A combative Rahul Gandhi on Saturday (2 May) kept up his attack on Narendra Modi government, accusing it of working against middle class home-buyers by "diluting" a bill on regulating real estate sector and making it "pro-builders". The Congress Vice President, who has aggressively targeted the government and the Prime Minister over the land bill and farmers' issues since his return from a nearly two-month leave, today sought to reach out to middle class, saying he would fight for them the way he has stood by farmers and tribals. "Government, which has been working against farmers and tribals, is working against the middle class in the same manner," he told reporters after meeting several NCR flat buyers here. With Rahul upping the ante on the amended Real Estate (Regulation and Development) Bill, the fate of the bill listed for consideration and passage in Rajya Sabha on May 5 has become uncertain as the NDA does not have the numbers in the Upper House to ensure its passage. "I have assured them that the way I am helping the poor and the tribals, I will do the same for the middle class. I will stand by them," the Congress leader said, as he sought to link the "suffering" of the middle class home-buyers with the issue of land, which the Congress has made a major political plank. Rahul said that he had learnt that it is not just farmers and tribals but also the middle class people that are suppressed on matters related to land. Assuring home-buyers that he would stand by them, Gandhi said that it was due to lack of transparency, the buyers were left in a quandary. "They are told that you will get the flat on a particular day but for years they don't get the flat. They are told the super duper area of the flat would be so much but what is delivered is different," he said. He said the government was trying to destroy the Bill which Congress led UPA had brought to regulate the real estate sector. "Main dilution is that earlier there was transparency. The carpet area that you sign is what would be given. They have diluted that now and from pro-buyer made it pro-builder," he said, firing yet another salvo at Modi government whom he has accused of being "pro-corporate, anti-farmer and anti-poor" over the land bill. In the run-up to the Lok Sabha polls also, the Congress Vice President had made a strong pro-middle class pitch promising to "create a floor" beneath the feet of 70 crore population of the country and lift them to middle class status. The Congress has decided to take the issue of changes brought about by the NDA government in the real estate bill to people and bring out the "contrast" between UPA's real estate bill and NDA's legislation on the line of what it did in the case of the land acquisition Act. (Agencies)
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Taking a swipe at Prime Minister Narendra Modi's "Make in India" initiative, Congress Vice President Rahul Gandhi on Wednesday asked whether farmers are not contributing to "Make in India" by providing food to the entire country. "Prime Minister (Modi) speaks of 'Make in India'. But no one does 'Make in India' more than a farmer of Punjab. He has established this country. Is the work done by poor not 'Make in India'? Is it something else? Rahul asked in an interaction with reporters while referring to Modi's pet theme of wooing foreign investors to manufacture in India. Vowing to raise voice for farmers from every platform, Rahul said the government should take into account their serious concerns and not just extend monetary assistance. His remarks came a day after the Parkash Singh Badal government in Punjab announced disbursement of Rs 4,000 crore to farmers within 24 hours as payment for their harvest. The Congress vice president, who met farmers hit by unseasonal rains in Punjab and stayed here overnight after travelling by train to the NDA-ruled state, said, "I will raise the voice and pain suffered by farmers and atrocities on them from every platform." The BJP and its Punjab ally Shiromani Akali Dal have termed his visit as a "political drama" over the land bill. Rahul said farmers should be helped as they are the backbone of the country. "No one works harder for the country than the farmers. Punjab farmers provide food to the entire country.I understand the pain of farmers and listened to their voice," he said. Back from his nearly two-month sabbatical, Rahul has struck an aggressive note taking on the government over the land bill with his Kisan rally in Delhi and later his attacks against the NDA dispensation in the Lok Sabha on the issue. He will now travel to Maharashtra and undertake a 15-km, day-long padyatra in Amravati division of Vidarbha region in Maharashtra on April 30 to highlight the farmers' plight. Maharashtra is one of the states that experienced severe agrarian crisis and the Amravati division in Vidarbha region has witnessed many farmer suicides this year. On Tuesday, Rahul visited the 'mandis' of Sirhind, Gobindgarh and Khanna, the latter housing the country's largest grain market. (PTI)
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The Indian government plans to set up a urea plant in Iran to ensure long term availability of the fertilizer, Chemicals and Fertilizers Minister Ananth Kumar said on Friday. "In order to ensure long term avialability of urea in the country, the government is facilitating setting up of a urea/ ammonia joint venture project in Iran with capacity to produce 1.3 million tone urea for import to India," he said in Rajya Sabha. A consortium of Indian companies - Rashtriya Chemicals and Fertilizers, Gujarat State Fertilizers and Chemicals and Gujarat Narmada Valley Fertilizer and Chemicals - have appointed SBI Caps for advisory and due diligence services to identify a prospective Iranian JV partner. "The project is in a consultation stage to identify an Iranian JV partner," Kumar said in a reply during Question Hour. India imports about 8 MT of urea to meet its total requirement of 30 MT. Urea is most widely used fertilizer in the country. (With imput from PTI)
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The cabinet has amended a bill to regulate the real estate sector, protect home buyers and curb undeclared "black money" in property markets that costs the exchequer billions of dollars in lost taxable income.The decision by Prime Minister Narendra Modi's government to amend the bill, which was submitted by the previous government in 2013 but not passed by the upper house, aims to boost investor confidence and stamp out illegal practices.The new rules, applicable to residential and commercial developments, will make it mandatory for all projects and brokers to be registered with the real estate regulator who will oversee transactions and settle disputes."The bill seeks to ensure accountability and transparency, which will in turn enable the real estate sector to access capital and financial markets essential for its long-term growth," the government said in a statement on Tuesday (07 April).During recent years sluggish economic growth and delays in getting approvals stalled several real estate projects, leaving buyers waiting for their homes and developers holding high debt."This will be a game-changer for the sector," Rajeev Talwar, executive director at DLF Ltd, India's top real estate developer."It will lead to more transparency and mature industry, and investor confidence will go up," he told Reuters on Wednesday (08 April), adding that it will make developers more accountable and investors more aggressive.The new laws, expected to benefit developers such as DLF, Oberoi Realty and Puravankara Projects are also expected to help Modi achieve his election promise of providing homes for all Indian families by 2022.India's real estate index outperformed the wider market, rising 2.18 per cent at 0654 GMT. Puravankara and Orbit Corporation were among the shares leading gains.Vendors in India's real estate market often demand part payment in illicit cash, making many ordinary people party to corruption and excluding some of the emerging middle class from the market.A key provision of the amended bill makes it mandatory for developers to put aside 50 per cent of the money collected from buyers during pre-sale of homes and use that only for funding construction of the project.Several projects in India have been delayed in recent years after some developers diverted funds raised for one project to another, leaving them out of pocket to complete construction and resulting in buyers still waiting for their homes.The bill seeks to divert this flow of funds, and impose penalties, including de-registration of the project and other fines in case of a breach.(Reuters)
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The US Federal Aviation Administration (FAA) has upgraded India's aviation safety rating, in a boost for Indian airlines which can now increase the number of flights they operate to the United States. US Transportation Secretary Anthony Foxx said in a statement on Wednesday that India had taken corrective action to address the FAA's concerns after the aviation regulator downgraded India's rating to category 2 from category 1 in January last year, citing a lack of safety oversight. The decision, which takes the rating back to category 1, was not unexpected as India's aviation authorities have said they were working hard to win back the higher rating. The upgraded rating is expected to help Jet Airways and state-owned Air India, the two Indian airlines which currently fly to the United States. The downgrade had meant both carriers could not increase flights to the United States and faced extra checks for existing ones. "The United States Government commends the Government of India for taking corrective action to address the safety oversight issues identified during the IASA (International Aviation Safety Assessment) process," Foxx said in the statement. The move comes amid heightened recent scrutiny on aviation safety in Asia. South Korea, Japan and China last month stopped Thailand-based airlines from flying charters and new routes because of safety concerns highlighted by an international audit. The restrictions, though, have been selectively relaxed. Strengthening Aviation SecurityThe Indian government is in the process of hiring more personnel to strengthen civil aviation security in view of increased threat perception and rising untoward incidents globally. The proposal to ramp up manpower at the Bureau of Civil Aviation Security (BCAS), the nodal security agency for the civil aviation sector, also comes at a time when carriers are expanding their fleet to meet rising passenger traffic. Acknowledging that BCAS is "badly understaffed" and has constraints in carrying out its functions, Civil Aviation Secretary V. Somasundaran said on Tuesday there is a proposal to increase head count at the security agency. "It (BCAS) is badly understaffed. There is a proposal to increase the manpower," he said at a function to mark the 28th anniversary of BCAS. The agency's responsibilities are increasing in the wake of rise in both passenger and cargo traffic. "Fifteen new airports are expected to come up in the next two to four years. Also, passenger traffic has shown healthy growth in the last one to one-and-a-half years," Somasundaran said. He said that civil aviation security is a critical issues, especially since the country has porous borders, and also referred to a recent incident at the Mumbai airport where a passenger jumped out of an aircraft after landing. Citing the daily reports provided by the Central Industrial Security Force (CISF), Somasundaran said there are "several problem areas" in respect to security. CISF looks after security at over 55 airports. Speaking on the occasion, Civil Aviation Minister Ashok Gajapathi Raju said internal and external security angles have to be addressed to achieve a foolproof safety for fliers and aircraft. "We have managed to get an impression that Indian skies are relatively safe," he said, lauding the role of BCAS in this regard. However, threat can come from anywhere and the security policy should be one stop ahead of a criminal mind, he said. The minister stressed that security measures should be meaningful without obstructing economic activities as growth in civil aviation sector has a direct impact on the economic growth of the country. (Agencies)
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Planning to pull its tariff regime closer in line with global norms to prepare for new regional trade pacts being negotiated by advanced economies, the government on Wednesday (1 April) unveiled the foreign trade policy (FTP) for five years from 2015 to 2020. Unveiling the policy, Commerce Minister Nirmala Sitharaman said the new policy would boost exports and create jobs while supporting the Centre’s 'Make In India' and 'Digital India' programmes. “Export obligation under the export promotion capital goods scheme will be reduced by 25 per cent to promote domestic manufacturing.” The minister further said the government will promote e-commerce with focus on employment- creating sectors.India has not been invited to join pacts such as the US-led 12 country Trans-Pacific Partnership (TPP) and is "not in a position to join," partly because its tariffs are not competitive, Trade Secretary Rajeev Kher said, adding the five-year foreign trade policy will be reviewed after two-and-a-half years.”"If the country is to stand up to these agreements, it's important that we start to address these issues," Kher said, adding that India's access to markets was likely to erode when such pacts take effect.FTP would focus on defence, pharma, environment-friendly products and value-added exports, the minister said, adding: “The govt will continue to incentivise units located in special economic zones... With a focus on employment-creating sectors, the government will promote e-commerce.” Export obligation under EPCG scheme to be reduced by 25 per cent to promote domestic manufacturing, said Sitharaman, adding government will continue incentives for units located in SEZs. Lower Tariffs For Intermediate Goods NeededKher said India needed lower tariffs for intermediate goods to help it further integrate with global supply chains, and that these industries would have to come more competitive. He did not give more details. India aims to raise its exports to $900 billion by fiscal year 2019-20, said Kher. India's total exports were $465.9 billion in the 2013-14 fiscal year that ended on March 31, 2014. In the first 11 months of the 2014-15 fiscal year that ended on Tuesday, merchandise exports stood at $286.58 billion, government data showed. Merchandise exports account for about one-fifth of the $2 trillion Indian economy. In a series of tweets, Sitharaman had earlier said the latest FTP was introducing two new schemes — "Merchandise Exports from India Scheme (MEIS) and "Services Exports from India Scheme (SEIS). Under MEIS, a higher level of support would be provided to processed and packaged agricultural and food items. And, agricultural and village industry products would be supported across the globe at the rates of 3 per cent and 5 per cent. The foreign trade policy, which is usually announced in April, provides guidelines for enhancing exports with the overall objective of pushing economic growth and generating employment. Under the policy, the government gives fiscal incentives to exporters under different promotion schemes such as Market Access Initiative, Marketing Development Assistance, Vishesh Krishi and Gram Udyog Yojana, Focus Market Scheme, Focus Product Scheme and Market Linked Focus Products Scrip. Falling for the straight third month, India's exports declined steeply by over 15 per cent to $21.54 billion in February, even as trade deficit narrowed to $6.85 billion.
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Railway Minister Suresh Prabhakar Prabhu has a reputation for being a no-nonsense person. And his maiden railway budget on February 26 has lived up to that.
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The Narendra Modi government is going to face its first big showdown with the Opposition over its recently promulgated land acquisition ordinance. Bowing to the demands of industry to ease the process of acquiring land for projects, the NDA government pushed the measure through the executive route after it realised that parliamentary passage was no going to be possible with the Opposition enjoying majority in the Rajya Sabha. On the flip side, the decimated Congress and its allies, spoiling for a fight, intend to use the land ordinance to ‘expose’ the government’s ‘anti-farmer’ intent.
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