FORCE report on economy!!

On April 23, 50 officers of the IRS (Indian Revenue Service) Association had submitted a suggestion to the government to fight covid-19, which could lead to extra revenue, considering the suggestion to be indiscipline and the government sat on these people. The suggestion was something like this:

1. Super rich means those who earn more than one crore, the 30% tax that is being taxed now, be reduced to 40%.

2. Income tax should be applied to those earning above 5 crores.

3. 4% Covid relief tax to be taken

4. Those who have been paying tax properly and at the right time, should be given tax relief.

And all these suggestions were advisable to the government to implement on 9 to 12 months, in a temporary manner.

The IRS officer who suggested the above is a government employee, who could be harmed by this suggestion, mostly to rich people who are corporate related in some way or the other. Now why does the corporate man accept his government such a suggestion, he must have felt that these government employees are flying too much, how dare they started advising the government. Decided to hold an inquiry to show his position.

Now see what the government has done to the government employees since the outbreak of Corona, who are fully engaged in day and night work in this difficult time.

The government first made a one-day salary in the PM CARE fund from the government employees, some put a month’s salary at that time in extreme enthusiasm, what did people like them know that the government would roll back the DA in a full year and a half For the entire two months, the salary will be taken away.

Today the employees are understood that the government was killed from both sides. Which is the government’s economy that is better than civil servants. 38,000 crore rupees of government employees in one stroke, it is called Government Economics, in which the corporate is its father, and the government employee laborers ???

Govt plans to take village industries turnover to Rs 2 lakh cr in 5 yrs: Gadkari

  • Govt plans to take village industries turnover to Rs 2 lakh cr in 5 yrs: Gadkari

New Delhi, Dec 17 (PTI)
Union Minister Nitin Gadakri on Friday said that plans are afoot to take khadi and village industries turnover to Rs 2 lakh crore in the next five years from 75,000 crore at present.

Urging the industry to expand its share in global trade to about 10 per cent, MSME Minister Gadkari also urged players to grab the opportunity to expand in the wake of China — that accounts for 17 per cent of the global trade business — battling increased cost and difficulties.

“The turnover of khadi and village industries is Rs 75,000 crore at present. Steps are on to take it to Rs 2 lakh crore in five years,” Gadkari said while addressing industry body Ficci’s 92nd annual convention here.

He said infrastructure sectors along with MSME has potential to help India becoming USD 5 trillion economy.

“China has a good record in trade business and accounts for 17 per cent of the global exports. Our share is barely 2.6 per cent. We have an opportunity to take it to 8 to 10 per cent.. especially when China is facing difficulties at present besides increase in costs. We should eye at increasing our share,” the minister said, adding “it is a blessing in disguise”.

He said he was “saddened” to see India importing commodities like coal, newsprint and other things despite having huge dry-fuel reserves and scope of indigenous production.

“I am saddened to see huge imports…It is a matter of concern that we have capacity to export huge coal but we are importing it. Coal can be transported from Paradip port to Kandla for power plants in the Western region. This will bring down power prices by 35 to 40 paise per unit,” Gadkari said.

He added newsprint was being imported while domestic paper mills remained shut despite India has potential for huge bamboo plantation, which can not only revive papers mills but can be export oriented too.

“There are 38,000 industries under MSME which are export oriented. The MSME sector has created 11 crore jobs so far and we intend to create another 5 crore jobs in five years,” the Minister said.

In keeping with Prime Minister Narendra Modi’s vision of a New India by 2022, the idea is transform 115 backward districts across the country with large number of initiatives, including honey, bamboo, ethanol, methanol, bio CNG and other products.

He also said these districts can contribute significantly to the USD 5 trillion economy and special emphasis has been laid on Jammu & Kashmir where 20,000 women would be linked to handkerchief production.

Expressing concern over Rs 7 lakh crore crude imports per annum, Gadkari said the government aimed at reducing imports by at least 2 lakh crore in five years and special emphasis was being given on bio and other fuel production.

Closed sugar mills could be revived and bio-fuel could be produced from it, he added.

About highways sector, he said 22 green expressways are being built, including Rs 1.3 lakh crore Delhi-Mumbai expressway.

After successful roll out of the electronic toll collection, the sector eyes about Rs 35,000 crore toll income in a year, he said.

The minister said that after RFID (radio-frequency identification) based FASTag implementation to collect toll, income is likely to be increased to Rs 81 crore per day from Rs 68 crore per day.

He said work worth Rs 15 lakh crore will be done in the highways sector in the coming five years.

“Highways and shipping combined had witnessed work worth Rs 17 lakh crore during the previous five years,” he added.

Today’s economy in newspaper!

11th November 2K19

Economic Times

Ø Indian economy currently facing challenges, says FM
Ø IOCL to set up Rs 766-cr 2G ethanol plant in Panipat
Ø DoT directs to deal Airtel, Tata Tele as separate cos
Ø RIL cuts price for KG-D6 gas after customer protests
Ø 355 infra projects show cost overruns of Rs 3.88L cr
Ø Oil India Q2 net profit slips 27% to Rs 627 crore
Ø Red alert is flashing on bond traders’ radar screen

Business Standard

Ø 100% FDI in coal mining will help India to reach 300 MT target: Deloitte
Ø Shipping ministry not opposed to strategic divestment of SCI: Official
Ø Saudi Aramco’s record IPO starts November 17; offer size pending
Ø Shree Renuka Sugars posts net profit of Rs 2,739.6 crore for Sept quarter
Ø Maruti Suzuki production slashed 21% in Oct; cut for ninth month in a row

Business Line

Ø OECD invites public inputs on Global Anti-Base Erosion proposal
Ø Moody’s changes India’s outlook to ‘negative’
Ø India, 16 others complain to WTO about EU’s residue limits for pesticides
Ø New Zealand sees big potential to cooperate with India in dairy sector
Ø IOCL gets Environment Ministry’s clearance to set up 2G ethanol plant in Panipat

Mint

Ø Norwegian  financier NMI aims to raise the stakes in India
Ø Shareholders ask Fortis to act on IHH open offer
Ø Indian tech startups eyeing IPOs in US may face greater investor scrutiny
Ø No claimants for dormant Swiss bank accounts of Indians; may soon get liquidated
Ø Centre’s sell-off yield at ₹12,995 crore, target ₹1.05 trillion

Financial Express

Ø Govt may extend anti-dumping duty on imports of clear float glass
Ø SEPC urges govt to add services under export incentive scheme to promote sector overseas
Ø FPIs invest over Rs 12,000 cr in first week of November
Ø Weak consumer spend hits India Inc sales in July-September

Deccan Chronicle

Ø Services exhibition to be held from Nov 26-28 in Bengaluru to attract investment
Ø Bank fraud: ED attaches over Rs 56-cr assets of Ahmedabad company
Ø Lakshmi Vilas Bank Q2 net loss widens to Rs 357cr as bad loan soars
Ø Goyal to meet USTR to discuss trade issues on Wednesday

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