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Daily NEWS Summary: 12.10.2020

FM proposes new measures to stimulate demand

Finance Minister Nirmala Sitharaman unveiled new proposals to boost demand in the economy in the wake of the coronavirus pandemic, and at a press conference Sitharaman said she broadly categorized the proposals into two compartments: consumer spending and capital expenditure.

  • She said the consumer spending proposals include a travel license cash voucher (LTC) system and a special festival prepayment program.
  • LTC’s cash voucher program is primarily intended for government employees and other organized sectors.
  • She said the two rounds of measures, with the help of the participation of state governments and the private sector, can create “additional demand” of Rs.1 lakh crore in the economy.

LTC vouchers and special festival advance program

“The government and many employees in the organized sector have their jobs and wages protected and some early indications suggest that savings have increased as many have not been able to spend their expenses. regular during closing. “

Explaining the rationale for the program, Sitharaman said

Put simply, the LTC cash voucher system is all about getting employees in the organized sector to open their pockets and spend their savings.

So what is the motivation?

  • Well, you can take advantage of the tax benefits on the LTC component, as long as you spend three times your LTC on goods and services that attract at least 12% GST, and you do so through digital payments, without cash.
  • In other words, if your LTC is Rs. 40,000, you will get long term care tax benefits even if you haven’t traveled or don’t want to travel, if you spend Rs. 1.20 000 of goods qualifying for GST at 12% or more.
  • If you do not use this option, and if you have not used the LTC trips either, you of course pay the usual tax of Rs 40,000 according to your tax plan.
  • For the LTC license fee component, you will need to spend an equivalent amount to purchase products that attract a minimum of 12% GST.
  • While the program is made available to central government employees, the Center hopes state governments will implement it as well. She also encouraged private sector employers to offer it to their employees.

The second proposal to boost consumer spending is the festival’s special advance program.

Under this program, 10,000 rupees will be made available to all central government employees, regardless of rank, this advance will be delivered in the form of a preloaded Rupay card, and the government will recover this interest-free advance in ten installments. She hopes to pay Rs 4 billion to central government employees through this program.

Measures to stimulate capital spending

The FM also said that the 50-year interest-free loans worth Rs. 12 billion rupees will be given to states to boost capital spending. The amount to be disbursed and the recipient states have been divided into three categories.

  • 2,500 crore rupees for the eight northeastern states (200 million rupees each) and Uttarakhand and Himachal Pradesh (450 million rupees each);
  • 7500 rupees for all other states, to be distributed in proportion to the share of reimbursements from the Finance Commission. 50% will be delivered in advance and the rest will be delivered after the use of the first tranche. But all of that will have to be spent before March 31, 2021.
  • 2000 crore rupees will be reserved for states implementing at least three of the four reforms outlined in the Atma Nirbhar package announced in May.
  • No repayment is required from states for 50 years, and those funds provided to states will exceed their maximum borrowing limits, the FM said.
  • Regarding the Center’s strengthened capital arrangements, Sitharaman said 25 billion rupees has been allocated, in addition to the previous figure of 4.13 billion rupees reserved for capital spending.
  • “This will be specifically for the construction of highways, urban development, water supply, defense infrastructure and nationally produced capital goods for defense infrastructure,” she said.

34 Bollywood producers move to Delhi High Court to restrict TV channels

  • Four Bollywood industry associations and 34 major producers have called on the Delhi High Court to stop Republic TV, Times Now and other social media platforms from posting irresponsible and defamatory comments against Bollywood as a whole.
  • The lawsuit was brought as a result of these channels using very derogatory Bollywood words and phrases such as “dirt”, “dirt”, “scum” and “drug addicts”.
  • Producers who have joined the High Court include Dharma Productions, Aamir Khan Productions, Ad-Labs Films, Ajay Devgn Flims, Yashraj Films, Salman Khan Films, Ashutosh Gowariker Productions, Red Chillies Entertainment, Rakeysh Omprakash Mehra Pictures, Reliance Big Entertainment, Rohit Shetty Picturez, Vinod Chopra Films and Kabir Khan Films.
  • The producers and four industry associations in Bollywood: the Indian Guild of Film and Television Producers (PGI), the Association of Film and Television Artists (CINTAA), the Council of Film and Television Producers of the India (IFTPC) and the Writers Association (SWA), have requested instructions from news stations to comply with the provisions of the program code under the rules of the cable television network.
  • The lawsuit said that Bollywood is unique and has a different base from any other industry in that it is an industry that relies almost exclusively on the goodwill, appreciation and acceptance of its audiences.
  • The livelihoods of those associated with Bollywood are severely affected by the smear campaign waged by news channels and social media platforms.
  • This is in addition to the ongoing pandemic which has resulted in an extreme loss of income and employment opportunities, law firm DSK Legal said in a statement.

“The privacy of Bollywood members is invaded and their reputation is irreparably damaged by portraying all of Bollywood as criminals infiltrating drug culture and making Bollywood a synonym for criminal acts in the public imagination,”

says the statement
  • The statement said the producers and associations are simply seeking “a perpetual and binding injunction against the defendants to report and publish material that violates applicable laws.”

Industrial production fell 8% in August

  • Industrial production fell 8% in August, mainly due to lower output in the manufacturing, mining and power generation sectors, official data showed on Monday.
  • According to data from the Industrial Production Index (IIP), the production of the manufacturing sector fell by 8.6%, while the production of the mining and energy segments fell by 9.8% and 1.8%. %, respectively. The PII had contracted by 1.4% in August 2019.

“It may not be appropriate to compare IIP in the months following the pandemic with IIP in the months leading up to the Covid-19 pandemic,” the Department of Statistics and Program Implementation said in a statement . “With the gradual relaxation of restrictions, there has been a relative improvement in economic activities to varying degrees, as well as in data reporting,”

they added.

Two Americans receive Nobel Prize in economics for their work on auction theory

  • Two US economists won the Nobel Prize for improving the theory of how auctions work and inventing new and better auction formats that are now closely linked in many sectors of the economy.
  • The findings of Paul R. Milgrom and Robert B. Wilson “have benefited sellers, buyers and taxpayers around the world,” said the Nobel Committee, noting that the auction formats developed by the winners were used to sell frequencies radio, fishing quotas and landing slots at airports. The two economists are based at Stanford University in California.

Anthony Fauci says Trump ad campaign twisted his words on pandemic response

  • Senior U.S. government scientist Anthony Fauci said on Sunday that an advertisement aired for Donald Trump’s re-election campaign was edited to appear to approve of the president’s handling of the coronavirus pandemic.

“In my nearly five decades of public service, I have never publicly supported any political candidate,”

said Dr Fauci, director of the National Institute of Allergy and Infectious Diseases, in a statement sent to the AFP.
  • The 30-second ad campaign quotes Trump’s personal experience with the virus: “President Trump is recovering from the coronavirus, just like the United States,” he says, before including a short clip in which Fauci appears to praise the president’s response to the pandemic. “I can’t imagine anyone who could do more,” says Dr Fauci, making it clear that he is referring to Trump.
  • But a full snippet of Dr Fauci’s comments, taken in a March interview with Fox News, shows the doctor saying, “I’ve spent most of my time on this. I am in the White House almost every day with the task force. It’s every day. So, I can’t imagine that under any circumstance anyone could do more. “
  • In his statement on Sunday, Dr Fauci said: “The comments attributed to me without my permission in the Republican campaign announcement were taken out of context by a full statement I made there has months on the efforts of federal health officials. Public “.
  • Trump has defended the clip and its handling of the pandemic, and refuted the doctor’s criticism. “In fact, these are Dr Fauci’s own words. We have done a “phenomenal” job, according to some governors, “the president wrote in a tweet.

The number of coronavirus cases reported in India stood at 71,68,211 at the time of publication of this bulletin, with a toll of 1.09,855.

  • Candidates for the National Eligibility and Entrance Test (NEET) who were unable to take the exam in September due to pandemic restrictions would have a chance on October 14, the CBSE informed the Supreme Court on Monday.
  • “Given the prevailing circumstances, we consider it appropriate to grant the National Control Agency permission to conduct a second part of the NEET (UG) 2019 for students affected by COVID and for those in confinement zones on 14 / 10/2020. The result can be declared on 10/16/2020 ”, specified the court order.
  • Maharashtra Chief Minister Uddhav Thackeray on Monday ordered an investigation into a major grid failure that caused a widespread blackout in Mumbai. This disruption resulted in the suspension of commuter train services and crippled the financial capital of India.
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