Snehal khanna Blog

While China manufactures everything from a chip to a converter for its electric vehicles, Indian automakers use imported electronic equipment LATEST NEWS : India’s dependence on imported components for electric vehicles could make the country vulnerable to cyber-security breaches, according to the government’s chief policy think-tank. India should manufacture the majority of the parts needed for its electric vehicle fleet as equipment shipped from overseas could be compromised, V K Saraswat, a member of the think tank, Niti Aayog , said in an interview. All of the software and at least 55 percent of the components need to be made domestically to keep electric vehicles and the grid secure. “There has to be a push toward local manufacturing,” Saraswat said. Prime Minister Narendra Modi’s administration said last year it aims to have mostly electric vehicles by 2030, in a country where about 3 million fossil fuel powered passenger vehicles sell annually. In an attempt to...

Congress leader urges like-minded parties to bury differences, stand firm against saffron set-up; BSP turns deaf ear LATEST NEWS :    The opposition parties are prepared to assault the NDA authorities throughout the ongoing budget consultation of the Parliament. that allows you to formulate their strategy, they met on Thursday, which was chaired by Congress ex-president Sonia Gandhi. The leaders mentioned various problems consisting of Aadhaar be counted, rampant incidents of communal violence, unemployment, gasoline charge upward push. The meeting, on Thursday, was chaired by means of Congress ex-president Sonia Gandhi. Sonia entreated like-minded events to conquer nearby differences and join hands towards BJP on the Centre. "We have to altogether undertake a not unusual approach and approach each outside and inside Parliament... There may be variations amongst events in states, but there need to no longer be differences on country wide problems and we ...

Bond investors have already concluded that Finance Minister Arun Jaitley will deviate from those plans when he delivers his budget on Thursday BUDGET NEWS  :  Indian top Minister Narendra Modi has a difficult balancing act on this week’s finances: keeping monetary prudence or handing out cash to placate rural citizens ahead of next 12 months’s election. After scoring a rare sovereign improve late last yr, Modi desires to maintain international traders and credit-score corporations on his side. Key to on the way to be sticking his purpose to narrow one in all Asia’s largest finances deficits. Bond investors have already concluded that Finance Minister Arun Jaitley will deviate from the ones plans whilst he provides his price range on Thursday, with yields climbing 96 basis factors in the beyond six months, the most in Asia. within the remaining complete price range before the elections, Jaitley needs a increase improve for an economic system that’s slowing righ...

On the criticism related to demonetisation and GST, Modi said his government's achievements were much beyond these two reforms BUDGET NEWS :   Countering the allegation that his government had reneged on the promise of creating 10 million jobs a year, Prime Minister Narendra Modi quoted a recent study showing seven million jobs had been created in the formal sector alone in the current financial year. “This data of seven million jobs is not like building castles in the air. It has been calculated by an independent agency on the basis of EPFO (Employees’ Provident Fund Organisation) figures,” Modi said in a television interview, days before leaving for Davos to attend the World Economic Forum meet. One should also count the opportunities that were being created in the informal sector, he added. “As many as 100 million people have taken loans from the Prime Minister Mudra Yojana without any bank guarantee. Loans to the tune of Rs 4 trillion have been disburs...

Under PMAY (U), people can avail benefits under various components to buy a house in urban areas BUDGET NEWS :  In order to give momentum to affordable housing projects, the Modi government has identified land available with six loss-making central public sector enterprises, which it plans to use to build 'houses for all' under the Pradhan Mantri Away Yojana (Urban). The six companies, including IDPL, HMT, Hindustan Antibiotics and Tungabhadra Steel Products, have about 3,000 acres. According to a senior government official, some of the projects would be completed before 2022. Under PMAY (U), people can avail benefits under various components to buy a house in urban areas. "We have put all such proposals on a fast track. The land available with sick CPSEs is in prime areas. In some cases, we will allow mixed use," the official told Economic Times. "We expect more such projects in the near future as the government has decided to exit loss-makin...

The fear is that Modi is already beginning to lean more heavily on that first leg of his, Hindu nationalism, now that his economic strategy is losing some of its sheen LATEST NEWS :  The immense popularity of Narendra Modi , India’s most dynamic prime minister in decades, has always rested on two legs: Hindu nationalism and his tantalising promises to build on the country’s go-go economy. That second leg is now looking a little shaky. In the last two years, India’s consumer confidence has plummeted, construction has slowed, the fixed investment rate has fallen, many factories have shut down and unemployment has gone up. Fingers are pointing at Modi. Just about all economists agree that two of the prime minister’s biggest policy gambles — abruptly voiding most of the nation’s currency and then, less than a year later, imposing a sweeping new sales tax — have slowed India’s meteoric growth. “Things have been worsening, worsening, worsening,” said Himanshu, an ec...

Just as growth appears to be no longer a pressing problem, another familiar threat has reappeared: India's macroeconomic numbers don't look quite as stable as they should. LATEST NEWS :   You’d think the Indian economy had returned to rosy health. It seems to have recovered from two enormous disruptions -- Prime Minister Narendra Modi ’s decision just over a year ago to withdraw 86 percent of the currency in circulation, and the poorly-planned rollout in the middle of 2017 of a new goods-and-services tax. Exports are no longer declining, as they had for several quarters; indeed, for the last month that data is available, they rose 30 percent. The Purchasing Managers’ Index expanded the fastest it has in five years. At least one international ratings agency has upgraded India’s credit rating. Most importantly, growth sped up last quarter for the first time since early 2016. There’s every reason to think it’ll bounce back towards the 7-7.5 percent range shortly. ...

PM Modi said those who looted the country could only think of dacoits LATEST NEWS  : Continuing his high decibel campaign in poll-bound Gujarat, Prime Minister Narendra Modi on Wednesday attacked Congress leader Rahul Gandhi for calling GST 'Gabbar Singh Tax' and said those who looted the country could only think of dacoits. In a stinging rebuttal to Gandhi's repeated criticism of the Goods and Services Tax, a key economic reform of the NDA government, Modi said a recently emerged "economist" was propagating a "grand stupid thought" by suggesting that GST rate be capped at 18 per cent. Making a fresh bid for power in his home state, where the BJP has ruled for over two decades, Modi also listed various development works by the government on water conservation, agriculture and development of the Saurashtra region. ALSO READ: Gabbar Singh Tax? Congressmen in 'Sholay' attire rally against GST in Surat Addressing a huge ral...

The first phase comprises 30 km and 24 stations LATEST NEWS  : Larsen&Toubro has sought "additional financial support" from Telangana to cover cost overruns in the Rs 16,000-crore metro rail project that stemmed from delays in its implementation, sources privy to the development said. Prime Minister Narendra Modi is scheduled to inaugurate the first phase of the 72-km project tomorrow, touted to be the world's largest such project on public-private partnership in the sector. L&T Metro Rail (Hyderabad) Ltd, the developer of the project, has sought "additional financial support" from the Telangana government to cover the cost overruns due to delays in projects, leading to an extension of time, the sources said. The cost overruns work out to over Rs 3,000 crore, the sources added. "The company is also learnt to have sought an extension period of two years," an industry source said, adding that any decision is likely afte...

Chief Economic Adviser Arvind Subramanian will be a permanent special invitee in the task force LATEST NEWS :  The government on Wednesday constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia (Consultant, ICRIER). Prime Minister Narendra Modi, during the annual conference of tax officers in September, had observed that the Income-tax Act, 1961 was drafted more than 50 years ago and it needs to be redrafted. "Accordingly, in order to review the Act and to draft a new direct tax law in consonance with economic needs of the country, the Government has constituted a task force," a finance ministry statement said. The task force will submit its report to the go...

CAIT Secretary General Praveen Khandelwal said the government needs to encourage the use of debit and credit cards LATEST NEWS :  After deciding to revoke the legal tender of Rs 500 and Rs 1,000 currency notes in November last year, the Narendra Modi -led central government might now be working on another disruptive step to boost digital transactions — banning the cheque book. A senior functionary of the Confederation of All India Traders (CAIT) on November 16 said the Centre might withdraw the bank cheque book facility in the "near future" to encourage digital transactions. CAIT Secretary General Praveen Khandelwal said the government needed to encourage the use of debit and credit cards. "In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions," he said. Impact of cheque book facility withdrawal Demonetisation was a big disruption for most Indians, right from poor labourers to...

Given the expertise, focus and core competency of mobile wallet players like Paytm and Mobikwik, it makes more sense for banks to partner such players than building or pushing own e-wallet apps LATEST NEWS : An accelerated digital adoption in India, especially after the Narendra Modi government’s November 2016 move to demonetise high-value currency notes, and the subsequent spike in electronic payments, are credited with scripting a success story for mobile wallet companies. And, with a loss of market share in the payments space that ensued, banks also jumped on the bandwagon and launched their own e-wallets. Now, however, with their wallet customer base, user interface and innovation not matching well enough with the numerous offers that niche wallets provide, banks are struggling to compete. On the post-demonetisation digital drive, Ritesh Pai, chief of digital office, YES Bank, says: “Some users who never had an active interface with the banking system also embraced pre...

Modi said a single-window facilitation cell provided hand-holding for foreign investors and there were attractive fiscal incentives from the Union and state govts LATEST NEWS : Prime Minister Narendra Modi on Friday said the food sector that allows 100 per cent foreign investment was the priority in the government's ambitious "Make In India" programme. Launching a three-day global conference on the food industry here, Modi said food processing was an age old practice in India and simple, home-based techniques like fermentation had resulted in the creation of "our famous pickles, papads, chutneys and murabbas that now excite both the elite and the masses across the world". He said the government had taken a range of "transformational initiatives to make the country "most preferred investment destination in this sector". "It is priority sector in our 'Make in India' programme. 100 per cent Foreign Direct Investmen...

While senior staffs are likely to lose out on jobs, hiring will take place mostly at junior, mid levels LATEST NEWS :    With job creation seen as the Narendra Modi government’s biggest failing, media reports that the information technology (IT) firms will further slow down their hiring pace over the next two quarters comes as a bigger blow to the Centre.  "The job market has undergone an overhaul owing to technological advancements and the dynamic economic scenario. The country's GDP growth declined 2 per cent to 5.7 per cent in the June quarter of 2017 compared to 7.9 per cent in the corresponding quarter of the previous year," Modi said, adding efforts should be made to improve this to spur further job creation. Moreover, the chances of more lay-offs look prominent in the next six-12 months, according to Experis IT Employment Outlook Survey from Experis IT-ManpowerGroup India for October 2017-March 2018, reported the Economic Times. graph Whi...

A year has passed since the much vaunted 'surgical strikes' across the line of control, in the wake of the Uri debacle LATEST NEWS : On the intervening night of September 29 in 2016, the Indian Army conducted a surgical strike in Pakistan. The operation that went on for over five hours not only dealt a blow to terrorists planning attacks in India, it also avenged the Uri attack where 19 Army personnel were killed. This writer explains what India has, and has not achieved over the last one year. A year has passed since the much vaunted ‘surgical strikes’ across the line of control, in the wake of the Uri debacle, in which 19 Indian soldiers were killed before the four attackers could be neutralized. Divergent claims have been made regarding the impact of the strikes beyond the initial claims of “significant casualties, caused to terrorists and those providing support to them.” Unconfirmed reports indicate that at least 50 terrorists and two Pakistan Army handlers ...

GE won a $2.6 billion contract in 2015 to supply 1,000 diesel locomotives LATEST NEWS  : Surprise policy shifts, consisting of an obvious U-turn over a locomotive cope with preferred electric, chance undermining high Minister Narendra Modi’s flagship ‘Make in India’ initiative, which targets to create millions of jobs and enhance increase, enterprise executives say. GE won a $2.6 billion agreement in 2015 to deliver 1,000 diesel locomotives - the largest direct funding in India with the aid of a U.S. company and the primary deal awarded to a foreign company after India allowed one hundred percentage foreign investment in its railways - a part of efforts to overhaul its creaking, colonial-technology infrastructure. however the railways ministry said ultimate week it wouldn’t need diesel in spite of everything - hoping to shop on fuel and maintenance fees - and advised GE may need to make electric powered engines instead. electric engines are typically used for...

Prime Minister Abe to lay the foundation stone for India's first high-speed Bullet train project between Ahmedabad and Mumbai Latest news         :  It's an early Diwali for Ahmedabad with several parts of the city lit up and decorated with Indian and Japanese flags, ahead of Prime Minister Narendra Modi hosting Japanese Prime Minister Shinzo Abe and his wife Akie Abe on Wednesday. Ahmedabad and India are ready to welcome PM @AbeShinzo. pic.twitter.com/rToW2K8JEw — Narendra Modi (@narendramodi) September 12, 2017 PM Modi welcomed Abe through a tweet while sharing pictures of an illuminated Sabarmati riverfront. Ahmedabad's pot-holed roads are also getting the last moment makeover on routes through which the Japanese PM's cavalcade is scheduled to pass. Hoardings and cut-outs welcoming both the Indian and Japanese Prime Ministers to 'India's first World Heritage City' have covered Ahmedabad's roads. The excitement around A...

The Congress on Monday demanded Railway Minister Suresh Prabhu's resignation LATEST NEWS :  Amidst Opposition's demand for his stepping down from the position of Union Railway Minister over derailment of the Puri-Haridwar Kalinga Utkal Express, Suresh Prabhu on Wednesday informed that though he takes moral responsibility of the incident, Prime Minister Narendra Modi asked him to wait. Prabhu took to his Twitter handle to post a thread, where he says, "In less than three years as Minister, I have devoted my blood and sweat for the betterment of the Railways. Under the leadership of Prime Minister Narendra Modi, I tried to overcome decades of neglect through systemic reforms in all areas, leading to unprecedented investment and milestones." "New India, envisioned by Prime Minister Modi, deserves Railways, which is efficient and modern. I promise that is the path on which Railways is progressing now," he further said. Adding, "I am extremely...

LATEST NEWS       :   China has vehemently rejected all reports of it ever offering a compromise to India by relocating its troops in the disputed Doklam border area. The Chinese Foreign Ministry reacted to a report where China had allegedly offered to move its troops back 100 meters, after India sought the pullback of Chinese troops by 250 metres. The Spokesperson's Office told China Daily that the report is not true, adding that "China will not trade its territorial sovereignty under any circumstances." "China's position on solving this incident is clear and firm. India must immediately and unconditionally withdraw all its trespassing troops and equipment back to the Indian side of the border," the office said in a statement. China could never accept India's "totally unreasonable" demand, said Zhao Xiaozhuo, a researcher at the PLA Academy of Military Science told China Daily, adding that India had honored the convention u...

RTI information shows details of money given to Bihar LATEST NEWS    :   With the BJP and JD(U) joining hands in Bihar, the stage is finally set for implementing one of the foremost poll promises made by Prime Minister Narendra Modi in the run up to the Bihar elections in 2015. While Modi had announced a special package of Rs 1.25 lakh crore for Bihar at an election rally in Arrah in August 2015, it has released money to the state only for projects sanctioned under the 12th Five-Year Plan. The plan, which commenced in 2012, coincidentally, will end this year. This sets the stage for the BJP-JD(U) alliance in Bihar to go full steam ahead, with the special package for the backward state promised by Modi in his 2015 election rally.  Information obtained by Business Standard under the Right to Information (RTI) shows that the Modi government had issued a release order of almost Rs 1,888 crore to Bihar as ‘special assistance’ in 2015-16. The financial ...