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Telangana govt presents a welfare budget with increased focus on rural economy
- Finance Minister Eatala Rajender on Monday presented a revenue surplus budget of Rs. 1,49,646 Crore for Telangana State for the financial year 2017-18.
- Finance minister describes budget as pro poor and welfare oriented. Says thrust on revival of rural economy.
- Rs 300 crore allocated for Warangal Municipal Corporation. Warangal is the second biggest city in Telangana after Hyderabad.
- Urban infrastructure development to rely on ‘extra budgetary resources’.
- Finance minister says rural economy is the focus.
- Backward classes welfare to benefit fishermen and shepherd communities.
- Rs 1000 crore allocated for Greater Hyderabad Municipal Corporation.
- Mission Bhagiratha, the piped drinking water programme gets Rs 3000 crore.
- The revised estimates of 2016-17 budget expenditure was 86.02% or Rs 112191.07 crore.
- Information technology department gets Rs 252.89 crore in the budget.
- Expenditure in schemes pegged at Rs 88038.80 crore.
- Revenue surplus is of Rs 4571.30 core and fiscal deficit of Rs 26096.31 crore.
- Total budget size is Rs 149646 crore. Estimated committed expenditure is of Rs 61607.20 crore.
- Irrigation continues to be priority area for the state. To get Rs 25000 crore this year too.
- Revenue expenditure pegged at Rs 50954.61 crore.
- Rs 4000 crore set aside towards payment of fourth and final instalment to banks towards the Rs 17000 crore farm loan waiver scheme.
- Agriculture and allied sectors to get Rs 46946.98 crore.
- Finance minister Eatela Rajendar says 19.61 per cent growth rate achieved.
- SC, ST welfare funds unspent to be carried forward to this year’s budget. Funds for SC, ST welfare based on population ratio.
Arunachal Pradesh Launches Adarsh Gram Yojana for Rural Poor
- The Arunachal Pradesh government has launched a new scheme Adarsh Gram Yojana that is in accordance with the basic philosophy of the Prime Minister “Sabka Saath Sabka Vikaas” (Collective Efforts Inclusive Growth).
- The scheme aims to reach the poor people in rural areas of the state to serve them better.
- Under the scheme, 123 villages (comprising one village per circle) will be developed as ‘Model Villages’ during the fiscal year 2017-18.
- The state government has allocated an amount of Rs.93 crore in the Budget 2017-18 for infrastructure development and for creating employment opportunities and community assets for the people of those villages.
Pakistan to Conduct its First Census in 19 years From March 15
- Pakistan is set to conduct its first national census in 19 years which will begin on Wednesday with the assistance of over 200,000 troops.
- It will be the sixth census that will be conducted in two phases and will be completed by May 25.
- The soldiers will not only provide security but help in verification of data collected by the enumerators.
- Rs 18.5 billion have been allocated for the census.
- The Minister of State said the holding of the census will help appropriate allocation of funds and other resources at right places.
- Islamabad last conducted a census in 1998, which recorded a national population of approximately 180 million at that time.
Bangladesh declares to Observe March 25 as ‘Genocide Day’
- Bangladesh’s unanimously adopted a resolution declaring March 25 as Genocide Day, in remembrance of the atrocities carried out by the Pakistani Army in the night of March 25, 1971.
- MPs also suggested that the government take initiative so that December 9, marked by the UN as international day of commemoration of genocide, sees the the March 25 victims being commemorate as well.
Black Night 1971 Bangladesh
- The black night of March 25, 1971 when the Pakistani occupation forces kicked off one of the worst genocides in history that led to a nine-month war for the independence of Bangladesh in 1971.
- Codenamed ‘Operation Searchlight’, Pakistani Troops carried out genocide in the first hours of that night in Dhaka.
- However, Bengalis put up a courageous resistance and snatched victory on December 16 after nine months of Liberation War.
Banking and Finance
RBI Removes Limit on Cash Withdrawal from Savings Banks Accounts
- The Reserve Bank of India on Monday lifted the limit on cash withdrawals from banks and ATMs.
- The RBI had then issued a limit on the cash withdrawals from banks and ATMs to stabilise the flow of currencies.
- Firstly, effective from February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts was enhanced to Rs. 50,000 per week from the current limit of Rs. 24,000 per week.
- Besides, effective from March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.
Reserve Bank of India (RBI)
Headquarters: Mumbai, Maharashtra
Established: 1 April 1935
Governor: Urjit Patel
Appointments & Resigns
HSBC Appoints Mark Tucker as its New Chairman
Europe’s biggest bank HSBC Holdings Plc. has appointed Mark Tucker as its Chairman on March 13, 2017.
AIA Group Ltd Chief Executive, Mark Tucker will take over on October 1, 2017, succeeding Douglas Flint who has been in the role since 2010.
HSBC, one of the world’s largest lenders with about 235,000 employees in about 70 countries, is restructuring to adapt to tougher regulations, a law requiring the separation of its retail operations from the investment bank in the U.K. and amid a legacy of failed compliance and misconduct.
The bank remains under the watch of the U.S. Justice Department after helping South American drug cartels launder money, and faces moderating economic growth in China and the prospect of a post-Brexit slowdown in the U.K., its two most important regions.
Finance Minister Arun Jaitley Assumes Additional Charge of Defence
- The Union Finance minister Arun Jaitley was given the additional charge of the Defence Ministry on March 13, 2017 after Manohar Parrikar resigned to take on the new role of Goa Chief Minister.
- Upon the advice of Prime Minister Narendra Modi, the President Pranab Mukherjee directed that Arun Jaitely shall be assigned the charge of the ministry of defence, in addition to his existing portfolios.
- The 64 year old Finance Minister, who also holds the Corporate affairs portfolio was incharge of the Defence Ministry earlier from May 26 to November 9 in 2014.
- Parrikar will be sworn in as the chief minister of Goa on March 14, 2017
Acquisitions & Mergers
Intel to buy Mobileye for $ 15.3 billion
- Intel Corporation said it struck a deal to buy Mobileye N.V. for about $15.3 billion, the latest investment by a technology company in the future of self-driving cars.
- Mobileye makes chip-based camera systems that power semi-automated driving features that are already being used in cars today and is working to put that technology in the center of self-driving cars of the future.
- Prof Amnon Shashua, Mobileye’s Co-founder, Chairman, and CTO will lead this new combined entity. He will further report to Intel CEO, Brian Krzanich.
- Intel has estimated the vehicle systems, data and services market to be around $70 billion by 2030.
- Founded in 1999 in Israel, Mobileye went public on New York Stock Exchange (NYSE) back in 2014. In 2016, tesla stopped doing business with Mobileye after self-driving car crashed, causing the death of the driver.
Hyundai Signs 3 Bn Euro Deal For Iran Oil Project
Hyundai has signed a deal worth three billion euros (USD 3.2 billion) to invest in a major Iranian oil project.
Hyundai Engineering plans to invest 3.1 billion euros in the second phase of the Kangan oil production and refinery project in southwest Iran.
Lee Chong Wei Wins His Fourth All England Championship Title
- Top-ranked Lee Chong Wei won his fourth All England Open crown on March 12 and changed his mind about it being his 13th and last visit to badminton’s oldest championship.
- The 34-year-old Malaysian player had won the earlier titles in 2010, 2011 and 2014, this was his seventh All England final.
|China’s Tai Tzu-ying 21-16, 22-20
|Indonesia’s Marcus Gideon and Kevin Sukamuljo 21-19, 21-14
|South Korea’s Chang Ye Na and Lee So Hee 21-18, 21-13
|China’s Lu Kai and Huang Yaqiong 18-21, 21-19, 21-14
SSP Chawrasia Becomes Second Indian Golfer to Defend Indian Open Title
- SSP Chawrasia has become only the second Indian golfer to successfully defend the Hero Indian Open title.
- He clinched a seven-stroke win at the redesigned DLF Golf and Country Club. This was his sixth win on the Asian Tour and overall sixth international victory.
- Chawrasia pocketed a winner’s cheque of 291,660 USD.
- Chawrasia is the third player to win back-to-back Indian Open. The other two golfers who did so earlier are Jyoti Randhawa who won in 2006 and 2007 and Japan’s Kenji Hosoishi who won in 1967 and 1968.
Noted Film Director Diphan Dies At 45
- Malayalam film director Diphan passed away in Kochi on March 13 2017. The 47-year-old director, known for his hit film Puthiya Mukham, is survived by his wife and two children.
- Diphan in his brief career directed six films after turning an independent director in 2003.
- He then directed three films in 2012 which included Hero, SIM and his last was Dolphin Bar in 2014 which featured actor and BJP Rajya Sabha member Suresh Gopi.
- His latest film, Sathya, featuring Jayaram and Roma in the lead role, is yet to be released.