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Tag Wise Current Affairs
Tag: Economic Reforms
GoM favours GST cut on houses under construction
Tags: Infrastructure, Economic Reforms
Published on: 09 February 2019
Government package for boosting exports and reviving housing sector
Tags: Economic Reforms
Published on: 17 September 2019
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Group of Ministers (GoM) has favoured lowering goods and services tax (GST) on under-construction residential properties to 5% from the 12% currently. The seven-member GoM, headed by Gujarat Deputy Chief Minister Nitin Patel was set up in January 2019 by GST Council to analyse tax rates and issues being faced by real estate sector under GST regime.</span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recommendations</strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has favoured to reduce GST rate on under-construction residential properties to 5% without input tax credit (ITC) from current effective rate of 12%, after abatement of value of land. It also favoured lowering GST rate for affordable housing at 3% from 8% at present. It will finalise its recommendations and then submit its recommendations to GST Council headed by Union Finance Minister, which will take the final decision on the proposal. </span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, GST is levied at 12% with ITC on payments made for under construction property or ready to move in flats where the completion certificate has not been issued at the time of sale. The effective pre-GST tax incidence on such housing property was 15-18%.<strong> </strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at time of sale. There have been complaints that builders are not passing on benefit of without input tax credit to consumers by way of reduction in price of property after rollout of GST.</span></span></p>
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<p> </p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Highlights:</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It entail a 14-day deadline to effect refund request, mandate e-tailers to display details of sellers supplying goods and services on their websites and moot the procedure to resolve consumer complaints.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">e-commerce <strong>firms should be a registered legal entity under Indian laws </strong>and should <strong>submit a self-declaration to the ministr</strong>y stating that <strong>it is conforming to guidelines.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>A promoter or key management personnel should not have been convicted of any criminal offence </strong>punishable with <strong>five years imprisonment.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies should also <strong>comply with the provisions of IT Rules, 2011.</strong> They are also required <strong>to display on their websites details about sellers supplying goods and services.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <strong>companies should not adopt any unfair methods</strong>, <strong>falsely represent themselves as consumers, post reviews </strong>about goods and services in their name or exaggerate the quality of goods and services</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To ensure <strong>transparency in dealing,</strong> the companies <strong>are required to display terms of contract between them and the seller </strong>to enable consumers to make informed decisions.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They should also <strong>mention safety and health care information of the goods and service advertised for sale and give information on payment methods.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies are <strong>required to effect all payments towards accepted refund requests </strong>of the customers <strong>within a period of maximum of 14 days.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On <strong>seller’s liabilities</strong>, the norms proposed sellers to <strong>display total as well as break up price for the goods or service</strong> including charges like delivery, postage and taxes.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sellers <strong>should also comply with mandatory display requirements </strong>as per <strong>Legal Metrology (amendment) rules 2017 for pre-packaged commodities.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>e-commerce companies </strong>will also be required to ensure that <strong>personally identifiable information of customers is protected.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Such data collection and storage and use comply with provisions of the Information Technology (Amendment) Act, 2008.</strong></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The consumer affairs ministry has sought views of stakeholders on the draft guidelines on e-commerce by September 16.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the government is planning to come out with a national e-commerce policy to facilitate achieving holistic growth of the sector.</span></span></li>
</ul>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>E-Commerce industry in India:</strong></span></span></p>
<ul>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The e-commerce sector in India has been <strong>witnessing an explosive growth </strong>fuelled by the increase in the number of online users, growing penetration of smart phones and the rising popularity of social media platforms.</span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>According to a February 2019 Morgan Stanley report, </strong>India is adding <strong>one Internet user every three seconds and the e-commerce sector in India is estimated to reach USD 230 billion by 2028, accounting for 10% of India’s retail.</strong></span></span></li>
</ul>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">In a bid to stabilise the faltering economy, Union Finance Minister Nirmala Sitharaman announced various measures.</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">FPI or <strong><span style="background-color:white"><span style="color:#222222">foreign portfolio investment</span></span></strong><span style="background-color:white"><span style="color:#222222"> is the entry of funds into a country where foreigners deposit money in a country's bank or make purchases in the country's stock and bond markets.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The steps by government comes in the wake of a slide in equity markets and a slowdown in demand that has impacted industries ranging from automobiles to items of daily use such as biscuits and groceries.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures announced</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Removal of the surcharge on capital gains on shares for both foreign and domestic investors.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Upfront amount of Rs. 70,000-crore equity infusion into public sector banks to boost lending.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The government assured that ICE (internal combustion engine) vehicles will coexist with EVs (electric vehicles) and there will be no phasing out of ICE vehicles, a fear expressed by the auto industry. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:black">Ban on govt departments lifted for purchase of vehicles to replace old ones.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">To provide immediate liquidity to thousands of companies, the government announced that all pending GST refunds will be paid to Micro, Small and Medium Enterprises within 30 days. In future, all GST refunds shall be paid within 60 days from the date of application.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">To mitigate genuine difficulties of start-ups and their investors, it has been decided to withdraw Angel Tax from them. The exemption will be applicable to only those start-ups that are registered with the Department for Promotion of Industry and Internal Trade.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Implications of policy</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">It will boost fund flows in equity and debt markets, increasing the velocity of money so that more transactions take place. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Changed automobile policy will boost production and keep jobs intact. Consumption in products likely to boost growth.</span></span></span></span></span></p>
</li>
</ul>
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'tag' => 'Economic Reforms',
'keyword' => 'economic-reforms',
'id' => (int) 2000,
'title' => 'Angel Tax',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Finance minister </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Nirmala Sitharaman<span style="color:#212121"> has allowed startups registered with the</span> Department for Promotion of Industry and Internal Trade (DPIIT) <span style="color:#212121">to be exempted from </span>angel tax<span style="color:#212121">, an anti-evasion provision in the Income Tax Act.</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Angel tax has often been touted by the startup community as an unfair tax burden affecting young companies and their financial backers. The measures announced are expected to address these issues.</span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mesures announced</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Local tax authority in India does not recognize the discounted cash flow method that many investors use to value early-stage startups, and instead value the company for its worth currently. This will result in over estimation of company’s assets and higher taxation.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Under new provisions tax shall not be applicable to startups registered under DPIIT. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">To mitigate genuine difficulties of startups, the Centre will set up cell led by member of CBDT for addressing problems of startups. Startups with an I-T issue can approach this panel.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Perpetual benefits of reforms</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Removal of angel tax will go a long way in building trust and confidence in the startups and the investors, and shows government’s resolve towards ease of doing business in India and encourage entrepreneurship. </span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Simplify the flow of risk capital for young companies will allow early-stage ventures to raise seed capital.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The decision to fast-track GST refunds within 30 days and CBDT’s move towards setting up a dedicated cell to address tax problems will further ease business environment.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Way forward</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government needs to make similar tax provisions for friends and families that are not categorized as angels and have backed startups simply without any urge for profits. These startups are not DPIIT registered. This is common in smaller cities.</span></span></span></span></span></p>
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'tag' => 'Economic Reforms',
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'title' => 'RBI approves Bimal Jalan committee report',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Central board of the Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government .</span></span></span></span></span><br />
</p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The RBI does its risk analysis and sets out a part of its surplus profits to be transferred to the government.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The reason for the conflict is simple: the government wants more surplus; the RBI wants to keep more reserves from profits for unforeseen risks.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The central bank, in consultation with the government, had constituted a committee chaired by former RBI governor Bimal Jalan to review the buffer funds to be held by the RBI.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The RBI committee has recommended a surplus distribution policy, which targets certain amount of equity to be maintained by RBI within the overall level of its economic capital.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">RBI’s realized equity, which is a form of contingency fund for meeting all risks/losses which is built up from retained earnings, currently stands at 6.8% and the Jalan committee recommends it to be in the range of 6.5-5.5% of the balance sheet.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">An amount of 28,000 crore has already been paid as interim dividend, and will be transferred to the Government of India. This is in addition to the 52,637 crore of excess risk provisions that has been recommended to be transfered by the committee.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Benefits of surplus</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The additional amount of 86,000 crore that the government will receive this year above its budgeted 90,000 crore as transfers from RBI could be either used to <strong>provide fiscal stimulus</strong> to a sagging economy, <strong>reduce off-balance sheet borrowings</strong> or <strong>meet the expected shortfall in revenue collections</strong>.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government might not use this for spending and could instead use it to meet the possible revenue shortfall.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Way Forward</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Sensible thing for the government would be to reduce the balance sheet and off-balance sheet borrowings using the additional transfer from RBI.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The recapitalization bonds issued for public sector banks and huge borrowing by the Food Corporation of India from the small savings fund have to be properly accounted for.</span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
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'keyword' => 'economic-reforms',
'id' => (int) 2102,
'title' => 'The slide of rupee and fall of sensex',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Sensex at the </span>Bombay Stock Exchange fell over 500 points<span style="font-family:"Times New Roman","serif""> and the rupee lost up to 90 paise against the dollar to trade at a near 10-month low of 72.31 following concerns over the tariff war between the US and China, and a weak GDP growth in India of 5 per cent in the first quarter ended June 2019.</span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Background</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">India’s<strong> real or inflation-adjusted gross domestic product (GDP) </strong>grew at 5 per cent in the June 2019 quarter of financial year 2019-20 (Q1FY20), the slowest growth in six years (25 quarters).</span></span></span></span></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">In nominal terms, the growth stood at 7.99 per cent, lowest since December 2002.</span></span></span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reasons for rupee fall</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The US announced fresh tariffs on China, due to which concerns grew over escalation of the tariff war between the two largest economies in the world. While China witnessed a decline in its currency by around 0.6 per cent, the Indian currency that opened on Tuesday after three days, witnessed a sharp decline of 90 paise or 1.2 per cent. </span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The markets also seemed disappointed with the growth in the Indian economy, with the GDP numbers for the first quarter having come in low at 5 per cent.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Since the US Federal Reserve, at the time of announcing its first rate cut in a decade on July 31, stated that it was jus a slight adjustment. The result of the rate cut allowed foreign investors to invest in American treasury bills.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">FPIs have been exiting Indian markets over the last two months, and have sold Indian equities worth a net Rs 30,000 crore. However, in the same period, FPIs have invested a net of Rs 21,000 crore in the debt market.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Rs 5,500 crore from domestic equities since the rollback on August 23, 2019. The FPI outflow is also putting pressure on the rupee</span><span style="font-size:13.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">.</span></span></span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Future consequence</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">India has a currency swap agreement with Japan under which the latter will buy a certain amount in rupees, which could avert a further slide.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The Centre, in recent weeks, has announced the reversal of tax surcharge on FPIs, mega PSU bank mergers and a re-capitilisation plan. This can maintain investments in Indian financial markets.</span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The RBI recently announced the transfer of ?1.76-lakh crore of its reserves to the government which has allowed the government to provide boost to growth.</span></span></span></p>
</li>
</ul>
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'tag' => 'Economic Reforms',
'keyword' => 'economic-reforms',
'id' => (int) 2239,
'title' => 'Government package for boosting exports and reviving housing sector',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Finance Minister Nirmala Sitharaman has announced a third set of government decisions to revive the economy, including a ?50,000 crore export incentive scheme and a ?10,000 crore special window to provide last mile funding for unfinished housing projects.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decisions announced by the minister follows two previous mega announcements planned to encourage private sector investment, and bring further stability into the banking system through several public sector bank mergers.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most notable decision is the setting up of a special fund that would provide last-mile funding for housing projects that are not categorised as non-performing assets and are not undergoing National Company Law Tribunal proceedings.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The setting up of the Scheme for <strong>Remission of Duties or Taxes on Export Product</strong> (<strong>RoDTEP</strong>), will replace the <strong>Merchandise Exports from India Scheme</strong> (<strong>MEIS</strong>).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India is also looking into modifying the priority sector lending norms for the export sector to release an additional ?36,000 crore to ?68,000 crore as export credit.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The reforms package also included ways to make the sector more efficient and globally competitive. The entire process of export clearances will be digitised and all offline or manual processes will be eliminated to reduce the ‘time to export’.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is also planning to ease external commercial borrowing guidelines to facilitate financing for home buyers who are eligible under the Pradhan Mantri Awas Yojana, and that the interest rate on house building advances will be lowered and linked with the 10 Year Government Security yields<span style="font-size:13.5pt"><span style="background-color:whitesmoke"><span style="color:#282828">.</span></span></span></span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On November 20, the government announced that it would sell stakes in several public sector undertakings (PSUs) and even give up management control in some. </span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Central government will cede full management control to buyers in the case of oil marketing company Bharat Petroleum Corporation Ltd. (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India Ltd (CONCOR).</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is a belief that the government’s role is to facilitate a healthy business environment but the core competence of a government does not lie in selling fuel or steel at a profit. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is important, especially in case of India now, where it has fallen to the government to spend higher amounts on infrastructure to boost economic growth, along with its commitments on health and education.</span></span></p>
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<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Strategic sale and divestment</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale by a government is one where the management control is ceded to the buyer.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A divestment could be stake sale to a buyer, via an initial public offering or a direct deal, but in which the government still retains majority and management control.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale is also different from cases where the government transfers majority stake but only to another PSU over which it has control.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits from divestments</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is currently facing an economic slowdown in which indirect tax collections are below par. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has cut corporate tax rates hoping that companies will use these savings for price cuts or dividend payouts, or for investments that create jobs.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As a result of cut and to-be-cut tax rates, the government would have less and less cash for its own expenditure in infrastructure and the social sector.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If the fiscal deficit goes out of hand, then the global rating agencies will lower the country’s investment grade. This will make getting loans from foreign sources more costlier. The money from divestment could act as cusgion in such situations.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meeting the year’s disinvestment target would give the government some respite from the string of bad fiscal news that has been comin its way.</span></span></p>
</li>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On November 20, the government announced that it would sell stakes in several public sector undertakings (PSUs) and even give up management control in some. </span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Central government will cede full management control to buyers in the case of oil marketing company Bharat Petroleum Corporation Ltd. (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India Ltd (CONCOR).</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is a belief that the government’s role is to facilitate a healthy business environment but the core competence of a government does not lie in selling fuel or steel at a profit. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since the government always has to spend more than they earn through taxes and other means, additional income from the proceeds of a stake sale is always welcome.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is important, especially in case of India now, where it has fallen to the government to spend higher amounts on infrastructure to boost economic growth, along with its commitments on health and education.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Strategic sale and divestment</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale by a government is one where the management control is ceded to the buyer.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A divestment could be stake sale to a buyer, via an initial public offering or a direct deal, but in which the government still retains majority and management control.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale is also different from cases where the government transfers majority stake but only to another PSU over which it has control.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits from divestments</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is currently facing an economic slowdown in which indirect tax collections are below par. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has cut corporate tax rates hoping that companies will use these savings for price cuts or dividend payouts, or for investments that create jobs.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As a result of cut and to-be-cut tax rates, the government would have less and less cash for its own expenditure in infrastructure and the social sector.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If the fiscal deficit goes out of hand, then the global rating agencies will lower the country’s investment grade. This will make getting loans from foreign sources more costlier. The money from divestment could act as cusgion in such situations.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meeting the year’s disinvestment target would give the government some respite from the string of bad fiscal news that has been comin its way.</span></span></p>
</li>
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The seven-member GoM, headed by Gujarat Deputy Chief Minister Nitin Patel was set up in January 2019 by GST Council to analyse tax rates and issues being faced by real estate sector under GST regime.</span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recommendations</strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has favoured to reduce GST rate on under-construction residential properties to 5% without input tax credit (ITC) from current effective rate of 12%, after abatement of value of land. It also favoured lowering GST rate for affordable housing at 3% from 8% at present. It will finalise its recommendations and then submit its recommendations to GST Council headed by Union Finance Minister, which will take the final decision on the proposal. </span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currently, GST is levied at 12% with ITC on payments made for under construction property or ready to move in flats where the completion certificate has not been issued at the time of sale. 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moot the procedure to resolve consumer complaints.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">e-commerce <strong>firms should be a registered legal entity under Indian laws </strong>and should <strong>submit a self-declaration to the ministr</strong>y stating that <strong>it is conforming to guidelines.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>A promoter or key management personnel should not have been convicted of any criminal offence </strong>punishable with <strong>five years imprisonment.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies should also <strong>comply with the provisions of IT Rules, 2011.</strong> They are also required <strong>to display on their websites details about sellers supplying goods and services.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The <strong>companies should not adopt any unfair methods</strong>, <strong>falsely represent themselves as consumers, post reviews </strong>about goods and services in their name or exaggerate the quality of goods and services</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">To ensure <strong>transparency in dealing,</strong> the companies <strong>are required to display terms of contract between them and the seller </strong>to enable consumers to make informed decisions.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They should also <strong>mention safety and health care information of the goods and service advertised for sale and give information on payment methods.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies are <strong>required to effect all payments towards accepted refund requests </strong>of the customers <strong>within a period of maximum of 14 days.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On <strong>seller’s liabilities</strong>, the norms proposed sellers to <strong>display total as well as break up price for the goods or service</strong> including charges like delivery, postage and taxes.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Sellers <strong>should also comply with mandatory display requirements </strong>as per <strong>Legal Metrology (amendment) rules 2017 for pre-packaged commodities.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>e-commerce companies </strong>will also be required to ensure that <strong>personally identifiable information of customers is protected.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Such data collection and storage and use comply with provisions of the Information Technology (Amendment) Act, 2008.</strong></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The consumer affairs ministry has sought views of stakeholders on the draft guidelines on e-commerce by September 16.</span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Meanwhile, the government is planning to come out with a national e-commerce policy to facilitate achieving holistic growth of the sector.</span></span></li> </ul> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>E-Commerce industry in India:</strong></span></span></p> <ul> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The e-commerce sector in India has been <strong>witnessing an explosive growth </strong>fuelled by the increase in the number 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style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">In a bid to stabilise the faltering economy, Union Finance Minister Nirmala Sitharaman announced various measures.</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">FPI or <strong><span style="background-color:white"><span style="color:#222222">foreign portfolio investment</span></span></strong><span style="background-color:white"><span style="color:#222222"> is the entry of funds into a country where foreigners deposit money in a country's bank or make purchases in the country's stock and bond markets.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The steps by government comes in the wake of a slide in equity markets and a slowdown in demand that has impacted industries ranging from automobiles to items of daily use such as biscuits and groceries.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Measures announced</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Removal of the surcharge on capital gains on shares for both foreign and domestic investors.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Upfront amount of Rs. 70,000-crore equity infusion into public sector banks to boost lending.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The government assured that ICE (internal combustion engine) vehicles will coexist with EVs (electric vehicles) and there will be no phasing out of ICE vehicles, a fear expressed by the auto industry. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif""><span style="color:black">Ban on govt departments lifted for purchase of vehicles to replace old ones.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">To provide immediate liquidity to thousands of companies, the government announced that all pending GST refunds will be paid to Micro, Small and Medium Enterprises within 30 days. In future, all GST refunds shall be paid within 60 days from the date of application.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">To mitigate genuine difficulties of start-ups and their investors, it has been decided to withdraw Angel Tax from them. The exemption will be applicable to only those start-ups that are registered with the Department for Promotion of Industry and Internal Trade.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Implications of policy</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">It will boost fund flows in equity and debt markets, increasing the velocity of money so that more transactions take place. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Changed automobile policy will boost production and keep jobs intact. Consumption in products likely to boost growth.</span></span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'government-announces-measures', 'image' => 'https://www.mediafire.com/convkey/4940/pcnvgx9gy8l5qk06g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4940/pcnvgx9gy8l5qk06g.jpg', 'metatitle' => 'Government announces measures to boost growth', 'metakeyword' => 'Government announces measures', 'metadescription' => 'In a bid to stabilise the faltering economy, Union Finance Minister Nirmala Sitharaman announced various measures.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/9atwbmj6iftuk95/Government_announces.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'Economic Reforms', 'keyword' => 'economic-reforms', 'id' => (int) 2000, 'title' => 'Angel Tax', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Finance minister </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Nirmala Sitharaman<span style="color:#212121"> has allowed startups registered with the</span> Department for Promotion of Industry and Internal Trade (DPIIT) <span style="color:#212121">to be exempted from </span>angel tax<span style="color:#212121">, an anti-evasion provision in the Income Tax Act.</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Angel tax has often been touted by the startup community as an unfair tax burden affecting young companies and their financial backers. The measures announced are expected to address these issues.</span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Mesures announced</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Local tax authority in India does not recognize the discounted cash flow method that many investors use to value early-stage startups, and instead value the company for its worth currently. This will result in over estimation of company’s assets and higher taxation.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Under new provisions tax shall not be applicable to startups registered under DPIIT. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">To mitigate genuine difficulties of startups, the Centre will set up cell led by member of CBDT for addressing problems of startups. Startups with an I-T issue can approach this panel.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Perpetual benefits of reforms</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Removal of angel tax will go a long way in building trust and confidence in the startups and the investors, and shows government’s resolve towards ease of doing business in India and encourage entrepreneurship. </span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Simplify the flow of risk capital for young companies will allow early-stage ventures to raise seed capital.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The decision to fast-track GST refunds within 30 days and CBDT’s move towards setting up a dedicated cell to address tax problems will further ease business environment.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Way forward</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government needs to make similar tax provisions for friends and families that are not categorized as angels and have backed startups simply without any urge for profits. These startups are not DPIIT registered. This is common in smaller cities.</span></span></span></span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'angel-tax', 'image' => 'https://www.mediafire.com/convkey/5db8/v5d6ryi77krtpsz6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/5db8/v5d6ryi77krtpsz6g.jpg', 'metatitle' => 'Angel Tax | Finance minister Nirmala Sitharaman', 'metakeyword' => 'Finance minister Nirmala Sitharaman, Angel Tax', 'metadescription' => 'Finance minister Nirmala Sitharaman has allowed startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT)', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/c2x1lygf3ri8npm/Angel_Tax.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'Economic Reforms', 'keyword' => 'economic-reforms', 'id' => (int) 2018, 'title' => 'RBI approves Bimal Jalan committee report', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issue</span></span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Central board of the Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government .</span></span></span></span></span><br /> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The RBI does its risk analysis and sets out a part of its surplus profits to be transferred to the government.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The reason for the conflict is simple: the government wants more surplus; the RBI wants to keep more reserves from profits for unforeseen risks.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">The central bank, in consultation with the government, had constituted a committee chaired by former RBI governor Bimal Jalan to review the buffer funds to be held by the RBI.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The RBI committee has recommended a surplus distribution policy, which targets certain amount of equity to be maintained by RBI within the overall level of its economic capital.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">RBI’s realized equity, which is a form of contingency fund for meeting all risks/losses which is built up from retained earnings, currently stands at 6.8% and the Jalan committee recommends it to be in the range of 6.5-5.5% of the balance sheet.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">An amount of 28,000 crore has already been paid as interim dividend, and will be transferred to the Government of India. This is in addition to the 52,637 crore of excess risk provisions that has been recommended to be transfered by the committee.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Benefits of surplus</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The additional amount of 86,000 crore that the government will receive this year above its budgeted 90,000 crore as transfers from RBI could be either used to <strong>provide fiscal stimulus</strong> to a sagging economy, <strong>reduce off-balance sheet borrowings</strong> or <strong>meet the expected shortfall in revenue collections</strong>.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government might not use this for spending and could instead use it to meet the possible revenue shortfall.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Way Forward</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Sensible thing for the government would be to reduce the balance sheet and off-balance sheet borrowings using the additional transfer from RBI.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The recapitalization bonds issued for public sector banks and huge borrowing by the Food Corporation of India from the small savings fund have to be properly accounted for.</span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-approves-bimal-jalan-committee-report', 'image' => 'https://www.mediafire.com/convkey/d660/qu99bhel2upnya26g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d660/qu99bhel2upnya26g.jpg', 'metatitle' => 'RBI approves Bimal Jalan committee report', 'metakeyword' => 'RBI approves Bimal Jalan committee report', 'metadescription' => 'Central board of the Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/btrzm4d2kmqlmwk/RBI_approves_Bimal_Jalan_committee_report.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'Economic Reforms', 'keyword' => 'economic-reforms', 'id' => (int) 2102, 'title' => 'The slide of rupee and fall of sensex', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Sensex at the </span>Bombay Stock Exchange fell over 500 points<span style="font-family:"Times New Roman","serif""> and the rupee lost up to 90 paise against the dollar to trade at a near 10-month low of 72.31 following concerns over the tariff war between the US and China, and a weak GDP growth in India of 5 per cent in the first quarter ended June 2019.</span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Background</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">India’s<strong> real or inflation-adjusted gross domestic product (GDP) </strong>grew at 5 per cent in the June 2019 quarter of financial year 2019-20 (Q1FY20), the slowest growth in six years (25 quarters).</span></span></span></span></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:11.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">In nominal terms, the growth stood at 7.99 per cent, lowest since December 2002.</span></span></span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Reasons for rupee fall</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The US announced fresh tariffs on China, due to which concerns grew over escalation of the tariff war between the two largest economies in the world. While China witnessed a decline in its currency by around 0.6 per cent, the Indian currency that opened on Tuesday after three days, witnessed a sharp decline of 90 paise or 1.2 per cent. </span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The markets also seemed disappointed with the growth in the Indian economy, with the GDP numbers for the first quarter having come in low at 5 per cent.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Since the US Federal Reserve, at the time of announcing its first rate cut in a decade on July 31, stated that it was jus a slight adjustment. The result of the rate cut allowed foreign investors to invest in American treasury bills.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">FPIs have been exiting Indian markets over the last two months, and have sold Indian equities worth a net Rs 30,000 crore. However, in the same period, FPIs have invested a net of Rs 21,000 crore in the debt market.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Rs 5,500 crore from domestic equities since the rollback on August 23, 2019. The FPI outflow is also putting pressure on the rupee</span><span style="font-size:13.5pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">.</span></span></span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:black">Future consequence</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">India has a currency swap agreement with Japan under which the latter will buy a certain amount in rupees, which could avert a further slide.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The Centre, in recent weeks, has announced the reversal of tax surcharge on FPIs, mega PSU bank mergers and a re-capitilisation plan. This can maintain investments in Indian financial markets.</span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">The RBI recently announced the transfer of ?1.76-lakh crore of its reserves to the government which has allowed the government to provide boost to growth.</span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'the-slide-of-rupee-and-fall-of-sensex', 'image' => 'https://www.mediafire.com/convkey/f21e/wg3hfwetp3d59tx6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f21e/wg3hfwetp3d59tx6g.jpg', 'metatitle' => 'The slide of rupee and fall of sensex', 'metakeyword' => 'The slide of rupee and fall of sensex', 'metadescription' => 'Sensex at the Bombay Stock Exchange fell over 500 points and the rupee lost up to 90 paise against the dollar to trade at a near 10-month low of 72.31', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/z5n9vudvp39jg4j/The_slide_of_rupee_and_fall_of_sensex.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'Economic Reforms', 'keyword' => 'economic-reforms', 'id' => (int) 2239, 'title' => 'Government package for boosting exports and reviving housing sector', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Union Finance Minister Nirmala Sitharaman has announced a third set of government decisions to revive the economy, including a ?50,000 crore export incentive scheme and a ?10,000 crore special window to provide last mile funding for unfinished housing projects.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The decisions announced by the minister follows two previous mega announcements planned to encourage private sector investment, and bring further stability into the banking system through several public sector bank mergers.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The most notable decision is the setting up of a special fund that would provide last-mile funding for housing projects that are not categorised as non-performing assets and are not undergoing National Company Law Tribunal proceedings.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The setting up of the Scheme for <strong>Remission of Duties or Taxes on Export Product</strong> (<strong>RoDTEP</strong>), will replace the <strong>Merchandise Exports from India Scheme</strong> (<strong>MEIS</strong>).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India is also looking into modifying the priority sector lending norms for the export sector to release an additional ?36,000 crore to ?68,000 crore as export credit.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The reforms package also included ways to make the sector more efficient and globally competitive. The entire process of export clearances will be digitised and all offline or manual processes will be eliminated to reduce the ‘time to export’.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is also planning to ease external commercial borrowing guidelines to facilitate financing for home buyers who are eligible under the Pradhan Mantri Awas Yojana, and that the interest rate on house building advances will be lowered and linked with the 10 Year Government Security yields<span style="font-size:13.5pt"><span style="background-color:whitesmoke"><span style="color:#282828">.</span></span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'government-package-for-boosting-exports-and-reviving-housing-sector', 'image' => 'https://www.mediafire.com/convkey/d44f/bvf8fzugncyzs7c6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/d44f/bvf8fzugncyzs7c6g.jpg', 'metatitle' => 'Government package for boosting exports and reviving housing', 'metakeyword' => 'Union Finance Minister Nirmala Sitharaman has announced a', 'metadescription' => 'Union Finance Minister Nirmala Sitharaman has announced a third set of government decisions to revive the economy, including a ?50,000 crore export ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/kqsfjoso91on4cq/Government_package_for_boosting.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'Economic Reforms', 'keyword' => 'economic-reforms', 'id' => (int) 2887, 'title' => 'Privatisation of PSUs', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On November 20, the government announced that it would sell stakes in several public sector undertakings (PSUs) and even give up management control in some. </span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Central government will cede full management control to buyers in the case of oil marketing company Bharat Petroleum Corporation Ltd. (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India Ltd (CONCOR).</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There is a belief that the government’s role is to facilitate a healthy business environment but the core competence of a government does not lie in selling fuel or steel at a profit. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Since the government always has to spend more than they earn through taxes and other means, additional income from the proceeds of a stake sale is always welcome.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is important, especially in case of India now, where it has fallen to the government to spend higher amounts on infrastructure to boost economic growth, along with its commitments on health and education.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Strategic sale and divestment</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale by a government is one where the management control is ceded to the buyer.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A divestment could be stake sale to a buyer, via an initial public offering or a direct deal, but in which the government still retains majority and management control.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A strategic sale is also different from cases where the government transfers majority stake but only to another PSU over which it has control.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits from divestments</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">India is currently facing an economic slowdown in which indirect tax collections are below par. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has cut corporate tax rates hoping that companies will use these savings for price cuts or dividend payouts, or for investments that create jobs.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As a result of cut and to-be-cut tax rates, the government would have less and less cash for its own expenditure in infrastructure and the social sector.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">If the fiscal deficit goes out of hand, then the global rating agencies will lower the country’s investment grade. This will make getting loans from foreign sources more costlier. 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