A day after a Rs.1.25 lakh crore financial package was announced for poll-bound Bihar, the Finance Ministry on Wednesday declared tax incentives for five years to set up manufacturing facilities in 21 notified backward districts — including capital Patna.
Prime Minister Narendra Modi, addressing a rally at Arrah in Bihar on Tuesday, announced an economic package of Rs.1.25 lakh crore in a measure taken to woo voters in the state which is headed for assembly polls later this year.
The tax benefit will be available during the five-year period from April 1, 2015 to March 31, 2020, according to an official release issued here by the Finance Ministry.
Besides Patna, the other districts are Nalanda, Bhojpur, Rohtas, Kaimur, Gaya, Jehanabad, Aurangabad, Nawada, Vaishali, Sheohar, Samastipur, Darbhanga, Madhubani, Purnea, Katihar, Araria, Jamui, Lakhisarai, Supaul and Muzaffarpur.
During the period, the manufacturing units established in such areas will enjoy 15 per cent additional depreciation and 15 per cent investment allowance under the Income Tax Act on the total cost incurred.
The aforesaid incentives are in addition to other tax benefits available under the Income-tax Act, the release said.
“…Thus a manufacturing undertaking/enterprise set up in any of these areas during the aforesaid period will be eligible for 35 per cent (instead of 20 per cent) of additional depreciation.
“This would be over and above the normal depreciation of 15 per cent,” it said.
Besides, a company engaged in manufacturing will also be eligible for 30 percent (instead of 15 percent) of investment allowance if its investment in new plant and machinery during the period April 1, 2015 to March 31, 2017 exceeds Rs 25 crore.
Patna, October 14: Prime Minister Narendra Modi on Saturday said it was a “blot” that Indian universities do not figure among the top 500 of the world and noted that the government has decided to give autonomy and Rs 10,000 crore to top 10 public and private universities over the next five years to make them world-class
.Addressing the centenary Celebrations of Patna University here in presence of Bihar Chief Minister Nitish Kumar, Modi said Indian universities such as Nalanda and Takshashila attracted students from all over the world.
“We are not among the top 500. We should remove this blot or not. The situation should change through our determination and hard work,” Modi said.
He said the government has come with a scheme to make 10 private and 10 public universities world-class by providing them autonomy from the constraints of government rules and freedom to grow.
“They will be given Rs 10,000 crore in the next five years,” Modi said.
Prime Minister Narendra Modi said the selection will not be on any recommendation. “The universities will be a selected on the basis of a challenge in which they will be required to prove their mettle. The selection will be based on factors such as history, performance and its roadmap reach global benchmarks. A third party professional agency will be involved in the selection process,” Modi said.
Referring to demands for making Patna University a central university, Modi said it should strive to be among the globally-ranked varsity based on the competition and “this was many times ahead of being a central university”.
“Patna University should not stay behind (in the challenge),” he said.
Prime Minister Narendra Modi said reforms in the country’s education sector have progressed at a slow speed and there have been differences among educationists which had hampered innovation with the governments too not measuring up to the task.
The Prime Minister said that for two years he heard arguments for and against granting more autonomy to Indian Institutes of Management (IIMs) and then a big decision was taken.
“It is for the first time that the IIMs are out of government control and have been professionally opened up. This is a big opportunity for them and they would make the best use,” he said.
Modi said that Patna University was known to produce IAS and IPS officers and in the same manner IIMs are known to produce Chief Executive Officers (CEOs) of global companies.
He also urged universities to move from conventional teaching to innovative learning and involve alumni associations more actively.
Prime Minister Narendra Modi said 65 per cent of the population of the country was below 35 years in age and the dreams of development can be fulfilled.
“We need to understand the changing trends across the world and the increased spirit of competitiveness. In that context India has to make its place in the world,” Modi said.
He appreciated the efforts Nitish Kumar towards development of the state and said the progress of eastern India is the Centre’s topmost priority.
“The commitment of Nitish Kumar towards the progress of Bihar is commendable. The Centre attaches topmost importance to the development of eastern India,” Modi said.
He said when the country celebrates the 75th anniversary of Independence day in 2022, he wants to see Bihar standing among the list of prosperous states.
Modi also said that many top level officials of civil services are students of Patna University.
“In every state, the top levels of the civil services has people who have studied in Patna University. In Delhi, I interact with so many officials, many of whom belong to Bihar… I consider it my honor to visit Patna University and be among the students. I bow to this land of Bihar. This university has nurtured students who have contributed greatly to the nation.”
He said that Bihar is blessed with both ‘Gyaan’ and ‘Ganga.’ “This land has a legacy that is unique,” he said.(IANS)
Demonetisation is what Richard Thaler had long supported. However, he remarked "Really? Damn," when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 notes thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.
When Prime Minister Narendra Modi decided to scrape Rs 500 and Rs 1,000 notes last November, Nobel Prize winner Richard Thaler supported demonetization describing it as a policy that he had long supported.
Dr. Richard Thaler, a Professor of Economics and Behavioural Science at the University of Chicago won the Nobel Prize in Economic Sciences on 9th October.
Did Richard Thaler really support demonetization in the way BJP took it? There is more to the story than what meets the eye.
As soon as Thaler was declared the Nobel Prize winner, members of the Bharatiya Janata Party (BJP) started sharing Thaler’s tweet regarding demonetization on social media affirming that the move which was severely criticised by the members of the opposition was actually supported by a Nobel Prize winner. The BJP IT cell head Amit Malviya retweeted the old tweet within a fraction of a second.
However, Richard Thaler remarked “Really? Damn,” when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 note thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.
It was not only the BJP supporters but also a large number of BJP leaders who were flowed away with incomplete picture depicted by Malviya and tweeted about it. This included Union Minister Giriraj Singh, former BJP IT Cell Head Arvind Gupta, and many others.
Soon after, twitterati realized that the full picture of Thaler’s statement on demonetization was rather hidden.
Prime Minister Modi declared that the motivation behind scrapping Rs 500 and Rs 1,000 notes was to promote cashless economy and reduce corruption. This decision was severely criticised by different sections of the society putting on Modi the ultimate responsibility for heralding economic deceleration. Demonetisation pulled down India’s GDP growth rate to a mere 6.1% in 2016-17.
Some highlighted that the introduction of Rs 2000 note was an ephemeral panacea for remonetization and that its printing has been terminated.
-Prepared by Mohima Haque of NewsGram, Twitter: mohimahaque26
Varanasi, Sep 23: Prime Minister Narendra Modi, on Saturday, said that the BJP did not believe in vote bank politics as the country was above party politics. This is his second day of the visit to his parliamentary constituency in Varanasi.
Modi told a gathering that he had launched a major war against corruption and the corrupt to ease the life of the common man. He also said cleanliness was worship for him as it could rid the poor of various diseases and a lot of economic burdens.
“Governance for us is not about votes or winning elections. The priority is the development of the nation. For us, the country is bigger than party,” he said, in his address to farmers in Shahanshahpur on the outskirts of Varanasi.
He said most of the problems faced by the common people in India were rooted in corruption.
“I have launched a war against it and will take it further to ensure that graft is weeded out from the country.”(IANS)