secret US military plans targeting the Houthi rebels in Yemen. The chat included senior Trump administration officials, such as Vice President JD Vance and Defense Secretary Pete Hegseth, discussing classified operations. Although Signal is encrypted, it's not approved for sharing sensitive government information. Goldberg deleted the sensitive material, but the incident raised questions about security and accountability in government communications.That's all for the today. This was the CatchuUp on 3 Things by The Indian Express.
This is the Catchup on 3 Things by The Indian Express and I'm Flora Swain.Today is the 18th of March and here are the headlines.Tulsi Gabbard, Director of US National Intelligence, emphasized strengthening security ties with India at the Raisina Dialogue in Delhi. She highlighted collaboration in cybersecurity, emerging tech, and AI. Gabbard acknowledged India's security concerns and reaffirmed that “America first is not America alone.” She stressed the importance of continuing a long-standing partnership, taking advantage of the new administration's momentum to explore further opportunities for collaboration.Maharashtra CM Devendra Fadnavis described the violence in Nagpur on Monday as a “planned incident.” It followed a protest by VHP and Bajrang Dal members demanding the removal of Aurangzeb's tomb. Police were attacked, vehicles set on fire, and tear gas was used to disperse crowds. The violence spread across several areas of Nagpur, leaving several injured.Prime Minister Narendra Modi praised the Mahakumbh in Prayagraj, calling it a milestone for an awakened nation. Speaking in Lok Sabha, he linked the event's success to the spirit of the nation, reflecting the progress towards the next 1,000 years. Modi also noted how the Ram Mandir ceremony last year foreshadowed the national collective consciousness, reinforcing the country's strength and unity.Finance Minister Nirmala Sitharaman defended the 'Make in India' initiative in the Rajya Sabha, stating it had gained significant momentum, contrary to Opposition claims. She highlighted the success of the Production-Linked Incentive (PLI) schemes, which attracted Rs 1.5 lakh crore in investments and generated 9.5 lakh jobs, countering criticisms of the government's manufacturing policies.Israel launched major airstrikes on Gaza early Tuesday, killing at least 326 Palestinians, including women and children, as reported by hospital officials. The airstrikes targeted Hamas positions, escalating tensions as ceasefire talks stalled. Israel's military vowed to continue its offensive against Hamas, accusing the group of rejecting multiple ceasefire proposals. Prime Minister Netanyahu's office stated that Israel would intensify its military response.This was the Catch Up on 3 Things by the Indian Express.
The 25th ET Awards for Corporate Excellence featured a fireside chat with Finance Minister Nirmala Sitharaman and ET’s Executive Editor Sruthijith KK, offering key insights into India’s economic priorities. The Finance Minister discussed plans to streamline GST rates, address concerns over inventory dumping, and navigate challenges in global trade. She also shared updates on India’s approach to bilateral trade agreements with the US, EU, and UK, emphasizing the importance of safeguarding national interests amid shifting global dynamics. Tune in. Check out Dia’s other interesting episodes like: Move Aside Tech Bros!, Will Musk’s Starlink Finally Come to India?, The Economics of Terror, Devious Genius: The “Digital Arrests” Scam Pt 1 & Pt 2, India's CCTV Crackdown, and more! You can follow Dia Rekhi on social media: Linkedin & Twitter Catch the latest episode of ‘The Morning Brief’ on ET Play, The Economic Times Online, Spotify, Apple Podcasts, JioSaavn, Amazon Music and Youtube. Credits: CNBC-TV 18 (1), CNBC-TV 18 (2)See omnystudio.com/listener for privacy information.
In this episode of Finshots on 15th February 2025, we understand the new Income Tax Bill that Finance Minister Nirmala Sitharaman just droppedSpeak to Ditto's advisors now, by clicking the link here - https://ditto.sh/9zoz41
This is the Catchup on 3 Things by The Indian Express and I'm Ichha Sharma.Today is the 14th of February and here are this week's headlines.Prime Minister Narendra Modi embarked on a four-day trip to France and the US, starting Monday. In France, Modi co-chaired the Artificial Intelligence Action Summit with French President Emmanuel Macron from 10 to 12 of February. During his visit, he also inaugurated India's first consulate in Marseille and paid tribute to Indian soldiers at the Mazargues War Cemetery. Before embarking on his visit Modi referred to both Macron and US President Donald Trump as his "friends" and emphasized strengthening international cooperation in the fields of technology and diplomacy.Meanwhile, Manipur's Chief Minister, N Biren Singh, resigned, setting off discussions about his replacement. The BJP's central leadership is expected to take time in finalizing a consensus candidate. Governor Ajay Kumar Bhalla has asked Singh to remain in office until alternative arrangements are made. Meanwhile, Singh recommended suspending the Assembly, allowing time for MLAs to agree on a new leader. With no clear majority support for a successor, the Centre may consider imposing President's Rule. The resignation led to the nullification of an earlier order to convene the Assembly.In another news making headline, Ranveer Allahbadia, founder of the popular YouTube channel ‘Beer Biceps', has become the subject of a Mumbai police probe for the allegedly obscene comments he made during a guest appearance on Samay Raina YouTube show ‘India's Got Latent'. Maharashtra cyber police summoned several celebrities, including comedian Tanmay Bhatt, actor Rakhi Sawant, and influencer Uorfi Javed.Meanwhile, Samay Raina's lawyer sought more time for her client as he is travelling overseas, but the state cyber police refused to give any time and served him a second notice asking him to remain present before them on 17th of February. In other news, the Uttarakhand High Court addressed concerns about the Uniform Civil Code of Uttarakhand Act, 2024, particularly regarding live-in relationships. The court emphasized the importance of self-respect and privacy, especially for children born from such relationships. Chief Justice G Narender questioned the regulation of live-ins and the declaration of such marriages as void or criminal. The petition challenging these provisions highlights concerns about the infringement of religious rights and the adverse impact on individuals involved in live-in relationships.Meanwhile, in news from the parliament, Finance Minister Nirmala Sitharaman introduced the new Income Tax bill in Lok Sabha on Thursday. The new Income Tax Bill will replace the six-decade old Income Tax Act and will likely come into effect from 1st of April, 2026. With no major structural changes in the new Bill, experts say its majorly a simplification exercise and its key features are — crisp language, removal of extra provisos and explanations along with expanded definition of income. In the new I-T Bill, virtual digital assets have been included in the definition of property to be counted as a capital asset of the assessee and several provisions have been provided in tabular format such as TDS provisions, presumptive taxation rates, assessment time limits among others.This was the Catch Up on 3 Things by the Indian Express
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, February 14, 2025. This is Nelson John, let's get started. Top Indian business schools are witnessing a resurgence in hiring activities, despite uncertainties stemming from global political developments. This rebound is attributed to the robust growth of India's economy, which has bolstered corporate confidence and led to an increased demand for management graduates. Companies across sectors such as technology, finance, and consulting are actively recruiting, offering competitive packages to secure top talent reports Devina sengupta & Pritista Bagi. However, global political events, including trade tensions and policy shifts, have introduced elements of unpredictability. These developments have prompted organizations to reassess their international strategies, potentially influencing the nature and volume of roles offered to graduates. Despite these challenges, the overall hiring sentiment remains optimistic, with firms focusing on candidates who can navigate complex global scenarios and drive growth in uncertain times. While global political dynamics present challenges, the strong domestic economic environment ensures that top Indian business schools continue to experience healthy hiring trends.Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha yesterday. The much-anticipated new Bill will not introduce new taxes but only simplifies the language of the existing Income Tax Act of 1961 and enhances clarity for taxpayers. Some of the key highlights include: Reduction of Obsolete Provisions: Numerous outdated and redundant sections have been eliminated to streamline the tax code.Consolidation of Sections: Related provisions, especially those concerning salaries and deductions, have been grouped together for easier reference.Introduction of ‘Tax Year': The bill introduces the concept of a “tax year,” aligning it with the financial year to reduce confusion.Taxpayer's Charter: A charter outlining the rights and obligations of taxpayers has been introduced to promote transparency and trust.Faceless Jurisdiction: Provisions have been made for faceless assessments to minimize direct contact between taxpayers and authorities, reducing potential biases.Enhanced Compliance Measures: The bill empowers the Central Board of Direct Taxes (CBDT) to establish tax administration rules and implement digital tax monitoring systems without requiring frequent legislative amendments. Those were some of the key highlights of the new income tax bill.. Now this Bill, represents a significant step toward modernizing India's tax framework, aiming for greater simplicity, transparency, and taxpayer-friendliness. The new provisions are set to take effect from April 1, 2026, providing taxpayers ample time to adapt to the changes. Quantum computing is making big leaps forward, but most businesses aren't paying attention because they're busy with other tech priorities like AI. A startup called PsiQuantum, based in California, aims to build a fully functional quantum computer by 2027. Unlike other companies, they are using existing computer chip factories to speed up the process. Despite these advancements, a poll at the Wall Street Journal's CIO Network Summit revealed that none of the attending tech executives were actively exploring quantum computing applications for their businesses. Many are currently more focused on areas like artificial intelligence and adapting to evolving technology policies. However, India is making significant strides in quantum computing through government-led initiatives & research programs through the National Quantum Mission and collaborations with global tech firms like IBM, Google, and Microsoft who are partnering with Indian firms and universities to train talent in quantum technologies. India's investments in quantum computing are expected to transform industries like finance, healthcare, defense, and logistics in the coming years.The International Finance Corporation (IFC), part of the World Bank Group, has invested ₹860 crore (approximately $98.35 million) in India's first sustainability-linked bond issued by Cube Highways Trust (Cube InvIT). The funds from this bond will be used to acquire NAM Expressway Limited, a key highway that links Chennai and Hyderabad. Additionally, the investment will support Cube InvIT's long-term objectives, including initiatives focused on sustainability and social inclusion. As the main investor, IFC's involvement is expected to attract more capital, promoting the development of India's road infrastructure while adhering to global ESG standards, reports subshas narayan. Global investment firm Carlyle has acquired controlling stakes in two Indian auto parts manufacturers, Highway Industries and Roop Automotives, to create a diversified auto components platform. Highway Industries specializes in powertrain parts, while Roop Automotives produces steering system assemblies and exports to Europe and North America. The founders of both companies will retain significant stakes and continue to be involved in the business. Carlyle aims to help these companies leverage operational synergies, enhance capabilities, and expand capacities to deliver greater value to their customers. This move reflects Carlyle's strategy to build a significant presence in India's auto components sector, focusing on companies that cater to electric vehicles and have strong export potential.
Ahead of the Budget, there was an expectation that the government would provide some relief for the middle class, and Finance Minister Nirmala Sitharaman delivered. In her budget speech, she announced that there would be no income tax for incomes up to ₹12 lakh. Of course, this stole the show, but it wasn't the ONLY big news. The Union Budget 2025 had several schemes, tax reforms and initiatives to improve infrastructure, ease of doing business, and financial inclusion. Guest: Prof. Bhagwan Das, Associate Professor and Head of the Department of Economics of Loyola College, Chennai. Host: Nivedita V Edited by Sharmada Venkatasubramanian.
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wed, February 12, 2025. This is Nelson John, let's get started. Hexaware Technologies Ltd, a global digital and technology services company backed by private equity firm Carlyle Group, is set to make a grand re-entry into the Indian stock market with a ₹8,750 crore (about $1 billion) initial public offering (IPO).The much-anticipated IPO, which opens on 12 February and closes on 14 February. Hexaware's IPO price band has been set at ₹674-708 per share. The entire offering will be an offer for sale (OFS) by the promoter, CA Magnum Holdings, a subsidiary of Carlyle Group. While Hexaware is well-positioned for growth, it faces several risks. It operates in a fiercely competitive IT services landscape, where it faces both established global titans and mid-sized local challengers; another concern is the economic slowdown in its key markets, particularly in the US and Europe, which poses a significant challenge. Any downturn in discretionary IT spending by clients could impact revenue growth.Prime Minister Narendra Modi is on a three-day visit to France, A key highlight of this visit is his co-chairing of the AI Action Summit in Paris alongside French President Emmanuel Macron. The summit brings together global leaders and tech industry executives to discuss collaborative approaches to artificial intelligence for innovation and public good. In his address at the AI Action Summit, Prime Minister Modi emphasized the need for global cooperation to establish governance and standards for AI that uphold shared values, address risks, and build trust. Beyond the summit, Modi and Macron are scheduled to hold bilateral talks to review the progress of the 2047 Horizon Roadmap for the India-France strategic partnership.Additionally, They will inaugurate India's newest Consulate General in Marseille and visit the International Thermonuclear Experimental Reactor (ITER) project, a significant collaboration in nuclear fusion research. This visit underscores the deepening ties between India and France, focusing on cooperation in technology, innovation, and strategic sectors. The government is thinking about extending duty-free imports of urad beyond March 31 due to a supply shortage. Urad, a staple in South Indian cuisine, is already imported without any duty, and this policy is likely to continue since domestic production has been steadily dropping. For those of you unaware, Urad is a three-season crop, mainly sown during the kharif season but also grown in rabi and summer. According to the agriculture ministry, production has declined from 2.7 million tonnes in FY22 to 2.3 million tonnes in FY24. With demand increasing, a supply crunch could lead to higher prices. Finance Minister Nirmala Sitharaman has announced a six-year Mission for Aatmanirbharta in Pulses to boost domestic production and reduce reliance on imports. The initiative will focus on key pulses like tur (pigeon pea), urad, and masoor (lentils). And as part of this push, the minimum support price (MSP) for urad has been increased to ₹7,400 per quintal, up from ₹6,950 last season. This move aims to encourage farmers to grow more pulses and strengthen India's self-sufficiency in food production. Imagine getting a call from someone claiming to be a police officer or a government official. They tell you that you're involved in a serious crime—maybe money laundering or cyber fraud. To avoid immediate arrest, they demand a fine or ask you to verify your identity via video call. Sounds terrifying, right? Welcome to the era of ‘Digital Arrest' Scams, one of the latest fraud tactics spreading across India. A family in Noida has fallen victim to a sophisticated cyber fraud, losing over ₹1 crore after being subjected to a five-day 'digital arrest' by fraudsters. According to reports, Mr. Chandrabhan Paliwal received a call from an unknown number. The caller claimed to be from the Telecom Regulatory Authority of India and warned that his SIM card was at risk of being blocked. Shortly thereafter, Paliwal was contacted by another individual purporting to be an officer from the Cyber Crime Branch of Mumbai. The fraudulent officer falsely accused Paliwal of extortion, alleging that 24 criminal cases had been filed against him in multiple locations. The ordeal escalated when Paliwal's wife and daughter were also targeted with similar video calls, during which they were warned of imminent arrest unless a payment was made. Yielding to the threats, Paliwal transferred a total of ₹1.10 crore over the course of five days.. The government has consistently emphasised that "digital arrest" does not exist and has repeatedly cautioned the people of India against falling for such scams. The 90-hour workweek debate gained attention after some business leaders and entrepreneurs, especially in the tech and startups space, suggested that working extreme hours is necessary for success. This sparked a heated discussion about work-life balance, productivity, and employee well-being. Amid the debate over a 90-hour workweek and work-life balance, the Andhra Pradesh government plans to implement a “Work From Home” policy, especially for women. Andhra Pradesh Chief Minister Chandrababu Naidu announced the new initiative in a post on LinkedIn. He added that he's confident these initiatives will foster greater workforce participation, especially of women professionals, who will benefit through flexible remote/hybrid work options. The new policy comes after L&T Chairman SN Subrahmanyan sparked online debate after his undated video advocating a 90-hour work week that went viral. Now India already has a long working hour culture, with many employees in tech, startups, and finance working well beyond the standard 40-48 hours per week. While some believe extra effort is necessary for economic growth, others argue that sustainable productivity, innovation, and work-life balance are more important. What's your take—hustle culture or healthy boundaries? Let us know in the comments below!
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, February 6, 2025. This is Nelson John, let's get started. In January, Prime Minister Modi introduced Mission Mausam, a significant climate forecasting initiative, receiving ₹1,329 crore in funding for FY26. But is this sufficient? Soumya Gupta explores. The mission, overseen by the Ministry of Earth Sciences, aims to enhance India's climate change predictions and track extreme weather with new technologies, including AI-enhanced models and advanced satellites. Initially funded with ₹2,000 crore, its budget includes ₹671 crore for FY25 and the remainder for FY26. India's climate strategy extends beyond Mission Mausam. The Ministry has integrated four programs into its PRITHVI scheme, focusing on climate research in critical regions like the Arctic and Himalayas, with a budget exceeding ₹2,500 crore through FY26. Overall, India plans to allocate over ₹50,000 crore in FY25 and nearly ₹62,000 crore in FY26 to combat climate change. Despite these investments, they account for just 1.2% of the total budget for FY26, far from the ₹57 trillion pledged through 2030 for comprehensive climate change measures. OpenAI CEO Sam Altman advocates a full-stack approach for India's AI development, contrasting with his 2023 stance where he deemed competing in AI training as "hopeless." He discussed this shift in an interview with Hindustan Times' editor-in-chief R Sukumar on Wednesday before reiterating his opinion at a discussion with IT minister Ashwini Vaishnaw the same morning. Altman points to a drastic cost reduction in AI, which now surpasses the rate predicted by Moore's Law, stating costs drop tenfold annually. This change supports more expansive AI initiatives, including foundational models which underpin technologies like ChatGPT. At his discussion with Altman later, IT minister Vaishnaw emphasized India's comprehensive strategy, from chip design to application development, drawing parallels to India's cost-effective space missions. He noted promising developments from six Indian entities poised to unveil foundational AI models within the year. In discussions with tech leaders and investors, Altman remarked on the immediate potential of AI to enhance scientific research and development significantly but tempered expectations about its current capabilities, such as curing diseases.India's services sector saw its slowest growth in over two years this January, with the HSBC India Services Purchasing Managers' Index (PMI) reading dropping to 56.5 from December's 59.3, according to S&P Global. Despite this slowdown, the sector remains in expansion territory, above the 50-point mark that separates growth from contraction. Rhik Kundu reports that the dip is attributed to decreased customer numbers and a softer rise in sales and output. HSBC's chief India economist, Pranjul Bhandari, noted that both business activity and new business indices have not been this low since November 2022. However, the new export business has provided some cushion, reflecting a rebound in services exports as of December 2024. Simultaneously, India's manufacturing sector showed improvement, with the Manufacturing PMI climbing to a six-month high of 57.7 in January, driven by an increase in new export orders. India is currently experiencing two rare events: the Maha Kumbh in Prayagraj, occurring once every 144 years, and an unexpectedly cheerful middle class following the Union Budget 2025-26. This year's budget has infused ₹1 trillion into the economy via tax rebates to middle-income earners, marking a significant shift in fiscal policy that could ripple through the economy and the equity markets. Finance Minister Nirmala Sitharaman announced substantial tax breaks that not only increase disposable income but are set to initiate a beneficial economic cycle through the Marginal Propensity to Consume. For instance, an extra ₹50,000 in a taxpayer's pocket could lead to additional spending of ₹30,000, benefiting various sectors of the economy. This increased consumption is projected to generate an economic impact of ₹2.5 trillion, based on an MPC of 0.7, indicating a significant boost to economic activity. Abhishek Mukherjee takes a deep dive into how equity investors can ride the post-budget wave in today's Long Story. Two former SpiceJet pilots have petitioned the National Company Law Tribunal (NCLT) in Delhi to declare the airline bankrupt over ₹3 crore in unpaid dues. The pilots, Sameer Breja and Karan Gupta, claim SpiceJet didn't pay salary arrears and other dues since 2020, exacerbated by the pandemic-induced salary cuts and new payment terms tied to operational benchmarks not initially agreed upon. SpiceJet dismisses the claims as "baseless and frivolous," stating that settlements are complete pending documentation from the pilots, Dhirendra Kumar and Daanish Anand report. The NCLT suggested the plea might be a pressure tactic and adjourned the case without issuing a notice to the airline.
On Saturday, Finance Minister Nirmala Sitharaman presented the twelfth Union Budget under Prime Minister Narendra Modi's government.This budget came at a time when India has been struggling to achieve its desired growth rate while grappling with challenges like unemployment and rising prices. After introducing reforms such as GST and implementing various ease-of-doing-business measures in the past, the government this time announced an unprecedented tax break for the middle class, hoping it would provide a much-needed boost to the economy.To break down the key takeaways, what this could mean for India's growth story, and other major highlights from the Union Budget, The Indian Express' Udit Misra joins us.Hosted and produced by Shashank BhargavaEdited and mixed by Suresh PawarAdditional help from Ichha Sharma
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, February 3, 2025. This is Nelson John, let's get started. US President Donald Trump has implemented tariffs on imports from Canada, Mexico, and China, citing a national emergency related to drug trafficking. Starting February 4, imports from Canada and Mexico will face a 25% tariff, except for Canadian oil which will see a 10% duty. Chinese imports will incur an additional 10% tariff. These tariffs are expected to increase prices in the US, potentially driving up inflation and slowing economic growth globally. In response, Canada has already slapped a 25% tariff on US imports worth Canadian $155 billion. Mexico and China have also promised retaliatory measures. The move has sparked concerns of a potential trade war, with Trump suggesting he might extend tariffs to other countries, including India. This could fundamentally alter global trade dynamics. Read N Madhavan's primer on Trump's latest decision to impose the tariffs and how it could affect India. Naveen Jindal, chairman of Jindal Steel and Power Ltd, is expanding his steel empire globally, setting up a network of mines and steel plants across Europe, the Middle East, and Africa. He's a contender to acquire Italy's largest steel plant, Acciaierie d'Italia, potentially adding significant capacity to his operations. His privately-owned ventures, distinct from the publicly-listed JSPL, could match the scale of his Indian operations by 2028. Jindal's strategy includes developing end-to-end operations from mining in Mozambique and Cameroon to steel production in Oman and processing in the Czech Republic. This expansion has raised corporate governance concerns regarding potential conflicts of interest with JSPL. However, Jindal has taken steps to mitigate these concerns, such as resigning from an executive role and ensuring his private companies do not transact with JSPL, Nehal Chaliawala writes. Critics still question why these expansions are not under JSPL's umbrella, suggesting that it could protect the listed company from potential risks associated with international ventures.Foreign portfolio investors were notably absent from India's markets during the special budget session, setting the stage for what analysts anticipate could be a negative reaction in the markets. This comes amid concerns about a global trade war and ahead of a critical monetary policy announcement. Analysts Ram Sahgal spoke to, suggest that the government's focus on boosting consumption over capital expenditure and fears of an expanding global trade war might have spurred FPIs to adopt a cautious approach. FPIs have been net sellers in the Indian cash market since October, offloading shares worth ₹2.38 trillion through the end of January. They have also increased their bearish bets by shorting index futures and selling index call options—moves that reflect a heightened sense of caution and concern over India's corporate profitability and economic growth prospects amid global uncertainties. On the eve of the budget, FPIs significantly increased their short positions in Nifty and Bank Nifty call options, indicating a strong bearish stance. Recruiters are sceptical about the Union budget's plan to reduce migration by boosting job opportunities in rural areas and tier-II and -III cities. Devina Sengupta spoke to recruiters who argue that unless there's significant development in these areas, the pull towards India's 30 biggest cities will continue due to better employment opportunities and higher wages. Finance Minister Nirmala Sitharaman emphasized in her budget speech that the aim is to create enough jobs in rural areas to make migration unnecessary. However, recruiters like Aditya Narayan Mishra of CIEL HR Services point out that economic growth remains uneven across the country, with specific industries concentrated in certain states like Gujarat, Tamil Nadu, and Karnataka. This makes migration inevitable as job seekers move towards these hubs for better prospects. While the government plans to develop Global Capability Centres in smaller cities to ease the strain on major urban areas, recruiters call for more concrete plans on how these and other job creation initiatives will be implemented. Robust personal income tax revenue, showing strong buoyancy, facilitated substantial tax relief in the FY26 budget, Finance Secretary Tuhin Kanta Pandey highlighted. In a post-budget interview with Rhik Kundu and Gireesh Chandra Prasad, he explained that this would help counterbalance the effects of the recent tax cuts. The government is also pushing for mandatory deregulation reforms. These are required for states to access part of the Centre's 50-year interest-free loans for capital expenditure. Additionally, the 16th Finance Commission, led by Arvind Panagariya, is set to guide state governments on reducing their debt, aiming to lower the central government's debt-GDP ratio to 50% by 2031 from the current 57.1%.
In this special episode on 2nd February 2025, we give you a simple breakdown of 74 minutes long Budget 2025 speech by Finance Minister Nirmala Sitharaman and what it means for you. Speak to Ditto's advisors now, by clicking the link here - https://ditto.sh/9zoz41
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, January 28, 2025. This is Nelson John, let's get started. Guillain-Barré Syndrome (GBS) is stirring concerns in Maharashtra, with over 100 cases reported and a suspected death. This rare autoimmune disorder attacks the nervous system, sometimes leading to paralysis and severe respiratory issues. It's not contagious but typically follows infections or surgeries. Immediate hospitalization is often necessary for those severely affected. While there's no foolproof prevention due to its unclear causes, maintaining good hygiene and a healthy lifestyle helps mitigate risks. In India, GBS has been noted before, especially as a post-COVID complication, highlighting its potential severity. To tackle the current outbreak, the Central government has sent a specialist team to assist Maharashtra. The state is ramping up efforts to educate the public on maintaining hygiene and seeking prompt medical care for symptoms like muscle weakness. This proactive response aims to control the spread and provide necessary care to those affected. Priyanka Sharma explains what the GBS is, what are its symptoms and how to prevent it, in today's Primer. Infosys is contesting allegations from Cognizant that it stole trade secrets, arguing that the information Cognizant claims as proprietary is publicly accessible and widely known. The dispute, currently unfolding in a U.S. court, has forced Cognizant to clarify what specific trade secrets Infosys allegedly misappropriated. Infosys, in a motion filed this January, challenged Cognizant to specify its claims, highlighting that many workers in the healthcare and IT sectors are familiar with the software at issue. The conflict began when Cognizant accused Infosys of using confidential information related to its QNXT and Facets software products—acquired through its 2014 takeover of TriZetto—to enhance Infosys's own software solutions. Infosys has responded robustly, seeking to compel Cognizant to detail the supposed trade secrets and arguing that Cognizant's claims are overly broad and not legally tenable. Jas Bardia reports on the ongoing conflict. Finance Minister Nirmala Sitharaman's approach to the annual budget speeches since 2022 has evolved to focus more on a futuristic vision rather than literary embellishments. Unlike her predecessors, Sitharaman has opted out of quoting poets like Rabindra Nath Tagore and Shakespeare, shifting instead to a clear and direct style that reflects the developmental goals of the NDA government. This year, as she prepares for her eighth budget presentation on February 1, expectations are high for a speech that underscores India's aspirations to become the world's third-largest economy while addressing immediate challenges like inflation and unemployment. Gireesh Chandra Prasad writes about how, over the years, Sitharaman has refrained from quoting historical figures in her budget speeches and how it is likely to be the case this year as well. Young adults across Indian metros are increasingly shaping their spending habits to enhance their social media presence, often at significant financial cost. Mint's Shadma Shaikh spoke to 20 people in the 22 to 33 age group, all of whom acknowledged that their spending habits were largely aimed at raising their social media game. In cities like Mumbai, Delhi, and Bengaluru, it's becoming clear that a lot of young folks are tweaking their spending habits to boost their social media profiles. Take, for instance, a tech marketer from Bengaluru who splurged ₹19,000 on a Bryan Adams concert just for social media, even though he's not much of a traveler or a big music buff. It's all about crafting that perfect online image—even if it means racking up some debt. This trend isn't just about personal choices; it's shaping major business strategies too. A hefty slice of marketing budgets now fuels influencer campaigns that promise hefty growth, thanks to their ability to make anything from a beach vacation to the latest gadget seem essential. What's worrying is how this is playing out financially for the younger crowd. Financial advisors are seeing a shift: more young people are swiping their credit cards not for emergencies or investments but for that next big social media splash. From music festivals to designer gadgets, the urge to splurge is often amplified by clever marketing and the fear of missing out. The Indian government has announced plans to synchronize all clocks across the nation to the Indian Standard Time (IST), using locally developed atomic clocks for millisecond to nanosecond precision. This initiative, named 'One Nation, One Time,' aims to enhance the uniformity and accuracy of timekeeping, which is crucial for various sectors such as navigation, telecommunications, power grids, and banking. Historically, many of India's timekeeping systems have depended on U.S.-based Network Time Protocol servers. However, under the new rules drafted by the Department of Consumer Affairs in collaboration with the National Physical Laboratory (NPL) and the Indian Space Research Organisation (ISRO), all software will need to be synchronized with India's own atomic clocks.
In this episode, Monika delves into a significant move by the Indian government and financial regulator to address the mis-selling of insurance products by banks. At a recent banking event, Finance Minister Nirmala Sitharaman highlighted the need for banks to prioritize their core business—mobilising deposits and lending. She noted that aggressive insurance sales have indirectly increased borrowing costs for customers, signaling a call for reform. IRDAI Chairman Debashish Panda echoed this, urging banks to keep insurance sales secondary to their primary banking functions. Together, these statements hint at a potential shift in banking practices, putting customer needs above aggressive sales targets. Monika explains how bank staff are incentivized to push high-commission products, like money-back or endowment policies, often at the expense of traditional fixed deposits. This has slowed deposit growth, with first-year insurance premiums via bank channels hitting Rs 81,000 crore in 2022-23. The push for change may depend on the RBI's role, which is key to enforcing stricter guidelines and shielding consumers from misleading sales practices. Successful reforms could ease pressure on customers, especially those needing more traditional banking services. The episode also covers the concept of the discount rate, a crucial financial tool for assessing investment value. Monika illustrates how the discount rate helps calculate the present value of future cash flows, aiding in financial planning. By comparing various investment options—from secure bank deposits to riskier equities—listeners learn how risk impacts expected returns. This segment aims to equip the audience with a clearer understanding of making well-informed investment decisions. Listener questions span several financial scenarios. Megha (name changed) seeks advice on balancing transparency with her fiancé while safeguarding her assets. Vishwas, a freelancer, asks how to adapt the 3-account cash flow system for irregular income. Pooja from Bangalore shares her path to financial independence and seeks Monika's thoughts on legacy planning as a single woman, discussing inheritance and charitable giving. These real-life cases provide practical insight into financial challenges and choices many face today. Chapters: (0:34 - 5:34) The government crackdown on insurance mis-selling (5:35 - 7:49) Understanding the discount rate in personal finance (7:53 - 12:21) Should you disclose your finances before marriage? (12:25 - 15:43) How to implement the 3-account system as a freelancer? (15:45 - 19:32) Legacy planning and charity goals for a single person If you have financial questions that you'd like answers for, please email us at mailme@monikahalan.com Monika's book on basic money management https://www.monikahalan.com/lets-talk-money-english/ Monika's book on mutual funds https://www.monikahalan.com/lets-talk-mutual-funds/ Monika's workbook on recording your financial life https://www.monikahalan.com/lets-talk-legacy/ Calculators https://investor.sebi.gov.in/calculators/index.html You can find Monika on her social media @monikahalan. Twitter @MonikaHalan Instagram @MonikaHalan Facebook @MonikaHalan LinkedIn @MonikaHalan Production House: www.inoutcreatives.com Production Assistant: Anshika Gogoi
For many in the Indian Railway Catering and Tourism Corporation (IRCTC), this year's Union Budget announcement was a damp squib.On 23 July, several officials from the ticketing-and-catering arm of Indian Railways waited for over an hour, with the collective hope that Finance Minister Nirmala Sitharaman would quash the discounts on UPI payments. The reason behind their discontent is that the discount has cost IRCTC an arm and a leg. The company has lost Rs 40 crore in revenue. But despite all of the pushback, this year's Budget did not mention revoking the mandate anywhere. So, what's going on? And why isn't the government backing down?Tune in to find out. P.S. The Ken podcast team is looking for a talented podcast producer and an audio journalist. If you fit the bill or know someone who does, please apply!
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 25th of July and here are today's headlines.Amid heavy rains overnight and persistent downpour, especially in the catchment areas of dams, parts of Pune and Pimpri Chinchwad reported flooding this morning. The India Meteorological Department has issued an ‘orange alert' for the next two days in the city. Four deaths have so far been reported in the rain-related incidents, including three due to electrocution and one due to a rock fall. The city witnessed three landslides and a wall collapse as confirmed by the Police Commission.Meanwhile, due to torrential rains local train services in Mumbai were disrupted, as heavy waterlogging in many places brought traffic to a standstill. The IMD issued a ‘red alert' for Mumbai and the neighbouring districts of Thane and Raigad. SpiceJet, Air India, and IndiGo also announced potential flight disruptions, while schools and colleges were shut.The debate on the Union Budget 2024-25 is underway in both Houses of the Parliament. Congress MP from Jalandhar, Charanjit Singh Channi said there is an undeclared emergency in the country citing the crisis in Manipur, the plight of farmers, rape of Dalit woman in UP. Channi also raised the issue of the depreciation of the Indian rupee's value and questioned the absence of Prime Minister Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman in the House.Aadhaar-based fingerprint authentication, facial recognition of candidates, and live Artificial Intelligence-based CCTV surveillance are among the measures that the UPSC now plans to introduce to prevent “cheating, fraud, unfair means, and impersonation” during the examinations that it conducts. This comes in the wake of the case of trainee IAS officer Puja Khedkar who is facing a UPSC probe for allegedly “faking her identity” and a row over the NEET UG paper leak case.Typhoon Gaemi made landfall in Taiwan, leaving 22 people dead in the Philippines from flooding and landslides, and three in Taiwan, with more than 220 reported injured. The island has seen persistent flooding in low-lying areas, landslides, and damage to homes and shops. Offices and schools in Taiwan were closed for the second consecutive day today and people were urged to stay home and away from the coastline. The island is regularly hit by typhoons and has boosted its warning systems, but its typography, high population density and high-tech economy make it difficult to avoid losses when such storms hit.This was the Catch-Up on the 3 Things by The Indian Express.
Yesterday, Finance Minister Nirmala Sitharaman presented the first budget under the third Narendra Modi-led government.Following the announcement, PM Modi stated that the budget would empower every section of society and ensure inclusive growth. He highlighted that Dalit and backward class communities would benefit from the budget's powerful schemes and that women's contributions would be encouraged.However, opposition parties were critical. The Congress labeled it the "Save Modi Government Budget," the Trinamool Congress (TMC) called it "politically biased and anti-poor," and the Samajwadi Party (SP) claimed it overlooked the interests of youth and farmers.But to understand the budget beyond political reactions, and what it actually means for the economy, we are joined today by Indian Express' Udit Misra.Hosted and produced by Shashank BhargavaEdited and mixed by Suresh Pawar
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 24th of July and here are today's headlines.Congress leader Rahul Gandhi today met a delegation of farmer leaders in the Parliament complex who apprised him of the issues being faced by the tillers. After the meeting, Rahul said he would work with other INDIA bloc leaders to pressurise the government to make Minimum Support Price (MSP) a legal guarantee for farmers across the country. The Opposition in Rajya Sabha walked out today, a few minutes after the session began, in protest against the ‘discriminatory' Budget presented by Finance Minister Nirmala Sitharaman yesterday.Observing that there is a trust deficit between farmers and the government, the Supreme Court today proposed the constitution of an independent committee comprising eminent persons to reach out to the protesters to find a solution to their demands. A three-judge bench headed by Justice Surya Kant said there is a need for a “neutral umpire” who can inspire confidence between farmers and the government.The Bihar Assembly passed a bill today aimed at preventing question paper leaks and other malpractices in government recruitment exams in the state, PTI news agency reported. The Bihar Public Examinations (PE) (Prevention of Unfair Means) Bill, 2024, was presented by state Parliamentary Affairs Minister Vijay Kumar Chaudhary and was passed with a voice vote despite the opposition's walkout. The new legislation aims at curbing malpractices in competitive examinations, including the leak of question papers, in the state, which has been at the center of the NEET 2024 question paper leak controversy.Eighteen people have died as a Saurya Airlines flight skid off the runway while taking off from the Tribhuvan International Airport at Kathmandu today. The plane was carrying two crew members and 17 technicians to Pokhara city for maintenance checks, the Airport Security Chief told news agency Reuters. Pilot Manish Shankya was rescued and taken to a nearby hospital and is undergoing treatment for a head injury. The rescue operations are being led by the Nepal army.Rush-hour traffic returned to the streets of the Bangladeshi capital Dhaka today, as a curfew was eased after four days of nationwide shutdown that followed deadly protests led by university students against quotas in government jobs. Offices reopened and broadband internet was largely restored, although social media continued to be suspended, days after the clashes between protesters and security forces killed almost 150 people.This was the Catch-Up on the 3 Things by The Indian Express.
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 23rd of July and here are today's headlines.Union Finance Minister Nirmala Sitharaman presented the Union Budget in Parliament today. Announcements were made for politically significant states such as Andhra Pradesh and Bihar, which are ruled by major NDA member parties. Rs 15,000 cr have been allocated for the development of Amaravati, the new capital of AP. No packages for Maharashtra or Haryana means the government is not too worried about near-term state elections and its focus is more on the full five years of its term.Meanwhile, Taxpayers falling in the highest tax bracket — those with a taxable income of Rs 15 lakh or more — will save Rs 7,500 on account of enhancement in the standard deduction limit under the NTR. The government has also said mechanisms will be introduced to facilitate the continuation of credit to Micro, Small, and Medium Enterprises (MSMEs) facing stress, in an acknowledgment of the multiple headwinds faced by the sector. Further, to enhance revenue generation, a hike in Long Term Capital Gains tax has been announced, from 10% to 12.5%. The jump in equity investments and profit booking by investors is likely behind the move.Presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman on Tuesday announced a reduction in Customs duty on a range of input materials such as critical minerals, electronics, chemicals, and precious metals, among others. The government has focused on streamlining Customs duties to enhance revenue and support domestic manufacturing, she added.The bench comprising Chief Justice of India, DY Chandrachud, Justices JB Pardiwala, and Manoj Misra resumed nearly 40 pleas related to the alleged irregularities on NEET UG. The Supreme Court said the initial statements of some of the accused arrested in the NEET-UG case indicated that a “leak” may have occurred on the night of May 4, on the eve of the exam, but no evidence had been placed before it so far to establish that the breach was widespread, so as to warrant cancellation of the exam. Senior advocate Hooda told the top court that the paper leak took place through WhatsApp so it was impossible that it was confined only to Patna in Bihar.At least 157 people were killed in mudslides in a remote part of Ethiopia that has been hit with heavy rainfall, many of them as they tried to rescue survivors of an earlier mudslide, local authorities said today. Young children and pregnant women were among the victims of the mudslides in the Kencho Shacha Gozdi district of southern Ethiopia, said a local administrator. The death toll rose from 55 late Monday to 157 on Tuesday as search operations continued in the area.This was the Catch-Up on the 3 Things by The Indian Express.
India's federal government has removed the “angel tax” for all classes of investors to support its startup ecosystem. Finance Minister Nirmala Sitharaman announced the move during her budget speech, aiming to strengthen entrepreneurship and innovation in India. The tax, introduced in 2012, taxed investments in startups when valuations exceeded what tax officials deemed fair market value, clashing with investors' projections. Even after a 2019 revision, the structure still caused challenges. The core issue arose from differing valuation methods: investors used discounted cash flow methods, while tax authorities focused on current worth, making it difficult for founders to raise capital.Learn more on this news visit us at: https://greyjournal.net/news/ Hosted on Acast. See acast.com/privacy for more information.
Amit Shah mocks Rahul Gandhi over Kashmir: 'No one has guts to...', Electoral bonds will be back after consultations: Finance Minister Nirmala Sitharaman, SC asks two states to give status of cases on Patanjali's Ramdev, KL Rahul's T20 World Cup chances ‘50-50' despite burying strike rate question with the bat and mic vs CSK in IPL 2024, Imran Khan said he gave up, Bandra bungalow to live in a flat: I use just 3 plates, cut my own hair
During interim budget speech, Finance Minister Nirmala Sitharaman said govt would encourage vaccination against HPV. Experts call for including it in Universal Immunisation Programme.----more----https://theprint.in/health/cervarix-to-cervavac-a-look-at-cervical-cancer-vaccines-available-in-india-how-much-they-cost/1963737/
This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 2nd of February and and here are the top stories of this week.Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday. This was an ‘interim Budget' since the term of the current government will end soon and the country will go to polls. She began her Budget speech with references to the Union government's schemes in the social sectors. No changes were announced in direct or indirect tax rates, unlike in the 2019-20 interim Budget. Fiscal Deficit came in at 5.8% — a tad lower than the target of 5.9%. Fiscal Deficit target for next financial year is set at 5.1%.Jharkhand Governor C P Radhakrishnan met five legislators of the ruling JMM-Congress alliance on Thursday, a day after JMM leader and Hemant Soren loyalist Champai Soren staked claim to form the government in the state. Hemant Soren had submitted his resignation to the governor on Wednesday night, moments before his arrest by the Enforcement Directorate. While the JMM-Congress alliance had immediately proposed appointing Champai as the leader of the legislature party, the Governor had told them that he would revert after considering all legalities.Opposition leaders in Maharashtra slammed the state government and civic authorities on Wednesday, after The Indian Express published an investigation report that revealed how over the past year, the Brihanmumbai Municipal Corporation disbursed funds amounting to Rs 500 crore only to MLAs from the ruling BJP and Eknath Shinde-led Shiv Sena alliance. Demanding an inquiry, the opposition parties asked whether the government considers public funds as its exclusive property.The Reserve Bank of India on Wednesday barred Paytm Payments Bank from offering all its core services — including accounts and wallets — from March, effectively crippling the company's business. The action is technically not a cancellation of the licence of Paytm Payments Bank, but it constricts the company's operations to a very large extent. The RBI has allowed the withdrawal or utilisation of balance amounts by customers “without any restrictions, up to their available balance”.Congress leader Rahul Gandhi restarted the yatra from West Bengal's Malda on Thursday and entered Murshidabad in the afternoon. The back window of Rahul's car broke on Wednesday, as thousands of people thronged Labha Bridge to see the Yatra enter the state. The Congress cried foul and initially claimed that "anti-socials" had pelted stones at Rahul's vehicle. However, the party later clarified that the window pane was damaged when sudden brakes had to be applied as a woman came in front of the vehicle. Rahul's Yatra is set to enter Uttar Pradesh from Chandauli on 14th of Feb.This was the Catch-Up on the 3 Things by The Indian Express.
Finance Minister Nirmala Sitharaman almost stuck to her promise of keeping the interim Budget free of any “spectacular announcement”. But, at the same time, she tried to strike a fine balance between welfare and fiscal prudence. The budget speech was peppered with a number of people-friendly announcements, like the housing scheme for the middle class. And it also promised to bring down the fiscal deficit to 5.1% of GDP in FY25. So is this Budget more than interim? Find out in the first episode of today's special show on interim Budget. This is what experts have to say about the interim Budget. Now let us see what Business Standard's own crack team thinks. They offer us sector-wise analysis of this Budget statement. Let us see if it ticks all the right buttons. The government's aggressive fiscal targets set bond markets on fire. Yields on 10-year government securities fell as much as 10 basis points after Finance Minister Nirmala Sitharaman announced lower-than-expected fiscal deficit and borrowing numbers. So, will the government's fiscal gliding path provide the necessary balm to bond, and in turn equity markets? Salaried class, meanwhile, was a bit disappointed as the FM kept the rates unchanged. But they can now pin their hopes to the full Budget which will be tabled in July. And at about 58 minutes, it was perhaps the shortest budget speech by Nirmala Sitharaman. But it certainly carried a punch. Listen to this episode of the podcast for a few important numbers which got newsmakers attention and more.
Indian benchmark indices, Sensex and Nifty 50, are likely headed for a strong start in the trading session of February 2, a day after Finance Minister Nirmala Sitharaman presented an interim budget for 2024. India's GIFT Nifty was trading at 21,912 points as of 8:20 a.m. IST, suggesting the NSE Nifty 50 will open above its February 1 close of 21,697.45. Asian shares also gained in morning trade after US labour market data indicated a cooling economy, providing support to the Federal Reserve to combat inflation. Wall Street equities closed higher overnight aided by Meta's strong results and buyback announcement. Brent crude futures rose 50 cents, or 0.6%, to $79.20 a barrel at 7:25 am, while U.S. West Texas Intermediate crude futures gained 40 cents, or 0.5%, to $74.22 a barrel. In the domestic market, towards the end of the previous trading session, markets erased the opening gains to end with minor cuts. The market is likely to deeply analyse the budget and there might be reactions to that. Stocks to watch: Metal, pharma, and auto stocks, Paytm, Bandhan Bank and more Tune in to the Marketbuzz Podcast for more cues
Finance Minister Nirmala Sitharaman will equal the feat of former Prime Minister Morarji Desai today when she rises to present her sixth consecutive budget in the Parliament. But will she stick to the old tradition of keeping the interim budget free of pre-election sops or big schemes? What clue could the history of the interim budget offer us? Finance Minister Nirmala Sitharaman has an impressive record of keeping promises. Just a fortnight after she had said that the government was going through the process of direct listing of stocks in GIFT IFSC in a “very systematic manner”, the rules were finally notified last week. Indian companies can now list on foreign exchanges. But how will it benefit India Inc.? Cleary GIFT city will open a window of opportunity for Indian companies. But today, India Inc. and investors will be glued to TV sets. Today's ‘disha-nirdeshak' Budget, as PM Modi called it on January 31, will be keenly watched as investors expect the government to paint a picture of commitment to growth and sustainability ahead of the General Elections. But, kick-starting demand in rural and urban landscapes would come at a cost. Will the markets be able to digest that? Let's gauge which fiscal estimates may play spoilsport for the markets? The ruling government cannot present the Economic Survey with the interim budget. This time it came out with an economic review telling about India's journey over the last ten years. But ever wondered exactly what is an interim budget? We explain it in this episode of the podcast.
It was just over a year ago, on the morning of 24th of January, 2023, when Indian stock markets woke up to a US short seller's report -- which accused mighty Adani Group of stock manipulation and accounting fraud. While the benchmark indices soon recovered from the shock handed over by Hindenburg Research, the conglomerate had a tough time navigating the challenges. So has Adani Group recovered from the Hindenburg accusations? And what the future looks like for the group? Adani Green's consolidated net profit, meanwhile, more than doubled for the quarter ending December 2023. The Q3 result was announced on Monday. Clearly, things are looking up for the group. Moving on, things are looking up for India's education sector too. The government is restructuring the CBSE board exams for Class 10th and 12th. As per the latest framework, board exams will be conducted twice a year. The aim is to reduce the stress caused by the fear of a single opportunity, allowing students the flexibility to decide based on their preparedness. So, can biannual boards reduce student stress? The ruling party at the Centre, too, will face a crucial test soon as general elections are approaching. But before that, the government led by it will table an interim budget on February 1. So will upcoming polls, in any way, influence the proposals of Finance Minister Nirmala Sitharaman? Which sectors are likely to get priority? And what should be your market strategy pre-and post the interim Budget announcements? Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies shares his expectations from the upcoming interim Budget Budget, at times, also affects the prices of electronic items like TVs or mobile phones. But the prices of television sets are set to increase for a different reason now. It is because the cost of open cells, an essential component in LED TVs, has been on the rise for a while. But what are these tiny cells? How do they determine TV prices? Listen to this episode of the podcast for answers.
All eyes are on Ayodhya today. The Ram Temple is all decked up, waiting for the consecration ceremony by a battery of priests led by an elderly Kashi Acharya. Prime Minister Narendra Modi is the ‘Jajman' or chief guest at the event -- which will be witnessed by millions. And many of them will soon embark on a journey to seek blessings from the deity. The tiny temple city will soon turn into a mega pilgrimage spot. But what does it mean for the future of religious tourism? After the temple inauguration, the next big event that will be keenly watched is the tabling of the interim budget. General elections are near, and there are expectations that the government may loosen its purse strings for welfare schemes. Even as Finance Minister Nirmala Sitharaman has ruled out any such “spectacular announcements”. In the third edition of our special series on interim budget, Bhaswar Kumar speaks to experts to find out if welfarism will indeed get a further boost? And if yes, will it impact fiscal discipline? Financial market too is eagerly waiting for the interim budget. It has its wish list ready. But right now, it looks like all the roads are leading to Ayodhya. Hopes of a tourism-led economic boom have also seen stocks of travel and hospitality companies shoot up in recent weeks. So, should you join this rally or wait as valuations may test the optimism? An IMD forecast says that Ayodhya is likely to be sunny today, during the inauguration of the temple. But rest of the north India is still reeling under fog and cold wave. Hundreds of flights have either been cancelled, or are being delayed at the Delhi airport -- which will soon open its second CAT III- B runway. But what is this landing system? How does it help aircraft land during foggy conditions? Listen to this episode of the podcast for answers.
Tech companies reportedly fired over 220,000 employees in 2023. It was a jump of 40% from the previous year. And a record too. But take this contrast. Demand for tech talent still outstrips supply. So why is it so? Does India IT have a talent management problem? Or there is more to it than meets the eye? Next six months are likely to be crucial as IT firms will compete with their domestic as well as global peers to get a pie in the upcoming 16 billion-dollar worth of IT deals. Well, it's good news as deal wins will help boost the IT sector's prospects, and in a way, contribute to the country's growth. The government on its part is getting its expenditure scorecard ready. Interim budget will be tabled in Parliament on February 1. Finance Minister Nirmala Sitharaman has ruled out any “spectacular announcements”. But foreign brokerage Jefferies has said the government will boost welfare spending in the interim Budget. So what stance will the interim budget 2024 adopt? Dalal Street too will keep a close eye on the interim budget announcements. And it will express its pleasure, or displeasure, through stock movements. Moving on, markets are set to kick off the December quarter earnings this week with IT majors, including Infosys and Tata Consultancy Services slated to report their numbers. Here's a curtain raiser on the Q3 earnings season. After the earnings preview, let us now turn our gaze to Indian roads which see over 150,00 deaths every year. Government recently introduced new penal provisions in hit and run cases. But unions representing truck and taxi drivers have hit the streets against it. The government, which is now on the back foot, has assured them that its enforcement will happen only after wider consultations. Listen to this episode of the podcast to know more about this new provision.
Dear listeners, before we start today's show, a quick announcement.Tomorrow morning at 7:00 am, we will publish an episode of Indian Express podcast in collaboration with Parul University. The episode, "Global Classrooms, Local Convenience: The New Face of Online Degrees" will explore the dynamic landscape of online education where, I, Flora Swain will be in a conversation Dr Kunjal Sinha, Director of the Centre for Distance and Online Eduction at Parul University, as she navigates through the transformative journey of online courses.Make sure to tune in tomorrow morning. The episode will be available on our website indianexpress.com and everywhere you get your podcasts.Now, on with the show.This is the Catch Up on 3 Things for the Indian Express and I'm Flora Swain.It's the 22nd of December and here are the top stories of this week.With the Opposition benches in both Houses almost empty, three more MPs were suspended from the Lok Sabha on Thursday. The three Congress MPs — Deepak Baij, Nakul Nath and D K Suresh — were suspended as they continued their protest showing placards, shouting slogans and tearing papers and throwing them at the speaker chair. Now, the total number of suspended MPs from the Parliament stands at 146.The Lok Sabha on Tuesday passed The Central Goods and Services Tax (Second Amendment) Bill, 2023 and Provisional Collection of Taxes Bill, 2023, piloted by Finance Minister Nirmala Sitharaman. It also passed the National Capital Territory of Delhi Laws (Special Provisions) Second (Amendment) Bill, 2023 on the same day. The Parliament also passed The Telecommunications Bill, 2023 this week. Lok Sabha on Wednesday passed three amended criminal bills in a bid to overhaul the country's criminal justice system by replacing colonial-era laws. The Bharatiya Nyaya (Second) Sanhita, 2023, the Bharatiya Nagarik Suraksha (Second) Sanhita, 2023, and the Bharatiya Sakshya (Second) Bill, 2023 will replace the the Indian Penal Code (IPC) of 1860, the Code of Criminal Procedure (CrPC), 1973 (originally enacted in 1898), and the Indian Evidence Act of 1872, respectively.A total of 21 cases of the new coronavirus variant have been recorded in the country as of yesterday. Goa reported the maximum number of cases at 19. The Health Ministry said that RT-PCR tests continue to be the most trusted method of detecting the new sub-variant. Of the 594 new Covid-19 infections recorded in the country till 8 am yesterday, Kerala reported 300 of them. The Ministry, which is already doing a mock drill of preparedness to take on a public health challenge, is monitoring the situation across states at the district level.Olympian Sakshi Malik has announced quitting wrestling following Sanjay Singh's election as president of Wrestling Federation of India. Speaking at the press conference last evening, she said, quote, "We fought this battle with our heart). In the end, we slept for 40 days on the roads but I'd like to thank the several people of our country who came to support us during the protests earlier this year." She walked out in tears with those present at the venue appealing her to reconsider her decision.Canadian Prime Minister Justin Trudeau said that India's relations with Canada may have undergone a "tonal shift" after the release of a US indictment alleging a conspiracy to murder a Sikh separatist on American soil. In an interview, Trudeau said, quote, "I think there is a beginning of an understanding that they can't bluster their way through this and there is an openness to collaborating in a way that perhaps they were less open before." Unquote.This was the Catch up on 3 Things by The Indian Express.
This month, there's been a lot of excitement in the medical world over the approval given to treatments for diseases that based on genome editing. What's this all about? In 2020, the Nobel Prize for Chemistry was given to two women scientists, Emmanuelle Charpentier and Jennifer Doudna for their discovery of what is essentially a genetic scissors, a tool that allows scientists to cut specific sites of a human being's DNA, or to edit it, by making minor changes. This tool, known as the CRISPR/Cas9 system, opened up opportunities to treat certain genetic or inherited disorders. Two of these are blood disorders, beta thalassemia and sickle cell disease, up until now could only be cured through bone marrow transplants. Now, they can potentially be cured by editing the patient's own genes. In the Union Budget this year, Finance Minister Nirmala Sitharaman had announced a sickle cell anaemia mission - to eliminate the condition by 2047. India is the second-worst affected country in terms of predicted births with sickle cell anaemia. As exciting as these new developments sound, they will likely be extremely expensive and therefore, probably unaffordable to many. Also, the clinical trials, have at present, only evaluated a small number of patients for relatively short durations and there is a need to constantly monitor the safety and efficacy of these therapies. So what exactly does genome editing involve? Can its potential be expanded to treat far more diseases, and what lies ahead in this field? What are the concerns surrouding this - could there be unintended consequences to genetic modifications?
“India's twin balance sheet problem is over. We now have a twin balance sheet advantage!” That's what Finance Minister Nirmala Sitharaman said a couple of days ago. And it's the same thing that RBI Governor Shaktikanta Das said last month. So in today's episode for 6th July 2023, we explain what's this twin balance sheet they're talking about and whether the problem is really over. But before that, a quick sidenote, if you're a recruiter or you know someone who is a recruiter with about 4+ years of experience, Ditto is looking to recruit a Talent Acquisition Specialist (Recruiter). If you're interested or know someone who is please click this link - bit.ly/3NLyHaO
A version of this essay was published by firstpost.com at https://www.firstpost.com/opinion/shadow-warrior-crown-sceptre-and-the-saga-of-dharmapuri-12647632.htmlIn Malayalam, the terms are “kireedom and chenkol”, that is, crown and scepter, signifying the powerful symbols of the State. He or she who holds these is deemed to be the ruler, ruling with the full authority of the office, and the full approval of the subjects. The words chenkol in Malayalam and ‘sengol' in Tamil are cognate, eg. Chenkotta (red fort) in Malayalam is Sengottai in Tamil.The scepter is an important marker of kingship, so much so that during imperial times, Britain was referred to as the ‘sceptr'd isle', that is, the unquestioned ruler of its far flung empire. There is of course the third symbol, the throne, or ‘simhasanam'. During the recent investiture of the British king, I am sure all three of these were on full display. For some reason, the throne seems less important in Indian lore than the other two, but in a wicked pun, the great fabulist O V Vijayan in his savage satire “The Saga of Dharmapuri” equated the throne with a European toilet, as in a slang American expression for the erstwhile ‘thunder box'.The Chola ‘sengol' from Tamil Nadu was a sacred symbol included in a “vesting ceremony accompanied by a recital of 11 verses from the Thevaram text invoking the blessings of Shiva for the ruler” in 1947, according to S Gurumurthy in “How the Sengol embodied India's freedom and why it was forgotten and lost” on republicworld.com. Not only was the sengol forgotten, the Cholas, and their great maritime empire that extended all the way to Indonesia, were erased.In fact, all of South Indian history, including the fabled Vijayanagar Empire, the samurai-like kalaripayat warriors of the west coast and Tulunadu, Telugu patriots like Alluri Sitarama Raju, Travancore's Marthanda Varma who defeated the Dutch at Colachel in 1749, and Travancore's Chempakaraman Pillai of the INA who coined the term ‘Jai Hind', was wiped out from the pages of textbooks. In their place, a weird pabulum of make-believe was installed. The sacred ‘sengol' denoting “virtuous and ethical rule” per Gurumurthy was deemed to be a personal gift, a gold walking stick given to Jawaharlal Nehru, which once again shows how a personality cult was relentlessly built up that would make Mao and Kim Il Sung green with envy. “L'etat, c'est moi” (The State, it is I), said Louis XIV, the Sun King of France. Well, we know what happened to his descendants: the guillotine. Indians, being more gentle, have not quite done the same thing. Or at least done so only metaphorically. Which reminds me, why is/was Nehru called ‘Pandit Nehru'? Who certified him? What was he a pundit in? Did he pass some pundit exam? Ah, it was just part of the personality cult. I don't see other Kashmiri Hindus going around calling themselves Pandit: they use their family names, so what's special about these people?Oh well, I guess I answered my own question. According to the cult, Nehrus were the hereditary rulers of India, and so it was only natural that the kingship would pass from the British to Nehru. There is only one slight problem. Again according to O V Vijayan in The Path of the Prophet, the Nehrus were not hereditary feudal lords, but ferrymen on the river Neher, “they who came from somewhere”, and had taken the name of the river as their surname. Jawaharlal's grandfather Ganga Dhar was a kotwal in a Delhi police station. A Ghosh had some more startling information about this man, who was photographed in a full Pathan outfit, but I shall let that pass. I made an attempt at deconstructing the Nehru myth in my 1999 Rediff.com essay Let us now praise famous men wherein I quote at length the relevant passage from Vijayan. In my considered opinion, Nehru was an almost unmitigated disaster for India: he thought India was his personal fiefdom, and he was entitled to dispense imperial largesse. He gave away all sorts of things (that didn't belong to him in the first place):* Treaty rights in Tibet inherited from the British given away in exchange for nothing* The right of independent Tibet to exist was erased, as he colluded with Chinese road-building on the Indo-Tibetan border: Chinese troops were fed with Indian rice!* Pakistan-Occupied-Kashmir given away by taking the issue to the hostile UN instead of allowing the Indian Army to cleanse the area of invading Pakistani tribals* UN Security Council seat, offered by both the US and Russia (yes, I can quote chapter and verse on this from Nehru's collected writings), given away to China* Coco Islands given away to Burma, which is now allowing China to build a naval base thereIn addition, Nehru, in his own words in this video, thought that throughout history South India was a separate country. I get it, he must have taken his pundit exam along with Romila Thapar in ancient Indian history!There is good reason to think of Jawaharlal Nehru as not quite getting the full picture (Chou En Lai allegedly referred to him, rather rudely, as a ‘useful idiot'). Then what does that make his acolytes? That was the question Vijayan asked in “Dharmapuri”, which opens with the dramatic statement: “Prajapati wanted to s**t”, in crude Malayalam. “It was a little off the usual time that day, so the assembled dignitaries were a little disturbed when the Army Chief blew the conch signifying that the event was at hand. It was only the late afternoon. Normally Prajapati did his thing at dawn and dusk, to the accompaniment of Dharmapuri's national song.” [See the photograph of Page 1 of the book in Malayalam]Prajapati is seated on his ‘throne', a toilet. That was important, because whatever Prajapati expelled into the toilet was eagerly consumed by his courtiers. This Brechtian tale is hard to read: it invokes bibhatsa in the reader, creating both alienation and catharsis. Here's a relevant bit: “Whoever became anybody in the kingdom, in industry, or in politics, had done so by regularly eating Prajapati's s**t. Mothers would pray that their children would have an opportunity to consume those perfumed feces”. That's a gross way of putting it, but there's an element of truth: the Dynasty demanded utter loyalty. Meanwhile, India's economy kept declining steadily in comparison to the rest of the world, until there was a bit of a turnaround in 1991, and accelerating growth in the 2010s. After all these years of living dangerously, India is now inching ahead. With economic growth, it is normal to think of tradition, culture and heritage. It is only fitting, then, that the Prime Minister took part it an investiture ceremony, with several Tamil Nadu matha-adhipathis in attendance. With native Tamil and Finance Minister Nirmala Sitharaman taking a visible role, the government has declared its intent to nip any sub-nationalism (the US ambassador's obsession) in the bud. It is an emphatic re-assertion of pan-Indian nationalism, necessary in these times of increasingly complex geopolitics. It is time to decisively throw off the shibboleths of the immediate post-independence period. The Chola-style sengol is being restored to its rightful place as a symbol of the resurgent Indian State, as it was intended to be in the first place, not, absurdly, some guy's walking stick. Errata: It was pointed out by Professor Subhash Kak that Vijayalakshmi Pandit was married to a man with the surname Pandit. The error is regretted. 1117 words, 25 May 2023, 1137 words, updated 27 May 2023, 1214 words, updated 28 May 2023 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit rajeevsrinivasan.substack.com
Global Policy Watch: Bailout Pe Bailout Pe BailoutInsights on global policy issues relevant to India— RSJWhere do I start this week? Maybe with a spot of self-promotion. Pranay and I were guests on the popular Hindi podcast Puliyaabazi. I have been a long-time fan, so it was nice to be a guest there. Pranay usually co-hosts this with Saurabh and Khyati, but this time, he was on the other side. I felt a bit like Uday Chopra, who is only in the film because he is the producer's brother. Anyway, I think a good time was had by all as we covered a wide variety of topics - Enlightenment and why it didn't happen in India (short answer: there wasn't any need, really), why we write this newsletter (majboori) and the usual quota of Bastiat, Smith and Rorty (showing off). Do listen if you have time (of course, you do).Moving on. Here is a quick run-through of what's gone on since my last post. Another US regional bank, Signature Bank, stared into the abyss with depositors making a run to withdraw their money as analysts looked around for large unrealised losses sitting on banks' balance sheets. Fed officials spent their weekend hawking the other failed bank, Silicon Valley Bank (SVB), to potential buyers. But who in their right mind will buy out a troubled bank in these times? More so after all the trouble that the likes of JP Morgan Chase had buying out such banks during the financial crisis of 2009. Running out of options, the Fed, the Treasury and the Federal Deposit Insurance Corporation (FDIC) announced an unprecedented bailout of all depositors of SVB and any other bank that will be in a similar hole in future. Simply put, FDIC will guarantee all deposits and not just those below $250,000 for which there's insurance. To be sure, the equity shareholders and those holding unsecured corporate bonds won't be bailed out. They will lose their shirts. So, this isn't a repeat of the 2009 bailouts. The Fed then went a step further to address the root cause of the problem. Banks are sitting on huge held-to-maturity (HTM) losses on the securities they hold because the interest rates have moved too far up too quickly. And they have a liquidity issue if there are continued withdrawals from the depositors. If they sell their securities today to meet their commitments to give depositors their money when they ask for it, they will have to sell them at a loss. This substantial loss will mean they will need to raise capital from shareholders to keep themselves solvent as per Fed requirements. But who will give them money in this market? Uninsured depositors who play out this game-theory scenario in their minds will therefore withdraw more of their money. Ideally, if they play the scenario right as a collective, they shouldn't. But as individuals, they will make a run on the bank. Soon, the bank will be in a death spiral, and this is what happened at SVB and Signature Banks. The last-minute solution devised by Fed was the creation of what's termed the Bank Term Funding Program (BTFP). Here's how Fed sees BTFP:“The additional funding will be made available through the creation of a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating an institution's need to quickly sell those securities in times of stress.With approval of the Treasury Secretary, the Department of the Treasury will make available up to $25 billion from the Exchange Stabilization Fund as a backstop for the BTFP. The Federal Reserve does not anticipate that it will be necessary to draw on these backstop funds.”If you didn't have any background to this situation and just read the above note from the Fed, you'd be forgiven if you thought here was a central bank of a developing world economy figuring out a short-term jugaad to solve a crisis at hand. But the Fed didn't just stop here. After all, like the Queen in Through The Looking Glass, it can believe in six impossible things before breakfast. Leaving their struggles to find a buyer for Signature Bank behind, they put together a unique Barjatya style “hum saath saath hain” deal and nudged a number of banks to do their bit to shore up confidence in the banking system: (as CNBC reports)“A group of financial institutions has agreed to deposit $30 billion in First Republic in what's meant to be a sign of confidence in the banking system, the banks announced Thursday afternoon.Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute about $5 billion apiece, while Goldman Sachs and Morgan Stanley will deposit around $2.5 billion, the banks said in a news release. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will deposit about $1 billion each.“This action by America's largest banks reflects their confidence in First Republic and in banks of all sizes, and it demonstrates their overall commitment to helping banks serve their customers and communities,” the group said in a statement.“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” The Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency said in a joint statement.”Remind me now, sometime in the past, I have accused Indian policymakers of what's called isomorphic mimicry. It is a concept developed by Lant Pritchett et al to explain the tendency of governments to mimic other governments' successes, replicating processes, systems, and even products of the “best practice” examples without actually developing the functionality of the institutions they are imitating. Policymaking in developing countries often falls prey to this. A good example of this is imitating the green energy policies implemented in Sweden (a $60,000 per capita economy) in India (a $2000 per capita economy) which has neither the state capacity to implement nor the public readiness to accept such policies. Why am I bringing up isomorphic mimicry here? Well, because I never imagined a day shall dawn when the US policymakers take a leaf out of what India did when faced with a crisis. What the Fed did to save Signature Bank is isomorphic mimicry flowing the other way. To refresh your memory, here's a Business Standard report (Mar 13, 2020) on what the Finance Ministry and RBI did to save Yes Bank in 2020:“Hours after the Cabinet approved reconstruction scheme for YES Bank, private lenders ICICI Bank, HDFC, Kotak Mahindra Bank and Axis Bank came to the cash-strapped bank's rescue. While the SBI had earlier announced its decision to purchase 49 per cent shares, both ICICI Bank and HDFC are set to invest Rs 1000 crore each with Axis Bank pouring Rs 600 crore to pick up 60 crore shares of the troubled lender and Kotak Mahindra infusing an equity capital of Rs 500 crore under the RBI's bailout plan.The developments took place soon after Finance Minister Nirmala Sitharaman said that other investors were also being invited.”I guess one way to look at this is if you let fiscal dominance become the central canon of how you manage your economic policy, you will eventually reach the same place as other economies (mostly developing) that have indulged in the same for years. The monetary authorities in the U.S. have been accommodating the fiscal profligacy of the treasury for years. This was accentuated during the pandemic. Trillions of dollars were pumped in to save the economy. I'm not sure how much the economy needed saving then. But that bill has come now. First in the shape of inflation, followed by rapid, unprecedented rate hikes and the inevitable accidents that are showing up now. Almost certainly, a recession will follow. Isomorphic mimicry of Latin American monetary policy indeed. Anyway, that was not the only bailout of the week. We also had Credit Suisse almost going under in a bad case of deja vu to those who have seen 2009. Here's CNBC on this:“Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.The decision comes shortly after shares of the lender fell sharply Wednesday, hitting an all-time low for a second consecutive day after its top investor Saudi National Bank was quoted as saying it won't be able to provide further assistance. The latest steps will “support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the company said in an announcement.In addition, the bank is making a cash tender offer in relation to ten U.S. dollar denominated senior debt securities for an aggregate consideration of up to $2.5 billion – as well as a separate offer to four Euro denominated senior debt securities for up to an aggregate 500 million euros, the company said.”What's that word that starts with C and was used a lot during the pandemic? Well, that C word is knocking at the doors of global finance right now. It is not a contagion yet. But the odds of it happening have significantly gone up in the past week.I will close this by covering the two discussion themes emerging from these events. First, what happens to the hawkish stance the Fed had taken a couple of weeks back on more rapid rate hikes in the light of inflation being sticky and inflation expectations being anchored? This, as I have written earlier, is of real interest to India and its policymaking stance. The Fed is in an absolute bind now before its meeting on Wednesday to take a call on rates. A rate hike in the current environment will make the weak banks look even more vulnerable despite the deposit backstop and the additional liquidity available from BTFP. And who knows what other accidents are lurking that will show up as the rates go higher? Does the Fed want to risk financial instability? On the other hand, inflation is real, and it is an election year. Runaway inflation will mean the eventual taming of it, and the recession that will follow will be hard and long. Who wants to preside over that? I see almost zero chance of a rate hike in this cycle. The Fed might wait till May to resume raising rates after it has weathered this risk of banking contagion and waiting for the April inflation data. But even then, the core problem remains. Further rate hikes will expose weak players, and that will mean we will have accidents. So long as they are small and contained, it is worth the risk of raising rates. But who can predict the nature of the accidents?Second, there's some kind of war that's broken out on social media on who is responsible for the collapse of SVB and Signature. There are those who believe it is the Fed whose actions over the past three years are solely responsible for the situation we are in now. The crux of the argument is that the Fed forecasts the interest rate and then it sets the rate. Banks take bets on long-term securities based on these forecasts. This is called duration risk. If the Fed then sets the rate that's so far removed from their own forecasts, what do poor treasury folks in Banks do? Plus, it is the Fed that has been making the rules since the GFC to direct a whole lot of bank liquidity into the purchase of long-term government bonds. The whole system is rigged by the Fed, and when things go wrong, it cannot pontificate on the risk management practices of banks. The counter to this is that the Fed only puts out an interest forecast based on the data (esp on inflation) that's available. When the incoming data changes, its forecast changes. This deviation is in a narrow band in usual times. In unusual times like what we've been through in the past two years, you may have a bigger variance. Banks have multiple ways to hedge duration risks. Instead of looking at the Fed to apportion blame, one should look at how conveniently the depositors of SVB - the VCs, startups and other cool people - jumped ship at the first sign of trouble when they know such a collective deposit withdrawal will make the situation worse. It is incredibly stupid of this deposit base that prides itself on its ability to see further, take long-term bets and dimension risks better than others, that it could not have the patience to stand by a bank that has served them well. The problem of SVB bank, according to this lot, is they were over-reliant on a lopsided deposit base, and that deposit base acted most stupidly. I think both these debates are going to rage on for some time. The Fed has slipped down the path where it has allowed fiscal dominance to overrule prudent policymaking. It is quite difficult to retrieve ground from there unless you have a Fed Chair with the intellectual heft and drive to restore balance. Equally, asset liability matching (ALM) is a core responsibility of banks. They are supposed to diversify their base of customers, monitor duration risks, and stress-test their balance sheet. All the strutting around as a cool disruptive bank or hanging out with your clients should not distract you from that fundamental truth. You take your eye off it, you veer off the road. Advertisement: Admissions to Takshashila's Post-graduate Programme in Public Policy (PGP) are now open. This is a fantastic opportunity if you want to dive deep into public policy while pursuing your work responsibilities.India Policy Watch: Milking Consumers and Producers, All at OnceInsights on burning policy issues in India— Pranay KotasthaneWe harp on Hayek's paper, The Use of Knowledge in Society, in this newsletter. Price is a vital signal, a decentralised coordination mechanism between producers and consumers. And so, when governments prohibit its functioning, bizarre things happen. Let's analyse the consequences of price distortion using an ongoing situation — the milk shortage in Karnataka. A bit of background to set things up. Milk is an ‘essential' commodity. Its essentiality is not just a matter of fact or reason but also a carte blanche for Indian governments to regulate the production, supply, and distribution of any commodity that is classified as essential under the Essential Commodities Act (ECA), 1955. In practical terms, it means that the government fixes procurement prices, caps consumer prices, and often owns and runs everything that lies between these the producer and the consumer.So is the case with milk in most states, including Karnataka. The Karnataka Milk Federation (KMF) is a dairy cooperative under the Department of Cooperation, Government of Karnataka. It procures nearly 50 per cent of all the milk that is produced in the state. It sells products under the brand name Nandini. Nearly 50 per cent of its consumption happens in the capital, Bengaluru. Government ownership complicates and comicalises the situation in a way that can only be equalled by a Priyadarshan comic flick. See, for instance, what has happened due to a milk supply chain disruption over the last few weeks. As the summer began early this year, the demand for milk rose sharply. A glass of majjige (buttermilk) or lassi is a wonderful refresher in the heat. Simultaneously, the supply drops in the summer months. Natural adaptation dictates that animals produce less milk than usual in the heat. A bout of lumpy skin disease has further exacerbated the gap between demand and supply this year. For an ordinary product, a rise in prices would iron out this demand-supply gap quickly. With an increase in prices, consumers will rationalise consumption, while the producers will work harder to increase the supply. But when governments own the supply chain, price rises are defenestrated, and a chain of bizarre events emerges.First, electoral concerns circle over pricing decisions like vultures. In this particular case, the government will not touch the price caps with a barge pole because the Karnataka elections are due in May. So the government tries to increase prices in a roundabout way: increase the maximum retail price (MRP) but offer a reduced quantity of milk for the same packet price.Second, shortages abound. Since the administered price rises have not done enough to make the demand-supply gap go away, milk shortages have emerged. The rich can well afford to buy premium milk at higher prices from other suppliers. But for the poor, the milk packets disappear. Instead of paying a slightly higher price until the supply rises again, the less-privileged consumers are left only with an empty glass.Third, the government resorts to blaming private businesses. Someone has to be blamed, and as so often happens in India, businesses get the flak. See this report in The Hindu, which casually places the blame on private players who are now willing to offer higher prices to the dairies and farmers. The report says:“Private players purchasing milk from the retail market to sustain their businesses in milk products is said to be causing a disruption…“He also said private dairies were procuring milk directly from farmers in rural areas by offering a higher price, thus reducing the union's procurement.”We should have been celebrating private players that are offering a better deal to farmers, given the scarcity. Instead, they have become villains. And fourth, a quotidian issue becomes a front for inter-state tensions. The Karnataka government blames dairies in Maharashtra and Tamil Nadu for offering higher prices to farmers within Karnataka, while the Tamil Nadu government is blaming private companies from Andhra Pradesh!Funny, the kinds of things that happen when the government enters and obstructs a control system called “prices”.Even as this satire unfolds, the root cause of the milk shortages isn't even being talked about. The Bangalore Milk Union president admitted that “many small milk producers have given up on rearing cows as it has become unsustainable”. Though he doesn't mention the underlying reason for this change, the bans on cow slaughter and recent attacks on people transporting cattle surely have reduced the incentives for farmers from stepping into this minefield called milk production. HomeWorkReading and listening recommendations on public policy matters* [Newsletter] Economic Forces is a must-read newsletter for all public policy enthusiasts.* [Paper] This paper on the effect of a landmark policyWTF called the Freight Equalisation Scheme explains how good intentions can sometimes produce terrible policies. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com
All eyes were fixed on Finance Minister Nirmala Sitharaman as she presented the last full annual budget before next year's General Elections. What is the verdict? Does it cater to the masses? Does it support economic growth? Is it well-balanced? The Signal's Co-Founder and Editor, Dinesh Narayanan joins us soon in today's episode to give us the finer details. In other news, DC Studios announced five films and five new series based on DC Comics titles that will be a part of the newly revamped DC Universe. Will it be able to dethrone Marvel? Tune in to The Signal Daily!See omnystudio.com/listener for privacy information.
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