INDIAS GOVERNMENT
Government needs to give up all-India examination: Chidambaram on row over NEET-UG
Senior Congress leader P Chidambaram called for the central government to relinquish all-India exams like NEET-UG, advocating for states to oversee medical college admissions. Amid NEET-UG 2024 controversies including cheating, he urged Education Minister Dharmendra Pradhan's resignation over system leaks. Chidambaram criticised the new criminal laws, questioning extensive rewrites, and addressed BJP's allegations against Rahul Gandhi for purportedly insulting Hindus, asserting the need for a secular nation.
'Hamara Samvidhan Hamara Samman' portal to be launched to enhance citizen participation
The 'Hamara Samvidhan Hamara Samman' campaign's second regional event will be held on July 16, 2024, in Prayagraj, marking the Constitution's 75th anniversary. It is a part of the DISHA scheme by the Department of Justice. Recognising pro bono advocates and launching a citizen portal, the event aims to promote legal awareness and citizen engagement. Notable attendees include the Minister of State for Law and Justice and the Chief Justice of the High Court of Allahabad.
Centre to pick up bond dues tab for MTNL
The government will pay MTNL bond interest, preventing a sovereign default after MTNL failed to deposit in an escrow account. Borrowers will be compensated per Department of Economic Affairs rules by July 20. MTNL's debt restructuring, involving ₹28,000-30,000 crore, includes staff transfers to BSNL and retirements. MTNL raised ₹2,480 crore in July 2023 via non-convertible debentures at 7.59% interest. The Department of Telecommunications and Beacon Trusteeship oversee payments. India Ratings downgraded MTNL to 'IND D', with a pre-default government guarantee.
Atal Bihari Vajpayee would have also imposed Emergency: Shiv Sena (UBT) leader Sanjay Raut
Shiv Sena (UBT) leader and MP Sanjay Raut on Saturday defended the Emergency imposed by the Congress party in 1975, asserting that if Atal Bihari Vajpayee had been the Prime Minister in a similar situation, he would have also imposed the Emergency. He added that Shiv Sena founder Balasaheb Thackeray and the Rashtriya Swayamsevak Sangh (RSS) openly supported the Emergency.
Central spending gives a boost to liquidity, brings overnight rate 10 bps below repo
Following recent elections, increased government spending has injected liquidity into India's banking system, resulting in lower overnight borrowing rates, Treasury Bill yields, and short-term financing costs for Indian companies. Despite these developments, the Reserve Bank of India (RBI) appears cautious about reducing policy rates. The overnight weighted average call rate (WACR), which hovered above the RBI's repo rate of 6.50% in May and June, has averaged 6.39% in July, indicating a surplus liquidity situation.
View: Why disrupt dispute resolution?
The Government of India (GoI) issued new guidelines on arbitration and mediation for domestic public procurement contracts, marking a shift away from its commitment to alternative dispute resolution. The guidelines restrict arbitration clauses to disputes valued at less than ₹10 crore, requiring explicit approval from officers not below the rank of joint secretary for disputes exceeding this amount.
Mamata Banerjee meets Uddhav Thackeray, says NDA govt may not last
West Bengal Chief Minister Mamata Banerjee expressed doubts about the stability of the BJP-led NDA government at the Centre during her visit to Mumbai. She met with Shiv Sena chief Uddhav Thackeray and planned to meet NCP president Sharad Pawar, highlighting her engagements with key opposition figures. Banerjee, alongside Thackeray, emphasized uncertainties about the government's future, suggesting it may not complete its term. This meeting marks a significant interaction between Banerjee and Thackeray since the Lok Sabha elections, underscoring their alliance within the Opposition's INDIA grouping.
Comprehensive India-UK trade pact to deliver win-win result for both economies: Experts
The UK's new government is expected to push for a renewed push for the proposed free trade agreement (FTA) between India and the UK, aiming to promote service exports and deepen cooperation in areas like security, education, technology, and climate change. Experts suggest that a comprehensive FTA with the UK would deliver win-win results for both economies.
Eastern India's 1st university for students with disabilities to be opened in Ranchi: Minister
The Jharkhand government is planning to establish eastern India's first university dedicated to physically challenged students in Ranchi. Champai Soren, the Higher and Technical Education Minister, is overseeing the initiative to tailor education to the specific needs of disabled students. Special courses and educational tools will be provided accordingly. Additionally, a 'Navothan Scholarship Scheme' proposes full course fee reimbursement and annual assistance of Rs 48,000 for lodging and food for meritorious orphan and physically challenged students.
PM GatiShakti platform may adopt AI to boost India’s economic development
The Indian government, under PM Narendra Modi's leadership, is planning to integrate artificial intelligence (AI) into the PM GatiShakti platform to accelerate infrastructure development. Named PMGS 2.0, this AI-enhanced system aims to predict economic trends and assess infrastructure needs across different scenarios. Already central to over 170 projects worth Rs 13.5 lakh crores, PM GatiShakti uses digital technology to enhance connectivity and efficiency. With logistics as a key focus, the initiative aims to reduce costs and boost economic and social development through integrated planning and technology adoption.
Budget 2024: Banks seek hike in interest subvention on farm loans
Banks are urging the government to increase the interest subvention on short-term agriculture loans from the current 1.5% to 2%. This move is aimed at helping banks absorb higher costs of funds and boost credit flow to the agriculture sector in the short term. Discussions on this matter took place recently with senior finance ministry officials.
India to sell wheat from state stocks to flour millers, biscuit makers
India plans to sell wheat from state reserves to bulk consumers like flour millers and biscuit makers to control local prices by boosting supplies. The government has allowed the Food Corporation of India to offer wheat at a lower price, aiming to attract private players and potentially import wheat after a six-year gap.
The impact of India's 1% TDS on Virtual Digital Assets: A call for reform
India's 1% TDS and 30% tax on VDAs led to a 97% trading volume drop, 81% user decline, and migration to offshore exchanges. NALSAR and Meyappan Nagappan report tax losses and suggest reducing TDS to 0.01%, allowing loss offset, and revising the 30% tax rate. Current tax policy hampers India's digital economy and causes brain drain.
India-UK ties to grow incrementally with a fair share of challenges
Labour Party secures a significant win in UK elections, raising questions about Brexit's impact and future policies. Indian diaspora gains prominence in UK politics. Both India and UK aim to enhance cooperation on trade, technology, and security while addressing challenges in bilateral relations and global issues.
Government change in UK won't impact proposed FTA
The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks.
Government notifies additional provisions in Telecom Act 2023
The government has notified new sections of the Telecommunications Act focusing on spectrum utilization and regulatory appointments. The Act aims to enhance efficiency through methods like sharing and trading of spectrum.
India must reflect & implement essential reforms to strengthen the arbitration process
The recent finance ministry notification in India has raised concerns by discouraging automatic arbitration clauses in procurement contracts. The move aims to address the unsatisfactory experience of the Government of India (GoI) in arbitration and promote mediation or court resolution for disputes. This decision has sparked a debate on the effectiveness of alternative dispute resolution methods and their impact on business dealings, particularly with global companies.
Modi’s Budget to send India’s soaring stocks higher: Survey
More than half of the 24 respondents estimated that the Nifty 50 Index may advance up to 26,000 points by the end of 2024, while one predicted the gauge can climb even more.
India bond yields may see further uptick as US peers jump
Indian bond yields expected to increase amidst renewed Treasuries selloff. Benchmark 10-year yield likely to stay within 6.99%-7.03% range. U.S. yields rising, with expectations of a 46 bps rate cut by the Fed in 2024.
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