News Highlights: Govt hikes windfall gains tax on crude oil to Rs 4,600/tonne

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With effect from March 1, Special Additional Excise Duty (SAED) on crude petroleum will increase from Rs 3300 per tonne to Rs 4600 per tonne.

A working group under the Niti Aayog said an "open-ended" procurement of wheat and rice from farmers at MSP acts as a disincentive for crop diversification, and suggested that the Centre should purchase these commodities only to meet the requirement under the food law and other welfare schemes.

The 23-member working group on 'Crop Husbandry, Agriculture Inputs, Demand and Supply', set up by the Aayog in 2022 under PS Birthal, director, ICAR-NIAP, was tasked to study and analyse the trends in demand and supply of major food commodities and examine the changing consumer preferences for food and related items by 2047 and make suitable recommendations.

"The open-ended procurement of rice and wheat at minimum support prices acts as a disincentive for diversification towards high-value and riskier crops. It is, therefore, important to re-think about the policy of open-ended procurement, and restrict the procurement of rice and wheat to the requirements of the country's food security and welfare schemes," the report said.

Built at a cost of Rs 295 crore under Assam Cancer Care Foundation, this centre will go a long way in providing best-in-class Cancer treatment to the people of Barak Valley, the Assam Chief Minister's Office said.

At the Asia Economic Dialogue 2024, External Affairs Minister Dr S Jaishankar says, "This edition focuses very appropriately on the geo-economic challenges of our times... We all know that this is indeed the era of AI, EVs, Chips, Green and Clean technologies. What we are confronting is no longer a matter of comparative economic advantage, if it was ever that. We are actually talking about the future of the global order...To create a more safe, secure and cooperative world, we clearly need greater international cooperation..."

Assam Chief Minister Himanta Biswa Sarma tweets, “The people of Assam will remain eternally grateful to Prime Minister Narendra Modi for giving the State a Rs 27,000 crore semi-conductor plant. This is Assam’s largest-ever private investment and a game changer for the economy of the entire North East.”

Centre transfers two installments of tax devolution to states worth Rs 1.42 lakh crore on February 29.

Centre releases the two tax devolution installments given the buoyant collections. One pertains to February 2024 and one installment has been made in advance.

Several unions of railway employees and workers, who have come together under the Joint Forum For Restoration of Old Pension Scheme (JFROPS), have threatened to stop all train services across the country from May 1 if their demand to implement the Old Pension Scheme is not met.

The government is completely non-committal to our demand for the restoration of Defined Guarantied Old Pension Scheme' in place of New Pension Scheme'. Now, there is no alternative left but to resort to direct action, Shiv Gopal Mishra, Convener of JFROPS, said.

NaBFID will sanction over Rs 3 lakh crore by March 2026. To date, NaBFID has made total sanctions of more than Rs 86,804 crore, with projects spread across the country and in diversified sub-sectors of infrastructure, such as roads, renewable power, ports, railways, water and sanitation, city gas distribution, etc. Out of the Rs 86,804 crore, 50 percent has been sanctioned with long tenure for 50 to 20 years.

Finance Minister Nirmala Sitharaman reviewed the performance of National Bank for Financing Infrastructure and Development (NaBFID) in a meeting on February 29.

Sitharaman advised NaBFID to introduce a structured partial credit enhancement facility towards deepening bond markets, including for urban local bodies/municipalities, and create a data repository for the infrastructure sector complementing the National Infrastructure Pipeline and PM-Gati Shakti to crowd-in patient capital.

The Government of India has pegged wheat output at record 112.01 million tonnes for the 2023-24 crop year (July-June) in its second estimate, news agency PTI reported quoting sources.

The Finance Ministry wrote on X (Twitter), “Real GDP projection of a remarkable growth of 7.6 percent in FY 2024, makes this the third consecutive year of growth of 7 percent or above.

“Double digit growth in construction sector was fuelled by robust residential demand and the push to the infrastructure sector by the government.

“Private consumption continues to provide steady support to GDP growth. The Government’s thrust on capex continues to crowd in private investment.”

NCP, SCP Chief Sharad Pawar extended an invitation to Chief Minister Eknath Shinde and both Deputy CMs Ajit Pawar and Devendra Fadnavis for lunch at his Baramati residence on 2nd March.

The letter reads: “After taking oath as CM of the state, the CM is coming to Baramati for the first time and I am very glad about his visit to attend the Namo Maharojgar Event in Baramati. Therefore, I would like to extend the invitation for the meal at my residence after the event along with his other Cabinet colleagues.”

Nationalist Congress Party (NCP) chief Sharad Pawar invites Eknath Shinde, Devendra Fadnavis and Ajit Pawar for dinner at his Baramati residence.

Prime Minister Narendra Modi is likely to visit Odisha on March 5, coinciding with the 108th birth anniversary of former chief minister Biju Patnaik.

The itinerary of the PM's trip is yet to be prepared, BJP state election co-incharge Lata Usendi said.

State BJP president Manmohan Samal had earlier said that the PM would visit Odisha in the first week of March, and address a public meeting at Chandokhole in Jajpur district.

The Delhi High Court on Thursday asked the city police whether they have concluded the investigation in the case of alleged larger conspiracy behind the communal riots of 2020 where provisions of anti-terror law UAPA have been invoked against several student activists. A bench headed by Justice Suresh Kumar Kait questioned the Delhi Police if they would file any further supplementary chargesheet.

Ministry of External Affairs Spokesperson Randhir Jaiswal says, “It is our understanding that there are 20 people who've gone there to work as support staff or as helpers with the Russian army. These are the people who have contacted us, and that is our understanding that this is the number that we have there.”

As a result of the long struggle to shut down the Sterlite plant, today the Supreme Court has delivered a judgment that upholds justice. Today's verdict is the victory of Tuticorin people's many days of protest. The Chief Minister of Tamil Nadu stood with the people as a continuous guide in this struggle, says DMK MP Kanimozhi

West Bengal Minister Chandrima Bhattacharya says, "We have always said that we never take any step to shield any offender. He has been arrested because he is an accused. Sheikh Shahjahan has also been suspended from the party for 6 years..."

MEA Spokesperson Randhir Jaiswal says, "External Affairs Minister (Dr S Jaishankar) is to visit Japan and South Korea from 5th to 8th March. In South Korea, he will be attending the 10th Joint Commission meeting where, of course, we have a very expansive, broad-based, multifaceted relationship with South Korea. All aspects of the relationship would be discussed..."

Himachal Chief Minister Sukhvinder Sukhu takes responsibility for Congress leader Abhishek Singhvi's defeat in RS poll, informs the party’s central observer DK Shivakumar.

When asked if CM Sukhu will remain CM for 5 years, Congress observer DK Shivakumar says, "Congress government is there and Sukhu is the CM. All the MLAs want Congress government for 5 years...No operation Lotus here."

On the expected submission of the caste census report, Karnataka Minister MB Patil says, "We have requested to count all the lingayat sub-groups under one heading irrespective of what they have mentioned for reservation purposes. If that has been done successfully then we do not have any issue. If it is not done according to our apprehensions then the community leaders will take the call..."

Union Finance Minister Nirmala Sitharaman on Thursday virtually inaugurated Electronic Data Interchange (EDI) at 10 land customs stations (LCS) in the northeastern region to expedite the clearance process in cross-border trade.

The process was till now undertaken in the manual mode, which took more time.

The DGCA has revised Civil Aviation Requirements Section-5, Series-F, Part-IV on procedure for breath-analyser examination of the personnel engaged in safety sensitive work such as: Aircraft maintenance, Air traffic control services, Aerodrome operations and Ground handling services for detecting consumption of Alcohol.

The revised CAR will be effective after three months from the date of issue in order to provide adequate time to industry to suitably enhance the existing infrastructure for breath-analyser test at various locations.

The revision in the CAR will further enhance the level of safety and is an effective step in view of increase in air traffic and ground movements at airports.

In a big setback for Vedanta, the Supreme Court has junked the plea to reopen Sterlite copper smelter plant in Tamil Nadu's Thoothukudi.

Prime Minister Narendra Modi attends 'Viksit Bharat Viksit Madhya Pradesh' programme via video conferencing. He will lay the foundation stone and dedicate to nation multiple development projects worth about Rs 17,000 crore across the state.

-- A typical semiconductor fab timeline for production is three to four years, but we will try to compress it, says Ashwini Vaishnaw.

-- Our country has today developed the ATMP technology. Over a period of last many months, we have been able to develop the ATMP technology, he adds.

-- Hours after arrest, Shajahan Sheikh suspended from TMC for six years

-- Calcutta High Court says “no sympathy” for Sandeshkhali atrocities accused Shajahan Sheikh

All the four chip plants approved till now, including today's 3 announcements and Micron that was announced last year, will lead to a subsidy outgo of estimated Rs 59,000 crore, says Vaishnaw

Chip fab scheme will employ 26,000 people directly, nearly 1 lakh people will indirectly get jobs, says Ashwini Vaishnaw. He adds, expect more initiatives relating to semiconductor manufacturing.

Twelve critical and strategic minerals have been identified by the government, they are: Eryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten, and Vanadium.

Today’s approval of the Union Cabinet for specification of rate of royalty will enable the Central Government to auction blocks for these 12 minerals for the first time in the country. Royalty rate on minerals is an important financial consideration for the bidders in auction of blocks.

This completes the exercise of the rationalisation of royalty rates for all 24 critical and strategic minerals.

The Cabinet has approved the establishment of International Big Cat Alliance (IBCA) with headquarters in India. It has also approved a one-time budgetary support of Rs 150 crore for a period of five years till 2027-28 for it.

-- The chip projects approved today will attract cumulative investments of Rs 1.26 lakh crore, with the Dholera unit attracting Rs 91,000 crore, Assam unit Rs 27,000 crore, and the Sanand unit Rs 7,600 crore.

-- Tata will invest Rs 27,000 crore in the semiconductor unit that will be set up in Assam. Very big auto companies will use this plant's chips, which is expected to produce 48 million chips per day, says Ashwini Vaishnaw.

-- At the third chip fab unit in Gujarat's Sanand, CG Power and Japan's Renaissance will produce 15 million chips per day, which is 550 crore chips in a year.

-- A Techno-Financial Approval Group will be assessing the projects relating to the semiconductor programme, Vaishnaw adds

Cumulative investment for chip ecosystem worth Rs 1.26 lakh crore was approved by the Centre today, says Ashwini Vaishnaw

-- With the approval on these three units for semi-conductor manufacturing, the promise to make India a semi-conductor economy has been kept, says Vaishnaw

-- Govt's approvals will ensure semiconductor ecosystem will develop very rapidly in India, he explains

-- Semiconductor design, chip fab, and ATMP - all three elements in the value chain have been approved by the Govt today, he adds

-- Three chip fab units have been approved by the Centre; the construction work will begin in 100 days.

-- Japan's Renaissance and CG Power will be setting up plant in Sanand, Gujarat for chip fab, Ashwini Vaishnaw informed.

-- Northeast’s first chip fab unit has been approved in Assam, involving Rs 27,000 crore investment for the Tata JV, says Ashwini Vaishnaw

-- The Assam chip fab unit will have a capacity of 48 million chips per day, he adds

To make India a manufacturing hub, this is an important step in the semi-conductor sector, says Vaishnaw, and adds, Vande Bharat deploys 3000 chips, an aircraft uses 8-10,000 semiconductor chips.

Many efforts were made in the past, but India's first commercial chip fab unit has been approved under this Govt, the minister reminded

Tata JV will be making India's first semiconductor fab in Dholera with a capacity of 50,000 wafers per month, says Ashwini Vaishnaw, after announcing that the Cabinet has approved proposal for semiconductor fabrication. He added, that the target will be to make 300 crore chips annually through this semiconductor plant, catering to eight sectors.

Cabinet approves Nutrient Based Subsidy rates for Kharif Season 2024 (from 01.04.2024 to 30.09.2024) on Phosphatic and Potassic fertilizers and inclusion of 3 new fertilizer grades under NBS scheme

Fertilizer rates of previous year maintained for this year as well, Govt will not hike prices, says Anurag Thakur

-- Total outlay of scheme is Rs 75,021 crore

-- Prime Minister had launched it on February 13, 2024

-- Subsidies for RWA and Group Housing Societies for solar-powered lighting

-- Incentive for rooftop solar installations, priority installations on Govt building

-- Out of 45 GW solar capacity being targeted, 30 GW will be for domestic housing requirements

All government buildings will be covered with rooftop solar panels by 2025, under the Central Solar Scheme, says Anurag Thakur

Today, under PM Modi's leadership, the Cabinet took some important decisions. The PM Surya Ghar Free Electricity Yojana has been approved. Under this, 1 crore households will get 300 units of electricity free. As many as 5-6 crore people will benefit from the scheme, says Anurag Thakur.

India's estimated leopard population rose from 12,852 in 2018 to 13,874 in 2022, but the number of rosetted felines declined slightly in the Shivalik hills and the Indo-Gangetic Plains, the Union Environment Ministry said on Thursday.

The 'Status of Leopards in India' report, launched by Union Environment Minister Bhupender Yadav, said Madhya Pradesh has the maximum number of leopards in the country at 3,907 (up from 3,421 in 2018).

The number of felines grew from 1,690 in 2018 to 1,985 in 2022 in Maharashtra, from 1,783 to 1,879 in Karnataka, and from 868 to 1,070 in Tamil Nadu.

India reiterated that with the digital revolution still unfolding and with increasing diffusion of technologies such as additive manufacturing and 3D printing, data analytics, Artificial Intelligence, Internet-of-Things etc, there was a need to re-examine the implications of the moratorium on customs duties on electronic transmissions, particularly for the developing countries and the least-developed countries.

India said this at the Working Session on Work Programme on E-Commerce at the World Trade Organization’s 13th Ministerial Conference on 28 February 2024

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The Statistics ministry and ISRO’s National Remote Sensing Centre have signed MoU to conduct the Urban Frame Survey for 2022-2027 in digital mode using improved solutions built on Bhuvan platform.

The Urban Frame Survey is conducted in five-year phases to help with the National Sample Survey Office’s large scale socio-economic surveys. The Urban Frame Survey was first done digitally for the 2017-2022 period covering more than 5,300 towns. For 2022-2027, the statistics ministry plans to conduct the survey over 8,134 towns.

The DGCA examined the matter, which happenned on Feb 12, and issued a Show Cause Notice to Air India for not complying with the provisions of the CAR SECTION 3, SERIES ‘M’, PART I on “Carriage by Air - Persons with Disability (Divyangjan) and/or Persons with Reduced Mobility” which is a violation of Aircraft Rules, 1937.

Air India submitted its response on February 20, 2024 vide which the airline informed that the elderly passenger had wished to walk along with his wife who was on a wheelchair too, rather than wait for another wheelchair. However, the airline failed to show compliance of the CAR as the airline did not provide any wheelchair to the elderly passenger. Further, Air India did not inform about any action taken by the airline against the erring employee(s) and the airline also failed to submit any corrective actions taken to prevent the recurrence of such incidents in the future.

Accordingly, a financial penalty of Rs. 30 lakh has been imposed on Air India as per Aircraft Rules, 1937 for violating the provisions of the aforementioned CAR.

Aviation regulator DGCA has issued a Rs 30 lakh fine on Air India in connection with an incident involving an 80-year-old passenger at the Mumbai airport. The passenger collapsed and died at the Mumbai airport after being denied a wheelchair by the airline to walk from the aircraft to the terminal.

Govt sets domestic natural gas price at $8.17/mmBtu for March vs $7.85 in February.

The West Bengal Criminal Investigation Department has taken over the investigation into the cases lodged against TMC leader Shajahan Sheikh. The TMC strongman has been accused of sexual violence and land grab, and has been sent to 10-days police custody.

Congress leader BK Hariprasad has refuted claims that he said only the BJP considers Pakistan as an enemy nation and not his party. Speaking to media persons, the leader said, " I never said that. I said Pakistan is our neighbouring state, it might be an enemy state for BJP. If it is an enemy state, why BJP have all kinds of trade with Pakistan? They should declare Pakistan as an enemy state...when I was a member of Rajya Sabha, Rajeev Chandrashekar had moved a Private Members' Bill to declare Pakistan as an enemy state, why did BJP withdraw that bill?... I will have to move a privileged motion against those channels that have twisted my statement. I stand by the statement I made"

The arrest of Sheikh Shahjahan earlier today, the alleged Sandeshkhali strongman of the TMC who is accused of sexual violence and land grab, could be a critical turning point for West Bengal Chief Minister and party supremo Mamata Banerjee. Political analysts argue that the development mirrors the importance of her past protests in Nandigram and Singur, which eventually led to the downfall of the Left Front government. Comparing this event to Mamata Banerjee's historical struggles suggests that it could represent a significant challenge for her leadership, akin to facing her Waterloo.

Read our full piece on how this incident could shape the Lok Sabha polls. Click Here

Karnataka Congress councillor BK Hariprasad on Wednesday, February 28, stoked a row by saying that Pakistan may be an "enemy country" for the BJP, but the Congress only considers it as a neighbouring country. Reacting to it, the state BJP has accused the Congress of harbouring "anti-national sentiments".

Hariprasad made this remark in response to BJP's allegations that pro-Pakistan slogans were raised after Congress's Rajya Sabha win in the state on Tuesday.

On Congress leader BK Hariprasad's statement 'Pakistan enemy country for BJP, not for us', Karnataka Deputy LoP and BJP leader Arvind Bellad says, " It is extremely sad that a senior leader from Congress, BK Hariprasad said so...very unfortunate. We all know what Pakistan has done to India and Indians...this shows Congress' mentality. In order to appease minorities and Muslims, just for votes, Congress can go to any extent."

Legislators of the opposition party in the state, BJP, staged a walkout from the Karnataka assembly in Bengaluru earlier today over the pro-Pakistan slogan issue that has caused uproar over the last 2 days. The BJP MLAs will approach Governor Thawarchand Gehlot with a memorandum to dismiss the Congress government, leader of the opposition R Ashok has said.

TMC leader Shahjahan Sheikh has been sent to 10 days in police custody by the local court.

BJP's national spokesperson Shehzad Poonawalla says, "What is the TMC govt and Police gloating about...Shahjahan has been arrested only as a cosmetic measure, it is nothing but eyewash. It only happened when BJP took up the issue of Sandeshkhali, was on the streets and even Courts were forced and constrained to come down heavily on the TMC govt and on the action of Police. That is when Shahjahan, who was on state protection, has now been shown as arrested...TMC knew where he was and gave him protection. In the Assembly Mamata Banerjee defended him, outside Abhishek Banerjee defended him..."

Earlier today, TMC leader Sheikh Shahjahan was taken into custody after being on the run for 55 days. We have put together a timeline of the arrested TMC leader's journey to custody, which began when he went on the run on January 5 to escape the clutches of the Enforcement Directorate. Click Here

From a trekker driver to a divisive political figure, Sheikh Shahjahan's journey has been a remarkle one. Read our profile of the TMC strongman, who has been taken into custody on allegations of sexual violence and land grab. Click Here

West Bengal Governor CV Ananda Bose spoke to media persons earlier today after the news of Shahjahan Sheikh's arrest was confirmed. He said, "I told you there will be light at the end of the tunnel. That is a democracy. We waited but it has been done. This is a lesson for everyone. Now, let's hope a new dawn of lawfulness will come back to Bengal...I am glad that good things are happening."

TMC leader Kunal Ghosh says, "Sheikh Shahjahan has been arrested, we welcome the steps of state Police. Our leader Abhishek Banerjee pointed out earlier that due to some parts of the order from the High Court, state Police have been restrained from taking any action. After Abhishek Banerjee pointed out the problem, the High Court removed the restrictions and the Police became free. We had full trust and full faith in the Police, we said that within a few days, you would see the result and today Shahjahan has been arrested..."

The TMC has reacted to the arrest of their strongman Shahjahan Sheikh. The party's MP Santanu Sen is quoted by news agency ANI as saying, "His arrest proves that our government follows 'Rajdharma' in an administrative manner. We had taken action against Partha Chatterjee and Jyotipriya Mallick, and similarly, we have taken action against Shibu Hazra and Uttam Sardar and now Sheikh Shahjahan has been arrested. Abhishek Banerjee had said that the Police were unable to arrest him due to the court's stay order. He has been arrested within 3-4 days of the removal of the stay order. On one side, accused leaders openly move in BJP-ruled states and on the other side our administration doesn't spare accused TMC leaders if there is evidence against them. BJP should learn 'Rajdharma' from the TMC."

According to media reports, the National Commission for Scheduled Tribes has received 50 complaints of “sexual abuse and land grab” from tribal families in the Sandeshkhali area against the Trinamool strongman and his associates. The West Bengal government officials stated that they have received almost 1,250 complaints, including 400 related to land issues.

The 53-year-old TMC strongman has been on the run for 55 days as he is being accused of sexual violence and land grab by several women in the Sandeshkhali area of West Bengal. The riverine area has been embroiled in a series of protests for more than a month, demanding the arrest of Sheikh and his accomplices. Shajahan has been absconding since January 5, when a mob allegedly affiliated with him attacked Enforcement Directorate officials who had gone to search his premises in connection with a scam.

TMC leader Sheikh Shahjahan has been arrested by the West Bengal Police from the Minakhan area in North 24 Parganas on Thursday, February 29. He has been taken to Basirhat Court, according to SDPO of Minakhan, Aminul Islam Khan. More details awaited.

Speaking to reporters in Abu Dhabi, Goyal said, "Our stand is consistent... we have to see who are blocking the issues and who is responsible for not letting things of the WTO smoothly... It is proved that India in fact is a consensus builder and we are playing a key role in making consensus ...and certain countries are breaking that consensus on certain issues." The minister added that India stands on strong principles of fair play and justice at the WTO, and wants to ensure that all decisions taken at the multi-lateral body are in the best interests of India's farmers and fisher-folk.

Commerce and Industry Minister Piyush Goyal underlined India's role as a consensus builder in the World Trade Organisation (WTO). Speaking at the 13th ministerial conference (MC) of the WTO in Abu Dhabi on Wednesday, he said India builds consensus by playing a key role in the process but some countries are breaking that. Goyal's statement comes at a time when India is being accused by certain developed nations that it is blocking deals at the WTO.

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