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Business News/ Politics / Policy/  Political Wrap: The week gone by
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Political Wrap: The week gone by

Last week saw PM Modi saying rural spending will drive economy, India defeating Pakistan in a T20 worldcup match, Interest rates cut on public provident fund, Aadhaar Bill getting Parliament's nod

A file photo of Prime Minister Narendra Modi. Photo: ReutersPremium
A file photo of Prime Minister Narendra Modi. Photo: Reuters

New Delhi: Stressing on the need to grow rural spending, Prime Minister Narendra Modi on Saturday said that the country cannot progress without better farm income and rural spending. In the budget presented last month, the government announced measures to initiate this process. This week the first half of the budget session also concluded, with key legislations including the Aadhaar Bill and the Real Estate Bill getting passed. Separately, the government cut interest rates on small savings, a move that is likely to affect the common man.

Narendra Modi says rural spending will drive Indian economy

Indian economy cannot progress without better farm incomes and higher rural spending, Prime Minister Narendra Modi told a gathering of farmers, scientists and officials on Saturday. He said, the budget this year has initiated that goal and the centre and states have to work together to achieve it. The government on Saturday also launched an app for farmers to get advisories, weather alerts and current market prices. Read more:Narendra Modi says rural spending will drive Indian economy

India beat Pakistan, keeps T20 campaign alive

India beat Pakistan (Virat Kohli sparkles as India beat Pakistan to revive World T20 campaign) by six wickets on Saturday to revive their World Twenty20 campaign and maintain their impeccable World Cup record against Pakistan. Chasing 119 to secure their first win of the tournament, India slumped to 23-3 in the fifth over before Kohli and Yuvraj Singh (24) shared a match-high 61-run partnership to virtually take the game away from Pakistan.

Interest rates cut on public provident fund, other small savings schemes

In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings () Govt cuts interest rates on PPF, other small savingsincluding Public Provident Fund and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates. Though this will hurt the small savers, it is expected to facilitate further rate cuts by the central and commercial banks. The move has been criticised by opposition parties.

In pursuit of good economics, BJP risks middle-class wrath

Good economics does not always make for good politics. The move in budget 2016 to impose levies on jewellery, while economically sound, has triggered a political backlash from the trading community, an important constituency of the Bharatiya Janata Party (BJP). The party is in a spot as the government has rejected demands for a rollback (In pursuit of good economics, BJP risks middle-class wrath). Finance minister Arun Jaitley, in this year’s budget, proposed an excise duty of 1% without input tax credit and 12.5% with input tax credit on articles of jewellery except silver jewellery.

The Aadhaar Bill gets the Parliament’s nod

The Aadhaar Bill awaits the President’s nod to become law after it was passed by both the houses of Parliament. The government still has much to do to shape its financial inclusion plans through the unique identification number. The Unique Identification Authority of India will be a statutory body with the power to issue regulations. These regulations cover several areas, the framework for which the Aadhaar bill (Aadhaar will be backed by law, but there’s more to do) provides. However, there are at least 20 other aspects on which regulations will be needed. Frequently asked questions on Aadhaar: Aadhaar: myth and reality

Watch here:

Govt, opposition delink politics from economics

This week saw the first half of the budget session come to an end. It was marked by rare productivity (Govt, opposition delink politics from economics), the first half of the budget session of Parliament ended on Wednesday with the government managing to pass key reform bills as lawmakers successfully delinked politics from economics . The government won Parliament’s approval for two important reform bills over the 23-day-session—one aimed at regulating the real estate sector and the other seeking to institute the Aadhaar unique identification system—even as treasury benches engaged in a bitter tussle with the opposition over politics.

SC allows photos of chief ministers, governors, ministers in govt ads

Reviewing its previous ruling, the Supreme Court on Friday permitted the use of photographs (SC allows photos of chief ministers, governors, ministers in govt ads) of governors, chief ministers, Union and state cabinet ministers in government advertisements. The earlier ruling allowed only the photographs of the President, prime minister and the chief justice of India (CJI). The court’s guidelines came after two non-profits Centre for Public Interest Litigation (CPIL) and Common Cause moved the court against wasteful government expenditure on advertising.

Arun Jaitley rejects Congress demand to cap GST rate

A day after the government managed Parliamentary approval for Aadhaar bill, it moved to draw the battle lines in the next legislative fight on goods and services tax (GST). On Thursday, speaking at the India Today Conclave, finance minister Arun Jaitley rejected the Congress’s demand to cap the tax rate under GST (Arun Jaitley rejects Congress demand to cap GST rate) in the Constitution amendment bill itself. He said it would be difficult to accede to Congress’s demand.

Punjab passes resolution on SYL canal

The Punjab legislative assembly (Punjab passes resolution on SYL canal) on Friday passed a unanimous resolution against the construction of the Sutlej-Yamuna Link (SYL) canal, stating it does not have water to share. The assembly also decided to take on the Centre and Haryana on this issue. Chief minister Parkash Singh Badal who presented the resolution said the state was going through a water crisis. The move comes a day after Supreme Court ordered a status quo on the state government’s Punjab SYL canal Land (Transfer of Property Rights) Bill, 2016 allowing land acquired for SYL canal to be returned to the farmers.

JNU students Umar Khalid, Anirban Bhattacharya get interim bail

Jawaharlal Nehru University students Umar Khalid and Anirban Bhattacharya, who were jailed on charges of sedition, were released on interim bail (No regrets, proud of being jailed for sedition: Umar Khalid in JNU by a Delhi court on Friday. In his speech in the university after being released Umar said that he was not ashamed of being in jail as those in jail are the ones who raise their voice.

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Published: 20 Mar 2016, 10:43 AM IST
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