first_imgThe Economic Survey assumes that other States will follow Uttar Pradesh’s example and waive farm loans, taking the full waiver amount to ₹2.2-2.7 lakh crore, according to the second portion of the survey released on Friday. The Survey’s own calculations find that only a few States have the fiscal space for such waivers, and so most will have to either cut expenditure or increase taxes. The total impact of waivers could be to lower demand by as much as 0.7% of the GDP, it said.“It is assumed that waivers will apply at the loan rather than household level, since it will be administratively difficult to aggregate loans across households,” Volume 2 of the Economic Survey, tabled in Parliament, said. “It is also assumed that other States will follow the U.P. model [of waivers up to ₹1 lakh for all small and marginal farmers]. On this basis, an upper bound of loan waivers at the All-India level would be between ₹2.2 and ₹2.7 lakh crore.”Four effectsThe Survey says the waivers will have four effects on aggregate demand: on private consumption impact via increases in private sector net wealth, public sector impact via changes in government expenditure/taxes, crowding out impact via higher borrowings by State governments, and crowding in impact via higher credit availability as bank NPAs fall.“Loan waivers will increase the net wealth of farm households,” the report said. “Since loan waivers are assumed to increase aggregate income by 28%, consumption is estimated to increase by 7% or about ₹55,000 crore.”The Survey estimated that for States with fiscal space, loan waivers would add about ₹6,350 crore to demand via the additional interest costs and for States without space, waivers could reduce demand by about ₹1.9 lakh crore.The Survey’s calculations show that while Andhra Pradesh, U.P, Rajasthan, Himachal Pradesh, Kerala, Odisha, and Chhattisgarh have no fiscal room to waive farm loans, States such as Maharashtra, West Begal, Karnataka and Gujarat have ample space.last_img read more

first_imgIn an apparent retort to Rahul Gandhi’s suit-boot ki sarkar jibe, the BJP has claimed the Congress President wore a jacket worth USD 995 at a concert organised by his party in the poll-bound State of Meghalaya while being “indifferent” to the woes of people.In a tweet, the BJP alleged the Congress government in Meghalaya was mired in corruption. It said instead of attending a musical event, Mr. Gandhi should have given a report card of the State government.“So @OfficeOfRG, soot(pun intended!)-boot ki sarkar with ’black’ money fleeced from Meghalayan State exchequer by rampant corruption? Instead of singing away our woes, you could have given a report card of your inefficient govt in Meghalaya! Your indifference mocks us!,” the BJP’s Meghalaya unit tweeted.So @OfficeOfRG , soot(pun intended!)-boot ki sarkar with ‘black’ money fleeced from Meghalayan State exchequer by rampant corruption? Instead of singing away our woes, you could have given a report card of your inefficient govt in Meghalaya! Your indifference mocks us! pic.twitter.com/sRvj5eoyRb— BJP Meghalaya (@BJP4Meghalaya) January 30, 2018  The party’s State unit also tweeted an image of a jacket similar to the one Mr. Gandhi wore having a price tag of USD 995 (little over Rs 63,000).The tweet, suggesting that the jacket worn by Mr. Gandhi was bought with black money, drew a sharp reaction from Congress leader Renuka Chowdhury, who alleged the BJP was leading a “suit-boot ki sarkar” at the Centre, and had no moral authority to question Mr. Gandhi.She said the saffron party was “frustrated” due to Mr. Gandhi’s “rising popularity”.Ms. Chowdhury accused the Modi government of being “idle”, and said it should rather focus on issues such as the situation in Jammu and Kashmir, and rising prices of fuel and vegetables.“Their frustration is directly proportionate to the rising popularity of Rahul Gandhi. Rahul Gandhi connects with the young. So, this idle and suit-boot ki sarkar has no right to talk about it,” she said.“Those who wove own name on suit, do they have any moral authority to question Rahul Gandhi’s jacket? How do they know the rate of the jacket? I will show the jacket can be bought at Rs 700. What will they say then?” she asked.Mr. Gandhi had mocked Prime Minister Modi with his “suit-boot ki sarkar” jibe when he wore a suit with his name finely embroidered on the stripes for a meeting with the then US President Barack Obama. The suit was later auctioned and bought for over ₹4.3 crore by a Surat businessman.Mr. Gandhi is in Meghalaya to campaign for the party for the upcoming Assembly polls.He had attended the concert in Shillong yesterday, apparently to reach out to the young voters.Dressed in blue denim trousers and a black jacket, he urged the youth to love and respect each other to make the country strong.last_img read more

first_imgIn a bid to check the spree of illegal encroachments on the hill slopes of the district’s eco-sensitive Pavana dam area, the Western Bench of the National Green Tribunal has issued notices to the State Environment Department, and 53 other people, including many celebrities.A Bench comprising Justices S.P. Wangdi and Dr. Nagin Nanda was acting on an environment interest litigation (EIL) filed by Sanjay Vishwanath ‘Bala’ Bhegade, a Bharatiya Janata Party legislator from Maval, around 18 km from the city.“The area [in Maval Taluk] under the water catchments of the Pavana Dam, surrounded by hills, has been declared as an ‘eco-sensitive zone’ by the committee formed by the Ministry of Environment, Forest and Climate Change in 2000 under the Chairmanship of Dr. Pronab Sen,” reads Mr. Bhegade’s petition.However, recently, a number of diamond merchants, cricketers, industrialists and Bollywood personalities have built luxurious villas and farm-houses on the hills, said advocate Asim Sarode, counsel for the petitioner.“The illicit constructions are shearing away the natural contours on the hilltops and hill-slopes, and the rampant felling of trees was causing permanent damage to the environment,” said Mr. Bhegade.Mr. Bhegade also alleged that the constructions had already disrupted water channels, forcing streams and rivers to alter their natural flowing path, posing a serious risk of landslides. “Earlier, some villagers had approached government authorities to apprise them of the situation. But other than sending notices to the owners of the illegal constructions, no action was taken. Hence, I have filed this EIL,” Mr. Bhegade said. Despite the ecological damage and a significant reduction of forest and green cover area, the taluk still retains its importance as a forest area rich in biodiversity, as is noted by the Madhav Gadgil and Kasturirangan panels on the ecological preservation of the Western Ghats, Mr. Sarode said.The tribunal also reprimanded the Pune Metropolitan Region Development Authority (PMRDA) and the Maharashtra State Biodiversity Board for the rise in encroachments in the area. The next hearing is set for August 6.last_img read more

first_imgSen. Dan Sullivan is out of the basement. His staff announced today that they’ve moved to their new office location in the nation’s capital.  Their new suite is on the 7th floor of the Hart Building, just down the hall and around the corner from Sen. Lisa Murkowski.Download Audio:The move means Sullivan and his staff leave behind their temporary rooms, off a basement tunnel between the Hart and Dirksen office buildings. The move took five months, because in the Senate, office choice depends on seniority. Sullivan, as a freshman who hadn’t held an elected position before, has the lowest seniority, No. 100 out of a hundred. That meant he had to wait for the outgoing lawmakers to pack up and leave. Then he had to wait out a series of other moves as, rung by rung,  higher-ranking senators upgraded.The new Sullivan offices have freshly painted slate-blue walls, new carpet and very high ceilings. The senator’s actual office is spacious, with its own balcony. It overlooks the historic Thompson-Markward Hall, a ladies’ dorm dedicated by Eleanor Roosevelt.Anderson says the best thing about the new office is they have more room. Sullivan plans to hire additional aides to round out the staff, now that they have enough desk space for everybody.last_img read more

first_imgBangladesh Road and Transport Authority (BRTA) launches a 10-day-long training for bus drivers in Dhaka on Monday. Photo: UNBBangladesh Road and Transport Authority (BRTA) on Monday launched a 10-day-long training for bus drivers in Dhaka, reports UNB.Road transport and highways division secretary Nazrul Islam inaugurated the training workshop at BRTA office in Banani aiming to reduce road accidents and raising awareness among drivers.At least 100 bus drivers started training in the first phase and another 100 will attend in the 2nd phase. Gradually drivers from inter-bus services will attend the programme.Transport expert and Bangladesh University of Engineering and Technology (BUET) professor Shamshul Huq spoke in the first day of training.BRTA chairman Moshiar Rahman presided over the training where BRTA director Sirajul Islam, Sarak Paribahan Malik Samity (Road Transport Owners Association) general secretary Enayet Ullah, Dhaka Sarak Paribahan Malik-Shramik Oikya Paribahan member secretary Sadiqur Rahman Miah were present.last_img read more

first_imgDarjeeling: People’s Liberation Army joined in the revelries as the Indian Army commemorated the 72nd Independence Day at Nathula, the Indo-China border in Sikkim.To mark the occasion, a Special Border Meeting between India and China was held on Wednesday.This is being seen as a reciprocating gesture as the Indian Army had taken part in the celebrations commemorating the foundation day of the People’s Liberation Army on August 1, 2018.”The celebrations took place in an atmosphere of warmth and friendship with an aim of enhancing mutual trust and promoting peace and tranquility in the border areas,” stated a release from the army.Pleasantries were also exchanged in Kongra La in North Sikkim. Indian Army troops deployed in remote and high altitude areas in North Sikkim hoisted the tricolor in different forward posts to mark the occasion.”Such interactions between the two armies have resulted in enhancement of goodwill and mutual understanding between the two nations,” added the release.last_img read more