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Budget 2021: Govt plans to raise Rs 1.75 trillion through disinvestment, LIC IPO announced

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Budget 2021: Govt plans to raise Rs 1.75 trillion through disinvestment, LIC IPO announced

Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 on Monday. In her budget speech, Sitharaman announced that the government plans to raise Rs 1.75 trillion through its ambitious disinvestment proposal.

As per the finance minister, BPCL, BEML, IDBI, CCI, Air India, Concor, Nischal Ispat, Pawan Hans will be disinvested in the current fiscal year. Two banks and one general insurance company to be taken up for sale as well.

For start ups, we are allowing 1% companies to grow without any restriction on their paid-up capital. Other than IDBI we plan to take up 2 more banks for disinvestment. LIC IPO will come in 2022. All divestments announced so far, including Air India, BPCL, CONCOR, Pawan Hans, to be completed by 2022,” she said.

The big, bold move of disinvesting LIC through IPO

Besides, Sitharaman also proposed to bring an Initial Public Offering(IPO) of the Life Insurance Corporation(LIC) in FY22. The finance minister added that she would be bringing the requisite amendments in this session itself for putting in motion the IPO of LIC.

The disinvestment of LIC through initial public offering is pegged as a big, bold move that would serve to deepen the Indian stock markets. On an average, LIC invests Rs 55,000 crore to Rs 65,000 crore in stock markets every year and is therefore the largest investor in the Indian stock markets.

LIC is India’s largest financial institution, and when listed on stock markets, it could easily emerge as the country’s top listed company in terms of market valuation, surpassing existent leaders Reliance Industries Ltd and Tata Consultancy Services.

This is because of the insurer’s financials. On a capital base of Rs 5 crore, LIC last reported a valuation surplus — or profit — of Rs 48,436 crore for FY2018, and assets under management of Rs 31.11 lakh crores.

Massive boost to agriculture: FM Sitharaman announces outlay of Rs 16.5 lakh crore, Rs 75,000 crore allocated for farmers

OpIndia Staff
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Massive boost to agriculture: FM Sitharaman announces outlay of Rs 16.5 lakh crore, Rs 75,000 crore allocated for farmers

As the Indian economy recovers from the blow from the COVID pandemic, Union Finance Minister Nirmala Sitharaman presented the annual budget for FY 21-22 in the Parliament on Monday.

The FY22 Budget was based on 6 pillars, said Finance Minister Nirmala Sitharaman listing the following as main pillars of Budget 2021 – health and wellbeing, physical and financial capital and infrastructure, inclusive growth, human capital, research & development and lastly minimum government and maximum governance.

Announcing several measures for the agricultural sector, the Finance Minister assured that the Modi government is committed to farmers’ welfare.

FM Nirmala Sitharaman announced in her Union Budget for 2021-22 said that agriculture credit has been enhanced to Rs 16.5 lakh crores.

“MSP has gone through a sea change. Over Rs. 75,000 crore paid to wheat farmers in 2020-21, 43.36 lakh benefited from this,” FM Sitharaman added pointing out how Modi government has increased allocation for public procurement over the last few years. The Finance Minister also said that the amount paid to paddy farmers Rs 1.72 lakh crore in 2020-21.

The Modi government has also increased Rural infrastructure fund to Rs 40,000 cr. Micro-irrigation corpus doubled to Rs 10,000 crores, and Agriculture infra funds will be made available to APMCs.

Sitharaman spoke about thrust provided to the farm sector by various measures on credit, market reforms and food processing under the Aatmanirbhar Bharat announcements. An increase in area under irrigation, adoption of usage of hybrid and improved seeds, variety replacement ratio and augmentation in seed testing facilities will also help address low productivity concerns in the agriculture sector, the FM noted. Adequate storage and remunerative markets for agricultural produce will be the main focus of post-production management.

These announcements made by the Finance Minister comes at a time when the farmers from Punjab are protesting against the three farm laws passed by the Modi government. Recently, the tractor rally carried out by the protestors turned violent when the rioting mob broke police barricades and attacked cops with swords and tractors. The holy Sikh flag was also unfurled at Red Fort after desecrating the national monument.

Shashi Tharoor continues to cast aspersions on rioter Navreet’s autopsy report despite multiple FIRs over fake news

OpIndia Staff
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Shashi Tharoor continues to cast aspersions on rioter Navreet’s autopsy report despite multiple FIRs over fake news

Congress leader Shashi Tharoor has been booked by three state police, Uttar Pradesh, Madhya Pradesh and Delhi, for peddling fake news. However, series of FIRs did not stop Tharoor from casting aspersions on rioter Navreet’s autopsy report. On 31 January, Tharoor tweeted that Navreet’s autopsy report allegedly showed a hole in his chin and another hole in his ear ossicles. He further questioned if the doctors are being gagged.

Screenshot of the tweet alleging Navreet was killed by bullet

Tharoor was quoting a report done by The Wire in the first tweet that resulted in FIRs against The Wire Editor Siddharth Varadarajan. In the second tweet, he had mentioned a report by the Times of India that alleged bullet injury.

In fact, the TOI report cites CMO Manoj Shukla who said that the wounds mentioned could be due to the accelerated collision with the floor. Also, rioter Navreet died after the tractor he was driving to break police barricades turned turtle. The report further repeats the same comment by Navreet’s parents who claimed that ‘one of the doctors’ who conducted the autopsy found the bullet injury visible.

The doctors, however, have denied having talked to anyone in the media or otherwise.

FIRs against Shashi Tharoor

After Tharoor and Rajdeep Sardesai, and other left-leaning liberals claimed that the rioter Navreet died due to bullet injury on Republic Day, Uttar Pradesh Police registered an FIR against him under section 154 of CrPC. The FIR named Congress MP Shashi Tharoor, India Today journalist Rajdeep Sardesai, National Herald’s Senior consulting editor Mrinal Pandey, Quami Awaz editor Zafar Agha, Caravan magazine’s editor and founder Paresh Nath, Caravan editor Anant Nath and its executive editor Vinod K Jose, and one unnamed person.

Delhi Police has registered FIR at the IP Estate police station under Indian Penal Code (IPC) Sections 120B (criminal conspiracy), 153 (provocation to cause riot), 504 (intentional insult to provoke breach of peace) and 505-1b (intent to cause fear to the public) against Tharoor and Sardesai. The FIR also included journalists Paresh Nath, Anant Nath, Vinod K Jose, Mrinal Pande, and Zafar Agha.

The Madhya Pradesh Police, too, had filed an FIR against Tharoor and six others for fake news on the rioter’s death who died after his tractor turned turtle.

Railways and Urban Infrastructure gets a boost in the Union Budget -2021: Read details

OpIndia Staff
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Railways and Urban Infrastructure gets a boost in the Union Budget -2021: Read details

Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2021-22 in Parliament. Sitharaman said the budget for 2021-22 rests on six pillars – Health and Wellbeing, Physical infrastructure, inclusive growth, human capital, Research & Development, and lastly, minimum government and maximum governance.

FM Sitharaman announced several provisions for the development of Indian Railways and Urban infrastructure in her budget speech.

Finance Minister Nirmala Sitharaman announced that the government will spend Rs 1.1 Lakh crore for railways the fiscal year. Out of the total outlay, Rs 1.07 lakh crore will be spent on capital expenditure, the Finance Minister said in her budget.

The Finance Minister added that Indian Railways will monetize dedicated freight corridor assets after commissioning. Indian railways have prepared National Rail Plan for India 2030, said Finance Minister Sitharaman.

The FM announced that Eastern Freight Corridor will be taken up this year through PPP mode. Further, three future dedicated freight corridors – East Coast, East-west, North-south are scheduled to be completed, said Finance Minister. These will have an automatic system on high-density rail routes to avoid collisions, she said adding that 100% electrification of broad-gauge rail routes will be done by December 2023.

Roads, Highways and Urban Infrastructure

In her budget, the Finance Minister announced that an outlay of Rs 1.18 Lakh crore for the Ministry of Road transport and highways to further augment road infrastructure. FM Sitharaman said more than 13,000 km of roads awarded under Bharat Mala project.

“Around 3,800 km have been constructed in Bharatmala so far and 8,500 km to be awarded by March 2022. Will complete an additional 11,000 km of NH corridor by March 2022. More economic corridors are being planned – 3,500 km of NH works are ongoing in Tamil Nadu, investment of Rs 1.03 lakh crore 1,100 km of national highway works in Kerala, investment of Rs 65,000 crore 675 km of highway works in West Bengal, cost of Rs 25,000 crore,” FM Sitharaman said.

Finance Minister also announced a sharp increase in capital expenditure at 5.54 lakh crore, from Rs 4.39 lakh crore in 2021.

“NHAI has sponsored one InVit to attract investors. Thus 5 operational roads with Rs 5,000 crore value being transferred to NHAI InVit. NHAI operational roll roads are to be monetized,” FM Minister said.

In first budget during Coronavirus pandemic, Sitharaman announces massive outlay for health and well-being with an increase of 137%

OpIndia Staff
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In first budget during Coronavirus pandemic, Sitharaman announces massive outlay for health and well-being with an increase of 137%

Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 on Monday. The budget comes at a time when the country is battling the coronavirus pandemic and the economy is still only recovering from the effects of the lockdown.

This was Finance Minister Sitharaman’s third budget under the National Democratic Alliance (NDA) government led by Prime Minister Narendra Modi. In a significant departure from the tradition, this year’s Budget is unique as it was presented paperless.

The proposals for the FY22 Budget rests on 6 pillars, said Finance Minister Nirmala Sitharaman listing the following as main pillars of Budget 2021 – health and wellbeing, physical and financial capital and infrastructure, inclusive growth, human capital, research & development and lastly minimum government and maximum governance.

In her budget proposal, FM Nirmala Sitharaman announced PM Aatmanirbhar Swasth Bharat Yojana with the allocation of Rs 64,180 crore over 6 years to develop health capacity.

Nirmala Sitharaman announced the PM Atmabirbhar Swasth Bharat Yojana will strengthen the primary, secondary and tertiary healthcare over a period of six years. The scheme will be in addition to the National Health Mission, she said.

Under the scheme, more 17,000 rural and 11,000 urban health and wellness centres to be set up. Integrated public health labs to set up in 11 states.

FM Sitharaman announced that Rs 35,000 crore were allocated for the COVID vaccines which were rolled out earlier this year. She said that more funds will be provided if needed.

The Finance Minister also announced the launch of Urban Swachh Bharat 2.0 Mission with an outlay of Rs 1.41 lakh crore over 5 years. The Jal Jeevan Mission Urban to be launched at an outlay of Rs 2.87 lakh crore. The government to launch Mission Poshan 2.0, said Finance Minister to strengthen the nutritional content, delivery, outreach and outcome.

Israeli embassy attack: Threatening letter to ambassador warns of revenge for Iranian leaders killed in US drone strike. Details

OpIndia Staff
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Israeli embassy attack: Threatening letter to ambassador warns of revenge for Iranian leaders killed in US drone strike. Details

A letter addressed by a terrorist attacker to the Israel Ambassador to India has brought to fore an Iranian link to Friday’s low-intensity blast outside New Delhi’s Israeli embassy, as per a report in the Hindustan Times. In the wake of the terror attack, the investigators recovered a letter addressed to Israeli Ambassador to India, Ron Malka, that termed the blast a ‘trailer’ and promised retribution for the deaths of two Iranians in a drone attack by the United States in 2020.

On Friday, an IED Blast was reported outside Jindal House near the Israel Embassy in Delhi. According to the forensic teams, three cars were damaged, and black powder was used to carry out attacks on the Israel Embassy.

“This is just a trailer presented to you, that we can observe you, from eating to …..Mind it, all the participants and partners of Israeli terrorist ideology will be no more in existence. Now get ready for big and better revenge of our heroes (Soleimani, Muhandis and Fakhrizadeh),” the letter read.

The letter warned the Israeli Ambassador that it has the capability of ending their lives anytime, and that Israeli terror shelters would be destroyed. “All you have to do is count your days,” the letter concluded.

The letter was addressed to “The Terrorist, Devil of Terrorist Nation Dr Ron Malka” and was written by someone who identified himself as Sarallah India Hezbollah. It is pertinent to note that Hezbollah is the Shia Islamist political party in Lebanon with a sword arm — a sworn enemy of Israel. The letter promises revenge for the killing of Iran Quds Commander Qassem Soleimani, and Abu Mehdhi Al Muhandis, who were killed in a US drone attack in January 2020, and Iranian nuclear physicist Dr. Mohsen Fakhrizadeh, who died in a car bomb attack in Iran in November 2020.

After the Iranian link was established in the recent attack, external affairs minister S Jaishankar and National Security Advisor Ajit Doval talked to their Israeli counterparts. Doval also made a phone call and briefed the Israelis about the ongoing investigation despite being abroad on a visit.

Iranian connection in a similar terror attack in 2012

The terror blast brings under the spotlight the terror attack in 2012 when an Israeli embassy vehicle was targeted in New Delhi and the investigation pointed towards the involvement of Iranian agencies. A similar letter promising to avenge the ‘martyrdom’ of some Iranians were recovered from the spot.

On February 13, 2012, a sticky bomb was placed on the car of an Israeli diplomat’s wife, due to which she had received injuries. Incidentally, the Quds Force, also known as Iranian Revolutionary Guard Corps (IRGC), was then accused of carrying out attacks on the Israeli Embassy in New Delhi. Four people had suffered injuries after a bomb explosion on an Israeli diplomatic car in New Delhi.

Pakistan to get 17 million doses of AstraZeneca’s India-made Covishield under UN’s vaccination alliance Covax

OpIndia Staff
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Pakistan to get 17 million doses of AstraZeneca’s India-made Covishield under UN’s vaccination alliance Covax

Despite whining, ranting, and spewing venom against India constantly at every possible international stage, Pakistan will now have to depend on the India-made Covishield vaccine, as it will be a beneficiary of the Covax initiative, an international alliance constructed to avail low-cost vaccines to poorer nations.

According to the reports, around seven million made-in-India doses of AstraZeneca’s Covishield vaccine will be sent to Pakistan’s free Covid-19 vaccination drive scheduled to start next week. However, the vaccines will be covered under the global Covax alliance and not under PM Modi’s vaccine diplomacy.

A special Pakistani plane had earlier departed for China to fetch the first batch of Sinopharm’s Covid-19 vaccine, PM Imran Khan’s special assistant on health Dr Faisal Sultan had said on Sunday. However, apprehensions have been raised against the efficacy of the Chinese vaccine, and many countries have now backtracked on their decision to conduct trials of Chinese vaccines.

In addition to the Chinese vaccines, around seven million out of the 17 million doses of Indian-made Covishield will reach in the country by March, Dr Sultan added.

“Though AstraZeneca is being prepared in India, it will come through Covax, an international alliance which has announced free vaccines for 20% of Pakistan’s population. DRAP (Drug Regulatory Authority of Pakistan) has already registered both Sinopharm and AstraZeneca,” Dr Sultan said.

Earlier in January, it was reported that Pune-based Serum Institute of India, the world’s largest vaccine manufacturing company, would be supplying over 200 million doses of Covishield and Novavax to the GAVI-Covax alliance by the UN at the price of 3 US dollars per dose.

India’s vaccine diplomacy

India, the world’s largest vaccine manufacturer, has again come to the world’s aid by successfully supplying vaccines to its neighbouring and other developing countries at an extremely affordable cost. India has airlifted more than 6 million COVID-19 doses to nine countries in Phase-I under its initiative termed “Vaccine Maitri”.

The Modi government’s vaccine diplomacy has taken wings and has delivered vaccines to most of its neighbours. Under the initiative, India sent a gift of two million doses of Covishield vaccine to Dhaka on January 21 and facilitated a commercial contract of 30 million doses with vaccine manufacturer SII. Nepal, Bhutan, Sri Lanka and the Maldives have received India’s COVID-19 vaccines under grant assistance in tune with country’s “Neighbourhood First” policy.

Addition to that, India will send 1 lakh anti-Covid shots to Oman, a close partner in the Gulf. Later this week, India is scheduled to deliver over 5 lakh doses to Afghanistan and send 2 lakh doses to Nicaragua, 1 lakh to Barbados, 70,000 to Dominica and 1.5 lakh to Mongolia.

Under commercial deals, Egypt, Algeria, UAE, and Kuwait have all purchased vaccines directly from the SII. The purchases are made commercially but need export clearance from the Indian government.

Meanwhile, India has begun the world’s largest coronavirus vaccination drive under which two vaccines, Covishield and Covaxin, are being inoculated to frontline health workers across the country. The country plans to vaccinate about 300 million citizens in the first six months.

From briefcase to bahikhata to iPad: Budget 2021 goes digital

OpIndia Staff
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From briefcase to bahikhata to iPad: Budget 2021 goes digital

For decades we saw the Finance Minister arrive at the Parliament with a leather briefcase which contained where the rupee will come from and where it will go. This British legacy was broken in 2019, after India’s first full-time female Finance Minister Nirmala Sitharaman arrived with a ‘bahikhata’ wrapped in red cloth tied with a gold string. The Indian national emblem shone brightly on it.

The word Budget has been derived from the French term bougette which means a briefcase. The British tradition of ‘opening the budget’ and presenting the financial plans of the government had originated in the 1860s. Eventually, it trickled over to post-colonial India.

This time, however, the budget has gone digital.

While leaving from Ministry of Finance this morning, Finance Minister Nirmala Sitharaman posed with a tablet, perhaps an iPad, wrapped in a red cover with the Emblem shining brightly on it.

Because of Chinese coronavirus, the contagious flu which spreads quickly with virus staying on surface for long time, the budget this year will be available in digital copies. The soft copies will be published online for all to read.

BJP demands action against Sharjeel Usmani for Hinduphobic speech at Elgar Parishad

OpIndia Staff
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BJP demands action against Sharjeel Usmani for Hinduphobic speech at Elgar Parishad

On January 31, Keshav Upadhye, Maharashtra state unit spokesperson of the Bharatiya Janata Party (BJP), urged Uddhav Thackeray-led Maharashtra government to take action against Sharjeel Usmani for alleged Hinduphobic speech at Elgar Parishad in Pune on Saturday.

As per the reports, Usmani, former student leader and columnist for Newslaundy, addressed a gathering of around 500 people in the second edition of Elgar Parishad at Ganesh Kala Krida Manch, where he used defamatory language against the Hindu community.

Upadhye urged CM Thackeray to take action against Usmani. He said, “Will the CM take action against him or continue with his rhetoric that they have not left Hindutva. State home minister Anil Deshmukh should take action against him.”

Elgar Parishad: More than two hours of incendiary speeches

On Saturday, Elgar Parishad was organized by Bhima Koregaon Shaurya Din Prerna Abhiyan, an umbrella organization of 250 Dalit organizations. It was first held in 2018 to commemorate the 200th anniversary of the Battle of Bhima-Koregaon of 1818. The conclave resulted in violent clashes at Bhima-Koregaon village.

During the second edition of the Elgar Parishad, several speakers, including Sharjeel Usmani, Arundhati Roy and Prashant Kanojia, used the stage to spread Hinduphobia. While Usmani called the Hindu community rotten, Arundhati Roy happily threw Gaurmutra jibes to mock Hindus.

Kanojia said the movements would continue until their ‘Kashmiri brothers’ receive justice, Akhlaq and Pehlu Khan receive justice, and the farm laws are not repealed. He said that the movement would continue until the RSS is uprooted from this world. Furthermore, in a particularly incendiary bit, he told Dalits that it is better to ‘die fighting in the streets’ than live as ‘oppressed.’

UP Police sends notice to 220 tractor owners, opposition cries foul

OpIndia Staff
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UP Police sends notice to 220 tractor owners, opposition cries foul

Uttar Pradesh Police has issued notices to 220 tractor owners in Sikandarpur police station area. As per Sikandarpur Police Station SHO Bal Mukund Mishra, the notices have been sent for using the tractors on public roads for commercial work and allowing the minors to drive them. Because of this, there were road accidents. These tractors were also used in illegal mining, the SHO said.

Ram Govind Chaudhary, Leader of Opposition in UP legislative assembly has accused the police of ‘trying to threaten the farmers’. He alleged that the police is trying to hinder the ‘farmer movement’ by issuing these notices since these farmers are going to Delhi border on these tractors to participate in the protests, which had recently turned violent.

The Uttar Pradesh Police, however, have denied any such allegations.

Meanwhile, the Delhi Police, too, has issued fresh notices to over 50 people including farmer leaders. Earlier, Delhi Police had issued 44 notices. Delhi Police, too has identified some owners of the tractors used during the violence and is in process of sending notices to them.

As of now 84 people have been arrested in the Republic Day riots which left at least 300 cops injured, some severely. Delhi Police has also registered 38 cases.

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