Corporate winners and losers from budget - Reuters

Corporate winners and losers from budget
Thu Jul 10, 2014 5:15pm IST

CREDIT: REUTERS/RUPAK DE CHOWDHURI/FILES

REUTERS - Prime Minister Narendra Modi's new government on Thursday unveiled its first budget of structural reforms aimed at reviving growth, winning praise from investors despite a lack of clarity over how it would cap the big fiscal deficit.

Modi's government, in office for less than two months, said it would raise caps on foreign investment in the defence and insurance sectors, and launch a tax reform to unify India's 29 states into a common market.

The following sectors/companies will benefit or be impacted by the budget proposals:

 WINNERS:

* Increase in foreign direct investment cap in the insurance sector to 49 percent from 26 percent now will benefit companies such as ICICI Bank Ltd (ICBK.NS), Max India Ltd (MAXI.NS), Housing Development Finance Corporation Ltd (HDFC) (HDFC.NS) that have insurance ventures with foreign partners.

* Real estate companies such as DLF Ltd (DLF.NS), Unitech Ltd (UNTE.NS), Phoenix Mills Ltd (PHOE.NS), Parsvnath Developers Ltd (PARV.NS) will benefit from the proposal to provide incentives for setting up real estate investment trusts.

* Plan to develop 100 smart cities and increase in allocations to support rural housing will help developers and housing finance companies such as HDFC, LIC Housing Finance Ltd (LICH.NS) and Dewan Housing Finance Corp Ltd (DWNH.NS).

* The proposal to allow manufacturing units to sell products via e-commerce platforms is likely to benefit the local units of foreign retailers such as Nike Inc (NKE.N), Marks and Spencer Group (MKS.L) and Puma SE (PUMG.DE).

* Insurance and asset management companies will gain from a proposal to increase the tax exemption limit on certain investments to 150,000 rupees from 100,000 rupees per year.

* Companies such as Larsen & Toubro Ltd (LART.NS), IL&FS Transportation Networks Ltd (ILFT.NS) and IRB Infrastructure Developers Ltd (IRBI.NS) will benefit from plans to increase spending to build roads and ports.

LOSERS:

* A proposal to increase excise duty on cigarettes is negative for companies such as ITC Ltd (ITC.NS) and VST Industries Ltd (VSTI.NS). Cigarette makers usually pass on any tax hikes to consumers, which may impact sales.

* A more than $2 billion tax dispute between Vodafone Group PLC (VOD.L) and the Indian government will likely drag on after the finance minister did not propose revoking a controversial retrospective tax rule change in 2012.

Vodafone said in a statement on Thursday it intended to push ahead with international arbitration to resolve the dispute.

* No change in import duty on gold and silver from the current 10 percent is negative for companies such as Titan Company Ltd (TITN.NS) and Gitanjali Gems Ltd (GTGM.NS) as some had expected a cut.

(Reporting by India Company News team; Compiled by Devidutta Tripathy; Editing by Sumeet Chatterjee and Miral Fahmy)

Highlights Modi Budget - REUTERS

Highlights - Modi targets growth in maiden budget
NEW DELHI Thu Jul 10, 2014 1:46pm IST

CREDIT: REUTERS/STRINGER/FILES

Finance Minister Arun Jaitley (C) poses as he leaves his office to present the federal budget for the 2014/15 fiscal year, in New Delhi July 10, 2014.

(Reuters) - Prime Minister Narendra Modi's new government on Thursday unveiled a first budget of structural reforms that seek to revive growth, while spurning the temptation to resort to higher borrowing.

Here are the highlights of the budget presented by Finance Minister Arun Jaitley.

FISCAL DEFICIT

* Accepts fiscal deficit target of 4.1 percent of GDP for 2014/15

* Fiscal deficit seen at 3.6 percent of GDP in 2015/16

* Finance Minister says: "We cannot spend beyond our means"

* Tax-to-GDP ratio must be raised

GROWTH

* Aims for sustained growth of 7-8 percent in the next 3-4 years

* Finance minister says he is bound to usher in policies for higher growth, lower inflation

TAXATION

* Jaitley vows to maintain a stable tax environment but stops short of scrapping rules on retrospective tax

* All pending cases of retrospective tax for indirect transfers to be examined by committee before action is taken

* Government will not ordinarily bring any change retrospectively that creates a new liability, Jaitley says

* Aims to approve goods and services tax by end of this year

* Extends 5 percent withholding tax on corporate bonds until June 30 2017

* To provide necessary tax changes to introduce real estate investment trusts and infrastructure investment trusts

* Extends 10-year tax holiday for power generation companies

REVENUES and EXPENDITURE

* Estimates that total expenditure will be 17.95 trillion rupees in 2014/15

* Revenue deficit seen at 2.9 percent of GDP in 2014/15

* Capital receipts seen at 739.5 billion rupees in 2014/15

* Retains tax collection targets and makes no major changes to direct tax rates

* Allocates 2.29 trillion rupees for defence spending in 2014/15; capital outlay raised by 50 billion rupees over interim budget

* Earmarks 70.6 billion rupees to create 100 "smart cities"

* Proposes 50 billion rupees for warehousing capacity; 100 billion rupees of private capital for start-up companies; and 378 billion rupees of investment in national and state highways

* 40 billion rupees for affordable housing proposed through national housing bank; 80 billion rupees proposed for rural housing scheme

FOREIGN DIRECT INVESTMENT

* Raises limit on foreign direct investment in defence sector from 26 percent to 49 percent

* Raises FDI limit in insurance sector from 26 percent to 49 percent

SUBSIDIES

* Plans to make food and petroleum subsidies more targeted

* Rural job-guarantee scheme, which provides 100 days of paid employment a year, will become more focused on asset creation

AGRICULTURE

* Will focus on acheiving 4 percent growth per year in agriculture

* Sets farm credit target at 8 trillion rupees for 2014/15

* Proposes a long-term rural credit fund with an initial corpus of 50 billion rupees

FINANCE MINISTER COMMENTS

* "The fiscal deficit target of 4.1 percent put out by my predecessor is indeed daunting. But I have decided to accept the target."

* "The task before me is challenging because we need to revive growth in manufacturing and infrastructure. We need to introduce fiscal prudence and cannot spend beyond our means. For this, the tax-GDP ratio must be improved."

* "A high-level committee will scrutinize retrospective tax cases. We are committed to providing a stable tax regime."

* "We have no option but to take some bold steps to spurt economy; these are only the first steps and are directional."

* "[India's farming sector] has risen to the challenge of making India largely self sufficient in providing food for growing population" but there is "an urgent need to set up investment, both public and private"

(Compiled by Tommy Wilkes & Shyamantha Asokan)

Union Budget 2014-15: Highlights -The Hindu

Union Budget 2014-15: Highlights

Finance Minister Arun Jaitley arriving at Parliament House to present the Union Budget, in New Delhi on 

Thursday. Photo: R.V. Moorthy

Union Budget: sector-wise highlights

The following are the Union Budget 2014-15 highlights

For individuals

* Tax slab on personal income remains unchanged

* Income tax exemption limit raised by Rs 50,000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh

* Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh.

* Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh

* Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh.

* Kisan Vikas Patra to be reintroduced, National Savings Certificate with insurance cover to be launched

* Long term capital gain tax for mutual funds doubled to 20 pc; lock-in period increased to 3 years

* Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to Rs 15,000

* Minimum pension increased to Rs 1,000 per month

* LCD, LED TV become cheaper

* Cigarettes, pan masala, tobacco, aerated drinks become costlier

 Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh
New projects

* 5 IIMs to be opened in HP, Punjab, Bihar, Odisha and Rajasthan

* 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala.

* 4 more AIIMS like institutions to come up in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in Uttar Pradesh

* Govt proposes to launch 'Digital India’ programme to ensure broad band connectivity at village level

* Kisan TV for farmers, Arun Prabha TV for northeast.

* National Rural Internet and Technology Mission for services in villages and schools, training in IT skills proposed

* Govt proposes Ultra Modern Super Critical Coal Based Thermal Power Technology

* A project on the river Ganga called ‘Jal Marg Vikas’ for inland waterways between Allahabad and Haldia; Rs 4,200 crore set aside for the purpose.

* EPFO to launch the “Uniform Account Number” Service for contributing members.

* New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.

* Beti Bachao, Beti Padhao Yojana to generate awareness and help in improving the efficiency of delivery of welfare services meant for women.

* Free Drug Service and Free Diagnosis Service to achieve “ Health For All”

* Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.

 5 more IITs in Jammu, Chattisgarh, Goa, Andhra Pradesh and Kerala 
Allocations

* Rs 100 crore to support about 600 new and existing Community Radio Stations

* Swachh Bharat Abhiyan to cover every household with sanitation facility by the year 2019

* Rs 100 crore for metro projects in Lucknow and Ahmedabad

* Rs 2,037 crore set aside for Integrated Ganga Conservation Mission called ‘Namami Gange’

* Rs 150 crore allocated for increasing safety of women in large cities

* Rs. 7,060 crore for the project of developing 100 Smart Cities.

* Set aside Rs 11,200 crore for PSU banks capitalisation

* Govt provides Rs 500 crore for rehabilitation of displaced Kashmiri migrants

* 1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.

* Rs. 50,548 crore under the SC Plan and Rs. 32,387 crore under TSP

 Rs. 7,060 crore for the project of developing 100 Smart Cities
Economic initiatives

* Composite cap of foreign investment to be raised to 49 per cent in Defence and Insurance sectors.

* Requirement of the built up area and capital conditions for FDI reduced to 20,000 square metres and USD 5 million respectively for development of smart cities.

* Manufacturing can sell its products through retail including Ecommerce platforms.

* Requirement to infuse Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms PSUs will invest through capital investment a total sum of Rs. 2,47,941 crores.

* Rs 4,000 cr set aside to increase flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

* Govt in favour of consolidation of PSU banks

* Govt considering giving greater autonomy to PSU banks while making them accountable

The numbers

* Government expects Rs 9.77 lakh crore revenue crore from taxes

* Plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore.

* Fiscal deficit target retained at 4.1 pc of GDP for current fiscal and 3.6 pc in FY 16

* Disinvestment target fixed at Rs 58,425 crore

* Gross borrowings pegged at Rs 6 lakh crore

* Contours of GST to be finalised this fiscal; Govt to look into DTC proposal.

Plan expenditure pegged at Rs 5.75 lakh crore and non-plan at Rs 12.19 lakh crore
Administrative reforms

* Committee to look into all fresh tax demands for indirect transfer of assets in wake of retrospective tax amendments of 2012

* Expenditure management commission to be setup; will look into food and fertilizer subsides

* Legislative and administrative changes to sort out pending tax demands of more than Rs. 4 lakh crore under dispute and litigation.

* New Urea Policy would be formulated.

* More productive, asset creating and with linkages to agriculture and allied activities wage employment would to be provided under MGNREGA.

* A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens

* Slum development to be included in the list of Corporate Social Responsibility

* Committee to examine the financial architecture for MSME Sector, remove bottlenecks and create new rules and structures to be set up and give concrete suggestions in three months.

* An institution to provide support to mainstreaming PPPPs called 4PIndia to be set up with a corpus of Rs. 500 crores.

Source: The Hindu

வடக்கு ஆளுநராக மீண்டும் சந்திரசிறி - 2014

வடக்கு ஆளுநராக மீண்டும் சந்திரசிறி

வட மாகாணசபையின் ஆளுநராக தொடர்ந்தும் மேஜர் ஜெனரல் ஜீ.ஏ.சந்திரசிறி யே செயற்படுவாரென அறிவிக்கப்பட்டுள்ளது. சந்திரசிறியின் பதவிக்காலம் இன்றுடன் முடிவடைந்திருந்த நிலையில் அடுத்த ஆளுநர் தொடர்பினில் சர்ச்சைகள் தொடர்ந்தன.

வட மாகாணத்தின் ஆளுநராக 2009ம் ஆண்டு இலங்கை ஜனாதிபதியினால் சந்திரசிறி நியமிக்கப்பட்டிருந்தார். ஜந்து ஆண்டுகள் பதவி வகித்து வந்த சந்திரசிறியை, மஹிந்த மீளவும் நியமித்துள்ளார்.

கூட்டமைப்பு, ` இடதுசாரி கட்சிகள்`, மற்றும் `சிவில் சொசைற்றி` என்.ஜி.ஓ க்கள்  வட மாகாண ஆளுநராக சிவிலியன் ஒருவரை நியமிக்க வேண்டுமென கோரி மக்களை ஏமாற்றி வந்தன.

ஏனெனில் 13வது திருத்த மாகாண சபைச் சட்டப்படி ஆளுநர் என்பது  `நியமன`, மற்றும் அனைத்து மைய அரசின் அதிகாரமும் குவிக்கப்பட்ட ஒரு பதவியாகும். 

ENB WEST: The Illusion of Foreign Investment Growth.

ENB WEST: The Illusion of Foreign Investment Growth.: The Illusion of Foreign Investment Growth? Africa Must Break With the World Capitalist System By Abayomi Azikiwe Global Research, July 0...

இஸ்ரேல் காவல் படை நையப்புடைத்த பாலஸ்தீனச் சிறுவன்

Tariq Abu Khdeir (15)

Jerusalem court releases Tariq Abu Khdeir on bail; Tampa teen remembers little of incident.
Screen Shot 2014-07-07 at 1.20.41 PM

A Jerusalem court released US-Palestinian teen Tariq Abu Khdeir on bail Sunday morning. Khdeir, whose cousin was brutally murdered last week, told reporters he vaguely remembered the vicious beating he received. “I was attacked by police. I woke up in the hospital.” Khdeir, suspected of throwing Molotov cocktails and rocks and of injuring an officer, was detained last Thursday. A video clip circulated on the Internet on Saturday showed two Israeli border police holding down and repeatedly pummeling a masked youth before carrying him away.

“I remember standing and watching the group of people. They came from the side of me and I tried to run away,” he told reporters.

The family of Khdeir, from Tampa, Florida, who was visiting relatives in East Jerusalem, says he was the target of the punches, although the footage is blurred and the victim cannot be identified as he appears also to be wearing a head covering.

A later part of the video shows Khdeir’s face with a heavy black eye and swollen lip. He is a cousin of Mohammed Abu Khdeir, the youth whom Palestinians believe was abducted and murdered by far-right Israelis on Wednesday.

The Israeli Justice Ministry said in a statement that the police investigations department was looking into the incident.

Police spokesman Micky Rosenfeld said Khdeir was one of six rioters caught and detained in the incident, three of whom were found to be carrying knives.

State Department spokeswoman Jen Psaki confirmed that Tariq Khdeir was visited by a consular officer on Saturday.
==========================

Autopsy shows Palestinian teen 'burned alive'

 Mohammed Abu Khdair

Autopsy shows Palestinian teen 'burned alive'

Victim of apparent revenge attack had head wound and burns across 90 percent of his body, Palestinian officials say.
Gregg Carlstrom Last updated: 05 Jul 2014 18:36

 Abu Khdair was buried amid clashes between Palestinian protesters and Israeli police on Friday [EPA]

Tel Aviv - An autopsy of a Palestinian teenager murdered this week in an apparent revenge attack suggests that he was burned alive, according to Palestinian officials.

The preliminary results showed that 16-year-old Mohammed Abu Khdair, who was buried by more than a thousand mourners on Friday, had a head wound and burns across 90 percent of his body, the officials said on Saturday.

Gaza residents testify about the effects Israel and Egypt's blockade of their land has had on their lives.
He was abducted from the occupied East Jerusalem neighbourhood of Shuafat early on Wednesday morning, and his charred body was found hours later in a Jerusalem forest.

"The direct cause of the death is burns [caused] by fire, and their complications," Mohammed Abdel Ghani al-Owaiwi, the Palestinian Authority attorney general, said in a statement.

The autopsy found soot in his lungs, suggesting that Abu Khdair was still alive and breathing when he was set on fire, Owaiwi said.

Micky Rosenfeld, spokesman for the Israeli police, declined to comment on the autopsy, which was conducted on Thursday at the Abu Kabir forensic institute in Tel Aviv.

A Palestinian coroner, the director of forensic medicine at Al-Quds University, took part in the inquest.

Cousin 'beaten'

Police have not officially identified a motive for the murder, but it is widely believed that Abu Khdair was killed by Israeli Jews, an act of revenge for the murder of three teenage settlers whose bodies were found on Monday.

The Hyundai sedan used to kidnap Abu Khdair was used in the attempted abduction of another Palestinian child one day earlier, Channel 10 reported this week.

 Abu Khdair's 15-year-old cousin Tariq, who was allegedly beaten in Israeli police custody

His funeral on Friday ended violently, when mourners tried to pass through a line of Israeli border police blocking the road to central Jerusalem.

They threw stones and firecrackers at the police, who responded with tear gas and rubber-coated bullets.

The Red Crescent said 73 Palestinians were hurt, and Rosenfeld said 13 officers were lightly wounded.

The clashes continued on Friday night in several East Jerusalem neighbourhoods, and also in several majority-Palestinian cities in central Israel.

In Qalansuwa, northeast of Tel Aviv, there was one report of a Jewish man dragged out of his car by masked Palestinians.

The man was unharmed, but his vehicle was torched.

Photos of Abu Khdair's 15-year-old cousin, Tariq Abu Khdair, who was allegedly beaten while in Israeli police custody, circulated on social media on Friday. Tariq, who is a US citizen, was released from custody to go to hospital, but security officers returned to the hospital to take him to a court hearing.

A growing number of videos posted on social media show assaults across the country: in one, posted on Wednesday, a passenger on a bus tries to attack a Palestinian, then assaults the soldiers who try to defend him.

Online campaigns calling for "revenge" have garnered thousands of supporters.

பால(ஸ்தீன)ச் சந்திரன்!

தர்மபுரியில் 144 தடையை மீறிய 4 கழகத் தோழர்கள் கைது!

=====================================================================

`` எமது காணியிலிருந்து இராணுவமே வெளியேறு`` கிளிநொச்சியில் மக்கள் ஆர்ப்பாட்டம்!

'மக்கள் காணியிலிருந்து இராணுவமே வெளியேறு': கிளிநொச்சியில் ஆர்ப்பாட்டம்
கடைசியாக பிரசுரிக்கப்பட்டது: 4 ஜூலை, 2014 - 15:42 ஜிஎம்டி

குரல்: ``நான் என் வீட்டுக்குப் போவதற்கு இராணுவமே நீ உன் வீட்டுக்கு போ!``

யுத்தம் முடிவடைந்து ஐந்து வருடங்களாகின்ற போதிலும், இடம்பெயர்ந்த மக்கள் மீள்குடியேற முடியாத வகையில் பொதுமக்களுக்குச் சொந்தமான காணிகளில் நிலைகொண்டுள்ள இராணுவத்தினர், அவற்றை விட்டு வெளியேற வேண்டும் எனக்கோரி கிளிநொச்சியில் வெள்ளியன்று ஆர்ப்பாட்டம் ஒன்று நடத்தப்பட்டுள்ளது.

தமிழ்த் தேசிய மக்கள் முன்னணி இதற்கான அழைப்பை விடுத்திருந்தது.

குறிப்பாக, கிளிநொச்சி நகரில் விடுதலைப்புலிகள் தமது அரசியல்துறை மற்றும் சமாதான செயலகம் உள்ளிட்ட பல முக்கிய அலுலகங்களை அமைந்திருந்த பரவிப்பாய்ஞ்சான் பகுதியில் நிலைகொண்டுள்ள இராணுவத்தினர் வெளியேற வேண்டும் என்று அந்தப் பகுதியைச் சேர்ந்த மக்கள் இந்த ஆர்ப்பாட்டத்தில் கலந்து கொண்டிருந்தனர்.

தமிழ்த் தேசியக் கூட்டமைப்பின் நாடாளுமன்ற உறுப்பினர் சரவணபவன், மாகாணசபை உறுப்பினர்கள் உள்ளிட்ட பலரும் இதில் பங்குபற்றியிருந்தனர்.
இந்த ஆர்ப்பாட்டம் குறித்து பிபிசி தமிழோசையிடம் கருத்து வெளியிட்ட தமிழ்த்தேசிய மக்கள் முன்னணியின் செயலாளர் செல்வராஜா கஜேந்திரன், 'விடுதலைப்புலிகள் நிலைகொண்டிருந்தார்கள் அல்லது பயன்படுத்தினார்கள் என்ற ஒரே காரணத்திற்காக அந்தக் காணிகளை இராணுவமோ அல்லது அரசாங்கமோ தமக்குச் சொந்தம் கொண்டாட முடியாது' என்றார்.

அந்தக் காணிகளையும் வீடுகளையும் இராணுவத்தினர் எந்தக் காரணத்தைக் கொண்டும் கையகப்படுத்தவும் முடியாது என்றும் அவர் கூறினார்.
'போராட்டக்காரர்களிடம் உறுதிப் பத்திரங்கள் இல்லை': இராணுவம்
இத்தகைய தொடர்ச்சியான ஆர்ப்பாட்டங்களின் மூலம், சர்வதேசத்தின் ஊடாக இலங்கை அரசாங்கத்திற்கு அழுத்தம் கொடுக்கும் நோக்கத்துடன், ஒரு சில வாரங்களில் இரண்டாவது தடவையாக இந்த ஆர்ப்பாட்டத்தைத் தாங்கள் ஒழுங்கு செய்து நடத்தியதாகவும் அவர் குறிப்பிட்டார்.

கடந்த மாத இறுதியிலும் இத்தகைய ஆர்ப்பாட்டம் ஒன்று இதேபோன்று கிளிநொச்சி அரச செயலகத்திற்கு எதிரில் நடத்தப்பட்டிருந்தமை குறிப்பிடத்தக்கது.

அந்த ஆர்ப்பாட்டம் தொடர்பில் கருத்து தெரிவித்திருந்த இலங்கை இராணுவப் பேச்சாளர் பிரிகேடியர் ருவன் வணிகசூரிய, குறித்த காணிகளுக்கு உரிமை கோருகின்றவர்களிடம் காணி உறுதிப் பத்திரங்கள் இல்லை என்று பிபிசி தமிழோசையிடம் கூறியிருந்தார்.

'விடுதலைப் புலிகள் தமது தலைமைப் பிரதேசமாகப் பயன்படுத்திவந்த காணியையே இப்போது இவர்கள் கேட்கிறார்கள். அந்தக் காணியை இராணுவம் கைப்பற்றி தற்போது அங்கே நிலைகொண்டிருக்கிறது. இந்த காணிப்பிரதேசத்திற்கு பல உரிமையாளர்கள் இருந்தபோதிலும், எவரிடம் காணி உரிமைப் பத்திரங்கள் கிடையாது. பலரும் உரிமை கோருகின்றனர்'

 என்றார் இராணுவப் பேச்சாளர்.

சட்டப்படியான ஆவணங்கள் மூலம் உரிமை உறுதிப்படுத்தப்பட்டுள்ள 108 ஏக்கர் காணிப் பிரதேசம் கடந்த நாட்களில் கிளிநொச்சிப் பிரதேச மக்களிடம் ஒப்படைக்கப்பட்டுள்ளதாகவும் அவர் கூறினார்.