PM Narendra Modi presents new projects, defends Demonetisation and GST

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES)

 

PM Narendra Modi presents new projects to election-bound Gujarat, defends demonetisation and GST

Prime Minister Narendra Modi inaugurated and laid the foundation for projects worth more than Rs 1,600 crore, addressed three public rallies, a road show and took a 31km ferry ride.

INDIA Updated: Oct 23, 2017 07:02 IST

HT Correspondents
HT Correspondents
Hindustan Times, Ahmedabad/ New Delhi
Prime Minister Narendra Modi interacts with the children during his maiden voyage on the Ghogha-Dahej Ro-Ro ferry service in Bhavnagar, Gujarat on Sunday.
Prime Minister Narendra Modi interacts with the children during his maiden voyage on the Ghogha-Dahej Ro-Ro ferry service in Bhavnagar, Gujarat on Sunday.(PTI)

Prime Minister Narendra Modi vowed on Sunday to continue his economic reforms and asserted that the Indian economy is on the right track, defending his government’s major steps such as the demonetisation drive, and the goods and services tax.

His remarks are aimed at deflecting the Opposition’s flak after the economy decelerated to a three-year low of 5.7% in the quarter ended September.

“After all the reforms and hardcore decisions, the economy of the country is on track and is going in the right direction,” Modi said at a rally in Dahej, one of the three places he visited in Gujarat, his home state where assembly polls are due this winter.

Prime Minister Narendra Modi on the maiden voyage of the Ro-Ro ferry service between Ghogha and Dahej in Bhavnagar, Gujarat on Sunday. (PTI)

Modi’s assurance couldn’t cut ice with his rivals, though. As many as 13 opposition parties will meet on Monday to sharpen their strategy for a renewed attack on the government over the economy.

“GST is fast becoming ‘Grossly Scary Tax’ under Modi Govt as 40 lakh assesses fail to file September returns,” tweeted Randeep Surjewala, the Congress’s chief spokesperson.

The parties, led by the Congress, plan protests on November 8 when Modi’s decision to scrap two high-value banknotes in a shock recall completes a year. Programmes are likely to be held to highlight what they called the demonetisation aftershocks.

Prime Minister Narendra Modi prays at Ghogha Sea Ferry Point to mark the inauguration of the Ghogha-Dahej Ro-Ro ferry service, in Ghogha in Bhavnagar on Sunday. (PTI)

The opposition parties also accused the government of persuading the Election Commission to delay declaring the poll schedule for Gujarat and help the ruling BJP dole out sops to voters.

Modi, who was Gujarat chief minister since 2001 till he became Prime Minister in 2014, announced a slew of projects for his state on Sunday.

He inaugurated or laid the foundation for projects worth more than Rs 1,600 crore, addressed three public rallies, a road show and took a 31km ferry ride from Ghogha to Dahej, and had lunch with disabled kids onboard the boat.

“The flood of promises from Modi in Gujarat, due to EC’s relief by not announcing the polls. Whither ‘One election?” tweeted CPM general secretary Sitaram Yechury, referring to Modi’s previous stand seeking simultaneous parliamentary and state elections.

Prime Minister Narendra Modi being welcomed on stage at the public meeting in Ghogha in Gujarat on Sunday. (PTI)

But the theme of Modi’s speeches was economic stability that was meant to address concerns of his state’s large business community after the economy switched to GST this July. Traders are known to back the BJP, which is in power for two decades in Gujarat.

He criticised the Opposition for questioning his visit to the poll-bound state in his speech in Vadodara, where he inaugurated and dedicated several projects.

“Can’t I come to Vadodara after Diwali? Some people don’t like to see me coming here. As they can’t directly tell me anything, they are targeting the Election Commission,” he said.

He defended the projects, saying he was clearing stuck files.

Vadodara is the second constituency he won in the 2014 Lok Sabha elections but gave up to retain Varanasi. He dedicated housing, drinking water and fuel pipeline projects among others to the city.

“Those who managed to win (elections) after a recounting are today abusing the EC. They have no moral authority to do so,” he quipped a day after former Union minister P Chidambaram carped at the poll panel for not announcing dates for the Gujarat elections along with Himachal Pradesh, the other state going to the polls this winter.

The Prime Minister also blamed the Congress-led UPA, which ruled the country for a decade before the BJP regained power three years ago, for what he called a backlog of development projects in Gujarat.

At Ghogha in Bhavnagar, where he launched a ferry service, Modi accused the previous UPA government of trying to halt development along the state’s coastline giving environment as an excuse. The sea ferry route cuts 310km by road to 31km.

Gujarat faced difficulties but these “were solved one after another” after he became Prime Minister, he said.

He advocated blending economy with ecology and hailed his government’s signature decisions — demonetisation and GST. He said the fundamentals of the economy are strong and “financial stability of the country will be maintained while initiating reforms”.

The remarks came hours after revenue secretary Hasmukh Adhia pitched for some rejig of GST rates to help small and medium enterprises.

Adhia’s comments gave fresh fodder to the opposition parties on the controversial GST rates.

“Now this explains why the Hon PM was so happy to share credit for GST with the Congress. He’s not usually given to sharing credit anywhere,” tweeted Omar Abdullah, former chief minister of Jammu and Kashmir.

BJP parliamentarian Shatrughan Sinha joined the debate too and said: “Some support GST, some don’t. Some support #DeMonetisation some don’t, this doesn’t mean critics are anti-national.”

Modi govt gets high approval rating at three-year mark in Times Of India online poll

(THIS ARTICLE IS COURTESY OF THE TIMES OF INDIA)

Modi govt gets high approval rating at three-year mark in TOI online poll

TIMESOFINDIA.COM | Updated: May 23, 2017, 07.04 PM IST

HIGHLIGHTS

  • In timesofindia.com poll, almost 84% of those surveyed believed that if elections were held today, the government would equal or better its 2014 Lok Sabha performance
  • Demonetisation and the passage of the Goods and Services Tax Bill were seen as the two most important decisions of the Modi government

Modi govt gets high approval rating at three-year mark in TOI online poll

NEW DELHI: Prime Minister Narendra Modi‘s government got a big thumbs-up for its overall performance in the first three years of its tenure, according to an online survey conducted by timesofindia.com and its sister sites.

Over a million readers participated in these polls.

In timesofindia.com’s poll, a total 77% of respondents said they rated the Modi government’s performance as being ‘very good’ and ‘good’. That is, in response to the poll question ‘How would you rate the performance of the Modi government?’, 48% respondents voted ‘very good’ and 28% voted ‘good’.

However, respondents on tamil.samayam.com weren’t as impressed with the BJP government’s performance, with a total of 53% choosing the options ‘Average’ or ‘Poor’.

In timesofindia.com poll, almost 84% of those surveyed believed that if elections were held today, the government would equal or better its 2014 Lok Sabha performance. That is, 61% of those voted believed that if the Lok Sabha elections were held today, the BJP would perform better than it did in 2014. Some 23% of respondents believed the BJP would fare the same as it did in 2014.

To this question too, tamil.samayam.com’s respondents voted differently. Close to 44% respondents here believed the Modi government would fare worse than it did in 2014, if Lok Sabha elections were to be held today.

By and large, except for tamil.samayam.com’s respondents, it appears the reason people feel the BJP would equal or better its performance if elections were held today is the ‘Modi factor’ – the same one considered responsible for the party’s wins in recent polls.

In timesofindia.com’s poll, 76% believed Modi’s popularity has increased in the last three years. However, respondents on tamil.samayam.com felt differently, with 41% of voters saying the PM’s popularity has decreased.

Demonetisation and the passage of the Goods and Services Tax Bill were seen as the two most important decisions of the Modi government, with the former squeaking by the latter to make it to the top spot in timesofindia.com’s poll.

The November 8 decision to ban Rs 500 and Rs 1,000 currency notes was seen as the Modi government’s most crucial decision by 37% of those who were surveyed in timesofindia.com’s poll. GST was considered the most crucial by 28% of those who answered the question in the same poll.

Demonetisation, in fact, got a huge thumbs up among those surveyed bynavbharattimes.com , maharashtratimes.com, iamgujarat.com and vijaykarnataka.com. On these sites, more than 50% of respondents said the note ban was the most important move by the Modi government.

Interestingly, even though demonetisation – touted by PM Modi as a move to curb black money – was seen as the most important decision of the BJP government, timesofindia.com’s respondents were not as awed at overall efforts by the government to curb black money.

A majority of respondents were satisfied, yes, but not by as large a margin. Of those who answered the question ‘What do you think of the steps taken by the government to curb black money?’ 56% voted ‘Very Effective’ and ‘Effective’, while the rest believed the steps ‘Need Better Implementation’ or are ‘Ineffective’, on timesofindia.com’s poll.

Navbharattimes.com respondents though were underwhelmed by the Modi government’s efforts to curb black money. Close to a total 60% surveyed said these efforts ‘Need Better Implementation’ or are ‘Ineffective’.

By and large, respondents in most of the polls felt that in its three years in power, the Modi government had been least successful in ‘Employment Generation’ and ‘Tackling Cross-Border Terror.’

However, those surveyed on tamil.samayam.com and telegu.samayam.com believed the Modi government’s biggest failure has been ‘Improving Condition of Farmers’.

As for tangible improvements to their individual lives, more than half of those who voted in timesofindia.com’s and most other polls felt that in the last three years their lives had improved.

Top Comment

no need of such survey …. we all know it ..and it will remain even after 2019 ….. as this Govt. for all is credible …..B S Jha

Of those who answered the question ‘How has life changed for you under the Modi government?’, 58% clicked on ‘Significantly Improved’ and ‘Slightly Improved’. The answer ‘Same as Before’ got 29% of the votes, which the remaining believed their lives have ‘Deteriorated.’

On this issue too, respondents on tamil.samayam.com and telegu.samayam.com differed, with most respondents saying their lives are the ‘Same as Before’.

India: No Plans To Demonetise Rs 2,000 Bank Notes

(THIS ARTICLE IS COURTESY OF THE TIMES OF INDIA)

No plans to demonetise Rs 2,000 notes: Government

PTI | Updated: Apr 5, 2017, 05.15 PM IST

HIGHLIGHTS
  • Counterfeit currency that came into the market after demonetisation were made of low quality paper which was easy to make out
  • The government is more alert and has taken many measures to curb fake currency: Kiren Rijiju

File photo used for representation. File photo used for representation.

NEW DELHI: There are no plans to demonetise the new Rs 2,000 currency notes, the government said on Wednesday, scotching “rumours” to this effect.

“We are seizing fake currency. As far as rumours in the market are concerned, we should not go by such rumours,” minister of state for home Kiren Rijiju said in the Rajya Sabha.

He was responding to a question by Congress member Madhusudan Mistry during Question Hour seeking to know if the government will demonetise Rs 2,000 currency notes as there were “strong rumours” in the market.

The minister said fake currency has mostly been seized from Gujarat and West Bengal. “But it is not correct that fake currencies cannot be identified. It is not true,” he said.

Counterfeit currency that came into the market after demonetisation were made of low quality paper which was easy to make out. But later fake currency notes with better quality paper started coming in, Rijiju said.

Stating that the government has adopted many new security features in the new currency notes, Rijiju said, “I can assure the House and the country that now no one can copy 100 per cent, as we have indigenous design and extra features.”
The government is more alert and has taken many measures to curb fake currency such and there were provisions for stringent action against those involved in fake currency, including setting up a coordinated committee of all intelligence agencies, providing training and creating awareness among the people, he said.

Top Comment

To have full effect, they should remove the 2000 Rs note. Crooks and hoarders have taken it directly from the bank during demonetization.

As per the data placed before the Upper House, Border Security Force has seized 378 new Rs 2,000 currency notes from Assam and West Bengal post demonetisation.

National Investigation Agency (NIA) has seized 22,677 new Rs 2,000 notes worth Rs 4.53 crore from Gujarat and West Bengal.

Demonetisation Be Damned! The Indian Rupee Is On A Tear

(THIS ARTICLE IS COURTESY OF QUARTZ INDIA)

LOOK AT IT FLY

Demonetisation be damned! The Indian rupee is on a tear

March 17, 2017 Quartz India

It’s been a great week for the Indian rupee.

On March 16, at Rs65.41 per US dollar, the currency hit a one-year high against the greenback.

Much of the strengthening has to do with the ruling Bharatiya Janata Party’s (BJP) recent electoral wins in Uttar Pradesh and Uttarakhandand solid performances in two other states. The strong showing reflects just how well the party is positioned to sweep the next general elections in 2019 and hand Narendra Modi a second term as prime minister. Some of that magic is rubbing off on the markets.

“Since the start of the week, equity markets and the Indian rupee have rallied sharply in response to the strong performance of the main ruling party in recent state elections,” DBS Bank said in a March 16 report.

So far, the Indian currency has been the third-best performing in Asia in 2017. The rupee has gained 3.4% this year against the US dollar, only trailing the South Korean won and the Taiwanese Dollar.

Meanwhile, the US Federal Reserve’s interest rate hike on March 15—only the third since the economic crisis of 2008—hit the dollar. When the US dollar falls, capital outflows from emerging markets are restricted, thus strengthening local currencies like the Indian rupee.

The rupee’s strengthening comes after a free fall triggered by Modi’s move to demonetise 86% of the currency notes (by value) in November 2016. Initially it had been estimated that the currency ban would dent the GDP and take a toll on the economy.

In January, a Reuters poll of some 30 foreign exchange strategists had estimated that the Indian currency could see a record fall this year because of the currency ban. But India’s Central Statistical Office’s estimates show that the economy grew at 7% during the October-December 2016 quarter, and the rupee is holding strong.

One reason for the rupee’s surge is also that the macro-economic factors that influence a currency—inflation and current account deficit (CAD)—are looking good for India at the moment. While inflation is being restricted in its safe zone of sub 6%, India’s CAD (the excess of imports over exports) has also been falling.

What next

A strong rupee is good news for corporate India. Many firms hold debt in foreign currencies, so a fall in the exchange rate means their interest outgo will reduce. “Many Indian entities including short-term trade finance people remain unhedged for their offshore liability. They (companies) are likely to have gained from the rupee’s sharp rise in the last few days. At least, interest liability has reduced, adding to balance sheet gains,” Jayesh Mehta, country treasurer at Bank of America told the Economic Times.

However, the Reserve Bank of India (RBI) could soon step in to stabilise the rupee’s movement. Some reports suggest that the central bank already is buying dollars through public sector banks.

“The rupee appreciation, we feel is not sustainable and would revert to the range of Rs66-66.5 range, to begin with as the fundamentals do not warrant such unbridled enthusiasm,” a report by CARE Ratings said. “The outcome of the elections has been the main driving force. A strong rupee may not be good for our exports and the RBI is cognizant of the same.”

Note ban a single strike on terrorism, drug mafia, human trafficking: PM Modi

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWS PAPER)

Note ban a single strike on terrorism, drug mafia, human trafficking: PM Modi

INDIA Updated: Dec 28, 2016 01:08 IST

HT Correspondent
HT Correspondent
Dehradun, Hindustan Times

Highlight Story

Prime Minister Narendra Modi addresses a rally at Parade Ground in Dehradun, on December 27, 2016. (Vinay Santosh Kumar/HT Photo)

Prime Minister Narendra Modi dismissed on Tuesday the charge that big businesses were benefitting from the demonetisation drive, and said the poor are happy but some people are upset because his move has hit the “ringleader of thieves”.A single stroke has destroyed terrorism, drug mafia, human trafficking and counterfeiting, he said at a BJP rally in Uttarakhand.“Did you give me a full mandate in 2014 only to cut ribbons and light ceremonial lamps at inauguration ceremonies? Didn’t you elect me to combat and end corruption? Shouldn’t we fight the evil with all our might?” he asked.

Read | Mayawati says cash in BSP account legal, asks BJP to come clean on deposits

He targeted the Congress for opposing his government’s decision to demonetise 500- and 1,000-rupee notes, a move that he called a campaign to rid the country of black money and corruption.

“Corruption has destroyed the country, which was known as a bird of gold. In some, corruption is in the blood. They used the backdoor to convert their money and thought Modi cannot see,” he said.

He alleged that the Harish Rawat-led Congress government has taken Uttarakhand to “a bottomless pit of corruption” and the BJP alone could bring it out if voted to power.

Read | ‘India robbed in the name of achche din’: Rahul, Mamata attack Modi’s demonetisation move

Drawing a metaphor for misappropriation of relief funds in the hill state, which was hit by a catastrophic cloud burst in 2013, he said even a scooter with tank for five litres could drink 35 litres.

“It is, in fact, so badly afflicted that one engine alone won’t suffice to take it out of that hellhole,” Modi said. “You will need to rev up another engine to rid the state of corruption.”

He urged people to vote the BJP to power so that “two engines” — the Centre and state governments — can work in tandem for the state’s development.

Modi also referred to the OROP (One-Rank-One-Pension) scheme for ex-servicemen and saluted the defence personnel for understanding the financial constraints of the Union government and for agreeing to take the arrears in four instalments.

Read | Rs 5,500 cr paid for implementing OROP; fulfilled promise: PM Modi

The Congress and BJP have been at loggerheads in Uttarakhand ever since the Centre brought the state under President’s rule on March 27 after nine MLAs of the ruling party revolted against the Rawat government and sided with the opposition. Rawat was reinstated after he won a Supreme Court-monitored trust vote on May 10.

The PM targeted the Congress while offering the Rs 12,000-crore Chardham highway project ahead of the assembly polls.

Also read | Short-term pain of demonetisation will pave way for long-term gains: PM Modi

Demonetisation windfall: Civic agencies record 268% increase in tax collection

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWS)

Demonetisation windfall: Civic agencies record 268% increase in tax collection

    • Moushumi Das Gupta, Hindustan Times, New Delhi

|

  • Updated: Nov 23, 2016 01:35 IST
Civic agencies are making a windfall as people are to clearing longstanding tax dues with abolished 500- and 1,000-rupee notes. (AFP Photo)

Civic agencies are recording a demonetisation windfall as people are taking advantage of schemes to clear longstanding tax dues with abolished 500- and 1,000-rupee notes.

But experts believe the returns don’t reflect improved efficiency in tax collection.

Figures provided by 47 urban local bodies to the Union urban development ministry show their tax collection increased by 268% in November 2016 compared to the same period last year.

These municipalities collected Rs 3,607 crore last November. But the corresponding figure till November 22 this year is Rs 13,192 crore already.

A majority of this tax has been collected after November 8, the day Prime Minister Narendra Modi announced scrapping of the high-value notes. The collection figures for the preceding months were far less.

Mumbai municipality’s tax collection has been Rs 11,913 crore this month, which way better than the Rs 3,185 crore it collected last November. Surat’s municipal revenue increased from a mere Rs 7.19 crore to Rs 100 crore.

The fantastic returns could be attributed state governments’ special schemes for taxpayers to pay their dues — some of which are said to have been unsettled for years — with the demonetised notes.

“This is the positive effect of demonetisation. People are clearing up their old dues, paying with Rs 500 and Rs 1,000 notes. For the urban local bodies, it has meant substantial mopping up of tax collection,” urban development minister M Venkaiah Naidu said.

But expert Srikanth Viswanathan, the CEO of advocacy group Janagraaha, called the increase in municipal revenue a reflection of people using up their defunct notes, rather than an indication of improved tax efficiency.

“The municipalities’ own revenues continue to be in the range of 1-1.5%, far less than in countries such as Brazil and South Africa. But the increase does reflect the huge potential from such revenues once the entire property tax administration is overhauled across urban local bodies,” he said.

Viswanathan said municipalities could transform the system by levying property tax on rational market-oriented base capital values, ensure a good tax assessment register and significantly improve their collection efficiency through spatial analytics and outsourcing.