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Modi govt should bring white paper on demonetisation: Congress

Congress spokesperson Gourav Vallabh asked why is the government afraid to make public the names of entities involved in scams, the details of defaulters and transaction trails, since the Income Tax Department was probing all those with undisclosed incomes.

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Ahead of the 4th anniversary of demonetisation, the Congress demanded that the government bring a white paper on the benefits of its decision to ban notes of higher denomination.

Congress spokesperson Gourav Vallabh asked why is the government afraid to make public the names of entities involved in scams, the details of defaulters and transaction trails, since the Income Tax Department was probing all those with undisclosed incomes.

“In the next couple of weeks, when we will be commemorating the 4th anniversary, we demand that the government should come out with a white paper highlighting the cost and benefits of this ‘Tughlaqi decree’,” he said at a press conference.

The Congress leader said the government should answer how many such alleged defaulters has the Income Tax Department probed and what is the undisclosed income unearthed.

The Income Tax Department had announced that they would initiate assessment proceedings to check black money instances after demonetisation, but till date there has been no disclosure from the department.

“Demonetisation was an organised loot and legalised plunder,” he said.

“How much black money has the government recovered from such defaulters so far,” he asked.

Vallabh alleged that serious charges of tax evasion have come out in the wake of demonetization against a prominent jeweller of Surat, who made sales of Rs 96.3 crore post 8.30 pm on November 8, 2016, when noteban was imposed.

Subsequently, between November 10 and 12 the jeweller deposited close to Rs 110 crore cash in banks and the total tax paid as per allegations is only Rs 80 lakh.

He said what is surprising is that rather than acting on the complaint, the IT Department has been after the complainant itself, who is a former income tax officer.

“Why did the government decide to misuse the machinery to raid the whistleblower instead of instituting an inquiry against the alleged scam,” he asked.

Vallabh also accused the Modi government of being “autocratic in the garb of a democratic one”.

He said the Indian economy is still reeling with the aftershocks of this ill-advised move.

India

Don’t want food from Badal’s supporter: Farmers tells Sirsa at Tikri

As the situation tensed up a bit, Shiromani Akali Dal’s (SAD) leader Sirsa beat a hasty retreat. The protesters soon calmed down and got busy with their other activities.

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Farmers Delegation

New Delhi: SAD’s Delhi leader Manjinder Singh Sirsa on Saturday faced embarrassing situation when he went to offer ‘langar’ or community kitchen food to farmers rallying at Tikri on the Delhi-Haryana border, as protesters dubbed him a ‘chamcha’ or obsequious supporter of former Chief Minister Parkash Singh Badal.

As soon as Sirsa, Delhi Sikh Gurdwara Management Committee (DSGMC) President, moved towards the protesting farmers, they protested his presence and climbed on the concrete block and police barricades to raise slogans against him as he stood there with folded hands.

“Badal de chamcheyan da langar nahi chahida (we don’t want to eat langar handed over by Badal’s obsequious follower),” the farmers shouted amid sloganeering against the Centre’s farm policies.

As the situation tensed up a bit, Shiromani Akali Dal’s (SAD) leader Sirsa beat a hasty retreat. The protesters soon calmed down and got busy with their other activities.

On Saturday, a day after their stand-off with security forces over entry into Delhi, farmers from Punjab and Haryana continued to rally and shout slogans at the Tikri interstate border entry/exit point, without any interference from the policemen who preferred to look on.

Various farmer leaders addressed the protesters even as the situation was more relaxed compared with what was witnessed on Friday, as policemen armed with a water cannon and tear-gas shells remained stationed in vicinity.

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Business

Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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Manufacturing

New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Cities

We’ve resources to undertake coronavirus vaccination within 3-4 weeks: Delhi govt

Health and Family Welfare Minister Satyendar Jain made this announcement in at a press conference called to update Delhi’s daily health bulletin.

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Vaccine Covid

The Delhi government on Saturday said it has infrastructure to undertake coronavirus vaccination among all city residents within three-four weeks, adding that it was only waiting for the vaccine to be made available.

Health and Family Welfare Minister Satyendar Jain made this announcement in at a press conference called to update Delhi’s daily health bulletin. He gave the updates on Covid-19, decreasing positivity rate, availability of beds, and preparations for vaccination.

He said that the government had enough resources like Mohalla Clinics, polyclinics, dispensaries and hospitals to administer coronavirus vaccine across Delhi. Jain asserted that there will be no issues about the optimal storage of the vaccine as well.

“We are only waiting for the vaccine to be made available. Delhi has the infrastructure to roll it out and make it accessible to all city residents within 3-4 weeks. Delhi is equipped with the latest infrastructure to facilitate the rollout of the vaccine to Delhi’s population.

“For application, there are Mohalla Clinics, hospitals etc. It depends on how soon we get it from the central government. As far as storage is concerned, all amenities have been taken care of,” Jain said.

The Delhi government’s response comes amid Prime Minister Narendra Modi’s Saturday visit to Ahmedabad, Hyderabad and Pune where vaccine development process is going on.

Modi had recently held discussions with states and union territories on vaccine distribution once it is formulated.

Pointing out that there were 5,482 new cases in Delhi on Friday, the Minister said that the positivity rate had however come down to 8.51 per cent from 15.26 per cent. It has become less than half since November 7, 2020.

The Minister said that more than 50 per cent beds for coronavirus patients are available in Delhi hospitals at present. “Total bed available is more than 9,500. The occupancy rate is therefore steadily decreasing. In terms of ICU beds, more than 1,200 are available.”

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