CMYK FRIDAY www.thestatesman.com 02 FEBRUARY 2018 FIND US ONLINE Scan this with your smartphone twitter.com/TheStatesmanLtd facebook.com/thestatesman1875 Pages 16 |` 5.00|LC* KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR P4 SENSEX 35,906.66 -58.36 P2 NIFTY 11,016.90 -10.80 INCOME-TAX Economic growth pegged at 7.2-7.5% for H2 FY18 India's average growth in first 3-year of NDA govt 7.5% Indian economy size USD 2.5 trillion; 7th largest in world MANCUNIANS LEFT SPREADEAGLEDBY GUNG-HO SPURS P8 ` vs $ 64.02 -44 PAISE ECONOMIC GROWTH Personal I-T slabs and rates unchanged Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr, 15% on income above Rs 1 cr to continue Standard Deduction of Rs 40,000 in lieu of transport allowance and medical costs BANKERS HAIL BUDGET KEJRIWAL RESENTS MARGINAL INCREASE IN DELHI ALLOCATION SALARIES OF PRESIDENT, V-P & GOVERNORS HIKED GOLD 29,225.00 -65.00 FISCAL DEFICIT Revised Fiscal Deficit estimate for 201718 is Rs 5.95 lakh crore at 3.5% of GDP; Fiscal Deficit for FY'19 estimated at 3.3% of GDP; Govt's market borrowing estimated at Rs 4.07 lakh cr in FY'19 vs Rs 4.79 lakh earlier P11 SILVER 39,500.00 +200.00 BRENT CRUDE (IN $) 69.56 +0.67 AGRICULTURE MARKETING SENIOR CITIZENS Rs 2,000 cr fund for developing and upgrading agri marketing infra in 22,000 Grameen Agri Markets and 585 APMCs; Agriculture credit disbursal target increased to Rs 11 lakh crore from Rs 10 lakh crore in 2017-18; Interest income exemption on deposits with banks and post offices for senior citizens increased from Rs 10,000 to Rs 50,000; Benefit of deduction up to Rs 50,000 on health insurance Jaitley woos rural voters Budget focuses on agriculture and health sectors Salaried class disappointed Some relief for senior citizens STATESMAN NEWS SERVICE NEW DELHI, 1 FEBRUARY yeing as many as eight state elections this year and the general elections next year, the Narendra Modi government on Thursday presented a populist budget to woo rural voters, focusing on agriculture and the health sector. Union Finance Minister Arun Jaitley, who presented his last full Union Budget before the next general election, has sent a clear message that it is revolved around appeasing the electorate. As most of the assembly elections are in the Hindi heartland, Jaitley broke into Hindi to announce budgetary proposals to woo voters, which came at the cost of a breach in the fiscal deficit target for 2017-18, with a budget estimate of 3.2 per cent of GDP at present being the revised estimate of 3.5 per cent of GDP . However, the NK Singh committee’s recommendations for the fiscal deficit target for 2018-2019 of 3.3 per cent of GDP have been accepted. The headline announcements include a revamped National Health Protection Scheme that will provide coverage of up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation for 10 crore families and a promise to provide minimum support price (MSP) for all unannounced crops of kharif at least at one-and-ahalf times of their production cost. Jaitley has used the Union Budget to address the rural voters as there is high discontent among farmers E Union Minister for Finance and Corporate Affairs Arun Jaitley with the Minister of State for Finance Shiv Pratap Shukla leaves for Parliament House to present the Union Budget 2018-19 in the capital on Thursday. SNS across several states. The farm livelihood package had a cumulative allocation of Rs 14.34 lakh crore. One of the biggest dampeners for the stock market was the reintroduction of the long term capital gains (LTCG) tax on gains of more than Rs 1 lakh in the equity market at a rate of 10 per cent. At present, gains from equity investments held for more than 12 months were exempt from tax. The Finance Minister has also proposed to introduce a tax on distributed income by equity oriented mutual funds at the rate of 10 per cent, to provide a level field across growth oriented funds and dividend distributing funds. “The proposed change in capital gains tax will bring marginal revenue gain of about Budget is farmer friendly, common citizen friendly, business environment friendly, will add to ease of living and doing business Rs 20,000 crore in the first year, in view of grandfathering,” Jaitley said. The budget extended the cut in the corporate tax rate introduced last year from 30 per cent to 25 per cent to companies clocking a turnover of up to Rs 250 crore from Rs 50 crore. Jaitley said, “This will benefit the entire class of micro, small and medium enterprises, which account for almost 99 per cent of companies filing tax returns. The estimated revenue forgone during Financial Year 201819 will be Rs 7,000 crore. This lower corporate income tax rate would leave such companies with higher investible surplus, which would create more jobs.” A comprehensive package was also offered to the MSME RAINFALL: Nil RELATIVE HUMIDITY Max.90% Min. 42% Max: 26.6°C (-1) SUN RISES 06:15 hrs MOON RISES 19.25 hrs Min: 15.5°C (0) SUN SETS 17:26 hrs MOON SETS 07:34 hrs TEMPERATURE First moon quarter on 10 February THUMBNAILS Rupee crumbles 44 paise on Budget day: The rupee on Thursday plunged 44 paise to close at a two-week low of 64.02 against the US dollar after government announced long-term capital gains (LTCG) tax on equities and widened its fiscal deficit target while unveiling the Union Budget. Besides, forex market sentiment turned subdued after the govt's revised estimate showed that the net borrowing for the current fiscal was raised to Rs 4.79 lakh P8 crore as against Rs 3.5 lakh crore earlier. SA 269/8: Captain Faf du Plessis led from the front with 120 runs as he single-handedly took South Africa to 269 for 8 in the first cricket ODI against India in Durban on Thursday. Kuldeep Yadav and Yuzvendra Chahal shared five wickets among them in an impressive bowling show but du Plessis ensured that the Proteas have a competitive total on board after opting to bat. Du Plessis scored his eighth ODI hundred after a half- empty Kingsmead Stadium bore witness to team’s top- order collapse. Cellphones, cars and motorcycles, fruit juices, perfumes and footwear are among the several items that will become costlier after Union Finance Minister Arun Jaitley on Thursday hiked customs duties while presenting the Budget. An overall increase in customs duty will see a spike in prices of all imported goods. Diamond, imitation jewellery, toiletries and perfumes, gold and silver will also become dearer. Imported items will get expensive: Mobile phones from 15% to 20% Parts of TV, TV accessories from 10% to 15% Fruit and vegetable juices from 30% to 50% Orange juice to go up from 30% to 35% Cranberry juice to go up to 50% from 10% Cosmetics, perfumes to go up to 20% from 10% Dental hygiene products, including denture fixative pastes from 10% to 20% Deodorants, shaving products from 10% to 20% Diamonds— cut and polished, lab, industrial to 5% Imitation jewellery- up to 20% from 15% Furniture from 10% to 20% Sports equipment from 10% to 20% Customs duty on imported watches and clocks Vegetable oils, cotton seed oil, groundnut oil from 12.5% to 30% Refined vegetable oils from 20% to 30% DOWN Petroleum products Bricks, tiles Medical care Raw cashew nuts Solar tempered glass and solar cells CHIEF MINISTER OF WEST BENGAL Supreme Court unveils new roster, CJI keeps PIL matters STATESMAN NEWS SERVICE NEW DELHI, 1 FEBRUARY description of matters that would be allocated to the Benches headed by the CJI and 11 other judges after him ~ Justices Chelameswar, Gogoi, Lokur, Joseph, A K Sikri, S A Bobde, R K Agrawal, N V Ramana, Arun Mishra, A K Goel and R F Nariman. The Supreme Court had been gripped by an unprecedented crisis in the wake of the four senior judges’ virtual ‘‘revolt’’ against CJI Misra at a press conference at Justice Chelameswar's residence here on 12 January, which had sent out shock waves through the judiciary and polity of the country. Raising UP MAMATA BANERJEE CONGRESS PRESIDENT Three weeks after four top judges of the Supreme Court ~ Justice J Chelameswar, Justice Ranjan Gogoi, Justice M B Lokur and Justice Kurian Joseph ~ had come out to publicly question the administration of justice and state of affairs in the top court on the watch of Chief Justice of India (CJI) Dipak Misra, the apex court on Thursday unveiled a new roster system for allocation of fresh matters to the judges, declaring the categories of matters that would be listed before its 12 top Benches. CJI Misra has decided to keep with himself the public interest litigation (PIL) cases. The CJI's order on the new roster system was put on the official website of the top court. The notification said a roster of the work for fresh cases, notified under the order of the CJI, will come into effect from 5 February till further orders. The apex court's 13-page notification has given the Editorial: A good job P6 Editorial: I am disheartened with the Union Budget. This is a hopeless, negative and super flop Budget. It is a big bluff Budget. I think this anti-people BJP government is not fit for governance RAHUL GANDHI PRIME MINISTER OF INDIA Mainly clear sky with mist in the morning. Max and min temperature likely to be around 27 and 15 degree celsius, resp and pledge to take more measures in future by which black money is contained and honest taxpayers are rewarded,” he said. However, there was some relief for senior citizens and pensioners as the interest income exemption was increased to Rs 50,000 from Rs 10,000 for all fixed and recurring deposit schemes, including small savings. In addition to tax concessions for senior citizens, Jaitley extended the Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured return of 8 per cent is given by Life Insurance Corporation of India. The existing limit on investment of Rs 7.5 lakh per senior citizen under this scheme is being doubled to Rs 15 lakh. 4 years gone; still promising farmers a fair price. 4 years gone; fancy schemes, 4 years gone; no jobs for our youth. Thankfully, only 1 more year to go NARENDRA MODI WEATHER sector, which bore the brunt of demonetisation and chaotic rollout of the Goods and Services tax (GST). Much to the disappointment of the salaried class of the country, there were no changes to income tax slab structure for individuals, except a provision to allow standard deduction of Rs 40,000 for salaried taxpayers in lieu of existing medical and transport bills. Jaitley said, “2.5 crore salaried employees and pensioners would benefit from this proposal and the revenue cost would be Rs 8,000 crore.” He also brought up the rising number of direct taxpayers and the increase in direct tax growth, including some praise for demonetisation. “We are enthused by the success of our measures Jaitley also increased the education cess to 4 per cent to help cover the costs of government-sponsored programmes in health and education from the present 3 per cent. In the education sector, Jaitley proposed to revitalise infrastructure, opening schools for Scheduled Tribe population as well as promoting programmes for teachers in order to improve quality education for students. The finance minister added that a scheme known as ‘RISE’ will be launched with a total investment of Rs 1 lakh crore in the next four years. Jaitley cheered up the House by increasing salaries for the President, Vice President, Governors and MPs by more than double per month. The President’s salary will go up to Rs 5 lakh a month from the current Rs 1.5 lakh, the Vice-President will draw a salary of Rs 4 lakh per month against the current Rs 1.25 lakh and the Governor’s pay will be revised to Rs 3.5 lakh a month from Rs 1.10 lakh. The Finance Minister also proposed inflation-linked revision of salaries for MPs. Since, the major portion under indirect tax has gone under the introduction of Goods and Services Tax (GST), Jaitley hiked the customs duty on a range of sectors and items. Mobile phones and import of mobile phone parts could be set to be more expensive as he announced an increase in customs duty on mobile phones from 15 per cent to 20 per cent. serious issues against the CJI, including the matter of "selective" allocation of cases to "preferred" Benches by him, the four seniormost judges after the CJI ~ who are together part of the Collegium ~ had also warned that democracy will be at stake if the integrity and independence of an institution like the apex court are not protected. The four "rebel" judges had questioned the allocation of sensitive cases and important PILs to judges with less seniority. While conceding that the CJI is a "master of the roster", the four judges had accused CMYK him of not strictly adhering to rules in assigning cases to appropriate Benches which they said could create "doubt" about the integrity of the top court. The "final trigger" for their "revolt" was the assigning of the issue of alleged mysterious death of special CBI judge B H Loya ~ who was hearing the sensitive Sohrabuddin Sheikh encounter case which earlier involved as an accused BJP president Amit Shah ~ to a junior Bench. Amid the crisis, CJI Misra had held several rounds of meetings with the four judges over the last few weeks in a bid to resolve their conflict. The four dissenting judges had also reportedly given the CJI a proposal for "reforming" the roster in order to make the system of allocation of cases ~ especially sensitive and major cases relating to constitutional or other important matters with farreaching consequences ~ to various Benches more "effective, objective and transparent". SC collegium recommends names for CJs Cong defeats BJP in Raj, TMC wins 2 seats SNS & PTI NEW DELHI, 1 FEBRUARY JAIPUR/KOLKATA, 1 FEB The Supreme Court collegium today made public the names it has recommended for appointment as chief justices of 10 high courts. The recommendations have been made for the high courts of Delhi, Meghalaya, Chhattisgarh, Calcutta, Karnataka, Telangana and Andhra Pradesh, Tripura, Himachal Pradesh, Kerala and Manipur. The collegium has recommended Justice Aniruddha Bose, a senior judge of the Calcutta High Court, for appointment as the chief justice of Delhi High Court, the position which was vacant since the retirement of Justice G Rohini on April 13 last year. The apex court also invoked a provision of Memorandum of Procedure (MoP), which is yet to be finalised, for recommending appointment of chief justices of Calcutta and Kerala High Courts. The collegium has approved elevation of Justice Jyotirmay Bhattacharya and Justice Antony Dominic as chief justices of Calcutta and Kerala High Courts PTI respectively. The Congress and the TMC today swept the bypolls to three Lok Sabha and two Assembly seats in Rajasthan and West Bengal by impressive margins, dealing a huge blow to the BJP days ahead of Assembly elections in three states. The BJP came in for severe drubbing in Rajasthan where it is eyeing a second straight term, with Congress candidates thumping its nominees in two Lok Sabha and one Assembly seats. Mamata Banerjee's Trinamul Congress quelled the BJP challenge in West Bengal with ease as its candidates won the Uluberia Lok Sabha and Noapara Assembly seats, trouncing their nearest saffron party rivals. After making a remarkable turnaround in its electoral fortunes in neighbouring Gujarat late last year, the Congress put up a muscular performance in Rajasthan where its candidates wrested Alwar and Ajmer Lok Sabha and Mandalgarh Assembly seats from the BJP by impressive margins. Karan Singh Yadav of the Congress trounced his nearest BJP rival Jaswant Yadav by a whopping 1,96,496 votes in Alwar, while the main Opposition party's nominee for Ajmer Raghu Sharma beat BJP's Swaroop Lamba by an impressive margin of over 84,414 votes, the state election office said. The Congress's Vivek Dhakad won the Mandalgarh Assembly seat, defeating his nearest BJP rival Shakti Singh Hada by nearly 13,000 votes. Rebel Congress leader Gopal Malviya, who contested as an Independent, failed to alter the outcome. The defeat for the BJP came days after the release of period film Padmaavat which saw an upheaval of sorts in the state, with the influential Rajput community up in arms against its screening, claiming it distorted historical facts and projected queen Padmini of Mewar in poor light. Though the BJP government stood solidly behind the Shree Rajput Karni Sena, which spearheaded the protest against the film, to stall its release, the gesture did not pay off as the party lost the Ajmer seat that has a sizeable population of Rajputs. The recent incidents of vigilantism in the name of cow protection appeared to have consolidated the minority community electorate behind the Congress.
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