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Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

OpIndia Staff
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Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

Interim Finance Minister Piyush Goyal in his budget speech has announced a new pension scheme for the labour workforce employed in the unorganized sector, reported ANI.

The NDA government has now launched a new pension scheme called ‘Pradhan Mantri Shram Yogi Mandhan‘, to provide assured monthly pension of Rs.3000 per month for workers in unorganized sector after 60 years of age, with the maximum contribution of just Rs.100 per month. Any worker in the unorganised sector earning less than Rs 15,000 a month will be covered under the first phase of the scheme, said Piyush Goyal.


The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme. Any worker working in the unorganised sector can avail the benefits of this scheme. Workers between 18-28 years of age have to pay Rs 55 per month, while workers above 29 years will be paying Rs 100 per month to avail the benefits. The union government will also contribute an equal share every month, said the Finance Minister.

Goyal stated that half of India’s GDP comes from the sweat and toil of 42 million workers in the unorganised sector and the government has decided to provide them with a comprehensive social security coverage.

The move is likely to benefit household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. The Finance Minister also said that the new pension scheme will be the world’s biggest pension scheme for the unorganised sector in just five years.

More than 90% of India’s workforces are employed in unorganised sectors who are often deprived of not only just minimum wages but also any kind of social security like pensions or health insurance.

Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

OpIndia Staff
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Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

As we had speculated earlier, the Budget 2019 features numerous sops to farmers to counter farmer distress. Most significantly, structured income support will be provided to farmers through the Pradhan Mantri Krishan Samridhi Yojana.


Rs. 6000 will be provided to farmers with less than 2 hectares of land annually in three instalments. It will cost the state Rs. 75,000 crores per year.

In addition, a 2% interest subvention has been provided to farmers who practice animal husbandry and fisheries. An additional 1% interest subvention will be given if loans are repaid on time.


The PM Kisaan Samman Nidhi will also support farmers in procuring basic inputs like seeds and fertilizers. The move will also benefit the seeds and fertilizers industries. Allocation for Rashtriya Gokul Mission has been increased to Rs. 750 crores.

In addition, farmers who have been severely affected by natural calamities will receive a 2% interest subvention on loans and additional 3% subvention on timely repayment.


GauMata has also featured prominently in the Budget. The Rashtriya Kamdhenu Aayog will be set up to ensure the welfare of cows, including genetic improvement and sustainable development. Acting Finance Minister Piyush Goyal said, “Yeh sarkar kabhi Gau mata ke samman mein peeche nahi hategi. (This government will never shy away from honouring our Mother Cow).”

Insolvency and Bankruptcy Code has helped recover Rs 3 lakh crores so far for banks and creditors: Piyush Goyal

OpIndia Staff
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Insolvency and Bankruptcy Code has helped recover Rs 3 lakh crores so far for banks and creditors: Piyush Goyal

Finance Minister Piyush Goyal has started delivering the highly anticipated Union Budget 2019, in which he is expected to announce major reforms in sectors like farming, banking etc.

Piyush Goyal in the very start of the speech, lauded the Modi government’s reforms in the banking sector, that during UPA-era was bagged with ballooning Non-performing Assets issue.

Goyal stated that Rs 3 lakh crore has already been recovered in favour of banks and creditors. He also spoke about recapitalisation of banks to the tunes of Rs 2.6 lakh crores.

The Finance Minister said that the years between 2008 and 2014 witnessed a high credit growth, which also took the NPA level from Rs 18 lakh crore to a whopping Rs 54 lakh crore. He added that till 2014 many lakh crores of NPAs were not even identified properly or were re-written so as to hide them. But, Piyush Goyal said that after Modi government was voted to power, it constructed Asset Quality review to weed out the bad loans. He said that NPAs were a consequence of giving loans to those firms which failed to work properly or showed poor performance.

Piyush Goyal praised the initiative of Insolvency and Bankruptcy code, which has helped the government to curb the NPA menace.

He stated that the IBC has institutionalised a resolution mechanism while preserving the underlying business and jobs.

The Insolvency and Bankruptcy Code (IBC) 2016, is a bankruptcy law in India brought by the Narendra Modi led NDA government seeking to consolidate the existing framework by creating a single Law for Insolvency and Bankruptcy. The Code provides a time-bound process for resolving insolvency in companies and among individuals resulting in much-needed impetus to solving the problem of stressed assets and NPAs in the financial sector of the country.

FM Piyush Goyal also mentioned the lifting of three banks: Bank of India, Bank of Maharashtra and Oriental Bank of Commerce, out of the Prompt Corrective Action Framework. The PCA was initiated against these banks in the wake of high NPAs and high amount of losses. PCA restricted these banks from lending further loans and opening new branches. The lifting of these banks from PCA points towards the positive reforms that lead to the banks’ improvements in the capital position and asset quality.

Piyush Goyal also said that during the previous regime, only poor or middle class used to fear unpaid loans while the rich went scot free. But now, the FM added, that even the rich have started to be wary of the consequences of not repaying their loans.

Budget 2019: Piyush Goyal changes Congress line of ‘Muslim have first right on resources’ to ‘poor have first right on resources’

OpIndia Staff
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Budget 2019: Piyush Goyal changes Congress line of ‘Muslim have first right on resources’ to ‘poor have first right on resources’

“The poor have the first right to resources,” said Finance Minister Piyush Goyal while presenting the interim budget in the Parliament today. The Union Government recently passed a law giving 10% reservation for economically weaker section of the society.

The bill amends the articles 15 and 16 of the Constitution of India, making provision for reservation for educational institutes and jobs respectively. This reservation will be added to the existing 50% reservation provided for people from Scheduled Castes, Scheduled Tribes and Other Backward Castes. The economical backward has been defined as a family with an annual income below ₹8 lakhs, apart from clauses on landholding. The ₹8 lakh limit is at per with the existing limit for the creamy layer of OBCs.

Interestingly, in December 2006, former Prime Minister and senior Congress leader Dr Manmohan Singh, while speaking on the UPA government’s plans for the minorities, had said that Muslims have the first claim on the resources. Prior to that, while speaking at the National Commission for Minorities, the former Prime Minister had even favoured ‘fair share for minorities’ in government as well as private jobs.

The BJP government, which has been speaking of ‘sabka saath, sabka vikas‘ has taken many pro-poor steps, especially for rural India, during the 4-and-a-half years it has been in power. From ensuring 95% basic sanitation to almost 100% electrification, to providing gas connection millions of lives have changed drastically. Ayushman Bharat scheme, which is also pegged ‘Modi care’, is the world’s largest state-sponsored welfare scheme in the world.

Budget 2019: Finance Minister announces assured income support for small and marginal farmers

OpIndia Staff
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Budget 2019: Finance Minister announces assured income support for small and marginal farmers

The finance minister Piyush Goyal announced an assured income support scheme for small and marginal farmers. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved by the government of India, the minister announced while presenting the interim budget today.

Under this scheme, farmers with less than 2 hectares of land will be given ₹6,000 per annum towards income support for procurement of inputs. It will be paid in the instalments of ₹2,000 via direct bank transfer. This will greatly help the small and marginal farmers in purchasing farm inputs. This will enable farmers to earn a respectable living, finance minister Piyush Goyal said.

The scheme will come into effect from 1st December 2018. 12 crore small and marginal farmers will be benefited with this scheme. An annual expense of ₹75,000 crore will be borne by the government for this scheme.

As extraditions continue, Vijay Mallya claims DRT has attached more than he owed, alleges harassments by banks’ UK lawyers

OpIndia Staff
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As extraditions continue, Vijay Mallya claims DRT has attached more than he owed, alleges harassments by banks’ UK lawyers

Fugitive tycoon Vijay Mallya has stated recently in a series of tweets that the consortium of Indian banks has already attached much more than the amount he owed them. He also stated that the banks are now trying to prevent him from paying his tax dues in the UK.

Via Twitter

Mallya alleged that every morning, he wakes up to the news of another attachment by the Debts Recovery Tribunal (DRT) of his properties in India. He added that the total value of the properties attached so far has crossed Rs 13,000 crores already.

Mallya alleged that as the banks have claimed that the total debts he owes to them stand at Rs 9000 crores including all dues and taxes, which is further subject to review.

Claiming that the value of his attached assets has now crossed Rs 13,000 crores, Mallya claimed that still he is being painted as the one who ran away with the money.

via Twitter

Mallya further added that despite all the attachments of his properties, the banks through their lawyers in the UK are further harassing him by pursuing multiple frivolous litigations against him. He accused the banks of spending public money on legal fees in a brazen manner.

Mallya further stated that the lawyers of the banks have also objected in writing to him paying his legitimate tax dues to Her Majesty’s Revenue and Customs (HMRC).  Claiming an irony, Mallya stated that the Indian banks want his money in England to settle a debt that is already settled through attachments while denying the UK taxpayers their due by stopping him from paying his taxes.

Mallya was declared a fugitive economic offender on January 5 this year, paving way for the Indian authorities to seize his assets for the recovery of his debt

A court in the UK had ordered Mallya’s extradition after many diplomatic negotiations and legal tussles in London. Mallya had left the country in March 2016 and has been a fugitive since.

India has recently successfully extradited AgustaWestland middleman Christian Michel and has already extradited two top-level corporate lobbyists named Rajiv Saxena and Deepak Talwar this week. Seeing Mallya’s meltdown on Twitter, it can be assumed that Mallya is now wary of his imminent extradition and the subsequent trials.

‘India marching towards growth and prosperity’: Piyush Goyal

OpIndia Staff
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‘India marching towards growth and prosperity’: Piyush Goyal

In his initial remarks ahead of Budget 2019, Acting Finance Minister Piyush Goyal illustrated the achievements of the Modi government. He said India is marching towards growth and prosperity.


Goyal also remarked that the goal was to have a New India by 2022 where everyone had a house, where everyone has access to toilets and basic healthcare. He also asserted that under the Modi government, India had risen from being the 11th largest economy in the world to being sixth.

Goyal also remarked that due to the policies implemented by the Modi government, India is now the fastest growing major economy in the world. He also boasted about the manner in which the government has drastically brought down the rate of inflation in the country.


The fiscal deficit is expected to be 3.4% this year.


The Modi government has taken great steps to combat corruption, the Acting Finance Minister said. The Benami Properties Act has helped greatly in checking corruption, he said. He also mentioned various other steps taken by the government which has prompted even the richest of the rich to take great steps to clear their debts.


NPAs have come down drastically as well and India received FDI worth $239 billion under the Modi government, Goyal remarked. He also elaborated on the achievements of the Ayushman Bharat scheme which recently reached the 10 lakh figure in helping those requiring treatment.

Goyal also remarked that more than one and a half crore houses have been constructed under the Pradhan Mantri Awas Yojana. And it’s expected that every household will have an electricity connection by March this year.

5 things Congress might say after the Modi government presents Budget 2019

OpIndia Staff
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5 things Congress might say after the Modi government presents Budget 2019

We are moments away from the Modi government presenting the Budget 2019. This year, because Finance Minister Arun Jaitley is away for health reasons, Minister Piyush Goyal has stepped in and is all set to deliver the Budget speech. Several people have speculated about what the Modi government might offer in this all-important Budget right before the 2019 elections, however, if history bears witness, the Congress’ reaction is going to be rather predictable.

Here are 5 things that Congress might say after the Budget 2019 speech has been delivered:

This is a populist budget by the Modi government

No matter what the Modi government announces or fails to announce, the Congress is probably going to call the Budget 2019 a “populist” budget. Forget the fact that the Congress has always thrown fiscal prudence to the wind with the fiscal deficit reaching its highest under the Congress government. Even in the Assembly elections recently, Congress promised blind hand-outs to pretty much every section of the society. But when it comes to the Modi government, a government which has maintained fiscal prudence through its 4 years, Congress is sure to deride the government for a ‘populist’ Budget.

Budget 2019 has everything for ‘Mr A’ and nothing for farmers and poor

The Modi government has been extremely cautious and in every budget, they have ensured that there are enough incentives for the poor and farmers. However, no matter what the Modi government announces, Congress is bound to say that the Budget has EVERYTHING for “Modi’s friends” like “Mr A” and nothing for farmers and the poor.

This is not an interim budget

Forget the fact that Congress has made some big announcements in the past interim budgets when they were in power, the Congress is bound to raise a stink alleging that the Modi government has breached convention and presented a “full budget” and not an “interim budget”.

Modi is losing

“The Modi government has presented this budget because it has not done anything in the past 4 years and Modi is losing”. I am sure we will hear this line with absolutely no proof as to why the Congress thinks so.

No farm loan waiver, Modi doesn’t care about farmers

Farmer loan waiver is Congress’ favourite pet rattle. Even though the Congress has failed spectacularly in delivering farm loan waiver in the three states where they are in power and Karnataka, where they are in alliance with JD(S), they keep raising this bogey to garner support. Modi government is unlikely to announce farmer loan waiver in its entirety as the Congress wants it too and is used to announcing. Congress, despite failing in their promises, is bound to raise the ‘farmer loan waiver’ bandwagon.

As we are moments away from the Budget, we will soon find out if our prediction holds true!

Budget 2019: What can we expect?

K Bhattacharjee
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Budget 2019: What can we expect?

Budget day is finally upon us. And as usual, speculations are running rife regarding what it might entail. Senior BJP leaders have often equated the General Elections in 2019 with the Third Battle of Panipat. From that perspective, it will be safe to assume that there will be at least a few significant announcements in the Budget.

Let us have a look at what we can expect from the Budget.

1. Income Tax exemption slab to be raised to Rs. 5 lakh

There have been reports of middle-class disenchantment with the NDA government. To quell such sentiments and to ensure that the middle-class stays firmly with the BJP, the last budget presented by the Modi government may consider exempting Income Tax on income up to Rs. 5 lakh per annum. Other sops for the middle class is also likely to feature.

2. Populism

A wave of populism has been rising across the country. With Congress President Rahul Gandhi making the promise of a Universal Basic Income for the unemployed, it is to be expected that the BJP will incorporate some extremely populist measures to counter the Mahagathbandhan’s populist tactics. Targeted Basic Income might feature in the budget as one such measure.

3. Sops for farmers

Farmer distress has been a huge issue across the country. The opposition has been trying hard to project the Modi government as anti-farmer. Therefore, it is only natural that the government will take the extra step in its last budget to counter the narrative. Interest free loans, equipment and fertilizer at subsidized rates or even loan waivers may feature in today’s budget.

4. Sops for small businesses

The business-class has always been a core voter-base for the BJP. Of late, accusations have been made that they have suffered a lot due to the implementation of GST and demonetization. Therefore, the MSMEs are likely to be rewarded by the Modi government in their last budget. Lower corporate taxes for them is a strong possibility.

Rahul Gandhi eats dosa in a five star hotel, friendly media spins it as a humble move

OpIndia Staff
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Rahul Gandhi eats dosa in a five star hotel, friendly media spins it as a humble move

The congruous relationship between the Congress party and some ‘pliable’ media houses are not a secret anymore. The controversial media group NDTV, which often indulges in anti-India propaganda and the likes of India Today group have always stood behind the first family of the Congress by pushing the narrative of the political party under the guise of “independent” journalism.

On Friday, both NDTV and India Today ended up being a laughing stock after social media users found that they had published a bizarre report glorifying Congress President Rahul Gandhi’s stopover at a restaurant to have South Indian delicacy dosa and filter coffee.

India Today report on Rahul Gandhi’s Dosa stopover

India Today even went on to mention how Rahul Gandhi is ‘often known’ to visit restaurants in ‘mostly middle class and upmarket areas’ in Delhi. Not sure whether India Today meant the Sagar Ratna Rahul Gandhi visited was middle class or upmarket since the outlet he visited is situated inside Hotel Ashok, a five-star hotel. If the average cost for two at Sagar Ratna outlets is Rs 600-750, the one Rahul Gandhi visited costs around Rs 1,200.

NDTV, the foster channel of the Congress, which also performs the duties of managing public relations for Congress President Rahul Gandhi seemed to be very happy to report Rahul Gandhi’s dosa endeavour following his stopover at one of the restaurants in opulent Lutyens Delhi.

NDTV report on Rahul Gandhi’s Dosa event

Social media reacted to the ‘so-called’ independent media’s attempts of indulging in public relations management of Rahul Gandhi and called out the inherent bias of these media groups.


Another social media user went on to note the desperation of the NDTV as it posted the same report multiple times in a span of a few hours to promote Rahul Gandhi’s Dosa event.


Congress party with its media ecosystem seems to have managed the issues extremely well in both creating and sustaining narratives for decades now. Recently, we had reported regarding a similar public relation event of the Congress party ‘directed’ by a reporter belonging to India Today group.

NDTV, often known to be the country’s greatest embarrassment in the field of journalism has maintained a very close relationship with the first family of the Congress party. Recently, a journalist who worked for NDTV had revealed how NDTV used to take editorial orders from PMO during the UPA era.

NDTV, once a hot shot during the Congress regime, seems to have been rejected by the people as there are several instances of them being caught for not only spreading fake news but also sometimes alleged to have revealed sensitive details.

NDTV is not only under severe challenges of stable revenue generation and credible journalism but is also facing an existential crisis. The promoters of the channel, Prannoy Roy and his wife Radhika Roy have been alleged to have indulged in massive fraud and are being investigated by the present government. After these facts came to the fore, many usual suspects from the media started to malign the NDA government by resorting to fake news.

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