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Feb 01, 2023
11:06 PM (IST)
Electric vehicle manufacturers welcome continuation of import sops
Electric vehicle manufacturers’ body SMEV said the continuation of the existing import sops for machinery used to produce lithium-ion batteries will help support current battery pricing. The credit relief measures given to MSMEs in the Union budget are a welcome move, SMEV said and added that since many EV manufacturers also fall in this category, it hopes that these credit relief measures would be extended to them also, as they too had faced tremendous hardships during the pandemic. “There are still a lot of EV component parts that need to be imported, including lithium batteries, permanent magnets for electric motors, semiconductors, etc. We anticipated that the customs duty on these necessary imports would be rationalised in order to help keep EV prices in check,” Society of Manufacturers of Electric Vehicles Director General said in a statement. The hike in customs duty on SKD/CBU is opportune as it will further incentivize the local suppliers because of the relative pricing advantage.
Feb 01, 2023
10:30 PM (IST)
Man killed after being hit by truck in Delhi
A 35-year-old man was killed after his motorcycle was allegedly hit by a truck on Uttam Nagar-Najafgarh road here on Wednesday, police said. The accused truck driver has been arrested, they said. The deceased has been identified as Arun, a resident of Uttam Nagar, police said. An information regarding the accident was received at the Bindapur police station following which a team reached the spot and took Arun to the Deen Dayal Upadhyay hospital where he was declared brought dead, a senior police officer said.
Feb 01, 2023
10:16 PM (IST)
Saptarishi to guide nation in Amrit Kaal: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman, who presented her fifth straight Budget on Wednesday, listed seven priorities — Saptarishi (seven priorities) — to guide the country through the Amrit Kaal, the 25-year journey towards its centenary as a modern nation. This was the last full Budget of the Modi 2.0 government before the 2024 general elections. “The Budget adopts…seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal,” she said in her 87-minute Budget Speech. The seven priorities are Inclusive Development; Reaching the Last Mile; Infrastructure and Investment; Unleashing the Potential; Green Growth; Youth Power; and Financial Sector. The inclusive development will focus on ‘agriculture and cooperation’, national digital library for children and adolescents; teachers’ training; and medical research; among other areas. ‘Reaching the Last Mile’ priority is about aspirational districts and block programme, Eklavya Model Residential Schools, water for the drought-prone region and PM Awas Yojna, besides other objectives. The finance minister also provided details about the other five priority areas. “This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100.
Feb 01, 2023
9:57 PM (IST)
As Railway gets highest-ever allocation, minister announces Vande Metro
Vande Metro, a mini version of the Vande Bharat Express trains, will be developed by the Railways for people living around big cities to travel to and fro in comfort between their place of work and hometowns, Railway Minister Ashwini Vaishnaw said on Wednesday. Addressing a press conference after Finance Minister Nirmala Sitharaman announced the highest-ever capital outlay for the railways in the Union Budget 2023-24 at Rs 2.40 lakh crore, Vaishnaw also said India will get its first Hydrogen train by December 2023 which will be completely indigenously manufactured. It will initially be run on heritage circuits like Kalka-Shimla. Presenting the Budget in Lok Sabha, Sitharaman said the outlay for the railways is nine times the amount provided in 2013-2014. She said 100 critical transport infrastructure projects for last-and-first-mile connectivity for coal, fertiliser and food grain sectors have been identified and will be taken up on a priority basis with an investment of Rs 75,000 crore, including Rs 15,000 crore from private sources, she said.
Feb 01, 2023
9:48 PM (IST)
BSNL to use Rs 53,000 crore for 4G, 5G roll out, revamping landlines: Ashwini Vaishnaw
State-run BSNL will use about Rs 53,000 crore in upgrading its network to 4G and 5G this year as well as revamping landline network across the country, Union Minister for IT and Telecom Ashwini Vaishnaw said on Wednesday. The Government has announced a capital infusion of Rs 52,937 crore in BSNL during the next fiscal year starting April 1, 2023. While speaking on Budget 2023-24, the minister said BSNL’s capital infusion is part of the Rs 1.64 lakh crore revival package announced last year and most of the balance sheet items of BSNL have already been addressed. “BSNL has raised new debt using the sovereign guarantees which were announced in the package. Now, the physical installation of new towers, upgradation from 2G, 3G to 4G and 5G and a major revamp in the landline systems of the MTNL and BSNL network will be taken up in this year using the capital allocation of Rs 53,000 crore which has been made for BSNL,” Vaishnaw said.
Feb 01, 2023
9:07 PM (IST)
Union Budget stands to benefit all sections of society: Anurag Thakur
Union Information and Broadcasting Minister Anurag Thakur described the Union Budget presented on Wednesday as “all encompassing” which benefits every section of the society. He said the budget stands firm on the foundation laid by the previous budgets presented by the Narendra Modi government. Due to the inclusive development and futuristic policies of the Modi government, the Indian economy is on the right track and moving firmly towards a bright future, he said in a statement. Because of the provisions made in the previous budgets of the Modi government, India has become the world’s fifth largest economy with the fastest growth rate.
Feb 01, 2023
8:33 PM (IST)
Budget inclusive, meeting with growth aspirations of country, say Gujarat industry leaders
Gujarat-based industry leaders hailed the Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday, calling it inclusive and meeting the growth aspirations of the country. Rajiv Gandhi, Chairman of FICCI Gujarat Council, said the budget will fortify the path towards making India a superpower as well as self-reliant. Managing Director and Group CEO of GIFT City, Gandhinagar-based global financial and IT services hub, Tapan Ray said the budget emphasises on “growth aspirations of our nation”. Anand Desai, Managing Director of Anupam Rasayan Limited, said the focus on inclusive development, including the development of infrastructure, green energy, youth power and strengthening of the financial sector “will reinforce macro stability of the Indian economy”.
Feb 01, 2023
8:08 PM (IST)
LeT module busted in Jammu and Kashmir’s Rajouri, kingpin among three arrested
The Jammu and Kashmir Police on Wednesday claimed to have busted a module of terror group Lashkar-e-Taiba, tasked with carrying out blasts in crowded places and to target security vehicles, with the arrest of three people. Deputy Inspector General of Police, Rajouri, Haseeb Mughal said the module was busted after an investigation was launched following the recovery of sophisticated improvised explosive devices (IEDs), having pressure and timer mechanisms, in the district. “The IEDs were smuggled from across the border to set off explosions at crowded public places and target security vehicles and camps. The arrest of the trio, including the kingpin, prevented nefarious designs of the terror handlers (from being executed),” Mughal told reporters in Rajouri. An IED planted inside a tiffin box was seized from Kheora locality near Government Medical College (GMC), Rajouri, on January 18 and another IED was found in Budhal area of the district 10 days earlier. The detection of the IEDs followed a terror attack in Rajouri’s Dhangri village in early January that claimed seven lives and injured 14.
Feb 01, 2023
7:43 PM (IST)
Telangana gets raw deal in Budget: TPCC
Telangana got a raw deal in the Union Budget presented by the Finance Minister Nirmala Sitharaman, president of TPCC (Telangana Pradesh Congress Committee) Revanth Reddy said on Wednesday. “The Union Budget which has any outlay of Rs 45 lakh crore has done injustice to Telangana. Issues such as Bayyaram steel factory, Kazipet railway factory and national status for any irrigation project mentioned in the AP Bifurcation Act were ignored in the budget,” Reddy slammed the budget through a statement. Prime Minister Narendra Modi’s poll promises such as doubling the income of farmers by 2022, house for every poor person and providing two crore jobs every year were not fulfilled, he further alleged. Let alone doubling the farmers’ income, the investment has doubled which is prompting them to commit suicide, he claimed. He demanded that Modi allot funds to the State akin to Gujarat.
Feb 01, 2023
6:41 PM (IST)
Gem, jewellery industry disappointed with Union budget for 2023-24
The gems and jewellery industry on Wednesday said it is disappointed with the Union Budget proposed for 2023-24, as the government maintains the customs duty at 10 per cent, saying it will encourage the grey market. All India Gem And Jewellery Domestic Council chairman Saiyam Mehra said that the industry’s critical concerns are not addressed in the Union Budget 2023-24. “While the research and development grant will be provided to one of the IITs for the development of Lab Grown Diamond seeds and machines, the other sectors of the industry have been ignored, including the reduction in customs duty on gold. It will severely hamper the industry and encourage the grey market,” he stated. GJC has been urging for reduction in customs duty of gold over the past many years, however, the duty on silver dore bars has been increased to be brought at par with the yellow metal and platinum in this budget, he said.
Feb 01, 2023
6:36 PM (IST)
Court formalities completed for Kappan’s release on bail
The sureties required for the release of Kerala journalist Siddique Kappan on bail have been submitted in a court here and his lawyer said he might walk out of jail on Thursday. When asked whether formalities related to Kappan’s submission of sureties have been done in the special Prevention of Money Laundering Act (PMLA) court, his lawyer Mohamed Dhanish K S told PTI, “Sureties were presented in the court today. Court part is complete now. Release order sent to jail”. He said the release is expected anytime on Thursday. The lawyer said the judge was present in the court on Wednesday and he approved the sureties. Two sureties of Rs 1 lakh each could not be submitted on Tuesday in the PMLA court here due to the absence of the judge. Kappan is currently lodged in the Lucknow district jail. No comments about receiving of the release order of Kappan could be obtained from the Jailor of Lucknow district jail as he did not answer phone calls of the PTI reporter.
Feb 01, 2023
6:22 PM (IST)
Government proposes to enhance presumptive taxation limit for MSMEs, professionals
The government on Wednesday proposed to enhance the limit for presumptive taxation for MSMEs and certain professionals provided their cash receipts are less than 5 per cent of the total turnover or gross receipts. The move is aimed at promoting non-cash transactions, as per the Budget document. The existing provisions of the Income Tax Act provide for a presumptive income scheme for small businesses and certain professionals. Micro enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 lakh can avail of the benefit of presumptive taxation. In her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman said MSMEs are growth engines of the Indian economy.
Feb 01, 2023
5:37 PM (IST)
Karnataka industry hails Union budget as development, infrastructure-oriented one
Industry bodies in Karnataka have termed the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday as “development and infrastructure-oriented” and “one that has something for everybody.” Federation of Karnataka Chambers of Commerce & Industry (FKCCI), an apex organisation of industry, trade and service sectors in the State, termed the budget as an overall developmental and infrastructure-oriented one. Stating that this is a progressive, development-oriented and people-friendly budget, FKCCI president B V Gopal Reddy said the chamber welcomes several initiatives announced by the Finance Minister in the areas of millets, health sector, tourism industry, ease of doing business, and the income tax slabs. Speaking about the credit guarantee scheme for the MSME support, he said, “Earlier also, the scheme was there but there was a delay in reaching the beneficiary. This time an additional corpus of Rs. 9,000 crore has been announced for MSME credit guarantee, but we have to wait and see how fast it will reach the beneficiary.”
Feb 01, 2023
5:13 PM (IST)
Building alliances and partnerships top priority: Top Pentagon official tells NSA Doval
US Deputy Defence Secretary Dr Kathleen Hicks told National Security Advisor Ajit Doval that building alliances and partnerships are a “top priority” for her department, the Pentagon has said, amidst the Indo-Pacific region’s increasingly contested strategic environment and China’s aggressive behaviour. Hicks said this during a meeting with Doval here and discussed priorities for the US-India bilateral defence partnership, the Pentagon said on Tuesday. It said the discussions also included strengthening policy and operational coordination in the Indo-Pacific region and increasing defence industrial cooperation between the two countries.
Feb 01, 2023
4:45 PM (IST)
Corporate Affairs Ministry gets Rs 756 crore budgetary allocation
The corporate affairs ministry will get a budgetary allocation of Rs 756.19 crore in the next financial year, higher than the amount earmarked for the ongoing fiscal ending March 31. In 2022-23, the total allocation was initially at Rs 733.02 crore, and the same was sharply revised to Rs 630.36 crore, according to the Union Budget 2023-24 presented in Parliament on Wednesday. The Budget documents showed that out of the total amount of Rs 756.19 crore for the next fiscal, Rs 714.19 crore will be from the revenue side and Rs 42 crore from the capital side for 2023-24. The funds towards regional directors, official liquidators and other expenditures with reference to various bodies under the Companies Act have been hiked to Rs 330 crore for the next financial year over the current fiscal.
Feb 01, 2023
4:36 PM (IST)
Indian Hotels Company shares settle 8 per cent higher on robust December quarter earnings
Shares of Tata group’s hospitality firm Indian Hotels Company Ltd settled over eight per cent higher on Wednesday after the company’s consolidated net profit registered over four-fold rise in the December quarter on the back of robust demand. The counter of Indian Hotels Company surged as much as 8.15 per cent to settle at Rs 325.05 on the BSE. The stock had opened on a positive note and gained around 10 per cent to hit an intra-day trade high of Rs 330.34. Similar movements were witnessed on the National Stock Exchange (NSE), where the stocks closed 7.97 per cent higher at Rs 325. The stock had hit an intra-day high of Rs 330.45 and alow of Rs 310.20 during the session.
Feb 01, 2023
4:18 PM (IST)
2 Polish skiers killed in Gulmarg avalanche
A massive avalanche hit the upper reaches of Jammu and Kashmir’s ski resort Gulmarg on Wednesday, killing two Polish tourists and trapping 21 skiers who were rescued later, police said. Three teams of 21 foreign nationals and two local guides were at the ski slopes in Hapatkhud Kangdori when the avalanche came rolling down around 12.30 pm, police officials said. The bodies of the two Polish nationals were recovered and moved to hospital for medico-legal procedures. The other 19 people who were trapped in the snowy heights of Afarwat region, famous for its ski slopes and visited by hundreds of tourists every winter, were rescued by teams of the Baramulla district police. They were taken to safe locations near Gulmarg. Several people saw the tragedy unfold. “We saw the dance of death before our eyes. A 20 ft wall of ice fell on the skiers and they got buried under it. It’s all about nature’s fury,” All India Congress Committee member Deepak Chinchore from Karnataka who happened to be at the spot told media. Officials said the cable car which ferries tourists up the 14,000 ft Afarwat mountain was used for the rescue operations.
Feb 01, 2023
4:06 PM (IST)
Police constable attacked with iron rod during clashes in Uttar Pradesh; 2 held
A police constable was attacked with an iron rod in Karanpur village here after clashes broke out between two groups over a monetary dispute, officials said on Wednesday. The incident took place on Tuesday when the police team led by Sairathu police outpost in-charge Chandan Singh reached the village after getting information about the clashes between groups led by Om Prakash Sonkar and Jai Prakash. When the police tried to control the situation, Prakash and his friend Ramu attacked constable Vikas, they said, adding that the injured was admitted to the district hospital.
Feb 01, 2023
4:00 PM (IST)
Rs 1.96 lakh crore allocated to Home Ministry in Budget 2023-24
Sending a clear message about its internal security priorities, the Modi government on Wednesday allocated Rs 1.96 lakh crore to the Ministry of Home Affairs (MHA) with a majority of the spending on Central Armed Police Forces such as CRPF and intelligence gathering. The 2023-24 budget allocation to the MHA, helmed by Union Home Minister Amit Shah, is Rs 1,96,034.94 crore. The budget 2022-23 had earmarked Rs 1,85,776.55 crore. A substantial amount has also been allocated for improving infrastructure along the international border, police infrastructure and modernisation of police forces.
Feb 01, 2023
4:00 PM (IST)
Government reduces customs duty on import of inputs used in mobile phones
In a bid to promote domestic manufacturing of mobile phones, the government on Wednesday reduced customs duty on import of certain parts and inputs like camera lens, and extended the concessional duty on lithium-ion cells for batteries for another year. Finance minister Nirmala Sitharaman also extend the customs duty exemption to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles. These announcements were made by the minister in her Budget speech. The finance minister also revised upwards the National Calamity Contingent Duty (NCCD) on specified cigarettes by about 16 per cent. It was last revised 3 years ago.
Feb 01, 2023
2:41 PM (IST)
No tax on income up to Rs 7 lakh, standard deduction allowed under new tax regime
Finance minister Nirmala Sitharaman on Wednesday announced no tax for those with annual income of up to Rs 7 lakh under the new tax regime but made no changes for those who continue in the old regime that provides for tax exemptions and deductions on investments and expenses such as HRA.
Feb 01, 2023
2:37 PM (IST)
Case against 2 doctors after pregnant woman’s death at Thane hospital
Police have registered a case against two doctors following the death of a pregnant woman at their hospital being run allegedly without due registration in Maharashtra’s Thane district, an official said on Wednesday.
The accused treated the 31-year-old woman, hailing from Wadpe village, who died at their hospital located at Temghar in Bhiwandi town on January 25, he said.
Feb 01, 2023
2:37 PM (IST)
Poll-bound Karnataka gets Rs 5,300 cr aid for Upper Bhadra project in union budget
Union Finance Minister Nirmala Sitharaman on Wednesday announced the Centre would provide Rs 5,300 crore assistance for the Upper Bhadra project in Karnataka. In her budget speech in Parliament, she said: “In the drought prone central regions of Karnataka, a central assistance of Rs 5,300 crore will be given for the Upper Bhadra Project.”
Feb 01, 2023
12:35 PM (IST)
Thief breaks into Goa district court’s evidence room, escapes with cash
A thief broke into the evidence room of the district and sessions court building in Goa’s capital Panaji and fled allegedly with cash seized as part of proof in various cases, a police official said on Wednesday. The incident took place on the intervening night of Tuesday-Wednesday in the court located in a Portuguese-era building where a guard was on duty on the front side, he said.
Feb 01, 2023
11:47 AM (IST)
Action against 5 pvt hospitals in Chhattisgarh for overcharging patients
Chhattisgarh health department has taken action against five private hospitals for allegedly overcharging patients during treatment under a government scheme, officials said on Wednesday. Out of the five hospitals, fines in the range of Rs 3 lakh to Rs 6 lakh have been imposed on four medical facilities and three of them have also been de-empanelled from the scheme.
Feb 01, 2023
11:09 AM (IST)
India, US are ready to break down barriers to closer technology and defence cooperation: Experts
The launch of the India-US initiative on Critical and Emerging Technology (iCET) by National Security Advisor Ajit Doval and his American counterpart Jake Sullivan is an important signal that the two countries are ready to break down barriers, foster ties in technology and bolster defence cooperation, experts said.
Feb 01, 2023
11:08 AM (IST)
Maharashtra: 4 people killed as bus hits truck in Pune
Four people were killed and nearly 20 others received injuries after a bus hit a stationary truck on Pune-Solapur highway in Maharashtra on Wednesday morning, police said.
Feb 01, 2023
11:08 AM (IST)
Fire at oil godown in Thane; no casualty
A fire broke out at an oil godown in Bhiwandi town of Maharashtra’s Thane district on Wednesday, civic officials said. No one was injured in the blaze which erupted at around 3.30 am, Thane Municipal Corporation’s regional disaster management cell chief Avinash Sawant said.
Feb 01, 2023
9:52 AM (IST)
Delhi records minimum temperature of 8.6 degrees Celsius
Delhiites woke up to a windy Wednesday morning with the minimum temperature settling at 8.6 degrees Celsius, normal for this time of the year. The air quality index (AQI) was recorded at 156, which is in the moderate category.
Feb 01, 2023
9:51 AM (IST)
Sensex jumps 516.97 points, Nifty at 17,815.30
Sensex jumps 516.97 points to 60,066.87 in early trade while Nifty climbs 153.15 points to 17,815.30
Feb 01, 2023
8:46 AM (IST)
India, US launch iCET, elevate strategic partnership: White House
India and the United States have elevated their strategic partnership with the launch of the initiative on Critical and Emerging Technology or iCET, the White House said as National Security Advisor Ajit Doval met his US counterpart Jake Sullivan.
Feb 01, 2023
8:46 AM (IST)
New Vande Bharat trains from Mumbai to undergo trials in ghat sections before launch
Two soon to be launched Vande Bharat Express trains from Mumbai will undergo trials in the hilly ghat sections on the city’s outskirts without deployment of additional locomotives before their inauguration, railway officials have said.
Feb 01, 2023
8:45 AM (IST)
UP: Imam killed as wall of mosque collapses in Muzaffarnagar
A wall of a mosque collapsed killing an imam in Muzaffarnagar in Uttar Pradesh, police said on Wednesday.The deceased was identified as Tahir Kasmi, 60, the general secretary of Muzaffarnagar City Jamiat Ulema Hind.
Feb 01, 2023
7:59 AM (IST)
Implementation Arrangement signed between India and USA
Implementation Arrangement signed between India’s Department of Science and Technology and USA’s National Science Foundation in the presence of NSAs Ajit Doval and Jake Sullivan
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