Tuesday September 24, 2019
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Now, Centre and Delhi Government battle over city’s heritage status

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By NewsGram Staff Writer

Amid the ongoing Turf War between the centre and the state government, another issue has come raging between the two.

This time, the issue is regarding the national capital’s chance to become the first ‘world heritage city’ in India, which was killed by the centre last Thursday. The UNESCO World Heritage website reads that Delhi’s Imperial Capital City nomination was withdrawn by the state party (permanent delegation of India to UNESCO) on May 21st.

Though the Central Government has withdrawn Delhi’s nomination for ‘World Heritage City,’ however, the national capital is still in the race of getting the ‘heritage’ tag next year.

On Thursday, the centre had pulled out the name of Delhi from the lists of ‘World Heritage City’ just a month before UNESCO was to review nominations from across the world.

“I have written to the central government asking them to reconsider their decision. It has taken a lot of time and effort to reach this far, and the heritage tag would be a matter of great pride. The nominated zones are a very small area. This will not impact development,” said Delhi Tourism minister Jitender Tomar.

The centre also expressed its concern over the fact that the ‘heritage tag’ could have made lots of restrictions on the city’s development project.

“The heritage tag will slower the development program in the national capital as it imposes lots of restrictions in bulldozing the ancient buildings. Delhi is a heritage city and has lots of edifices more than 500 years old,” said a minister of Central Government.

According to the sources, the Delhi Government has already spent Rs. 2 crore for the nomination.

“We have made our initial procedure. Now it is up to the center to change its decision,” said an AAP Party member.

The city’s nomination will be granted in June 2016 on the basis of a review report given by UNESCO at the end of December this year.

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Automotive Industry To Benefit From Corporate Tax Cut, Says ICRA

India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday

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India, Tax cut, Automotive Industry
India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut. Wikimedia Commons

India’s automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday.

“Under the current weak demand conditions, OEMs (original equipment manufacturers) are expected to pass on some of the benefits of tax revision to the end consumers,” ICRA Vice President and Sector Head Pavethra Ponniah was quoted in a statement.

“This implies that the price correction in coming months will to an extent address the demand side issues. Moreover, clarity from the government, that there is no further GST or cess revision, will help consumers who were waiting for improved clarity prior to their car purchase decision,” she added.

According to ICRA, the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation, which augurs well for the industry.

In 2019-2020, India has imported auto components worth $17.6 billion.

India, Tax cut, Automotive Industry
the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation. Pixabay

ICRA also said that given the increasing US-China trade tensions, revision in corporate tax will attract FDI in Indian manufacturing sector, as the revised tax structure is now in line with other emerging markets.

ALSO READ: Rajdhani Express To Display Odisha’s Art, Culture And Heritage

“In the current fiscal, the Indian automotive industry, especially the passenger vehicle segment, has witnessed one of the worst slides since the last two decades because of multiple factors,” the ratings agency said in a statement.

“Tighter financing environment for consumers and the liquidity crunch faced by dealerships coupled with weak farm income and overall slowdown in economic activity has impacted consumer sentiments and purchasing behaviour,” the statement added. (IANS)