DID you know…. and Today’s Inspirational Quote

Did you know…

… that today is Eat Ice Cream for Breakfast Day? It’s the day we all wait for when we can legitimately enjoy a scoop(s) of our favorite ice cream to start the day off right! 😉 Trivia fans: It’s estimated that the United States is the leading consumer of ice cream in the world, with New Zealand a close second. Now go enjoy breakfast!

~~~

Today’s Inspirational Quote:

“I hope your only rocky road is chocolate.”

— Amanda Mosher

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Modi government launches a massive minimum income scheme for India’s ailing farm sector

By Kuwar SinghFebruary 1, 2019
India’s 2019 budget was widely expected to be one for the farmers—and it has turned out to be just that.

The Narendra Modi government today (Feb. 01) announced the Pradhan Mantri Kisan Samman Nidhi, a scheme promising an annual assured income of Rs6,000 ($84.5) for any farmer who owns up to 2 hectares of farmland. The average farm size in India is about 1 hectare, according to the 2015-16 agricultural census.

The budget for fiscal year 2020 has allocated Rs75,000 crore for the scheme. An estimated 120 million land-owning farmer households will benefit from the scheme, interim finance minister Piyush Goyal said in his budget speech in parliament.

The government will count Dec. 01, 2018, as the start of the inaugural year of the cash transfer scheme, and an additional Rs20,000 crore has been allocated for the scheme for the ongoing financial year ending March.

The central government will transfer the assured income directly into the farmers’ bank accounts in three equal installments of Rs2,000 each, Goyal said, adding that the date of disbursing the first installment will be announced soon.

Though agriculture accounts for 17.32% of the Indian gross domestic product and employs over 50% of its population, rising costs and falling crop prices have taken a toll on the countryside. According to the 2011 census, 45 farmers commit suicide every day in India.

“Ask Modi to keep his Rs6,000. The farmers aren’t begging.”
Since the majority of Indian voters reside in villages, addressing farmers’ demands is crucial for the Narendra Modi government as elections approach.

Farmers Quartz spoke to have a mixed reaction to the announcement. “Ask Modi to keep his Rs6,000. The farmers aren’t begging,” said Shyambhir Singh, a farmer in Aurangabad Fazalgarh village of Ghaziabad district in the northern Uttar Pradesh state. “We want an implementation of the Swaminathan report (which recommends wide-sweeping reforms in the agricultural economy).”

“I’ll be happy if I get it. Something is better than nothing,” said Amreesh Rathi, a farmer of Chhachhrauli village in Muzaffarnagar district in Uttar Pradesh.

In its earlier budgets too, the Modi government had increased agricultural spending. Yet, in recent months, thousands of farmers have been marching from villages to India’s metropolitan cities, seeking comprehensive loan waivers and higher minimum prices for farm produce.

Opposition parties have rushed to capitalise on the rural disillusionment. Just earlier this week, the Indian National Congress party chief Rahul Gandhi announced minimum guaranteed income for individuals below the poverty line if elected.

Goyal also announced an allocation of Rs60,000 crore for Mahathma Gandhi National Rural Employment Guarantee Act (MNREGA), a rural employment guarantee scheme launched by the previous government of the Congress party.

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‪india‬, congress, bjp, agriculture, election
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Budget 2019: Modi govt’s new scheme offers Rs 6,000 directly into farmers’ bank accounts

Budget 2019: Modi govt’s new scheme offers Rs 6,000 directly into farmers’ bank accounts
Farmers, who own upto 2 hectares (5 acres) of land, will be given a direct income support Rs 2,000 every four months a year, which equals to Rs 6,000.
twitter-logo BusinessToday.In New Delhi Last Updated: February 1, 2019 | 15:14 IST
Budget 2019: Modi govt’s new scheme offers Rs 6,000 directly into farmers’ bank accounts
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Finance Minister Piyush Goyal in its Budget speech announced a direct income support Rs 6,000 per hectare which will be transferred directly into the farmers’ bank accounts.

Farmers, who own upto 2 hectares (5 acres) of land, will be given a direct income support Rs 2,000 every four months a year, which equals to Rs 6,000.

“This will be funded directly by the government of India,” Piyush Goyal said in the Parliament.

The scheme, which will be applicable from 1 December 2018 and will cost Rs 75,000 crore to the Modi government.

Piyush Goyal said that this scheme will benefit 12 crore farmers.

Also Read: Budget 2019 LIVE updates: Govt announces Pradhan Mantri Kisan Samman Nidhi; farmers with up to 2 hectare lands to get Rs 6,000 per year

In a move that will benefit farmers across India, the FM also announced 2.5 per cent interest subventions for farmers struck by natural calamities. Adding to it, he announced 2 per cent interest subvention for animal husbandry and fisheries sector.

Via Transform newsletter

An effective way to detect a Budget’s underlying message is by tracking moments during the speech when the Opposition’s murmur becomes an incessant wail. Today was no different. (Tweet This)

In the end, the present government’s last Budget before Elections was what many had expected. But also, what many hadn’t.

Let us assess what came in-line. This wasn’t a Vote-on-Account; but a chronicle of achievements garnished with expected pre-poll Populism. Farmers were kept in mind second year running. Commentators were on-the-money in expecting the return of the Middle Class. Private Sector like last year, was forgotten again.
So, what eluded expectations?

One can say that the government opted for sops but stopped short of defying logic, at least from a realpolitik standpoint. Fiscal Deficit breach stopped at 3.4% (vs. the initial target of 3.3%) and below market expectations. Loan write-offs and soft credit was thankfully avoided. Yes, a roadmap for the future envisaging the return of the government was thrown in. One may term it as political grandstanding, but still not an offence worthy enough to express much fuss.

Now to Today’s End of Day Wrap Up:

BUDGET

Interim budget promises direct income support for farmers, tax relief for middle class. Govt to breach fiscal deficit target for current FY.

One For All: Piyush Goyal presents a Budget which pleases all. Key highlights include:
Farmers with up to 2 hectares of land to get direct income support of INR6,000 per year under PM KISAN scheme
An increase in income tax exemption limit to INR5L per year
Announcement of a mega pension scheme to provide assured pension of INR3,000 per month to people working in the informal sector
Fiscal deficit for the current FY has been revised upward to 3.4% from the budgeted target of 3.3%.
BANKING

Bank of India, Bank of Maharashtra and Oriental Bank of Commerce removed from PCA framework. SBI posts highest quarterly profit in seven years, improves asset quality.

Sigh of Relief: As per a Times of India report, RBI has removed three PSBs – Bank of India, Bank of Maharashtra and Oriental Bank of Commerce from its prompt corrective action framework which put severe lending restrictions on stressed banks. The move comes after a review of their performance as per their reported results for the quarter ending December 2018.

Beating Expectations: SBI recorded a net profit of INR39.55bn in Q3 vs a loss of INR24.16bn last year and meaningfully ahead of analysts estimates. Provisions for bad loans dropped 21.3% to INR139.71bn vs last year.
ECOMMERCE

New FDI rules to impact over 50% of Amazon, Flipkart’s businesses. Amazon reports third record profit in a row, but issues warning on restrictions in India.

This Item is No Longer Available: The new FDI norms in the Indian e-commerce sector which kicked in today are likely to impact over 50% of the businesses of the likes of Amazon and Flipkart. Amazon India has already taken down numerous items sold by vendors such as Cloudtail and Shoppers Stop in which it holds a stake. It’s own range of Echo speakers, its Presto-branded home cleaning goods and other Amazon Basics products such as chargers and batteries are also no longer available.

Amazon posted record profit at $3bn, up 63% from a year earlier, but flags a possible uptick in spending in India on back of the new ecommerce policy.
You’re Halfway There
TIMEOUT

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TESLA

Zach Kirkhorn, Tesla’s Vice President of Finance to take over as CFO. Tesla makes its patents public.

Following Deepak Ahuja’s re-retirement from Tesla, Vice President of Finance, Zach Kirkhorn is set to take over as the new CFO.

Know more about Tesla’s McKinsey-groomed, newly minted millennial CFO here.

For the Greater Good: In a rather extraordinary gesture, Elon Musk has made Tesla patents public.

The Good, The Bad, The Ugly: Tesla quarterly results webcasts are never boring! See 5 unsettling comments from Q4 earnings call here.
HEALTH

Israeli scientists may have found the first complete cure for cancer.

Scientists at an Israeli biotech company Accelerated Evolution Biotechnologies believe they will develop a complete cure for cancer within a year.

Science Talk: The potential treatment called “MuTaTo,” or “multitarget toxin” would consist of peptides that will bind to multiple sites on a cancer cell, restricting its mutation rate.

However, with no data to review, some believe that this solution is unlikely.
TIMEOUT ANSWER: 18.5 (The terms are alternatively multiplied by 1.5 and divided by 3)
FINIS (If you found today’s Newsletter share-worthy…seriously…don’t hold back.)
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