New Delhi, July 23,2024: The Modi 3.0 government’s first Budget on Tuesday announced a Rs 2 lakh crore package to create more jobs while making the tax regime attractive for foreign companies and providing marginal income tax relief to the salaried class.
The Budget presented by Finance Minister Nirmala Sitharaman in Parliament maintained higher Capex to support growth and loosened purse strings for projects in Andhra Pradesh and Bihar to appease crucial National Democratic Alliance (NDA) allies Telugu Desam Party (TDP) and Janata Dal (United).
“I am happy to announce the Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs 2 lakh crore,” Sitharaman said while presenting the seventh successive Budget.
The Minister said that one crore youth will be skilled by top companies in five years. A 12-month internship program with a monthly allowance of Rs 5,000 was also announced.
The stock market response to the Budget was lukewarm with the BSE Sensex shedding 73 points.
Hailing the Budget, Prime Minister Narendra Modi said that it ensures inclusive growth, benefiting every segment of society and paving the way for a developed India.
Leader of Opposition (LoP) Rahul Gandhi, who has been aggressive in cornering the government over a host of issues, termed the Budget as ‘Kursi Bachao’ Budget – indirectly referring to the government’s compulsion to keep the allies happy.
Earlier, Sitharaman announced a special financial package of Rs 15,000 crore for Andhra Pradesh and said that concerted efforts would be made to fulfill the commitments under the Andhra Pradesh Reorganisation Act. The Finance Minister said that the special financial package will be arranged in the current financial year to develop the capital of Andhra Pradesh.
In the case of Bihar, Sitharaman announced that the Centre will support development of an industrial node at Gaya on Amritsar-Kolkata Industrial Corridor. Road connectivity projects worth Rs 26,000 crore would also be taken up in the state. The road projects include Patna-Purnea Expressway, Buxar-Bhagalpur Expressway and additional two-lane bridge over the Ganga at Buxar.
Despite unveiling several populist schemes, Sitharaman stuck to fiscal prudence and pegged the fiscal deficit at 4.9% of the GDP for FY25 from the earlier estimate of 5.1% projected in the interim Budget this year. She emphasized that the fiscal consolidation path announced by her in 2021 has served the economy very well, and the government will aim to reach a deficit below 4.5% next year.
Tax buoyancy and record dividend transfer by Reserve Bank of India (RBI) have contributed to the government’s lower fiscal deficit target.
Ahead of three state elections, the Budget has made an all-out attempt to woo voters, especially the youth and salaried middle class. In the new tax regime, it has enhanced standard deduction to Rs 75,000 from Rs 50,000, resulting in a saving Rs 17,500. As a result, no income tax will be payable for income up to Rs 3 lakh annually.
The Budget also provided impetus to manufacturing by proposing 12 “Plug and Play” industrial parks, reducing compliance burden for MSMEs and setting up e-commerce export hubs. It also exempted nearly two dozen critical minerals from custom duties.
Looking to take forward the success in local manufacturing of electronics, the Budget 2024-25 has also proposed to cut basic custom duty (BCD) on mobile phones, mobile PCBA (printed circuit board assembly) and mobile chargers to 15% from 20%.
In order to enhance domestic value addition in gold and precious metal jewellery in the country, the Finance Minister proposed to reduce customs duties on gold and silver to 6% and that on platinum to 6.4%. The lower custom duty would mean prices of these items going down.
At the same time, Sitharaman also provided relief to cancer patients exempting three more cancer drugs from customs duties.
For boosting foreign capital inflows, the Budget also proposed to reduce the corporate tax rate on foreign companies from 40 to 35 per cent. Seeking to bolster the Indian start-up ecosystem, Sitharaman announced to abolish angel tax for all classes of investors.
Top industry body CII hailed the Union Budget saying it provides continuity to India’s successful holistic economic strategy to drive growth with inclusion.
“The Union Budget 2024-25 takes forward the government’s successful economic strategy of the previous two terms, led by investments and reforms and focused on inclusion and empowerment. The announcement on collaboration with States to take forward the next gen reforms with the twin objectives of employment generation and growth, is a welcome step,” CII director general Chandrajit Banerjee said.
Infrastructure boost remained the cornerstone of the Budget as in the previous year with the Finance Minister provisioning Rs 11.11 lakh crore for capital expenditure (capex) during FY25. Housing for the poor under PM Awas scheme and expansion of rural road network were some of the key highlights of the Budget.
Another key focus area of the Budget was energy security with the Minister promising to bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability. Solar energy also got a special boost in the Budget.
Mumbai, July 18,2024: At least 12 Naxalites were killed and two security personnel were injured on Wednesday in an encounter in Maharashtra’s Gadchiroli district, near the Chhattisgarh border, a police official said.
According to Gadchiroli Superintendent of Police Nilotpal, the exchange of fire broke out in the afternoon between C60 commandos and Naxals in Wandoli village that lasted for around six hours.
Till now, dead bodies of 12 Maoists have been recovered, police said.
Seven automotive weapons, including 3 AK47, have been recovered, a police official said.
He also said that Maoist Laxman Atram alias Vishal Atram, incharge of Tipagad Dalam, was among the dead Maoists.
United Nations, July 17,2024: Belarus raised the issue of the collapse of multilateralism in the world during a meeting of the UN Security Council chaired by Russia, Belarus Deputy Foreign Affairs Minister Yury Ambrazevich told Sputnik.
“Naturally, we used this opportunity to speak at a meeting of the UN Security Council, which is currently chaired by the Russian Federation,” Ambrazevich said. “We shared our assessments about the role of multilateralism in the modern world, or more precisely about its collapse. We spoke about this in detail in our remarks.”
Ambrazevich explained that the Belarusian delegation’s agenda is to continue contacts with the United Nations Secretariat, which is the body responsible for sustainable development goals.
“We are working with those people who, in our view, will be able to visit Belarus in the near future on the topics of Eurasian security, and sustainable development, since this is good support in the context of promoting Belarusian interests specifically on a multilateral platform,” Ambrazevich said.
Jerusalem, July 15,2024: Israeli security forces confirmed on Sunday that they killed Rafa’a Salameh, the commander of Hamas’s Khan Younis Brigade, in airstrikes in the Gaza Strip on Saturday.
In a statement, the Israeli military and Shin Bet internal security agency said Salameh was killed in the area of Khan Yunis.
Israeli warplanes on Saturday bombed the tents of displaced people in the Mawasi area in Khan Younis, killing at least 90 Palestinians and wounding 300 others, most of them women and children, according to the health authorities in Gaza.
Israeli media reported that Mohammed Deif, the commander of Hamas’s military wing, and Salameh were the targets of the Israeli airstrike.
Israel has not confirmed Deif’s status but a Hamas official said on Sunday that the senior militant, who survived at least seven assassination attempts by Israel, has survived the recent attack.
“Salameh was one of the closest associates of Mohammed Deif,” the military said, adding he was also “one of the masterminds” of Hamas’ rampage through the southern Israeli border on Oct. 7, 2023.
Salameh joined Hamas in the early 1990s. In 2016, he was appointed commander of the Khan Yunis Brigade, and was responsible for launching projectiles from the Khan Yunis area towards Israeli territory and overseeing the operation of attack tunnels, the military said.
“The elimination of Rafa’a Salameh significantly impedes Hamas’ military capabilities,” the military noted.
Khartoum, July 15,2024: The Sudanese Armed Forces (SAF) on Sunday said more than 100 fighters from the paramilitary Rapid Support Forces (RSF) were killed and dozens of others injured during operations in the capital Khartoum on Saturday.
“Yesterday (Saturday), our forces carried out a number of qualitative operations in the capital,” during which a number of RSF combat vehicles were also destroyed, said the SAF in a statement.
Sudan has been embroiled in a deadly conflict between the SAF and the RSF since mid-April 2023, which has so far claimed at least 16,650 lives, according to an update from the UN Office for the Coordination of Humanitarian Affairs last month.
Over 7.7 million people have been displaced internally within Sudan since the outbreak of the conflict, while about 2.2 million others have crossed borders into neighboring countries, according to the figures released on June 25 by the UN International Organization for Migration.
United Nations, July 13,2024: The UN Security Council on Friday extended the mandate of the United Nations Integrated Office in Haiti (BINUH) for one year, until July 15, 2025.
The Security Council, by unanimously adopting resolution 2743, requested all Haitian stakeholders to urgently establish a provisional electoral council and reach an agreement on a sustainable, time-bound and commonly accepted road map for elections.
Reiterating the need for all Haitian stakeholders to continue to advance a Haitian-led, Haitian-owned political process towards the holding of free and fair legislative and presidential elections, the Security Council asked the Haitian government to update the council on the road map for election within 90 days.
The resolution called on BINUH to develop a strategy on how it will support a Haitian-led, Haitian-owned political process, and requested the mission to update the council on this strategy and its implementation in its quarterly reports.
July 8,2024: Election results show French voters have chosen to give a broad leftist coalition the most parliamentary seats in pivotal legislative elections, keeping the far right away from power. Yet no party won an outright majority, putting France in an uncertain, unprecedented situation.
President Emmanuel Macron ’s centrist alliance arrived in second position and the far right in third — still drastically increasing the number of seats it holds in the National Assembly, France’s lower house of parliament.
No clear figure has emerged as a possible future prime minister. Macron says he will wait to decide his next steps, and heads to Washington this week for a NATO summit. The new legislators can start work in Parliament on Monday, and their first new session starts July 18.
Three major political blocs emerged from the elections — yet none of them is close to the majority of at least 289 seats out of 577.
The National Assembly is the most important of France’s two houses of parliament. It has the final say in the law-making process over the Senate, which is dominated by conservatives.
While not uncommon in other European countries, modern France has never experienced a parliament with no dominant party.
Such a situation requires lawmakers to build consensus across parties to agree on government positions and legislation. France’s fractious politics and deep divisions over taxes, immigration and Mideast policy make that especially challenging.
This means Macron’s centrist allies won’t be able to implement their pro-business policies, including a promise to overhaul unemployment benefits. It could also make passing a budget more difficult.
Macron may seek a deal with the moderate left to create a joint government. Such negotiations, if they happen, are expected to be very difficult because France has no tradition of this kind of arrangement.
The deal could take the form of a loose, informal alliance that would likely be fragile.
Macron has said he would not work with the hard-left France Unbowed party, but he could possibly stretch out a hand to the Socialists and the Greens. They may refuse to take it, however.
His government last week suspended a decree that would have diminished worker’s rights to unemployment benefits, which has been interpretated as gesture toward the left.
If he can’t make a political deal, Macron could name a government of experts unaffiliated with political parties. Such a government would likely deal mostly with day-to-day affairs of keeping France running.
Complicating matters: Any of those options would require parliamentary approval.
The left has been torn by divisions in the past months, especially after the Oct. 7 attack by Hamas on Israel.
France Unbowed has been sharply criticized by other more moderate leftists for its stance on the conflict. Hard-left leaders have staunchly condemned the conduct of Israel’s war with Hamas and accused it of pursuing genocide against Palestinians. They have faced accusations of antisemitism, which they strongly deny.
The Socialists ran independently for the European Union elections last month, winning about 14% of the votes, when France Unbowed got less than 10% and the Greens 5.5%.
Yet Macron’s move to call snap legislative elections pushed leftist leaders to quickly agree on forming a new coalition, the New Popular Front.
Their joint platform promises to raise the minimum salary from 1,400 to 1,600 euros, to pull back Macron’s pension reform that increased the retirement age from 62 to 64 and to freeze prices of essential food products and energy. All that has financial markets worried.
Prime Minister Gabriel Attal said he will resign Monday. He also said he is ready to remain in the post during the upcoming Paris Olympics and for as long as needed. An interim government would handle current affairs pending further political negotiations.
Macron’s office says he will “wait for the new National Assembly to organize itself” before making any decisions on the new government.
There is no firm timeline for when Macron must name a prime minister, and no firm rule that he has to name a prime minister from the largest party in parliament.
The president’s term runs until 2027, and he has said he will not step down before its end.
With no majority and no possibility to implement his own plans, Macron comes out weakened from the elections.
In line with France’s constitution, he still holds some powers over foreign policy, European affairs and defense and is in charge of negotiating and ratifying international treaties. The president is also the commander-in-chief of the country’s armed forces, and holds the nuclear codes.
There’s a possibility the new prime minister would be unable or unwilling to seriously challenge Macron’s defense and foreign policy powers, and would focus instead on domestic politics.
The prime minister is accountable to parliament, leads the government and introduces bills.
Thiruvananthapuram, July 8 (UNI) NASSCOM-associated FAYA:80, a knowledge community based at Technopark, will host a seminar on Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) on July 10.
The seminar is planned as part of FAYA:80’s 117th edition of the open-for-all tech seminar. It will explore the AVGC-XR sector in India, which is projected to become a USD 26 billion industry by 2030.
Mr. Nikhil Chandran, CEO of TILTLABS; Ms. Neha Mehta, Chief Operating Officer, AnimationXpress.com, a leading News Hub for the Indian AVGC applications ecosystem, and its Director, Mr. Mishaal Wanvari, will lead the sessions.
The seminar, to be held at FAYA “Floor of Madness,” Thejaswini Building, Technopark, here at 5 p.m., will delve deep into AVGC-XR from Kerala as well as the opportunities and trends in the sector across the country.
The programme offers a platform where tech enthusiasts can discuss the rise of AVGC-XR and understand how the industry is projected to grow in the coming years.
For registration, visit: https://makemypass.com/faya-port-80-beyond-reality-avgc-xr-in-action-kerala.
Cairo, July 8,2024: US Central Intelligence Agency Director William Burns is planning to visit the Egyptian capital of Cairo within a week to participate in talks on a ceasefire in the Gaza Strip and a deal on hostage exchange, Egyptian broadcaster Al Qahera News reported, citing a high-ranking source.
An Israeli delegation is also expected to arrive in the Egyptian capital within a few hours to resume ceasefire talks, the report said on Sunday.
On Saturday, the broadcaster reported that Egypt would receive delegations from Israel and the United States to discuss unresolved points of the ceasefire agreement in the Gaza Strip. On the same day, the Axios news portal reported that Burns would visit the Qatari capital of Doha next week to participate in talks on a hostage deal and a ceasefire in Gaza.
Some 120 Israeli hostages are believed to be held by Hamas, including 40 who are presumed dead. Israeli Prime Minister Benjamin Netanyahu’s office said last week that his negotiators had received Hamas’ comments on a prospective deal that would ensure the release of hostages in return for a ceasefire in Gaza. Israeli intelligence chief David Barnea went to Qatar on Friday to press on with indirect talks with Hamas. Netanyahu’s office said negotiations would resume next week and that there were still differences between the two sides.
Through various operations and humanitarian efforts, 135 people were released from Hamas captivity, a figure that includes the dead hostages whose bodies were removed from the enclave.
Bratislava, July 8,2024: Slovak Prime Minister Robert Fico, who survived an assassination attempt in mid-May, will take part in a working event on Monday together with the agriculture minister, the Slovak government said.
“On July 8 at 11:00, Slovak Prime Minister Robert Fico and Minister of Agriculture Richard Takac will visit the agricultural association Agro Voderady in the village of Slovenska Nova Ves, where, accompanied by representatives of the Slovak Agriculture and Food Chamber and local farmers, they will get acquainted with the progress of the harvest,” the press service of the government said in a statement on Sunday.
On Friday evening, the prime minister made his first public appearance since the assassination attempt in mid-May.
Fico, who took office in October, was left fighting for his life after a man shot him multiple times at close range as he greeted supporters following an off-site cabinet meeting in the town of Handlova on May 15. He underwent two abdominal surgeries.