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India registers 7,17,686 gig workers; 58% are from Bengal, UP and Bihar

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Social Secuirty Code provides for devising welfare schemes for gig workers, but no scheme has been finalized yet as the provisions under the Code relating to gig and platform worker have not come into force, the labour ministry saidIndia Registers 7,17,686 Gig Workers; 58% Are From Bengal, UP And Bihar

India has registered at least 7,17,686 gig workers, a first of its kind formal count by the government, and almost 58% of them have come from West Bengal, Uttar Pradesh and Bihar alone.

The official data was captured via the informal sector data base created by the union labour ministry. According to data presented in the parliament on 3 February, while 219,443 gig workers have registered in West Bengal, it is followed by 128,241 in Uttar Pradesh and 67,329 in Bihar.

Jharkhand, Odisha and Chhattisgarh too have reported high registration of gig workers.

In fairly industrialised states like Maharashtra and Gujarat this number stands at 18,497 and 12,502, respectively. In Karnataka and Tamil Nadu, the number of gig workers, who have registered with the central government data base, stands at 9,826 and 9,405, respectively, as per latest data till January 28.

The Code on Social Security, which is yet to be implemented recognises gig workers as a new occupational category and where there is no traditional employee and employer relationship. It defines the “gig worker as a person who performs work or participates in work arrangement and earns from such activities, outside of the traditional employer-employee relationship.”

There is no definition of gig workers in the existing central labour laws. However, the Code on Social Security, 2020, for the first time, defines gig workers and envisages social security benefits through formulation of schemes. It is provided in the Code on Social Security, 2020 to set up a Social Security Fund and one of the sources of fund, is contribution between 1% to 2% of annual turnover of an aggregator subject to the limit of 5% of the amount paid or payable by an aggregator to such workers.

“However, no scheme has been finalized as the provisions under the Code relating to gig and platform worker have not come into force” the labour ministry informed.

To be sure, none of the four labour codes – on wages, social security, industrial code, and occupational safety – has come into effect despite being passed by Parliament more than a year back. This is due to several reasons such as slow pace of rule framing, reservation on some of the provisions by both employers and employees, and the upcoming Assembly elections in key states.

Budget 2022: A stable income-tax regime is good for equity markets

Budget 2022: A stable income-tax regime is good for equity markets

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The Budget has focused more on capex rather than on consumption. But higher-than-estimated government borrowing could pose a challenge in bond markets.

Budget 2022: A Stable Income-tax Regime Is Good For Equity Markets
The Indian economy is still recovering from the Covid pandemic. And the need of the hour was a budget that would sustain the economy on the recovery path. In furtherance to the previous budget, the government has continued with measures in the current one that complement macro growth with social welfare, while being accommodative on fiscal consolidation.

The Finance Minister has announced a growth-oriented budget with a focus on capex rather than on consumption. Budget receipts estimates both on the tax and non-tax front are quite conservative and should be achievable. The tax-GDP ratio has been kept at about 10.7 percent of GDP, which is realistic. Divestment and other non-tax revenue estimates are also realistic.

On the expenditure side the government has budgeted healthy growth in capex, a significant part of which is going to States for their capex expenditure. The Budget is also making an attempt to bring off-balance sheet expenditure within the balance sheet and is thus positive on the transparency front.

The fiscal deficit as a percentage of GDP has been budgeted at 6.4 percent for FY23 versus the FY22RE of 6.9 percent. This was more aggressive than the market consensus, which was in the range of 6-6.4 percent. Overall gross market borrowing has been budgeted at INR 14.95 trillion and net market borrowing at INR 11.1 trillion, both of which are higher than market estimates and would be little challenging for bond markets given the possibility of less RBI support.

States were also allowed to run a deficit of 4 percent of GDP in FY23 with 0.5 percent tied to power sector reforms. The medium-term commitment to reach a fiscal deficit of 4.5 percent by FY26 was retained although a larger part of the consolidation now appears back-ended.

Infrastructure focus continues

The Budget has reiterated the government’s focus on public investment to modernise infrastructure over the medium term. For the infrastructure sector, unlike last year, when there was a step change, this year has seen 8-10 percent growth in the budgetary allocation for most segments, except Railways, which got a 17% hike.

In the case of the housing sector also, the budget has allocated INR 48,000 crore for the PM Awas Yojana, up from INR 25,000-30,000 crore in the past few years. In addition, the Jal Jeevan mission to provide households with tap water has received an allocation of INR 60,000 crore. Overall, increased investment is expected to benefit companies in sectors such as capital goods, cement, logistics, infrastructure, pipes, real-estate etc.

Supporting the private sector

The government is continuing its efforts to support private sector growth and support new business models. In the Defence sector, 68 percent of the capital procurement budget will be earmarked for domestic industry, up from 58 percent last year. Also, 25 percent of Defence R&D will be earmarked for the private sector. One of the key highlights of this budget is its focus on the digital economy, start-ups, and tech-enabled development as well as energy transition and climate action.

The budget also takes forward the steps taken in last year’s budget to stimulate domestic manufacturing. It has simplified customs duty for various sectors, including chemicals, provided duty concessions for electronics manufacturers, and made an additional allocation to facilitate domestic manufacturing of solar PV modules, which in congruence with the PLI scheme.

The timeline for a lower tax regime of 15 percent for newly incorporated manufacturing companies has also been increased till March 31, 2024. This is slated to incentivise companies in the manufacturing space and make them globally competitive. Extension of the timeline and amount under the Emergency Credit Line Guarantee Scheme (ECLGS) should aid MSMEs and encourage banks to lend.

A key highlight is that there was no negative news for taxpayers in terms of a change in tax rates. A stable tax regime has removed a major overhang, which is contributing to the positive sentiment for equity markets.

Overall, Budget 2022-23 is pro-growth, conservative in assumptions and transparent. In this backdrop, we continue to remain positive on the overall construct of equity markets. Within sectors, we are constructive on Banks and Financials, Domestic cyclicals and Industrials.

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Interview | Budget plan implementation, faster dispute mechanism key to infrastructure growth: L&T CFO

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Larsen & Toubro’s Shankar Raman says dispute resolution will be a factor in the infrastructure sector’s progress   Interview | Budget Plan Implementation, Faster Dispute Mechanism Key To Infrastructure  Growth: L&T CFO

The Union Budget will boost the order pipeline for the infrastructure sector, but the pace of implementation and execution of the big-bang capital expenditure plan announced by the Finance Minister Nirmala Sitharaman on February 1 will be key to success, said R Shankar Raman, chief financial officer of Larsen & Toubro Limited (L&T).

Some ongoing issues in the infrastructure sector, like dispute resolution and pace of ordering, need to be addressed to help the industry accelerate growth, Raman told Moneycontrol’s Rachita Prasad.

Raman also spoke about the opportunities and risks and how L&T is preparing for 2022-23. Pushing project execution, managing people and closing the divestment of its non-core assets is on the top of the agenda for the engineering giant. Edited excerpts:

Key takeaways from Finance Minister Nirmala Sitharamans Budget speech

The Rs 7.5 lakh crore is generous. The good part of the allocation is that they've chosen sectors where there is likelihood of a multiplier effect in terms of job generation, distributed income, earning potential, etc.

They have focused on transportation sector, like on transit-oriented cargo terminals, logistics parks. These are all connected projects and they are linear; this will take employment generation to different corners of the country. The Finance Minister spoke about renewable energy, water and housing, which are important issues from the political point of view common man's needs as well as development as more of these centres are coming up. While no specific tax incentive exists today, (with) the inclusion of data centres and energy storage systems, financing these projects will become easier.

Except for the removal of the surcharge on long-term capital gains, which is good in a way, they've have kept the tax structure stable. This is a good strategy because one moving part in the entire investment and return on investment gets addressed if the tax regime is stable. That in a way adds to the attractiveness of the infrastructure sector from a capital attraction point of view.

The most telling thing about the viability of these investments doing well is the thrust on manufacturing. Today, one of our biggest constraints is logistics—moving goods to the market of a manufacturing unit. The thrust to defence, manufacturing, electronics, telecom equipment, solar modules, will improve the viability of these transport and logistics projects. If there is traffic movement of goods, it will justify the investments. Often investors look at these investments which are perceived as good, but the viability is so long-term that only pension funds and sovereign wealth funds are able to invest.

Also read: Budget 2022 | Government strikes a fine balance between growth and fiscal consolidation

India needs to invest $1.4 trillion by 2024-25 on infrastructure to achieve $5 trillion gross domestic product. The Budget spoke about capex, infrastructure, and even climate financing but did not give specifics. Where will the financing come from? 

The numbers are suggesting almost Rs 15 lakh crore for financing. The tax collection is expected to be robust. They are also talking about allocating almost Rs. 1 lakh crore to the states for them to participate because they now realize that some of these projects cannot get stuck at state boundaries, they need to flow to  the natural destinations. It's important to get states on their side and get projects on track. All this is going to possibly going to come from the Rs 15 lakh crore gross market borrowing that they mentioned, and also the sovereign green bonds. But clearly the financing has taken a backseat and they have put the end-use first. If the economy grows the way they are projecting it, if tax collection continues to be robust, if the market continues to be attractive, then funding would be available through market borrowing or FII remittances.

Also read: Budget 2022: FM focuses on speeding up cargo movement, improving logistics network

What are the risks to this plan? 

The biggest risk in this is implementation. In the past, too, we have always had decent announcements, but the ability to follow through and implement has been our biggest challenge. Secondly, with so much money mobilization, interest rates are at a risk. If interest rates rise, then they puncture the viability of the project. Finally, all these projects require steel, cement and other commodities, the supply of which are constrained as it is. With additional demand for all this due to the additional capex, there will be a need to manage the supply-side; otherwise inflation will spiral and to that extent, assets will become uncompetitive. These three items are risks to this plan—implementation that includes ability to find the money, interest rates and inflation. If they are able to manage this, this budget could be the much-needed dose for sustainable growth. Because of last year’s base effect, growth looks attractive. But when you talk about the next year on the basis of the current year's estimated growth, unless the implementation plan is solid, there could be issues in terms of handling the expectations.

As the largest infrastructure company in the country, what are the opportunities and challenges for the sector now? 

We had said after our financial result last week (that) the project pipeline looks good, the pipeline even without this budget announcement. That was based on what activity we saw around. The budget announcements give further emphasis on investment and growth through investment. It makes the pipeline more certain for a longer period of time than it was before the budget. But how much of that is going to be put into smaller programs, when will it be rolled out, timing of bids, conversion of bids to order—this needs to be seen. The biggest challenge is to complete the whole cycle from bidding to awarding quickly. If it happens as briskly as it did in 2020, then we could even see the benefit of all these investments within the budget period.

Also read: Budget 2022 opens coffers wide for road, rail investments

L&T is seen as a proxy of India’s infrastructure story as you have a presence across sectors. What are the growth drivers now and would you revisit plans after the budget? 

We have been pitching out tent in all the areas of infrastructure. We were not sure about the sizing of our defence business because we were not sure how much preference would be given to domestic manufacturing. There seems to be a little more definitive direction towards that. So now we will have to see how much we are able to deliver from our factories; it’s a good development.

We have been talking about energy storage as part of this energy transition, and electrolysers, etc. The budget gives attention to these segments on a national level so that will help in firming up the plans. The benefit out of this budget will be seen over a two-three year period if we are able to sustain. They continue to talk about projects like river interlinking, but that requires consensus with the states. These could take more time and have long-term prospects. But the rest of the areas that have been talked about are all workable. But if we are looking at a private-public partnership model for financing projects, we need to ensure these projects are more viable. The PPP projects in the past did not contain sufficient relief measures for dispute resolution, speed of clearances, right of way, etc.

The government announced National Monetisation Pipeline last year but the Union Budget did not specify the plans for it… 

I don’t know where the asset monetisation plan figures in this. The budget spoke about kilometres of expressways, but are we planning to finance it by divesting some developed assets? They have not made that clear.

But would L&T be looking at these assets if they came up for sale? 

No, we will not looking at it at all. We are watching this space because asset monetization would pump liquidity into the industry, and to that extent new programmes would get financing. We are interested in engineering, procurement and construction (EPC) projects and we are looking at it only from the point of availability of liquidity with our customers.

The other thing the budget did not touch talk much about was the thermal power sector. L&T’s power business has been a laggard due to the challenges in the sector, what do you make of this budget? 

The Economic Survey very clearly talks about fossil fuel; how it continues to be relevant and we can’t scrap it overnight to switch to renewables. The budget is very silent on this. Our belief is that the desulphurisation of existing power projects will continue, but we don’t expect any major EPC order for a new thermal capacity asset. But if India is going to grow at the pace at which it's predicted, I wouldn't be surprised if some thermal capacity addition comes about. While solar projects take only 18 months to come up, it requires a lot of land and then the cost of modules continue to be high. The government will have to revisit some conditions to give confidence to developers that power purchase agreements will be honoured.

Dispute resolution continues to be challenge for the industry with many projects stuck in arbitration. What more can be done? 

Of late, there is a movement to settle cases outside of court. But that works well only when the two parties are equals; the government is not really an equal party. The conciliation becomes difficult when the other party has a more powerful position at the table. The arbitration has some ticking timelines, but conciliation is open-ended. If a plan has been implemented we have to respect time; interest during the construction itself can make it unviable. Speed is money.

After the second quarter of FY2022, you sounded more confident of achieving you sales and order inflow targets for the year than how you did last week after the third quarter. Should we be worried that an industry bellwether like L&T is not as confident on execution and implementation? 

Things are improving with every quarter. We have hit a good season now in terms of weather conditions and festival season getting over. We get an uninterrupted run of about six months, till about June. This is possibly the best period for execution of projects and planning budgets. There is always the pressure to execute more projects faster because ultimately the order book has to be converted to sales, profits and cash. The turnover of people is very high, managing people movement is a challenge. But we were far more worried this time last year as compared to where we are right now.

Does that mean this is the best time for mobilization of people? No, we have seen better times but we are moving forward.

Also read: L&T Q3 results | Profit, new orders dip but order pipeline remains strong, says CFO

This fiscal is coming to an end, what will be the top priority for 2022-23 for L&T? 

The priority is to catch up with the commitment to clients because we have been pushed back on time due to the three waves of the pandemic. The second priority is to ensure that the non-core assets exit that we have been working on gets completed. The third priority, we catch up with our commitment to the plan; we have to make sure working capital stays disciplined and money management has to remain intact. And finally, we have to manage talent, some of the businesses in our portfolios like IT (information technology), IT-enabled services and financial services have a lot of attrition, so we have to manage that well. Of course inflation is always an important factor to manage.

L&T have identified the Hyderabad Metro project for divestment. You have been in talks with the government to reduce the stress on the projects due to Covid19 disruptions. What is the status of the plans for this project? 

Every month is two steps forward; we are definitely making headway. We refinanced the loan in December, that is giving us a saving of Rs 300 crore – 400 crore on interest payment. Now we're trying to restructure the capital so that the debt level comes down in the project. So sometime in the course of this calendar year we will be able to mention what exactly we're doing to make this project not such an overhang that it has been. Ultimately, what will help is people commuting on it, which has been disrupted by the pandemic.

When do you expect to close the divestment of L&T’s infrastructure development arm, IDPL? 

We are working on the divestment process to exit it. We are hoping against hope that we will be able to close the process. We will speak about it when it is done.

Interview | Budget plan implementation, faster dispute mechanism key to infrastructure growth: L&T CFO

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Larsen & Toubro’s Shankar Raman says dispute resolution will be a factor in the infrastructure sector’s progress   Interview | Budget Plan Implementation, Faster Dispute Mechanism Key To Infrastructure  Growth: L&T CFO

The Union Budget will boost the order pipeline for the infrastructure sector, but the pace of implementation and execution of the big-bang capital expenditure plan announced by the Finance Minister Nirmala Sitharaman on February 1 will be key to success, said R Shankar Raman, chief financial officer of Larsen & Toubro Limited (L&T).

Some ongoing issues in the infrastructure sector, like dispute resolution and pace of ordering, need to be addressed to help the industry accelerate growth, Raman told Moneycontrol’s Rachita Prasad.

Raman also spoke about the opportunities and risks and how L&T is preparing for 2022-23. Pushing project execution, managing people and closing the divestment of its non-core assets is on the top of the agenda for the engineering giant. Edited excerpts:

Key takeaways from Finance Minister Nirmala Sitharamans Budget speech

The Rs 7.5 lakh crore is generous. The good part of the allocation is that they've chosen sectors where there is likelihood of a multiplier effect in terms of job generation, distributed income, earning potential, etc.

They have focused on transportation sector, like on transit-oriented cargo terminals, logistics parks. These are all connected projects and they are linear; this will take employment generation to different corners of the country. The Finance Minister spoke about renewable energy, water and housing, which are important issues from the political point of view common man's needs as well as development as more of these centres are coming up. While no specific tax incentive exists today, (with) the inclusion of data centres and energy storage systems, financing these projects will become easier.

Except for the removal of the surcharge on long-term capital gains, which is good in a way, they've have kept the tax structure stable. This is a good strategy because one moving part in the entire investment and return on investment gets addressed if the tax regime is stable. That in a way adds to the attractiveness of the infrastructure sector from a capital attraction point of view.

The most telling thing about the viability of these investments doing well is the thrust on manufacturing. Today, one of our biggest constraints is logistics—moving goods to the market of a manufacturing unit. The thrust to defence, manufacturing, electronics, telecom equipment, solar modules, will improve the viability of these transport and logistics projects. If there is traffic movement of goods, it will justify the investments. Often investors look at these investments which are perceived as good, but the viability is so long-term that only pension funds and sovereign wealth funds are able to invest.

Also read: Budget 2022 | Government strikes a fine balance between growth and fiscal consolidation

India needs to invest $1.4 trillion by 2024-25 on infrastructure to achieve $5 trillion gross domestic product. The Budget spoke about capex, infrastructure, and even climate financing but did not give specifics. Where will the financing come from? 

The numbers are suggesting almost Rs 15 lakh crore for financing. The tax collection is expected to be robust. They are also talking about allocating almost Rs. 1 lakh crore to the states for them to participate because they now realize that some of these projects cannot get stuck at state boundaries, they need to flow to  the natural destinations. It's important to get states on their side and get projects on track. All this is going to possibly going to come from the Rs 15 lakh crore gross market borrowing that they mentioned, and also the sovereign green bonds. But clearly the financing has taken a backseat and they have put the end-use first. If the economy grows the way they are projecting it, if tax collection continues to be robust, if the market continues to be attractive, then funding would be available through market borrowing or FII remittances.

Also read: Budget 2022: FM focuses on speeding up cargo movement, improving logistics network

What are the risks to this plan? 

The biggest risk in this is implementation. In the past, too, we have always had decent announcements, but the ability to follow through and implement has been our biggest challenge. Secondly, with so much money mobilization, interest rates are at a risk. If interest rates rise, then they puncture the viability of the project. Finally, all these projects require steel, cement and other commodities, the supply of which are constrained as it is. With additional demand for all this due to the additional capex, there will be a need to manage the supply-side; otherwise inflation will spiral and to that extent, assets will become uncompetitive. These three items are risks to this plan—implementation that includes ability to find the money, interest rates and inflation. If they are able to manage this, this budget could be the much-needed dose for sustainable growth. Because of last year’s base effect, growth looks attractive. But when you talk about the next year on the basis of the current year's estimated growth, unless the implementation plan is solid, there could be issues in terms of handling the expectations.

As the largest infrastructure company in the country, what are the opportunities and challenges for the sector now? 

We had said after our financial result last week (that) the project pipeline looks good, the pipeline even without this budget announcement. That was based on what activity we saw around. The budget announcements give further emphasis on investment and growth through investment. It makes the pipeline more certain for a longer period of time than it was before the budget. But how much of that is going to be put into smaller programs, when will it be rolled out, timing of bids, conversion of bids to order—this needs to be seen. The biggest challenge is to complete the whole cycle from bidding to awarding quickly. If it happens as briskly as it did in 2020, then we could even see the benefit of all these investments within the budget period.

Also read: Budget 2022 opens coffers wide for road, rail investments

L&T is seen as a proxy of India’s infrastructure story as you have a presence across sectors. What are the growth drivers now and would you revisit plans after the budget? 

We have been pitching out tent in all the areas of infrastructure. We were not sure about the sizing of our defence business because we were not sure how much preference would be given to domestic manufacturing. There seems to be a little more definitive direction towards that. So now we will have to see how much we are able to deliver from our factories; it’s a good development.

We have been talking about energy storage as part of this energy transition, and electrolysers, etc. The budget gives attention to these segments on a national level so that will help in firming up the plans. The benefit out of this budget will be seen over a two-three year period if we are able to sustain. They continue to talk about projects like river interlinking, but that requires consensus with the states. These could take more time and have long-term prospects. But the rest of the areas that have been talked about are all workable. But if we are looking at a private-public partnership model for financing projects, we need to ensure these projects are more viable. The PPP projects in the past did not contain sufficient relief measures for dispute resolution, speed of clearances, right of way, etc.

The government announced National Monetisation Pipeline last year but the Union Budget did not specify the plans for it… 

I don’t know where the asset monetisation plan figures in this. The budget spoke about kilometres of expressways, but are we planning to finance it by divesting some developed assets? They have not made that clear.

But would L&T be looking at these assets if they came up for sale? 

No, we will not looking at it at all. We are watching this space because asset monetization would pump liquidity into the industry, and to that extent new programmes would get financing. We are interested in engineering, procurement and construction (EPC) projects and we are looking at it only from the point of availability of liquidity with our customers.

The other thing the budget did not touch talk much about was the thermal power sector. L&T’s power business has been a laggard due to the challenges in the sector, what do you make of this budget? 

The Economic Survey very clearly talks about fossil fuel; how it continues to be relevant and we can’t scrap it overnight to switch to renewables. The budget is very silent on this. Our belief is that the desulphurisation of existing power projects will continue, but we don’t expect any major EPC order for a new thermal capacity asset. But if India is going to grow at the pace at which it's predicted, I wouldn't be surprised if some thermal capacity addition comes about. While solar projects take only 18 months to come up, it requires a lot of land and then the cost of modules continue to be high. The government will have to revisit some conditions to give confidence to developers that power purchase agreements will be honoured.

Dispute resolution continues to be challenge for the industry with many projects stuck in arbitration. What more can be done? 

Of late, there is a movement to settle cases outside of court. But that works well only when the two parties are equals; the government is not really an equal party. The conciliation becomes difficult when the other party has a more powerful position at the table. The arbitration has some ticking timelines, but conciliation is open-ended. If a plan has been implemented we have to respect time; interest during the construction itself can make it unviable. Speed is money.

After the second quarter of FY2022, you sounded more confident of achieving you sales and order inflow targets for the year than how you did last week after the third quarter. Should we be worried that an industry bellwether like L&T is not as confident on execution and implementation? 

Things are improving with every quarter. We have hit a good season now in terms of weather conditions and festival season getting over. We get an uninterrupted run of about six months, till about June. This is possibly the best period for execution of projects and planning budgets. There is always the pressure to execute more projects faster because ultimately the order book has to be converted to sales, profits and cash. The turnover of people is very high, managing people movement is a challenge. But we were far more worried this time last year as compared to where we are right now.

Does that mean this is the best time for mobilization of people? No, we have seen better times but we are moving forward.

Also read: L&T Q3 results | Profit, new orders dip but order pipeline remains strong, says CFO

This fiscal is coming to an end, what will be the top priority for 2022-23 for L&T? 

The priority is to catch up with the commitment to clients because we have been pushed back on time due to the three waves of the pandemic. The second priority is to ensure that the non-core assets exit that we have been working on gets completed. The third priority, we catch up with our commitment to the plan; we have to make sure working capital stays disciplined and money management has to remain intact. And finally, we have to manage talent, some of the businesses in our portfolios like IT (information technology), IT-enabled services and financial services have a lot of attrition, so we have to manage that well. Of course inflation is always an important factor to manage.

L&T have identified the Hyderabad Metro project for divestment. You have been in talks with the government to reduce the stress on the projects due to Covid19 disruptions. What is the status of the plans for this project? 

Every month is two steps forward; we are definitely making headway. We refinanced the loan in December, that is giving us a saving of Rs 300 crore – 400 crore on interest payment. Now we're trying to restructure the capital so that the debt level comes down in the project. So sometime in the course of this calendar year we will be able to mention what exactly we're doing to make this project not such an overhang that it has been. Ultimately, what will help is people commuting on it, which has been disrupted by the pandemic.

When do you expect to close the divestment of L&T’s infrastructure development arm, IDPL? 

We are working on the divestment process to exit it. We are hoping against hope that we will be able to close the process. We will speak about it when it is done.

Businesswoman, 36, wrote cheques to family with Covid relief money, faces up to 10 years in jail

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United States: Amina Abbas, 36, who owned a home health agency in Indiana, received $37,657 under a government to scheme to help health care providers treat COVID-19 patients, even though the facility did not operate during the pandemic.

Businesswoman, 36, Wrote Cheques To Family With Covid Relief Money, Faces Up  To 10 Years In Jail

A businesswoman in the United States has confessed to stealing funds meant for the care of COVID-19 patients and is set to be sentenced in May. She could be imprisoned for up to 10 years.

Amina Abbas, 36, who owned a home health agency in Indiana state and now lives in Michigan, received $37,657 under a government to scheme to help health care providers treat COVID-19 patients, even though the facility did not operate during the pandemic.

The woman spent the money by issuing cheques to her relatives for personal use, according to the US Department of Justice.

“The charges against Abbas were the first criminal charges for the intentional misuse of funds distributed from the CARES Act Provider Relief Fund, money specially apportioned by the CARES Act to help health care providers who were financially impacted by the COVID-19 pandemic, to provide care to patients who were suffering from COVID-19, and compensate providers for the cost of that care,” the department said in a press note. “These funds were critical to providing relief to health care providers and maintaining access to medical care during the pandemic.”

Abbas had shut her home health agency in early 2020 after officials ordered it to reimburse over $1.6 million. The agency had allegedly submitted claims for patients who did not qualify for home health services, according to the US Department of Justice.

The US government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act seeks to provide emergency financial assistance to Americans reeling under the economic impact of the pandemic.

CARES Act includes a Provider Relief Fund, which is meant to help healthcare providers with coronavirus response.

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IndiGo terms Budget 2022 as 'growth-oriented', expects cut in excise duty on jet fuel

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"Budget 2022-23 appears to be growth-oriented by an increase in the capital outlay of Rs 7.5 lakh crore, fiscal deficit capped at 6.4 per cent and efforts are being made to reduce compliance burdens and improve ease of doing business," IndiGo Whole-Time Director and CEO Ronojoy Dutta said in his Budget reaction.tax parity: Budget 2022: US companies look at tax parity, transparency,  predictability - The Economic Times

Budget carrier IndiGo termed the Union Budget 2022-23 as "growth-oriented" while expecting a cut in the excise duty on jet fuel.

"Budget 2022-23 appears to be growth-oriented by an increase in the capital outlay of Rs 7.5 lakh crore, fiscal deficit capped at 6.4 per cent and efforts are being made to reduce compliance burdens and improve ease of doing business," IndiGo Whole-Time Director and CEO Ronojoy Dutta said in his Budget reaction.

"We expect the Budget would enable India to achieve a growth estimate of 9.2 per cent," he said. Welcoming the new incentives of issuing e-passports and the introduction of digital currency, Dutta said the government’s "relentless" focus on the national transportation infrastructure development with the PM Gati Shakti National Master Plan will strengthen the much-needed multimodal connectivity.

Also Read:- Key takeaways from Finance Minister Nirmala Sitharamans Budget speech

Also, besides facilitating the seamless movement of cargo, the plan will reduce logistics costs as well, he added. "Having said that, we were expecting tax concessions to the aviation industry in the forms of cut in ATF (aviation turbine fuel) excise duty and the allocation of concessional finance to airlines to help us come out of the pandemic," Dutta said.

Earlier, Finance Minister Nirmala Sitharaman in her Budget Speech on Tuesday said the PM Gati Shakti National Master Plan is a transformative approach for economic growth and sustainable development and is driven by seven engines including roads, railways, airports, ports, mass transport, waterways and logistics infrastructure.

All seven engines will pull forward the economy in unison, Sitharaman said while presenting the Budget for 2022-23. These engines are supported by the complementary roles of energy transmission, information technology communication, bulk water and sewerage and social infrastructure.

Key takeaways from Finance Minister Nirmala Sitharamans Budget speech

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Key takeaways from Finance Minister Nirmala Sitharamans Budget speech

Budget 2022: 'Tax' most mentioned word in Nirmala Sitharaman's speech -  BusinessToday

* 100 PM Gati Shakti terminals to be set up in next three years

* Desh stack e-portal to be launched to promote digital infra

* Govt to pay Rs 2.37 lakh crore towards procurement of wheat and paddy under MSP operations

* Implementation of Ken-Betwa rivers linking with an estimated cost of Rs 44,605 cr to be taken up

* Draft DPRs for 5 river links have been finalized

* Kisan Drones for crop assessment, land records, spraying of insecticides expected to drive a wave of technology in agri sector

* Rs 6,000 crore program to rate MSMEs to be rolled out over 5 years

* Startups will be promoted for Drone Shakti

* 1-Class-1-TV Channel to be implemented to provide supplementary education to children to make up for the loss of formal education due to Covid.

* Hospitality services by small and medium sector yet to bounce back

* Digital university to be set up to provide education; to be built on the hub and spoke model

* Economic recovery benefitting from public investment and capital spending

* PM Gati Shakti for road transport masterplan to be finalized in 2022-23

* 2022-23 has been announced as the International Year of Millets

* Railways will develop new products for small farmers and MSMEs

* Contracts for multi-modal parks at 4 locations to be awarded next fiscal

* ECLGS scheme to be extended till March 2023 and guarantee cover expanded by Rs 50,000 to Rs 5 lakh cr

* 2,000 km of the rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation

* 400 new generation Vande Bharat trains with better Energy Efficiency and passenger riding experience to be manufactured in next three years

* Emergency Credit Line Guarantee Scheme (ECLGS) will be extended up to March 2023

* The guaranteed cover will be expanded by Rs 50,000 crores to a total cover of Rs 5 lakh crores

* Issuance of E-passports will be rolled out in 2022-23 to enhance convenience for  citizens

* The pandemic has accentuated mental health problems in people of all ages.

* To better the access to quality mental health counseling and care services, a National Tele Mental Health program will be launched

* This will include a network of 23 tele mental health centers of excellence with Nimhans being the nodal center and IIIT Bangalore providing technology support

* PM development initiatives for North East will be implemented for the North Eastern Council. This will enable livelihood activities for youth and women. This scheme is not a substitute for the existing Centre or State schemes.

* 95 percent of 112 aspirational districts have made significant progress in health, infra

* 80 lakh affordable houses will be completed at Rs 44,000 cr under PM Awas Yojna in 2022-23

* A new scheme called PM Development Initiative for North East to be launched

* Villages on the northern border of India will be covered under a new vibrant village program to enhance the development

* 75 digital banks in 75 districts will be set up by scheduled commercial banks to encourage digital payments

* Projects in National Infrastructure Pipeline which pertain to 7 engines will be aligned with PM Gati Shakti Framework

* All post offices to be linked with Core Banking Solution to push financial inclusion

* Next phase of ease of doing business, ease of living to be launched

* Data exchange among all-mode operators to be brought in on unified logistics interface platform to enable efficient movement of goods

* A high-level panel to be set up for urban planning

* E-passport with embedded chip will be rolled out

* Modern building by-laws will be introduced

* 75,000 compliances have been eliminated and 1,486 union laws repealed to make it easier for businesses

* Battery swapping policy to allow EV charging stations for automobiles will be framed

* A completely paperless, e-bill system will be launched by ministries for procurement

* 5 existing academic institutions for urban planning to be designated as Centre for Excellence with endowment fund of Rs 250 cr

* Voluntary exit for corporates to be cut down to 6 months from 2 years

* 2,000 km of rail network to be brought under indigenous technology KAWACH for safety and capacity augmentation

* To reduce indirect costs for suppliers, surety bonds will be acceptable

* Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms

* 68 percent of capital for defense sector to be earmarked for local industry

* Govt committed to reduce import and promote self-reliance in the defense sector

* Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode

* Risks of climate change are strongest externalities for the world

* Low carbon development strategy opens up employment opportunity

* Rs 19,500 cr additional allocation for PLI for manufacturing high efficiency solar modules has been made

* 4 pilot projects for coal gasification are to be set up

* Financial support will be provided to farmers to take up agro-forestry

* Outlay for capital expenditure stepped up 35.4 pc to Rs 7.5 lakh crore in FY23

* Economy has shown resilience to come out of pandemic, we need to sustain the level of growth

* Effective capital expenditure will be Rs 10.68 lakh crore, or 4.1 pc of GDP, in 2022-23

* Public investment must take lead to pump prime private investment and support demand

* World-class university to be allowed in GIFT IFSC free from domestic regulation

* Sovereign green bonds to be issued to mobilise resources as part of govts borrowing programme

* International arbitration centre will be set up in GIFT city to provide faster dispute resolution

* Data centre and energy storage system to be given infrastructure status; move to provide easy financing

* PE/VC invested Rs 5.5 lakh crore in startup, expert committee will be set up to suggest measures to help attract investment

* Measures will be taken to step up private capital in infra sector

* Proposed to introduce Digital Rupee by RBI using blockchain technology, starting 2022-23,

* Rs 1 lakh crore financial assistance to states to be provided in 2022-23 to catalyse investments

* In 2022-23, states will be allowed fiscal deficit of up to 4 pc of GSDP

* Fiscal deficit at 6.9 per cent of GDP in 2021-22, 6.4 per cent in 2022-23

* Total expenditure in FY23 estimated at Rs 39.45 lakh cr; total resources mobilisation to be Rs 22.84 lakh cr other than borrowing:

* Govt vows a stable and predictable tax regime

* New provision to allow taxpayers to file an updated return within 2 years from the end of the relevant assessment year

* Alternate minimum tax to be reduced to 15% for cooperative societies

* Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees

* Tax incentives for startups to be incorporated until March 31, 2023

* Reduce of surcharge of cooperative societies from 12% to 7% for those having income below 1 crore

* Virtual digital assets to be taxed at 30% and 1 % TDS on transfer of virtual digital assets

* GST payed a remarkable reform in Indias GDP

* GST revenues are buoyant despite the pandemic, gross GST collection for month of January are over Rs. 1.4 lakh crore. The highest since the inception of GST

* Taxpayers deserve applause who have diligently contributed to fulfilling their responsibilities in improved tax & GST

* Faceless customs have done exceptional work against all odds and been an enabler in PLI & Ease of Doing Business

* To further electronics manufacturing, duty concessions given for high growth of electronics items

* Customs duty on cut polished diamonds, gems to be reduced to 5%

* No change in the Income Tax Bracket for tax-paying individuals.

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Budget 2022: US companies look at tax parity, transparency, predictability

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Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday.

Post-Covid economy will not merely be re-inflation of pre-Covid economy: Economic  Survey | Business News,The Indian Express

American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect “tax parity” in the annual budget to be tabled by Finance Minister Nirmala Sitharaman, the head of a top India-centric US business advocacy group said.
Mukesh Aghi, president, US India Strategic and Partnership Forum (USISPF) said the American companies have high expectations from what Sitharaman would present in her fourth annual budget on Tuesday.
The US companies, he noted, are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor.

“They (US companies) are looking at tax parity. For example, e-commerce companies that have equalisation levy, that needs to be done away with. They are looking at lowering of tariffs. It is good for India also because domestic companies become much more competitive and efficient,” he told PTI in an interview on Monday.

American companies, Aghi said, are looking at more investment in India’s infrastructure. They also want the labour laws and land acquisition process streamlined, he observed.

“Because ease-of-doing business is still very critical in the minds of these investors. They spent a lot of time putting in an application for more land or water so that has to be sorted out,” he said.

The USISPF chief further said the US companies, from a long-term perspective, expect from the annual budget “a sense of predictability, transparency and concentrated process”. These are the critical questions raised inside a boardroom when a company is planning to invest million or billions in India, he added.

“I think it is important that the tax regime, for example, do not behave like tax terrorism, but behave more like tax partners. If you look at any US company at the moment, there will be some kind of tax issues with the authorities,'' he said in response to a question.

Aghi added that it is important that corporate taxes are in line from a global perspective. They do not have extra taxes, which makes these companies' cost of manufacturing itself more expensive, he said.

He said Sitharaman has been transparent and her confidence has gone up in handling the economy and the budget itself. Asked about the expectations of Indian Americans from the budget, Aghi said certain reforms in the regulations and taxations related to start-ups in India would help them create a better atmosphere and bring in more investment from the diaspora.

“What we are seeing is more and more Indian Americans are funding startups,” he said, noting that India produced 44 unicorns last year and there are over 10,000 startups blossoming in India.

“It is important to allow these startups to list in the US as the capital and access is much easily available in the US, so valuation gets better,” he said, adding that taxation reform is essential on options granted to employees. An early taxation on such options makes it less attractive, he argued.

“India has a tremendous success story of startups. It is the third largest ecosystem in the world. That shows the zeal and the spirit of entrepreneurs in India….. they are willing to go out into an environment in which they can get better.

“At the end of day, startups are job creators, and they are innovators. The combination is critical for India to sustain 8.5 to 9 per cent economic growth for the next 10-15 years,” Aghi added.

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Economic Survey 2022: Measures to cool global inflation to affect capital flows, pressure exchange rate

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India will need to be wary of imported inflation, especially from elevated energy prices, and likely withdrawal of liquidity by major central banks, the survey warns

Economic Survey 2022: Measures To Cool Global Inflation To Affect Capital  Flows, Pressure Exchange Rate

The impact of surging inflation, particularly in the US where it has risen to its highest since 1982, is hard to miss as one reads through the Economic Survey 2021-22.

The annual economic report card authored by principal economic adviser Sanjeev Sanyal and his team of advisers has warned that India will need to be wary of imported inflation, especially from elevated global energy prices.

The likely withdrawal of liquidity by major central banks over the next year may also make global capital flows more volatile, the authors wrote.

“Inflation has reappeared as a global issue in both advanced and emerging economies. The surge in energy prices, non-food commodities, input prices, disruption of global supply chains, and rising freight costs stoked global inflation during the year,” the survey said.

The survey, however, refrained from providing an estimate of where the consumer price index or the wholesale price index could settle even as it has forecast GDP growth at 9.2 percent in real terms in the current fiscal and 8-8.5 percent in the next.

The survey, which was tabled in the Lok Sabha on the eve of the Budget, has assumed that oil prices will average $70-75 a barrel in the new fiscal year.

The widely followed consumer price index (CPI) moderated as food prices cooled but the wholesale price index, which represents the prices that producers face, continues to be in double-digits.

The survey said the CPI inflation moderated to 5.2 percent in 2021-22 (April-December) from 6.6 percent in the corresponding period of 2020-21.

Also Read: Economic Survey 2022 pegs FY23 GDP growth at 8-8.5 percent

For the moment, the CPI index stays within the tolerance band of the Reserve Bank of India. The CPI index for December 2021 provisionally printed a 5.6 percent rise from a year ago.

“Although the high WPI inflation is partly due to base effects that will even out, India does need to be wary of imported inflation, especially from elevated global energy prices,” the survey said, taking note of the cut in the excise duties on petrol and diesel by the Centre and value-added tax by states.

Also read: Economic Survey 2022: Resilience of India's exports to drive growth revival in 2022-23

Growth warning

This rise in inflation was bound to lead to an unwinding of pandemic-led stimulus, which would affect capital flows, put pressure on the exchange rate and slow down growth in emerging economies, it cautioned.

“The revival in inflation across the world now poses risks from both a tighter global liquidity condition and exchange rate volatility in global currency,” it said.

The impending scaling back of the stimulus had reignited fears of taper tantrums but India may not have to worry too much on this count, the survey said.

“India’s external sector—well supported by strong exports, capital inflows, low CAD and external financing requirements and high foreign exchange reserves, with various external vulnerability indicators well within manageable limits—is far better prepared this time to face any external shocks arising out of tightening of the monetary policy stance by the advanced economies in coming months,” the authors said.

Megha Engineering arm Drillmec to set up $200-million oil rigs hub in Telangana

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Meil's Italian arm says the global hub will have a manufacturing facility for oil rigs and ancillary equipment, an R&D centre, and a centre of excellenceMegha Engineering Arm Drillmec To Set Up $200-million Oil Rigs Hub In  Telangana

Global oil and gas rigs firm Drillmec SpA, the Italian arm of Megha Engineering & Infrastructures Ltd (Meil), is setting up a manufacturing hub at a cost of $200 million (approximately Rs 1,500 crore) in the outskirts of Hyderabad.

Drillmec SpA has entered into a memorandum of understanding with the Telangana government on Monday morning in the presence of its chief executive officer Simone Trevisani, Telangana Industries Minister K Taraka Rama Rao and Industries Secretary Jayesh Ranjan.

The Meil arm said the global hub will include a manufacturing facility for oil rigs and ancillary equipment, a research and development centre, and a centre of excellence to impart training in cutting-edge technology.

Drillmec SpA, which had developed many innovative designs and acquired several patents globally, is primarily into design, manufacturing and supply of drilling and workover rigs for onshore and offshore applications, apart from a wide range of spare parts for drilling equipment.

The Telangana government’s industries and commerce department and Drillmec SpA have agreed to float a special purpose vehicle for setting up an equipment manufacturing unit, which could offer employment opportunities for around 2,500 people.

Hyderabad-headquartered multi-disciplinary conglomerate Meil, with Rs 18,770 crore revenues posted in the fiscal to March 2021 with an order book of over Rs 1.28 lakh crore by June 2021, has interests in defence, hydrocarbons, power, aviation, EV buses, irrigation and drinking water.

Drillmec SpA and Petraven SpA were the two Italian entities belonging to Trevi Group into the manufacture, design and operation of oil and gas rigs that Meil had acquired in 2020 for around Rs 720 crore.

These Italian acquisitions were aimed at an entry to foreign markets that also provides backward integration in the oil and gas projects worth around Rs 6,000 crore that the Hyderabad-based conglomerate secured from the Oil & Natural Gas Corporation (ONGC) in 2019 for oilfields in Assam, Gujarat, Tripura and Tamil Nadu.

While Meil had secured a contract from ONGC to supply 47 rigs in all worth Rs 6,000 crore, Drillmec SpA had to date designed, manufactured and supplied nearly 600 oil and gas drilling rigs globally.

Meil had in April last year unveiled India’s first indigenously developed hydraulic rigs for the oil and gas sector where the advanced hydraulic technology helps in drilling oil wells to a depth of up to 6 kilometres from the surface. These rigs with a capacity of 1,500 horsepower were deployed at the Kalol oilfield near Ahmedabad for ONGC.

The company views that the indigenous development and manufacturing of drilling rigs would help India increase domestic oil production and reduce the oil import burden, thereby helping the domestic economy.

Drillmec SpA claims that its land-based drilling rigs are designed to work in harsh climatic conditions and environments and are capable of handling the most challenging client drilling programmes.

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