Chandrayaan 2 Lifts Off; "Bounced Back With Flying Colours," Says ISRO
India's moon mission Chandrayaan 2 lifted off from its launch pad at Andhra Pradesh's Sriharikota at 2:43 pm today on board a giant heavy-lift rocket. India's space scientists had a narrow one-minute window for their second attempt at launching the moon mission today, a week after the mission was aborted 56 minutes before lift-off.
In visuals, scientists at the Indian Space Research Organisation's control room closely watched the rocket as it gained speed and headed towards the outer atmosphere, propelled by the massive thrust from the powerful 640-tonne rocket.
Minutes later, the rocket successfully put Chandrayaan 2 into Earth's orbit - and a booming applause reverberated inside the control room as the scientists who have been working hard for the mission congratulated one another, hugged and shook hands.
"I am extremely happy to announce that GSLV Mark 3 successfully injected the Chandrayaan 2 into orbit... It is the beginning of a historical journey for India... We fixed a serious technical snag and ISRO bounced back with flying colours," ISRO Chairman K Sivan said, drawing loud applause from the scientists gathered around him at the control centre.
The GSLV Mark 3 - ISRO's largest and most powerful rocket - is 44 metres long or as tall as a 15-storey building. The 20-hour countdown for the launch of the Rs. 1,000-crore mission began Sunday evening at 6.43 pm.
The rocket propelled into space an orbiter, a lander 'Vikram' (named after ISRO founder and eminent Indian scientist Vikram Sarabhai) and a moon rover 'Pragyaan'. Once the Vikram lander separates, it will head to a region on the moon that is little explored till date - most lunar landings have taken place in the northern hemisphere or in the equatorial region.
A mission by China landed in the northernmost part, followed by Russia's Luna missions. Most of the American lunar landings, including Apollo missions, were in the Moon's equatorial region.
The success of Chandrayaan 2 mission will make India the fourth country after the US, Russia and China to pull off a soft landing on the moon.
The mission was stopped 56 minutes and 24 seconds before its launch last Monday after a technical snag was discovered in the unmanned launch vehicle system. ISRO said the decision was taken "as a measure of abundant precaution".
After the soft landing on the moon, or as K Sivan terms it, the "15 minutes of terror", the rover will carry out research, including a thorough mapping of the moon's resources, looking for the presence of water on the moon and clicking high resolution images as well.
The ISRO chairman has called Chandrayaan 2 the "most complex mission ever undertaken by ISRO".
Good news! After NEFT, RTGS, SBI makes all IMPS transactions free
In a big relief to SBI customers, the public sector bank has said it will not impose IMPS (Immediate Payment Service) charges from August 1, 2019. The SBI IMPS charges will also be zero for the users who want to transfer funds via its app Yono, internet banking and mobile banking.
"The bank will waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019," the state-owned lender said in a statement.
Earlier, the country's largest lender had waived off IMPS charges on fund transfer of up to Rs 1,000 only. However, from August 1, there will be nil charges on all other IMPS slabs ( Rs 1,001 to 10,000; Rs 10, 001 to Rs 25,000; Rs 25,001 to Rs 100,000; Rs 100,001 to Rs 200,000).
IMPS is an interbank electronic fund transfer service, which is available round the clock. In July, the state-owned bank had also waived off NEFT (National Electronic Funds Transfer) and RTGS ( Real Time Gross Settlement System) charges, after the Reserve Bank of India(RBI) decided to do away with the charges with an aim to move the country towards less-cash economy.. The RTGS is meant for large-value instantaneous fund transfers while the NEFT System is used for fund transfers up to Rs 2 lakh.
At March-end, 2019, the number of SBI customers using internet banking were more than six crores, while 1.41 crore persons were using mobile banking services.
The bank claims to have around 18 per cent market share in mobile banking transactions.
Nirmala Sitharaman says Budget 2019 paints 'big picture' of new Modi govt
In her reply on the debate over the Union Budget 2019 on Wednesday, Finance Minister Nirmala Sitharaman said at the Lok Sabha that the budget gives a "big picture" of the new Narendra Modi government that has been brought back to power after a resounding victory in the General Elections this year.
The minister added that the projected strength made in the Budget is realistic and reflective of the goals of the government. In her reply at the Lok Sabha, Nirmala Sitharaman said, "This Budget certainly comes at a time when an Interim Budget had already been presented and it's the last year of the 14th Finance Commission. This Budget has two bookends and it gives a big picture of this newly-elected government which has returned to power with a bigger mandate."
She spoke about the farmers and said that the Budget took care of the 'kisaan' of the country. "We have ensured cash transfers of Rs 6,000 for all farmers throughout the country and not just a few," she said.
The Finance Minister also spoke about the government's commitment towards the education and health sectors. "The Budget 2019-20 reflects the commitment of this government to substantially boost investment in agriculture, social sector, particularly in education and health, keeping the fiscal deficit at 3.3% of GDP as against 3.4% which was envisaged in the Interim Budget," she said.
Nirmala Sitharaman's maiden Budget was condemned by opposition leaders such as Shashi Tharoor and Adhir Ranjan Chowdhury. "There is nothing new, it is a repetition of old promises. They are talking about new India but the Budget is the same old wine in a new bottle. There is no plan for employment generation, no new initiatives," said Chowdhury.
Angel tax woes to continue as Budget 2019 offers little clarity
Indian start-ups, which were hoping for the Finance Minister Nirmala Sitharaman to resolve the taxation woes of the community, seemed disappointed with what has been offered to them. The Budget speech trivialising the issue said "To resolve the so-called 'angel tax' issue, the start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums". The Budget speech added that the issue of establishing identity of the investor and source of investors' funds would be resolved by putting in place a mechanism of 'e-verification' and funds raised by start-ups will not come under the scrutiny from the taxman. In what looks like a move that is likely to increase bureaucratic interference, a 'special administrative arrangement' has been promised to be made by the Central Board of Direct Taxes (CBDT) for pending assessments of start-ups and redressal of grievances. Finance Minister also ensured that no inquiry or verification in such cases can be carried out by the Assessing Officer without obtaining approval of his supervisory officer.
Expressing his disappointment, T. V. Mohandas Pai, Partner, Managing Director and Chairman of Aarin Capital said "Initially the law was being misused and notices were being sent. Now the FM says that they will ensure that taxmen don't send notices. So, she is just stopping harassment. This is not an incentive". However, he hopes that assurances will result in actionable measures being taken by the government. Nikunj Bubna, who had to shut his start-up Whats Extra owing to angel tax issue, says he is happy to see importance given to start-ups in the finance bill . However, he says that even though the government knows that more than 200 start-ups have already been affected by this issue, there has been no resolution to the problem. "We were hoping the matter to be put to rest in an unambiguous manner, but that remains and nothing much has been done for start-ups that are struggling with the issue," says Nikunj.
Vivek Gupta, Partner and National Head for KPMG India's M&A/ PE Tax practice says that the move to ease start-up friction on angel tax is welcome and the follow-up implementation should happen as promised where assessments orders have already been passed. "I don't think the appeal process in respect of those orders can be stopped," he says. While there could be sympathetic approach to start-ups during appeals, the new provisions regarding this matter clearly indicates the intent of easing the process. "We will have to see how the implementation happens," he added.
While there is no clarity if this would be applicable to start-ups where assessment notices have already been sent and to those where orders have been passed, Sreejith Moolayil - Co Founder & COO of True Elements feels the Budget has brought back more powers to bureaucrats. Sreejit is one of start-up founders against whom an assessment order was passed in spite of compliance with all prescribed rules "Now with a committee to look at start-ups with respect to orders and requirement of senior officers approval for looking at valuations and investments, there is no structural change," said Sreejith. While status quo continues for now, it was around mid-2017 when start-up companies started receiving notices. India's noted angel investors like Kris Gopalakrishnan, Mohandas Pai and Indian Angel Network (India's largest angel network forum) had raised their concerns with the commerce ministry, DIPP and also Finance ministry over these provisions. Most stakeholders in the start- up ecosystem agree that nothing much has changed on the ground.
Budget 2019: 10 top takeaways from Nirmala Sitharaman's speech
Union Finance Minister Nirmala Sitharaman presented her first Union Budget and also the first Budget of the Narendra Modi 2.0 government. Sitharaman began her first budget speech with a reference to New India "for which people voted the government in Lok Sabha election."
She said, "We have set the ball rolling for a New India" and sounded optimistic that the country will become a $5 trillion economy in a few years. Prime Minister Narendra Modi recently spoke about his government's target of making India a $5 trillion economy. Currently, it stands at $2.7 trillion.
Budget 2019-20: 10 points
Income tax slabs and rates have not been changed in the Budget 2019-20 presented by Nirmala Sitharaman but she gave some other incentives for tax payers. She enhanced interest deduction up to Rs 3.5 lakh for purchase of an affordable house.
The Budget proposes a surcharge on personal income tax for individuals earning more than Rs 2 crore a year. A three per cent surcharge on income between Rs 2 crore and Rs 5 crore, and seven per cent on income above Rs 5 crore.
She also promised to launch a scheme of faceless electronic assessment involving no human interface to be launched this year. There will be a central cell with a phone number that will be the single-point contact between the Income Tax Department and assessees.
The Budget also proposed interchangeability of Aadhaar and Permanent Account Number (PAN). Sitharaman said an income tax return filer can mention either Aadhaar or PAN in filing the ITR.
Sitharaman brought 99.3 per cent companies under 25 per cent corporate tax slab in her first Budget. This had been a long-pending demand - at least since 2009-10 - from the world of corporates and experts.
Sitharaman announced that corporate tax rate of 25 per cent - available to companies with annual turnover of up to Rs 250 crore - to all companies with turnover up to Rs 400 crore.
The finance minister said this move brings 99.3 per cent companies under this tax bracket. "Only 0.7 per cent companies will pay more corporate tax now," she said. This tax rate is 30 per cent.
The finance minister said the government intends to give greater push to digital payment. To achieve this objective, the Budget 2019 proposes a tax deduction at source (TDS) of 2 per cent on cash withdrawal exceeding Rs 1 crore.
This was proposed with the objective to discourage the practice of making business transaction in cash and push cashless economy.
No charges or MDR on specified digital mode of payments will be levied. These modes are to be compulsorily provided by large businesses, Sitharaman said in her budget speech.
5 Trillion Dollar Economy
To achieve the target of making Indian economy a $5 trillion economy, Sitharaman said the country needs to make structural reforms to achieve USD 5 trillion economy in the next few years.
Sitharaman said the Indian economy stood at $1.85 trillion in 2013-14 and today it stands at $2.7 trillion. It is within our capacity to reach $5 trillion in the next few years, she said.
However, Sitharaman did not give details of the structural reforms that the government intends to roll out to achieve that target.
Public-Private Partnership in Railways
This proposal is likely to stir political controversy. Sitharaman said railway infrastructure needs an investment of Rs 50 lakh crores by 2030 if it has to be effective. She said with the capital earning of the railways, this would take decades to develop railway infrastructure.
To bridge this time gap, the Budget proposed public-private partnership in railway infrastructure. She said PPP will be used to unleash faster development and delivery of passenger freight services.
Har Ghar Jal
Half of India is reeling under drinking water crisis. Monsoon is weak this year. During his election campaign, Modi had promised to create a separate ministry to deal with the issues related to drinking water, irrigation and fishery. The Jal Shakti ministry was created soon after the government was voted to power.
In this Budget, Sitharaman said the government will ensure "har ghar jal" (water to every household" by 2024. This will be done under Jal Jeevan Mission, which will focus on integrated demand and supply side management of water at the local level, including creation of local infrastructure for source sustainability like rainwater harvesting, groundwater recharge and management of household wastewater for reuse in agriculture.
Norms for foreign direct investment (FDI) has been relaxed in Budget 2019 for sectors such as aviation, media, insurance, and single brand retail with a view to attract more overseas investment.
Sitharaman said India's FDI inflows in 2018-19 grew by 6 per cent to $64.37 billion. She said 100 per cent FDI will be permitted for insurance intermediaries, and local sourcing norms will be eased for FDI in single brand retail sector.
Currently, 49 per cent foreign investment is allowed in the insurance sector including insurance broking, insurance companies, third party administrators, surveyors and loss assessors.
Budget 2019 proposes to increase disinvestment target to Rs 1.05 lakh crore for the current financial year. It was Rs 90,000 crore in the interim budget presented in February.
Sitharaman said strategic disinvestment of select public sector undertakings will remain a priority area. Privatisation of Air India will be re-initiated.
She said the government is considering going below 51 per cent stake to an appropriate level on case to case basis for PSUs.
Sitharaman proposed steps to scale up infrastructure including augmenting 1.25 lakh km rural roads under the Pradhan Mantri Gram Sadak Yojana at a cost of Rs 80,250 crore and creating a national highways grid.
The finance minister said "We need to invest in infra, digital economy and job creation in small and medium enterprises...Schemes such as Bharatmala, Sagarmala and Udaan are bridging rural urban divide and improving our transport infrastructure."
Petrol, Diesel costlier
The government has hiked tax on petrol and diesel and raised import duty on gold. Sitharaman raised special additional excise duty and road cess on petrol and diesel by Re 1 per litre each. This came a day after the Economic Survey said the crude oil prices are likely to go down.
Customs duty on gold and precious metals was raised from 10 per cent to 12.5 per cent to mobilise resources. Basic customs duty was raised on an array of products including tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV camera.
An excise duty of Rs 5 per 1,000 will be imposed on cigarettes of length exceeding 65 mm. And, an excise duty of 0.5 per cent duty has been levied on chewing tobacco, zarda and tobacco extracts and essence.