GOVERNMENT PLANS
Portugal plans to reintroduce controversial tax breaks for foreign residents
Portugal plans to reintroduce tax breaks for foreign residents, focusing on skilled workers. The scheme, criticized for inflating housing prices, will cover salaries and professional income but not pensions or capital gains. Approval by lawmakers needed under a government with no clear majority. Over 74,000 people benefited in 2022, costing 1.5 billion euros.
India's EV plans to get a policy boost as govt may fast-track 3 big-ticket schemes
The Indian government plans to fast-track three major electric vehicle schemes in its first hundred days, including incentives for local battery production and electric bus procurement under FAME 3. Aimed at boosting clean mobility, these initiatives aim to propel India towards net-zero goals amid rising global demand for EVs.
India gold buyers postpone their purchasing plans, keenly waiting to see if Modi government cuts import duty in Union Budget
BUDGET NEWS: Indian gold demand remains subdued due to high prices, with expectations of an import duty cut in the upcoming budget. Meanwhile, Chinese demand also declined. Domestic gold prices hovered near Rs 71,600 per 10 grams, down from a peak of Rs 74,442 last month. Dealers offered discounts up to $9 per ounce on official prices, including taxes. The market anticipates increased activity closer to the festival season in Q3
Odisha govt planning to ban liquor like Gujarat and Bihar, says minister
Odisha Liquor Ban (Google Trends): The newly-elected BJP government in Odisha is exploring a phased liquor ban to tackle alcohol addiction, according to Social Security Minister Nityananda Gond. He highlighted plans to follow other states like Gujarat and Bihar in gradually reducing liquor sales, aiming for a liquor-free Odisha in the future. The government also intends to combat drug use to promote public health, amidst recent debunking of rumors regarding an imminent statewide liquor ban.
Tamil Nadu plans new international airport in Hosur
The Tamil Nadu government is planning a new airport for Hosur on nearly 2,000 acres of land. Chief minister MK Stalin said this airport will handle nearly three crore passengers every year.
Punjab govt prepares Rs 500-crore action plan to check stubble burning
An action plan with Rs 500 crore is in place to combat stubble burning. 21,511 applications for subsidies on crop residue management machinery have been received. Various machinery like super SMS and happy seeder are available on subsidy. 1,30,000 CRM machines were provided to farmers, and a training campaign will be launched.
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Realty developer Supertech submits plan to UP government for completion of stuck projects
Supertech reported total dues to the bank and development authority amounting to about Rs 8,000 crore, while project receivables from launched and yet-to-be-launched projects exceed Rs 14,000 crore, indicating a positive net worth for these projects. The company is tasked with delivering approximately 15,000 homes.
SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG
RBI Deputy Governor Swaminathan J emphasized the crucial role of State Level Bankers' Committees (SLBCs) in advancing financial inclusion. He highlighted their potential for better coordination with governments and NGOs, effective credit planning, and promoting digital financial literacy. Swaminathan urged SLBCs to bridge the gap between financial services and underserved communities, fostering inclusive and sustainable economic growth.
Kerala govt to start 10,000 yoga clubs this year: Health Minister
Kerala's Health Minister, Veena George, announced plans to establish 10,000 new yoga clubs in the state this year. The move is part of the state's 'Yoga for Individual and Society' initiative, which aims to promote a healthy body and mind by warding off diseases and strengthening the immune system.
Why the Government needs a Budget: Understanding the importance and role
Union Budget 2024: Any political party that assumes government, whether through majority or coalition, in India shoulders significant responsibilities towards society, politics, and the economy. It is crucial to allocate resources in a manner that facilitates progress in a country as diverse as India, with its rich cultural, religious, and economic diversity.
Budget 2024: Five steps of India's Budget formation explained
Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.
View: Time to reskill the skilling plan
India's 'Skill India' initiative has improved access to quality education and skilling, including new ITI capacities, increased apprenticeship engagement, and the launch of Skill India Digital Hub. The National Education Policy (NEP 2020) envisions integrating skilling into all education forms, inspiring reforms like the National Credit Framework (NCrF) and National Curriculum Framework (NCF).
Modi 3.0: Delhi Police preparing '100 Day's Action Plan' for initiatives, objectives
Delhi Police is preparing a '100 Day's Action Plan' for Modi 3.0's next 100 days. Commissioner Sanjay Arora seeks unit heads' plans by June 14, to be submitted to the Union home ministry.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
Modi oath-taking ceremony: Security measures in Delhi for June 9 swearing in similar to G20 Summit
Modi swearing-in ceremony: Security measures akin to those used during the G20 summit will safeguard Narendra Modi's prime ministerial swearing-in on June 9 in Delhi. Intricate ground-to-air surveillance, advanced systems, and covert snipers will ensure safety for South Asian leaders invited to the event. Delhi Police, supported by intelligence agencies, is meticulously coordinating security arrangements.
Bribe in EMIs! Corrupt Gujarat babus ‘with a heart’ now accepting bribe in installments
Gujarat government officials adopt a disturbing tactic, allowing citizens to pay bribes in installments, easing financial strain. Dubbed 'empathetically corrupt,' this method surfaces amidst reports of hefty bribes demanded, including a Rs 21 lakh demand split into nine EMIs. Cases like these highlight systemic corruption, prompting calls for stringent action. Reports indicate a surge in such incidents, emphasizing the need for immediate intervention.
INDIA bloc leaders to meet at Kharge's residence on Wednesday evening on plans of govt formation
After the Lok Sabha election results, INDIA bloc leaders will meet at Congress president Mallikarjun Kharge's residence to discuss government formation strategy.
Israeli strikes kill 11 in Gaza, US pushes for 3-phase truce plan
Israeli strikes killed 11 people in central Gaza, including a woman and three children. US President Joe Biden mentioned Israel's ceasefire offer to Hamas to end fighting. Netanyahu emphasizes the priority of destroying Hamas in a plan to wind down the war.
Israel far-right ministers threaten to quit if Biden plan goes ahead
Far-right Israeli ministers threaten to quit Netanyahu's government over a potential hostage release deal with Hamas militants outlined by Biden, risking coalition instability amid Gaza war tensions.
Four government officials arrested in Rajkot fire tragedy
Rajkot police in Gujarat on Thursday arrested four government officials including a town planning officer (TPO) in connection with the devastating fire at TRP game zone here that claimed 27 lives last week. TPO M D Sagathia, assistant TPOs Mukesh Makwana and Gautam Joshi, and former station officer of Kalavad Road fire station Rohit Vigora were arrested, said an official.
Election Jitters! A 15-20% correction is okay, look beyond June 4: Experts
Motilal Oswal Financial Services Chairman & Co-Founder Raamdeo Agrawal said that post-election will be a "very interesting time though things may have extended a little bit and it is quite possible that the next quarter or two could be slow.
Provide compensation to families of those killed in heatwave: Rajasthan HC to govt
The Rajasthan High Court directed the state government to provide compensation to dependents of heatwave victims and emphasized declaring heatwaves and cold waves as national calamities.
Rs 2,000 fine for wasting water: Delhi minister Atishi issues guidelines amid scarcity, directs Jal Board to review situation
Delhi's water minister, Atishi, issued directives on Wednesday aimed at conserving water resources in the region. She has instructed the Delhi Jal Board CEO to deploy 200 teams to monitor violations such as washing cars with hoses, overflowing water tanks, and using domestic water for construction or commercial purposes.
Delhi announces water supply cut. Check out the affected areas
Delhi Water Crisis: The Delhi state government has announced a water rationing plan for many areas in South Delhi, affecting areas like Greater Kailash and Lajpat Nagar, due to the ongoing water crisis. Many areas in north and south west Delhi are already facing significant water shortage this summer as the national capital faces a prolonged heatwave.
Reliance Capital administrator seeks 90-day extension from NCLT to implement resolution plan
Reliance Capital's administrator has filed a request for a 90-day extension to implement a resolution plan submitted by the Hinduja Group, which was approved by the National Company Law Tribunal (NCLT) Mumbai. The resolution plan, approved by the tribunal, was for IndusInd International Holdings Ltd's Rs 9,650-crore plan. Reliance Capital's board was replaced by the Reserve Bank in November 2021 due to governance issues and payment defaults. The company's debt is over Rs 40,000 crore.
CGHS recast in works to cut red tape and dues, link with Ayushman Bharat
It is learnt that the cabinet secretary has been holding rounds of discussions with stakeholder ministries and departments over the last few weeks to address various problems currently ailing the CGHS - from flagging partnership with major private hospitals amid pending dues to taxing referral system and shortage of doctors and healthcare staff to the simmering concern on linkage of CGHS cards with the digitalised Ayushman Bharat Health Account (ABHA) cards.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
Blue print for first 100 days of third term ready, says PM Modi
Prime Minister Narendra Modi announced the blue print for the first 100 days in his third term at an election rally in Kalyan, Maharashtra. The plan, nearly complete, will begin after June 4 to ensure timely decision-making. Secretaries, senior officials, and ministries are actively involved in the preparation, with multiple meetings and presentations to coordinate the goals formulation.
Lok Sabha elections: Fatal heat waves are testing India's ability to protect 1.4 billion people
Kolkata faces extreme heat and heat waves with inadequate measures to protect residents. Commuters seek refuge in a glass-walled bus shelter with malfunctioning air conditioners. Local authorities' plans to install cooled cabins have not been fully realized. Mayor Firhad Hakim expresses concerns about the city's lack of heat resilience efforts and high death toll.
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