CMYK SATURDAY www.thestatesman.com 02 FEBRUARY 2019 FIND US ONLINE Scan this with your smartphone twitter.com/TheStatesmanLtd facebook.com/thestatesman1875 Pages 20 |` 5.00|LC* KOLKATA | NEW DELHI | SILIGURI | BHUBANESWAR P9 SENSEX 36,469.43 +212.74 WEATHER Mainly clear sky. Maximum and minimum temperature likely to be around 28-14 degree celsius, respectively. RAINFALL: Nil RELATIVE HUMIDITY Max.91% Min. 32% Max: 27.9°C (+1) SUN RISES 06:15 hrs MOON RISES 04.15 hrs Min: 13.5°C (-2) SUN SETS 17:26 hrs MOON SETS 15:21 hrs TEMPERATURE New moon on 4 February THUMBNAILS Andhra Pradesh chief minister Chandrababu Naidu donning a black shirt to protest against P5 the Centre's apathy towards the state. Black shirt protest: Shedding his trademark light yellow shirt Andhra Pradesh chief minister, N Chandrababu Naidu wore black on Friday, for the first time in his political career to protest against the Central government’s apathy towards the state. Life was thrown out of gear across the state due to a government backed call for a total shutdown. SBI says customers’ data safe: The SBI on Friday denied reports that its servers have been compromised last week and assured that all its customer data continue to remain safe and secure. According to a news item published by US-based TechCrunch, SBI has some unprotected servers which gave access to the financial information of its customers. P7 NIFTY 10,893.65 +62.70 ` vs $ 71.25 -17 PAISE NEW DELHI, 1 FEBRUARY Leaders of the BJP-led ruling alliance lavished praise on the Union Budget with Prime Minister Narendra Modi saying it benefits every section of society and will boost growth but the Opposition scorned its populist push, calling it the saffron party's poll manifesto and election 'jumla'. With some Union ministers hailing the budget as a “surgical strike” on the Opposition, Congress chief Rahul Gandhi mocked their show of euphoria, saying surgical strike will happen on Modi and his government on issues like the Rafale deal, jobs and demonetisation during the general election. Former finance minister P Chidambaram mocked the budget as an account for votes and not a vote on account P11 SILVER 40,500.00 00.00 BRENT CRUDE (IN $) 60.87 +0.03 Populist sops in poll year Budget Tax rebate for middle class Relief for small farmers Defence Budget pegged at Rs 3 lakh crore Mega allocation for education STATESMAN NEWS SERVICE NEW DELHI, 1 FEBRUARY ith the Lok Sabha elections being just round the corner, the Narendra Modi government today mounted a massive populist exercise in its sixth and final Budget, declaring an annual cash dole of Rs 6,000 for small farmers, proposing a monthly pension of Rs 3,000 for unorganised sector workers on a contributory basis, and giving "full tax rebate" to people with annual taxable income up to Rs 5 lakh. While defence allocation has been raised by 7 per cent to over Rs 3 lakh crore, subsidy bill has increased to Rs 2.97 lakh crore from Rs 2.66 lakh crore. The estimated revenue from disinvestment of government stakes in PSUs has been increased to Rs 90,000 crore from Rs 80,000 crore and the dividend from RBI and other banks has been put at Rs 82,900 crore. The government has announced a mega budget for the education sector with a budget outlay of 3.3 per cent of the total budget. Eyeing on the April-May general elections, the BJP-led government turned what was W The interim budget is merely a “trailer” of what will guide India towards prosperity after the Lok Sabha polls. supposed to be an interim Budget or a Vote on Account into a virtual Budget for the year 2019-20. Presenting the interim Budget in the Lok Sabha, Piyush Goyal, the interim Finance Minister, unveiled an array of sops and incentives for various sections of people, especially farmers and middle class . As expected, Goyal announced an income support programme for about 12 crore small and marginal farmer families by directly providing Rs 6,000 each in their bank accounts in three equal instalments in a year, which will cost Rs 75,000 crore per annum to the government. The vulnerable landholding farmer families having cultivable land up to 2 hectares will be eligible under this programme called Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). Although Goyal said this scheme will be implemented retrospectively from 1 Dec 2018 and the first instalment for the period up to 31 March 2019 will be paid in the current fiscal, it wasn't clear how the beneficiaries would be identified.FMannounced a monthly pension of Rs 3,000 with a contribution of Rs 100 a month in the unorganised sector. Interim budget has no value. Declaring a number of populist proposals is a sign of desperation of the Modi government BUDGET HIGHLIGHTS Income up to Rs 5 lakh exempted from income-tax Standard Deduction raised to Rs 50,000 from Rs 40,000 Direct tax proposals to provide Rs 23,000 cr relief to 3 cr taxpayers Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance. 12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits Tax exempted on notional rent on a second self-occupied house TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh Tax benefits for affordable housing extended till 31 March, 2020 Tax exemption period on notional rent on unsold inventories extended to two years from one year The interim Budget announcement of “Rs 17 a day” for farmers is an insult to everything they stand and work for. NARENDRA MODI MAMATA BANERJEE RAHUL GANDHI PRIME MINISTER OF INDIA WEST BENGAL CHIEF MINISTER CONGRESS PRESIDENT Congress leader and former Union finance minister Chidambaram called the interim budget as an account for votes and not a vote on account as it should have been. The NDA leaders expressed hope that the budget's sops for the middle class, farmers and small industries will boost their electoral prospects and their optimism was visible in their praise for these. BJP chief Amit Shah said the interim budget “benefits” all sections of the society and asserted that it has underscored the Modi government's dedication to the aspirations of the country's youth, farmers and the poor. He highlighted the increase in income tax exemption to Rs 5 lakh, a move aimed at wooing the salaried middle class, and annual payout of Rs 6,000 to farmers to drive home his point. Modi said over 12 crore farmers, three crore middle class families and 3040 crore workers employed in unorganised sector will benefit from the budget which, he asserted, is merely a “trailer” of what will guide India towards prosperity after the elections, expected in AprilMay. This budget will boost the efforts of 130 crore citizens in realising the goal of a new India, he said. Slamming the government for “trampling” on time-honoured conven- tions by presenting a “fullfledged budget” and not an interim one, former finance minister and Congress leader P Chidambaram accused it of violating the Constitution. “My one line comment on the budget is that it was not a Vote on Account but an account for votes. It was a fullfledged budget accompanied by an election campaign speech,” he told reporters. The government has said that it was an interim budget. Gandhi also accused the government of destroying the lives of farmers over the past fiver years, and said the budget's announcement of “Rs 17 a day” for them was an insult to everything they stand and work for. CPI-M leader Mohammad Salim called the announcements an election “jumla” (rhetoric). EDITORIAL: JUST GOOD POLITICS, Page 6 Immediately appoint CBI chief, SC to govt PRESS TRUST OF INDIA NEW DELHI, 1 FEBRUARY The Supreme Court on Friday said it was “averse” to the arrangement of an interim CBI Director and the Centre should “immediately” appoint a regular chief of the probe agency. The post of CBI Director is “sensitive” and “important”, and it is not good to keep an interim director of the agency for longer period, the top court observed, seeking to know as to why the government has not made the appointment yet. A bench of Justices Arun Mishra and Navin Sinha was told by Attorney General (AG) K K Venugopal, appearing for the Centre, that a high-powered Selection Committee headed by the Prime Minister would meet Friday to select a new CBI director. BENZEMA DOUBLE DELIGHT MARKS REAL MADRID WIN P8 GOLD 32,085.00 00.00 PM hails Budget, Opposition dubs it poll ‘jumla’ SNS & PTI MARKETS CHEER PIYUSH GOYAL’S INTERIM BUDGET ‘NEW MENTAL HEALTH LAW A GAME CHANGER’ ‘RELATIONS WITH USA AT CRITICALLY IMPORTANT STAGE’ “We are only saying that you should appoint CBI director immediately. No more of this in-charge business,” the bench told the Venugopal, who said the committee is doing it as soon as possible. The top court was hearing a petition filed by NGO Common Cause challenging the Centre's decision to appoint IPS officer M Nageswara Rao as the interim CBI director. Advocate Prashant Bhushan, appearing for the NGO, told the top court that 40 officers have been transferred from CBI in last two-three weeks. The bench told Venugopal that the officer who would be appointed as the new CBI Director should examine not only the decisions taken by Rao after taking charge of interim CBI chief but also “trace the movement of files” during the period when IPS officer Alok Kumar Verma took charge of the post for two days on being reinstated. During the hearing, Venugopal placed before the bench in a sealed cover the minutes of the meeting of the highpowered Selection Committee which was held last month for appointing the new CBI chief. The last meeting of the committee took place on January 24 but it remained “inconclusive”. Venugopal informed the bench that the Centre had taken the permission of the committee to appoint Rao as an interim CBI chief. Bassi plea: SC seeks reply NEW DELHI, 1 FEBRUARY The Supreme Court on Friday sought responses from the CBI and its interim director M Nageswara Rao on a plea of Deputy Superintendent of Police A K Bassi challenging his transfer to Port Blair in Andaman and Nicobar Islands. A bench headed by CJI issued a notice to the probe agency and Rao and sought their response in six weeks. Advocate Rajeev Dhavan, appearing for Bassi, said this is the case which raises questions on the goverPTI nance of the CBI. CMYK Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme Interest subvention of 2 pc during disaster to be provided to farmers for the entire period of reschedulement of loan 2 pc interest subvention to farmers for animal husbandry and fisheries activities; additional 3 pc in case of timely repayment Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme Fiscal deficit pegged at 3.4 pc of GDP for 2019-20; target of 3 pc of fiscal deficit to be achieved by 2020-21 Current Account Deficit pegged at 2.5 pc of GDP for FY20 Total expenditure to rise by 13 pc to Rs 27.84 lakh cr in FY20 National Education Mission allocation increased by about 20 pc to Rs 38,572 cr Allocation for Integrated Child Development Scheme increased by over 18 pc to Rs 27,584 cr Disinvestment target of Rs 80,000 cr in 2018-19 likely to be met; Target for FY20 set at Rs 90,000 cr 25 pc additional seats in educational institutions to meet the 10 per cent reservation for the poor Defence budget to cross Rs 3,00,000 cr for the first time Allocation for North East increased by 21 pc to Rs 58,166 cr in FY20 Railways to get capital support of Rs 64,587 cr in FY20 Indian filmmakers to get access to single window clear- ance for ease of shooting films; regulatory norms to rely more on self-declaration 2 pc interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities At least 3 pc of the 25 pc sourcing for the government undertakings to be from women-owned SMEs One lakh villages to be transformed into digital ones in 5 years New portal to support national programme on Artificial Intelligence Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place A separate Department of Fisheries to be created for welfare of 1.5 crore fishermen 22nd AIIMS to be set up in Haryana Rs 60,000 crore allocation for MGNREGA in 2019-20 India poised to become USD 5 trillion economy in next 5 years; aspires to take this to USD 10 trillion in the subsequent 8 years.
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