Author: Aditi Gautam

Budget 2022: Govt may spend Rs 2908 crore under FAME scheme in FY23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government is considering spending Rs 2942 crore on development of automotive industry in FY23, including Rs 2908 crore under the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme, sources told CNBC-TV18.

The revised estimate of spending on the automotive sector for FY22 stands at Rs 800 crore .

The Union Budget could announce further support measures for electric vehicles, vehicle testing, research and development and the sector in general, sources added.

Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament at 11 am.

Like last year, Union Budget 2022-23 will also be presented by the Finance Minister in “paperless form”. The ministry said that the entire Budget document will be released on a mobile application for the public after it is presented in Parliament

For all the latest updates on Union Budget 2022, follow our LIVE blog here

For full coverage of Union Budget 2022, click here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Economic Survey 2021-22: Various schemes undertaken for students during COVID-19 pandemic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey that details the state of the economy ahead of the government’s Budget for the fiscal year beginning April 1, 2022.

The survey said that various initiatives were undertaken for the students during the COVID-19 pandemic.

“It is difficult to gauge the real-time impact of repeated lockdowns on the education sector because the latest available comprehensive official data dates back to 2019-20,” the survey said.

Earlier, President Ram Nath Kovind in his address to the joint sitting of both Houses in the Central Hall, said that 33 Sainik Schools have now started giving admission to girls too.

Government has also approved the entry to women cadets at the National Defence Academy (NDA), he said.

Also Read: Economic Survey 2021-22 forecasts GDP growth for FY23 at 8-8.5%

The Economic Survey is the Finance Ministry’s yearly flagship publication. It analyses India’s economic development over the previous fiscal year by offering comprehensive statistical data on all sectors including manufacturing, agricultural and industrial. It also analyses the country’s total macroeconomics over the prior year and furnishes a projection for the coming fiscal year.

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For all the latest developments and stories on Union Budget 2022. Click here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Corruption is like ‘termite’, people should work together to rid of it: PM Modi in ‘Mann ki Baat’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi on Sunday said corruption is like a “termite” which makes the country hollow, urging citizens of the country to work together to rid the nation of it as soon as possible.

In his Mann Ki Baat radio broadcast, the Prime Minister said more than one crore children have sent him “their Mann Ki Baat” via postcards which have come from many parts of the country and even from abroad. These postcards give a glimpse of the broad and comprehensive outlook of the new generation for our country’s future, Modi said.

Talking about a postcard from a girl in Uttar Pradesh who had said she wants to see an India free of corruption by 2047, Modi said, “You have talked about corruption-free India. Corruption is like a termite which makes the country hollow. Why wait for 2047 to get rid of it? This is a work all the people of the country, today’s youth, have to do together, it has to be done as soon as possible.”

Also Read: PM Modi calls on youngsters to support ‘Vocal for Local’

He also talked about the merging of the ‘Amar Jawan Jyoti’ near India Gate and the flame at the nearby National War Memorial.

Urging people to visit War Memorial, he said, “We have seen that ‘Amar Jawan Jyoti’ near India Gate and the flame at the nearby National War Memorial have been merged into one. On this emotional moment, many countrymen and the family of martyrs had tears in their eyes.”

He said India is fighting the new wave of COVID with “great success” and asserted that the people’s trust on indigenous vaccines was “our strength”.

“Now the cases of corona infection have also started decreasing, this is a very positive sign. It is a matter of pride that till now about four-and-a-half crore children have been administered the first dose of coronavirus vaccine,” he said.

(With inputs from PTI)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2022: No ‘halwa ceremony’ this year amid Omicron fears

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid fears of the Omicron variant of Coronavirus, the customary pre-Budget ‘halwa ceremony’ was dropped for the first time this year, the Finance Ministry said on Thursday. The ministry said instead of conducting the ceremony, sweets were provided to core staff due for a ‘lock-in’ at their workplace.

“To mark the final stage of the Union Budget making process, sweets were provided to the core staff due to undergo lock-in at their workplaces, instead of a customary halwa ceremony every year in view of the prevailing pandemic situation and the need to observe health safety protocols,” it said.

Also Read: What is the traditional halwa ceremony and what does it signify?

To maintain the secrecy of the Budget, there is a ‘lock-in’ of the officials involved in preparing the documents. “Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget. These officers and staff will come in contact with their near and dear ones only after the Budget is presented by the Union Finance Minister in the Parliament,” the ministry added.

The traditional halwa ceremony, held ahead of the Budget presentation every year in India, marks the commencement of the printing process of the government’s Budget document.

Like last year, Union Budget 2022-23 will also be presented by Finance Minister Nirmala Sitharaman in “paperless form”. The ministry said that the entire Budget document will be released on a mobile application for the public after it is presented in the Parliament on February 1.

Also Read – Union Budget 2022: Date, time and other key details

“The mobile App allows complete access to 14 Union Budget documents, including the Budget Speech, Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution. The mobile app is bilingual (English & Hindi) and is available on both Android and iOS platforms,” it said.

Sitharaman, who in her maiden Budget presentation in 2019 shunned the long-standing practice of carrying the speech and Budget document in a briefcase in favour of a ‘bahi-khata’ holding the papers, used a handheld tablet to read her speech on the last occasion on February 1, 2021. She came to Parliament carrying the gadget inside the red-coloured ‘bahi-khata’ cloth.

Follow all the updates on Budget 2022 here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Channi or Sidhu? Rahul Gandhi says decision on Congress CM face for Punjab Assembly elections soon

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Congress leader Rahul Gandhi on Thursday said that a decision on CM face for Punjab Assembly elections will be taken soon after consulting party workers.

Addressing a virtual rally , Gandhi said Chief Minister Charanjit Singh Channi and state party president Navjot Singh Sidhu have assured him that whosoever is chosen the CM face, the other will support him.

“We will take this decision after consulting our workers. Others will work as a team,” he said. The demand for declaring chief ministerial face for Punjab Assembly elections will be met as soon as possible, Gandhi added.

Also Read: AAP names Bhagwant Mann as chief ministerial candidate

“Media people call it chief ministerial candidate. Both Sidhu and Channi gave me an assurance that two people cannot lead and only one can lead. Both told me whoever leads, the other will put all his energy behind him,” said Gandhi.

Earlier in his address, Sidhu said people want clarity who will implement the agenda and roadmap, to which Channi later said he was never after any post and anyone whose name is announced, he will whole heartedly back the decision.

After receiving multiple requests from political parties in view of Guru Ravidas Jayanti, the Election Commission has postponed the date of the Punjab Assembly election from February 14 to February 20.

The counting of votes will be on March 10 along with four other poll-bound states – Uttar Pradesh, Uttarakhand, Manipur, and Goa.

(With inputs from PTI)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Air India officially handed over to Tata Group; N Chandrasekaran says ‘happy to have it back’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Central government on Thursday officially handed over Air India to Tata Group. The transaction covers three entities – Air India, Air India Express and AI SATS.

Tata Sons chairman N Chandrasekharan said the group is very happy to have Air India back in its fold.

“We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline. I warmly welcome all the employees of Air India, to our Group, and look forward to working together,” he said.

Also Read – Tata’s Air India takeover: What changes, what does not

Ratan Tata expressed his thankful recognition to the government and its various departments for the successful completion of this important transaction, a company release said.

The group also said it philosophically agrees with “the Prime Minister’s vision for the aviation sector, of making it affordable and ensuring it contributes to boosting ‘Ease of Living’ for citizens”.

Following the official handover, Air India said it’s looking forward to a shared mission of serving the nation.

“#FlyAI: A brand new chapter unfolds for Air India as part of the Tata Group. Two iconic names come together to embark on a voyage of excellence. Looking forward to soaring high propelled by our rich legacy & a shared mission to serve our Nation. Welcome Aboard.
@TataCompanies,” the airlines tweeted.

#FlyAI: A brand new chapter unfolds for Air India as part of the Tata Group.

Two iconic names come together to embark on a voyage of excellence.

Looking forward to soaring high propelled by our rich legacy & a shared mission to serve our Nation.

Welcome Aboard. @TataCompanies pic.twitter.com/iCVh5ewI7q

— Air India (@airindiain) January 27, 2022

After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited — a subsidiary of the Tata Group’s holding company — for Rs 18,000 crore. Air India was started by the Tata Group in 1932 but after the country got independence, the then Prime Minister Jawaharlal Nehru nationalised it in 1953.

For all the latest updates. Click here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Republic Day 2022 Highlights: India displays its military might, cultural diversity at grand parade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Republic Day 2022 Highlights: President Ramnath Kovind and PM Narendra Modi led the nation in celebrating 73rd Republic Day on Wednesday.

The 73rd Republic Day’s parade started at 10.30 AM instead of 10 AM to provide better visibility. Crowds at the Republic Day parade were curtailed to just 5,000 people, all double masked, vaccinated and maintaining strict ‘do gaz ki doori‘ in view of the COVID situation. There was strict security with personnel maintaining strict vigil.

Earlier, Prime Minister Narendra Modi paid homage at the National War Memorial, a monument to the soldiers who have made supreme sacrifice for the country. Modi was joined by Defence Minister Rajnath Singh and the three service chiefs as he paid tributes at a solemn ceremony.

Republic Day events commence with the homage ceremony at the war memorial.

Stay tuned for all the live updates

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Padma Awards 2022: Gen Bipin Rawat, Satya Nadella, Sundar Pichai, COVID vaccine makers among awardees; check full list

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Government announced Padma Awards 2022 on the eve of Republic Day on Tuesday.

The Centre has decided to honour CDS Gen Bipin Rawat with Padma Vibhushan (posthumous) while Congress leader Ghulam Nabi Azad will be conferred with Padma Bhushan.

Microsoft CEO Satya Nadella, Alphabet CEO Sundar Pichai, SII MD Cyrus Poonawalla will be conferred with Padma Bhushan, a government release said. Cyrus Poonawalla of the Serum Institute of India, which manufactured COVID-19 vaccine Covishield, and Krishna Ella and Suchitra Ella of Bharat Biotech, which produced India’s indigenous coronavirus vaccine Covaxin, will also be given Padma Bhushan.

Meanwhile, Olympians Neeraj Chopra, Pramod Bhagat & Vandana Kataria, and singer Sonu Nigam have been chosen for Padma Shri.

Padma Vibhushan is awarded for exceptional and distinguished service; Padma Bhushan for distinguished service of high order and Padma Shri for distinguished service in any field. These awards are conferred by the President of India at ceremonial functions which are held at Rashtrapati Bhawan usually around March/ April every year.

This year the President has approved conferment of 128 Padma Awards including 2 duo case (in a duo case, the Award is counted as one) as per list below. The list comprises 4 Padma Vibhushan, 17 Padma Bhushan and 107 Padma Shri Awards. 34 of the awardees are women and the list also includes 10 persons from the category of Foreigners/NRI/PIO/OCI and 13 Posthumous awardees.

Here’s the complete list of awards announced on the eve of Republic Day.

Padma Vibhushan (4)

Padma Bhushan (17)

Padma Shri (107)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rising interest rates and economic growth can go hand in hand: Uday Kotak

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Kotak Mahindra CEO Uday Kotak on Tuesday said he expects to see interest rates go up this year. but stressed that there is a need to ensure the landing isn’t hard.

Speaking at the IBLA Jury – Navigating 2022, he said, “if we get the landing right, rising interest rates and economic growth can go hand-in-hand.”

Also Read – Policymakers need to avoid one-upmanship while writing rules: Uday Kotak

Kotak also gave a thumbs up to the fast-evolving startup ecosystem of India and called it “robust and deep”.

“I believe that the startup ecosystem is broadly robust, and deep. What we need to ensure is that as this system evolves and we avoid irrationality. We don’t take decisions which don’t make sense or common sense and ultimately, a firm must produce cash flows, even if they are in the future. We must also encourage entrepreneurship because change is inevitable. Companies must be able to have a strong business model,” he said.

He added that India will see significant consolidation of businesses and startups test big companies over time.

Also Read: Startups need ‘thorough health check-up’ before listing on bourses, says Uday Kotak

Kotak said he is waiting to see how fast the Fed shrinks its balance sheet. He also said that

“The jury is out, but looks like three to four rate cuts, and how fast the Federal Reserve shrinks its balance sheet, that is an even more important point. But the most important point is besides the monetary side of this, we need to fix the supply side, because if we get the supply side better, then at least we have goods and services at a price,” he said,

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ola working on electric car concept; check design teased by CEO Bhavish Aggarwal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ola Electric CEO Bhavish Aggarwal on Tuesday posted image of an EV on Twitter that looks like the design concept for the upcoming Ola electric car.

According to sources, the company is gearing up to launch its electric car by 2023.

“Can you guys keep a secret?,” Bhavish Aggarwal wrote on Twitter while teasing the design.

Can you guys keep a secret? 🤫🤫 pic.twitter.com/8I9NMe2eLJ

— Bhavish Aggarwal (@bhash) January 25, 2022

This comes a day after Aggarwal replied to a photograph posted by a Twitter user featuring an electric Tata Nexon and Ola S1 Pro electric scooter, saying, “Next car replacement should be the Ola electric car”.

Next car replacement should be the Ola electric car 😉👍🏼 https://t.co/ZPk1FOdzHW

— Bhavish Aggarwal (@bhash) January 24, 2022

Earlier, Ola had launched its two e-scooters – S1 and S1 Pro – in August 2021,

Ola Electric  on Monday said it has raised over USD 200 million (about Rs 1,490.5 crore) from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others, valuing the electric vehicle maker at USD 5 billion.

Aggarwal said the company is creating India’s EV revolution and is driving cutting edge manufacturing from India for the entire world.

Also Read: Ola Electric raises $200 million in funding at a valuation of $5 billion

“With Ola S1, the best scooter ever made, we have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two-wheeler categories, including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow