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Union Budget 2018: Check here winners and losers

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BUDGET 2018

New Delhi, Feb 1: Finance Minister Arun Jaitley on Thursday unveiled Union Budget 2018-19. 

While presenting the budget Jaitley said the main focus will be on agriculture and rural sector.

As it was the first budget after the implementation of the Goods and Service tax, expectations were especially high that the government would announce income tax sops and positive changes in direct taxation for the salaried class.

In Narendra Modi government’s last full budget before 2019 Lok Sabha elections, India’s farmers and villagers, as well as firms with exposure to agriculture, emerge as the biggest winners. While Bond investors and salaried class might just be the biggest losers.

Below we have enlisted winners and losers :

WINNERS

Farmers:

The Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.

The government will set up a fund of Rs 2,000 crore for developing agricultural markets. Besides this, the budget promises to double farmers’ income by 2022.

A sum of Rs 500 cr will be allocated for Operation Green in a bid to promote agricultural products.

Hundred percent tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above.

Health Care Sector:

The government launched National Health Scheme to provide Rs 5 lakh cover for 10 crore families.

Universal health coverage will be intensified after seeing the performance of the scheme.

Rs 600 crore allocated for tuberculosis patients, at the rate Rs 500 per month during the course of their treatment.

The Finance Minister announced setting up of one medical college for every three parliamentary constituencies, with 24 New government medical colleges also being envisioned. Government also will work on upgrading hospitals to medical colleges

Transport:

In the year 2018-19, for the creation of livelihood and infrastructure in rural areas, the total amount to be spent by the ministries will be Rs 14.34 lakh crore, including extra-budgetary and non-budgetary resources of Rs 11.98 lakh crore.

Airports:

UDAN (Ude Desh ka Aam Naagrik) scheme will connect 56 unserved airports and 31 unserved helipads.

LOSERS

Bond Investors: 

Bond investors got some relief from a lower than expected borrowing program. In a significant admission of fiscal slippage with implications for pushing inflation, the government revised upwards its fiscal deficit target for 2017-18 to 3.5 percent of the GDP, or the equivalent of Rs 5.9 lakh crore.

Salaried Class: 

The Budget did not provide any relief in the income tax rates for 2018-19.

Surcharge of 10% on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15% on income above Rs 1 cr to also continue.

Financial Sector:

The long-term capital gains on equities exceeding Rs 1 lakh will be taxed at 10 percent without indexing.

Just after the announcement, the two key indices — S&P BSE Sensex and NSE Nifty50 — plunged. The wider Nifty50 of the National Stock Exchange (NSE) fell by 59.70 points or 0.54 percent to trade at 10,968 points.

Defense Sector:

The Finance Minister praised the armed forces and promised an industry-friendly policy to promote defense production as he addressed parliament. But there was no indication of a major boost to defense expenditures.

Mobile Phones, Electronics: 

Customs duty hike on Mobile Phones, Electronics would hurt consumers.

Jaitley said Customs duty on import of mobile phone parts will be increased to 20 per cent from the existing 15 per cent.

WeForNews 

Cities

Man tries to kill wife who got sex change to get married

Soon the couple started staying separately. The husband shifted to Kotla Mubarakpur while the wife remained in the double storey building in Amar Colony.

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Gyanendra Shukla

New Delhi, July 14: Four years back, a young man changed his sex. Three years on, she fell in love with a man. Both decided to marry. However, in a year tragedy struck and husband Gyanendra Shukla slit his wife’s throat and left her to die.

The brutal attack took place in South Delhi’s Amar Colony. Shukla expected his wife not to survive when he fled leaving her in a pool of blood.

The woman, not only survived but gathered enough strength to made a video call to her father and tell him about the gruesome attack that took place on July 11.

“The father made a PCR call from Gurugram, while the profusely bleeding wife dragged herself to the door and started knocking with a hammer to raise an alarm and get someone’s help because her vocal chords were slashed,” said DCP South East Delhi R.P. Meena. Her neighbours shifted her to the All India Institute of Medical Sciences (AIIMS).

Shukla was arrested the same day. He hails from Uttar Pradesh’s Mahoba district.

His interrogation revealed that he got married on March 13, 2019. His family members were against the marriage. Soon after marriage the relationship turned sour as he could not accept the outgoing nature of his wife.

He lost confidence in the relationship and started suspecting his wife at every turn. He checked her messages and did not approve of her partying.

The couple initially stayed with the wife’s family but the father-in-law asked them to leave as the woman’s family could not take the daily dose of quarrel. The couple shifted to Lajpat Nagar-IV area and moved into a rented accommodation. Their disputes were endless and converted into routine quarrels.

Soon the couple started staying separately. The husband shifted to Kotla Mubarakpur while the wife remained in the double storey building in Amar Colony.

On Saturday, he decided to kill her and end it once and for all. Shukla has been booked for attempt to murder.

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Delhi Gymkhana Club turned from ‘vyayamshala’ to ‘madhushala’: Govt

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Delhi Gymkhana Club

New Delhi, Jul 14 : The Central government has filed an appeal challenging the National Company Law Tribunal (NCLT) order, which allowed it to appoint two members (Central government nominees) to the Board (General Committee) of the Delhi Gymkhana Club (DGC), instead of appointing an administrator to manage its affairs.

In an appeal before the National Company Law Appellate Tribunal (NCLAT), the Centre said that the NCLT has erred in not granting effective safeguards and an efficacious remedy.

“While allotting membership of the Club, the company has been treated like a ‘Riyaasat’ (kingdom) of the persons, especially the GC members, by misusing MoA and the AoA of the company. It is not out of place to submit here that over the years, the activities of the Club have been turned over from a ‘vyayamshala’ to a ‘madhushala’ and the functioning of the General Committee is like ‘siyasat’,” the Ministry of Corporate Affairs (MCA) said in the plea in the NCLAT.

The MCA argued that the violations are of extremely serious and grave nature, which indicates the GC members have been acting autocratically to the benefit of a few chosen members of the club, at the expense of the general public.

“It has to be borne in mind that the Board of companies function on majority decisions, here by permitting appointment of only two nominees, the Tribunal has provided inadequate relief and cosmetic representation on the Board will not cure mismanagement and the gravity of the rot that has set deep in the management of DGC,” it contended.

The plea said that the continuing management of affairs by successive GCs, “have pervasively twisted the objects of the company, to benefit a select few, who managed to remain in control of the DGC, through an unauthorised and complicated hereditary succession mechanism”.

“The admission process can only be described as ‘parivaar-vaad’. The general public applicants are being made to wait for decades (in some cases since 1972) for membership of the club, all the while (the club) having unauthorisedly collecting lakhs of rupees in the form of registration fees, process fees, enhanced registration fees etc, over and above the entrance fee,” it said.

The plea contended that the NCLT accepted most of MCA’s submission and also agreed with its allegations, yet it refused to grant interim relief sought.

“Till quite recently the unauthorisedly collected fee was not even refunded to the unsuccessful or waitlisted applicants. These nefarious activities by the GC of DGC are being carried out on prime land of 27.03 acres in New Delhi, all the while paying a miniscule amount of rent on the perpetual lease from the Ministry of Urban Affairs,” contended the plea.

In its June 27 order, the NCLT declined to suspend the club’s General Committee and also the appointment of an administrator as sought by the Centre, but instead directed it to appoint two of its nominees in the GC to monitor the affairs of the club, along with other GC members and give suggestions.

The ministry had moved the NCLT asking for replacement of the directors of the club with government nominees to run the affairs of the company, and in the interim relief, asked for suspension of the GC and for appointment of an administrator until the final order is granted.

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Covid positive staff at PAC meet sparks scare among MPs

Now, calls are being made to all those who attended the meeting, asking them to remain quarantined as a matter of precaution.

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adhir ranjan chowdhury congress

New Delhi, July 14 : In what could spell trouble for different Parliamentary committee meetings which have resumed after almost four months, all those who attended the Department Related Standing Committee for Public Accounts or PAC meet have been advised to go into quarantine after a staff who was present at the meeting tested positive for Covid-19.

Most members like Congress’ Adhir Ranjan Chowdhury or DMK’s T.R. Baalu, who attended the meet and went back after meeting several people, have been informed about the official who was present at the PAC meet and later tested positive.

The meeting took place on July 10, while the official tested positive on Tuesday, which essentially means that the 18 MPs who attended the meeting carried on with their normal life for the last few days. The PAC has a total of 20 members, out of which 15 are from the Lok Sabha and 5 from the Rajya Sabha.

Among the 18 MPs who attended the meeting were the committee’s chairperson Adhir Ranjan Chowdhury, senior DMK leader and former Union Minister T.R. Baalu, BJP’s Rajya Sabha member Rajeev Chandrashekhar, senior BJP leader Bhupender Yadav and Trinamool MP Sukhendu Shekhar Ray, among others.

Now, calls are being made to all those who attended the meeting, asking them to remain quarantined as a matter of precaution.

On Tuesday evening, Rajeev Chandrashekhar tweeted, “Ok, so I came to Delhi. Attended Parliamentary Committee meeting on 10th. Turns out one staff of Committee secretariat has tested COVID positive today. So I am headed to 7 days quarantine.”

With the gradual resumption of different committee meetings, the government is exploring the possibility of convening a short Monsoon Session of the Parliament.

Both the Lok Sabha and Rajya Sabha secretariats have explored all the possibilities, including using a substitute venue like Vigyan Bhawan, to ensure seating with “do gaaz ki doori”, but none were big enough to accommodate the entire Parliament together.

With this incident, many parliamentarians believe that the fate of other parliamentary committees and even the Monsoon Session has now become uncertain.

Earlier, Congress leader Jairam Ramesh had complained about thin attendance, arguing for a virtual meeting, which both the Lok Sabha and Rajya Sabha secretariats have turned down.

Significantly, on Tuesday, two key BJP leaders — MoS Jitendra Singh and party General Secretary Ram Madhav — went into self quarantine after BJP’s Jammu and Kashmir chief Ravinder Raina tested positive for coronavirus.

Just two days back, Raina had accompanied both the leaders to offer condolences to the family of Wasim Bari, a local BJP leader who was killed along with his father and brother by terrorists in Bandipora town in north Kashmir.

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