Month: February 2022

India and Nepal on Tuesday signed a Memorandum of Understanding (MoU) for the construction of a motorable Bridge over the Mahakali River connecting Dharchula (India) with Darchula (Nepal), under Indian grant assistance.

The Indian Embassy in Kathmandu said in a press release that the MoU was signed by Ambassador of India, Vinay Mohan Kwatra and Secretary, Ministry of Physical Infrastructure and Transport, Government of Nepal, Rabindra Nath Shrestha, in presence of Minister of Physical Infrastructure and Transport, Government of Nepal, Renu Kumari Yadav.
The project will enhance cross-border connectivity between the Sudurpaschim province of Nepal and the Uttarakhand state of India across the Mahakali river where close people-to-people links exist between communities on both sides of the border, the release said.

This is in line with the priority shared by both the governments to expand cross-border connectivity for streamlining commercial, cultural and people-to-people exchanges.

The construction of the bridge is planned to commence soon. (ANI)

A new scheme, Prime Minister’s Development Initiative for North-East, PM-DevINE has been announced by the Union Finance Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 on Tuesday.

The Finance Minister stated that the PM-DevINE will be implemented through the North-Eastern Council. An initial allocation of Rs 1,500 crore will be made for the new scheme. It will fund infrastructure, in the spirit of PM GatiShakti, and social development projects based on felt needs of the North-East.
Sitharaman said that this will enable livelihood activities for youth and women, filling the gaps in various sectors. However, it will not be a substitute for existing central or state schemes. While the central ministries may also pose their candidate projects, priority will be given to those posed by the states.

As per the Finance Ministry, the initial list of projects to be funded under the Scheme includes Establishment of Dedicated Services for the Management of Paediatric and Adult Haemotolymphoid Cancers in North East India, Guwahati (Multi-State), NECTAR Livelihood Improvement Project (Multi-State), Promoting Scientific Organic Agriculture in North East Indian (Multi-State), Construction of Aizawl By-pass on Western Side, Gap funding for Passenger Ropeway system for Pelling to Sanga-Choeling in West Sikkim, Gap funding for Eco-friendly Ropeway (Cable Car) from Dhapper to Bhaleydhunga in South Sikkim, Pilot Project for Construction of Bamboo Link Road at Different Locations in Various Districts in the State of Mizoram among others.

Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.

In an attempt to go green, the Union Budget for 2022-2023 was presented in a paperless format. Sitharaman read out the Budget at the Parliament through a tab, instead of the traditional ‘bahi khata’.

On Monday, she tabled this year’s Economic Survey, centred around the theme of “Agile approach”, which forecasted India’s economy to grow by 9.2 per cent during Financial Year 2021-22 and by 8-8.5 per cent in fiscal 2023 beginning 1 April.

The budget session of Parliament began on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.

The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the Budget Session will take place from March 14 to April 8. (ANI)

Prime Minister Narendra Modi on Tuesday said that the Union Budget 2022-23 presented by Union Finance Minister Nirmala Sitharaman is full of new possibilities for “‘more infrastructure, more investment, more growth and more jobs”.

In his comments on the union budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha earlier in the day, the Prime Minister said the budget will “ensure a bright future for the country’s youth”.
“This budget brings in new hopes and opportunities for the people. It strengthens the economy; it’s full of new opportunities of more infrastructure, more investment, more growth and more jobs. This budget ensures a bright future for the youth,” the Prime Minister said.

Terming the budget as people-friendly and progressive, he said it has brought a new confidence of faster development in the midst of the situation created by COVID-19.

“This budget will create many new opportunities for the common man besides strengthening the economy,” he said.

PM Modi stated that the welfare of the poor is an important aspect of the budget.

“Every poor person should have a pucca house, water from the tap, toilet, gas facility, all these have been given special attention. Simultaneously there is an equal emphasis on modern internet connectivity,” he said.

Referring to National Ropeways Development Programme, Parvatmala, the Prime Minister said for the first time in the country, a scheme is being started for such areas as Himachal, Uttarakhand, Jammu and Kashmir and the northeast.

“This scheme will create a modern system of transportation on the mountains,” he said.

The Prime Minister also said that as part of efforts to clean river Ganga, organic farming will be encouraged in states along the river.

“I congratulate Finance Minister Nirmalaji and her entire team for this people-friendly and progressive budget,” the Prime Minister said. (ANI)

Finance Minister Nirmala Sitharaman, during the presentation of the Union Budget 2022-23 on Tuesday, informed the Parliament that the Production Linked Incentive (PLI) Scheme of the Centre has the potential to create 60 lakh new jobs during the next five years.

“Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years,” she said.
Stating that the Centre’s Budget for the upcoming Financial Year primarily focuses on two core sectors; Women, Students, Farmers, and Big public infrastructure for modernisation and development, the Finance Minister said, “PM Gati Shakti will pull forward the economy and will lead to more jobs and opportunities for the youth.”

She also added that since 2014, the government’s focus has been on the empowerment of citizens especially the poor and marginalised.

“We strive to provide the necessary ecosystem for the middle class,” she further added.

The Union Cabinet today approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament. (ANI)

On actor Jackie Shroff’s 65th birthday on Tuesday, his son and actor Tiger Shroff penned a beautiful birthday message for his father, who keeps getting younger.

Taking to his Instagram Story, Tiger wrote “happy 18th birthday” for his charismatic father.
Sharing a collage of his dad’s pictures, Tiger penned, “Happy 18th birthday to the best dad love u sooo muchhhh. God bless u always with the best healthhh. hope I manage to make u a little more proud this year the way I’m so proud to be your son #ultimatehero.”

Jackie Shroff is fondly known as Jaggu Dada and has been in the film industry for over 40 years. He has acted in more than 220 movies. He made his debut with ‘Swami Dada’ that released in 1982.

Since then, the veteran actor went on to deliver some amazing performances in films like ‘Hero’, ‘Ram Lakhan’, ‘1942: A Love Story’, ‘Rangeela’ among many others.

Recently, Jackie was seen in a cameo role in Netflix’s ‘Call My Agent Bollywood’.

Meanwhile, Tiger’s upcoming films include ‘Heropanti 2’ and ‘Ganapath’. (ANI)

Union Finance Minister Nirmala Sitharaman announced on Tuesday that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as ‘crypto tax’.

Presenting the Union Budget 2022-23 in the Lok Sabha, Sitharaman said gifts received in the form of cryptocurrencies will also be taxed at the same rate.
Cryptocurrencies gifts will be taxed at the receiver’s end.

“I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 per cent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition,” Sitharaman said.

The Finance Minister also announced that the Reserve Bank of India will issue a digital rupee in the next financial year. (ANI)

With an objective to reduce dependence on imports of defence equipment, India will earmark 68 per cent of its capital procurement budget of the defence sector for the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday.

Presenting the Union Budget 2022-23 in the Lok Sabha the Finance Minister said 68 per cent of the capital procurement budget for Defence will be earmarked for domestic industry to promote Aatmanirbhar Bharat and reduce dependence on imports of defence equipment. This is up from 58 per cent last fiscal.
Sitharaman announced that defence research and development (R&D) will be opened for industry, start-ups and academia.

Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purpose vehicle (SPV) model, the Finance Minister said. (ANI)

PM Gati Shakti Master Plan for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods, Finance Minister Nirmala Sitharaman said in the Parliament on Tuesday.

“PM Gati Shakti Master Plan for Expressways to be formulated in 2022-23, to facilitate faster movement of people and goods. NH network to be expanded by 25,000 km in 2022-23. Rs 20,000 crore to be mobilized to complement public resources,” she said while addressing the Budget session.
She said, “Budget lays parallel track of futuristic and inclusive blueprint for Amrit Kaal. Big public investment for modern infrastructure, readying India for 100 years of completion, will be guided by PM Gati Shakti.”

“PM Gati Shakti is driven by seven engines: roads, railways, airports, ports, mass transport, waterways, logistics infrastructure. All 7 engines will pull forward the economy in unison Supported by energy transmission, IT communciation, bulk water and sewerage and social infrastructure,” she said.

The minister said that projects in the National Infrastructure Pipeline pertain to seven engines that will be aligned with PM Gati Shakti Framework.

“Projects in National, Infrastructure Pipeline which pertain to seven engines that will be aligned with PM Gati Shakti Framework. Touchstone of master plan will be by world class modern infrasturcture, logistics synergy among different modes of movement and location of projects,” she said.

Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.

In an attempt to go green, the Union Budget for 2022-2023 was presented in a paperless format. Sitharaman read out the Budget at the Parliament through a tab, instead of the traditional ‘bahi khata’.

On Monday, she tabled this year’s Economic Survey, centred around the theme of “Agile approach”, which forecasted India’s economy to grow by 9.2 per cent during Financial Year 2021-22 and by 8-8.5 per cent in fiscal 2023 beginning 1 April.

The budget session of Parliament began on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.

The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the Budget Session will take place from March 14 to April 8. (ANI)

Issuance of E-passports will be rolled out this year to enhance the convenience for citizens, announced Finance Minister Nirmala Sitharaman on Tuesday while presenting the Union Budget 2022-23 in the Lok Sabha during the Budget Session of Parliament.

Moreover, to facilitate faster movement of people and goods, the Union Finance Minister said that PM Gati Shakti Master Plan for Expressways will be formulated in 2022-23, adding that the national highways network will be expanded by 25,000 km in the current financial year and Rs 20,000 crores will be mobilized to complement public resources.
Sitharaman further said, “PM Gati Shakti is driven by 7 engines: roads, railways, airports, ports, mass transport, waterways, logistics infra. All 7 engines will pull forward the #Economy in unison Supported by energy transmission, IT communication, bulk water and sewerage and social infrastructure.”

Sitharaman informed the Parliament today that India’s growth is estimated to be at 9.27 per cent in the current year.

“India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies,” she said.

The Finance Minister also said that the Prime Minister Narendra Modi-led Centre’s Budget is focusing majorly on taking India@75 to India@100.

“We are marking Azadi ka Amrit Mahotsav, our focus is on complementing micro and macro economy, promoting digital economy, and private and public investments,” Sitharaman added.

The Union Cabinet approved the Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament.

Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry.

Amid the ongoing coronavirus pandemic, replacing her signature ‘bahi khata’, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it. (ANI)