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highlights
Coca-Cola to launch Thums Up globally
Beverage major Coca-Cola today said it is planning to take the home-grown carbonated cola brand Thums Up to South East Asia before launching it globally.
Mahindra to take a call on new tractor facility in FY19
Mahindra & Mahindra (M&M), the country’s largest tractor manufacturer, will take a call next financial year on the need to invest in a new tractor making plant, reports Moneycontrol News’ Swaraj Baggonkar. Pawan Goenka, Managing Director, M&M, said, “Some of our plants are fully utilised, some others are running on one shift. The capacity utilisation across plants right now should be around 75%. If we have one more year of double-digit growth then we will be in a situation where we would need to invest in a new capacity.”
Small taxpayer got relief in past budgets, says FM
Finance Minister Arun Jaitley defended not giving away major relief to middle class by saying the government has already done enough in the past Budget and will further provide succour in the future depending on fiscal space, reports PTI.
"India has a serious challenge in terms of compliances. India has a serious challenge in term of increasing the tax base and therefore if you analyse the sum total of my last 4-5 budgets that I have presented, systematically to the smaller taxpayer I have given relief almost in every Budget," he said.
Citing various major announcements done in the past, he said, when the government came in the exemption limit was raised from Rs 2 lakh, additional exemption of Rs 50,000 on saving so Rs 1 lakh became Rs 1.5 lakh and another exemption Rs 50,000 for housing loan repayments raising it to Rs 2 lakh per year.
Investment advisers, analysts to face huge fine for violations
Investment advisers and research analysts are set to attract huge penalties of up to Rs 1 crore for violation of Sebi norms, according to a proposal in the Budget 2018-19, reports PTI. Failure to comply with regulations by individuals with respect to alternative investment funds (AIFs), infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) would also attract similar quantum of penalties.
The Finance Bill 2018 has proposed amendments to the Securities and Exchange Board of India Act, Securities Contracts (Regulation) Act and Depositories Act. As per changes proposed to the Sebi Act, an investment adviser or a research analyst fails to comply with relevant regulations, then they would be liable for fine of not less than Rs 1 lakh. The quantum can extend to Rs 1 lakh for each day during which such failure continues subject to a maximum of Rs 1 crore.
Bajaj Auto sales up 46% YoY at 3,53,147 units
Bajaj Auto today reported a 46% jump in total sales at 3,53,147 units in January against 2,41,917 units in the same month last year. Overall domestic sales increased 50% to 2,02,193 units against 1,35,188 units in January last year, Bajaj Auto said in a statement.
The company's domestic motorcycle sales were up 36% at 1,63,111 units, against 1,19,803 units during the same period a year ago. Commercial vehicles sales in the domestic market soared 154% at 39,082 units, from 15,385 units in January 2017. Total exports in January grew by 41% to 1,50,954 units against 1,06,729 units in the year-ago month.
Govt to roll out health cover scheme from next fiscal: FM
Finance Minister Arun Jaitley said the world's biggest health cover plan announced in the Budget will be cashless and not a reimbursement scheme, and promised more funds if required depending on the rollout later next financial year, reports PTI. The National Health Protection Scheme (NHPS) touted as ModiCare envisaged to provide medical cover of up to Rs 5 lakh to over 10 crore poor and vulnerable families, constituting 40% of total population.
"It takes care of hospitalisation, the secondary and tertiary care. Obviously, it will involve various state hospitals and selected private hospitals. It can be on trust model, it can be on insurance model. It's not on reimbursement model because too many complaints come on the reimbursement model," he said. The model is now being worked out between NITI Aayog and Health Ministry, he said, adding the date of implementation would be next financial year and sometime in the course of the year it will be worked out.
Fiscal discipline has taken a backseat in budget: Cornell economist
Fiscal discipline has taken a backseat in the latest annual Indian budget which contains many tinges of populism, noted Indian economist Eswar Prasad said. Prasad, a professor of trade policy at the prestigious Cornell University, said there were no major measures in the budget that could stimulate private investment.
"Fiscal discipline has taken a backseat in this budget, which contains many tinges of populism, as was to be expected in the run-up to a national election cycle," Prasad told PTI. "There are no major measures that could stimulate private investment, which has been notably weak even during the recent period of high growth," Prasad said.
New health insurance to cost govt Rs 110bn a year, say sources
Prime Minister Narendra Modi’s ambitious plan to provide health insurance to 100 million poor families would require Rs 110 billion in federal and state funding each year, a government official told Reuters. The National Health Protection Scheme, dubbed “Modicare” and announced in Thursday’s budget, would provide 100 million families, or about 500 million poor people, with a health cover of Rs 500,000 for free treatment of serious ailments. The government has estimated the premium for insuring each family would be about Rs 1,100, the government official stated.
SC refers pleas against Jallikattu to Constitution bench
The Supreme Court today referred matters related to the bull-taming sport Jallikattu to a Constitution bench, reports PTI. A bench of Chief Justice Dipak Misra and Justice RF Nariman framed five questions to be adjudicated on by the Constitution bench.
"We have formulated five questions for the Constitution bench," Justice Nariman said while pronouncing the order. The apex court had said on December 12 last year that it would refer to a five-judge constitution bench a batch of pleas challenging Tamil Nadu and Maharashtra laws allowing Jallikattu and bullock cart races.
The court, while reserving its order, had said the larger bench would decide whether states have the "legislative competence" to make such laws on grounds, including that 'Jallikattu' and bullock cart racing fell under the cultural rights enshrined under Article 29(1) and can be protected constitutionally.
High govt debt burden constrains India's rating: Fitch
Fitch Ratings said high debt burden of the government constrains India's rating upgrade, a day after Finance Minister Arun Jaitley projecting a fiscal deficit of 3.5% of GDP against the earlier target of 3.2%, reports PTI. The 2018-19 Union Budget unveiled on Thursday contains a number of policy measures with the potential to support economic demand and social well-being.
These include those leading to rise in agricultural income and the ambitious health insurance plan while setting up new medical colleges. "If implemented well, spending on such measures would likely reach a large part of the electorate, which is not insignificant with general elections coming up," Fitch Ratings Director and Primary Sovereign analyst for India Thomas Rookmaaker said.
He said weak public finances "constrain India's sovereign ratings, given a high general government debt burden of around 68% of GDP and a wide fiscal balance of 6.5% of GDP if states are included. "The government has kicked out its steady 3% fiscal deficit target further to 2020-21, well beyond its term. This compares to its initial medium-term fiscal plan of 2014, when it first announced to postpone the 3% target by one-year from 2016-17 to 2017-18," Rookmaaker said.
Dell, VMware decide to explore options including merger, say sources
US computer maker Dell Technologies and business software provider VMware have decided to explore options that could include a potential merger of the two companies, sources told Reuters.
The move, which may not result in any deal, comes as Dell, the world’s largest privately held technology company, seeks new avenues for growth following its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016.
Dell plans to announce as early as Friday that it will review a possible reverse merger with VMware, as well as other alternatives, including an initial public offering or asset divestitures, sources said.
YV Reddy says banks would pass into foreign hands if policy not changed
Former Reserve Bank Governor YV Reddy on Thursday said there is no "crisis" in the Indian banking system, but cautioned that Indian banks will eventually pass into foreign hands if there is no review of current policies, reports PTI. The shareholding of foreign entities in the large private banks in India is over 70% while in the public sector banks, government and LIC hold bulk ownership and foreigners own majority of the rest of the stake, Reddy said.
"We do not have 100% government-owned banks. We have public sector banks with mixed ownership....Our banking system is predominantly owned by government, followed by foreigners and rest by Indians. I repeat, least by Indians," he said. "Share of public sector banking is and will come down and under the current policy, that space will be occupied irrevocably by foreigner-owned banks unless there is a policy change," Reddy said.
The current policy of ownership and governance in banking needs to be reviewed urgently to correct the outdated and distorted policies and this should be done before the banking system passes on to foreign owners, he said. Reddy added that there is a need to reduce the statutory liquidity ratio (SLR) and the cash reserve ratio to international levels for global competitiveness in the system.
TDSAT upholds Trai order on Jio's free offers
The telecom tribunal on Thursday upheld a Trai order that had allowed Jio's free offers to continue beyond 90 days after its services were launched, but asked the regulator to work out guidelines that can be applied to check compliance with principles of non-predation, reports PTI. Till such guidelines are issued by Trai, the Telecom Dispute Settlement and Appellate Tribunal (TDSAT) order has insisted on a filing requirement and prior approval from the regulator, for operators launching "all services free" offers.
At present, the tariffs are under forbearance, meaning that operators virtually have a free hand in fixing the rates and report plans to Telecom Regulatory Authority of India (Trai) in seven working days of launch. The TDSAT order said that till Trai issues such guidelines no "all services free" offer can be launched by either Reliance Jio or other telecom operator "without making a written submissions to Trai relating to self-check for consistency with regulatory principles of non-predation".
Crucial hearing in Bofors case in SC today
A crucial hearing is listed for today in the Supreme Court in the politically-sensitive Rs 64 crore Bofors pay-off case in which a BJP leader, who is pursuing the matter for over a decade, has been asked to explain his locus in filing petition as a third party.
Advocate Ajay Agrawal, who contested the 2014 Lok Sabha election from Rae Bareli against the then Congress President Sonia Gandhi, has also filed an application seeking recusal of Chief Justice Dipak Misra from hearing the matter.
The appeal filed by him against the May 31, 2005 judgement of the Delhi High Court quashing all charges against the accused persons is listed for hearing today before the bench comprising Chief Justice Misra and justices AM Khanwilkar and DY Chandrachud.
During the last hearing on January 16, the bench had asked Agrawal to explain his locus in filing the appeal and satisfy it how could the matter be entertained at the instance of a third-party.
Google parent Alphabet reports $3bn loss on tax provision
Google parent company Alphabet reported a quarterly loss of $3 billion as it set aside $11 billion for taxes on its overseas profits being brought back to the United States, reports AFP. The California tech giant said revenues in the last three months of 2017 rose 24% from a year ago to $32.3 billion and cited "great growth" for the company.
Google remained the key driver of revenue and profit for the company, which has reorganised into new divisions for self-driving vehicles, life sciences and other so-called "moonshot" projects. The Google segment accounted for $31.9 billion in revenue and delivered an operating profit of $8.8 billion. Excluding the tax provision - following the lead of other multinationals taking advantage of a favourable rate to repatriate earnings - Alphabet would have posted a profit of $6.8 billion.
Amazon posts largest profit in its history on sales, tax boost
Amazon.com on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to US tax law added to its bottomline, reports Reuters.
Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too.
The world's largest online retailer said net income more than doubled to $1.86 billion, or $3.75 per share in the fourth quarter ended December 31. Its profit received a provisional $789 million boost from the US Republican tax bill passed in December.
Trump to approve release of explosive memo: White House
President Donald Trump is set to approve the release of an explosive memo alleging abuse of power in the FBI's probe of his election campaign, a White House official said. "The president is OK with" the memo's publication, the official said, adding that Trump would "probably" give Congress a green light tomorrow to release the document, which purports to show the Justice Department and FBI as politicised, anti-Trump agencies, reports AFP. "It's in Congress's hands after that," the official added.
Fidel Castro's son commits suicide, says Cuban state-run media
The son of late Cuban revolutionary leader Fidel Castro, Fidel Castro Diaz-Balart, committed suicide on Thursday after being treated for months for depression, Cuban state-run media reported. “Diaz-Balart, who had been attended by a group of doctors for several months due to a state of profound depression, committed suicide this morning,” Cubadebate website said. Castro Junior, 68, also known as “Fidelito” because of how much he looked like his father, had initially been hospitalised for depression and then continued treatment outside of hospital.
Coca-Cola to launch Thums Up globally
Beverage major Coca-Cola today said it is planning to take the home-grown carbonated cola brand Thums Up to South East Asia before launching it globally.
Top Headlines:
1. Fitch says high govt debt burden constrains India's rating, reports PTI
2. New health insurance to cost govt Rs 110bn a year, reports Reuters. In related news, govt to roll out health cover scheme from next fiscal, says FM Arun Jaitley
3. M&M to take a call on new tractor facility in FY19. This is a Moneycontrol exclusive
4. PC Jeweller recovers post 60% fall as management allays fears
5. SC refers pleas against Jallikattu to Constitution bench. Seeks govt's reply on CPI(M)'s plea against electoral bonds, reports PTI
6. Fidel Castro's son commits suicide, reports Reuters
US not contemplating military action inside Pakistan: Pentagon
The US is not contemplating military operations inside Pakistan, the Pentagon has said, refuting reports in some Pakistani media amidst the Trump administration piling pressure on Islamabad to rein-in the Taliban and the Haqqani network terror groups.
Instead, the US is seeking Pakistan's cooperation in various operations under the Trump administration's new South Asia strategy, the Pentagon's Joint Staff director Lt Gen Kenneth F McKenzie said.
Deutsche Bank blames US tax reforms for 2017 loss
Germany's biggest lender Deutsche Bank said Friday that Donald Trump's tax reforms in the US pushed it into the red in 2017.
The Frankfurt-based bank said in a statement that its net loss amounted to 512 million euros (USD 640 million) last year, narrower than the loss of 1.4 billion euros in 2016. Revenues fell to 26.4 billion euros in 2017 from 30 billion euros the year before.
'Very difficult' for Britain to stay in any EU customs union after Brexit
British Trade Minister Liam Fox said on Friday it would be very difficult for Britain to remain in any kind of customs union with the European Union after Brexit.
“It is very difficult to see how being in a customs union is compatible with having an independent trade policy because we would therefore be dependent on what the EU negotiated in terms of its trading policies and we’d be following behind that,” Fox told Bloomberg TV in China.
Govt expects winning bidder for Air India by June-end: Sinha
The government is expecting to have the winning bidder for national carrier Air India by the end of June and the "legal closing" of the transaction by year-end, Union Minister Jayant Sinha said today.
Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak
Mahindra to take a call on new tractor facility in FY19
Mahindra & Mahindra (M&M), the country’s largest tractor manufacturer, will take a call next financial year on the need to invest in a new tractor making plant, reports Moneycontrol News’ Swaraj Baggonkar. Pawan Goenka, Managing Director, M&M, said, “Some of our plants are fully utilised, some others are running on one shift. The capacity utilisation across plants right now should be around 75%. If we have one more year of double-digit growth then we will be in a situation where we would need to invest in a new capacity.”
Ford India sales up 58% YoY at 22,535 units in January
Ford India reported a 58% increase in total sales at 22,535 units in January as against 14,259 units in the same month last year. The company said its domestic sales stood at 9,450 units in January as against 7,995 units in the year-ago month, up 18.19%. Exports stood at 13,253 units last month as compared to 6,264 units in January 2017, a jump of 111.57%, Ford India said in a statement.
Small taxpayer got relief in past budgets, says FM
Finance Minister Arun Jaitley defended not giving away major relief to middle class by saying the government has already done enough in the past Budget and will further provide succour in the future depending on fiscal space, reports PTI.
"India has a serious challenge in terms of compliances. India has a serious challenge in term of increasing the tax base and therefore if you analyse the sum total of my last 4-5 budgets that I have presented, systematically to the smaller taxpayer I have given relief almost in every Budget," he said.
Citing various major announcements done in the past, he said, when the government came in the exemption limit was raised from Rs 2 lakh, additional exemption of Rs 50,000 on saving so Rs 1 lakh became Rs 1.5 lakh and another exemption Rs 50,000 for housing loan repayments raising it to Rs 2 lakh per year.
Dr Reddy's launches generic Tetrabenazine tablets in US
Drug firm Dr Reddy's Laboratories said it has launched in the US market generic Tetrabenazine tablets used for treatment of involuntary movements associated with Huntington's disease. The company's Tetrabenazine tablets have been approved by the United States Food and Drug Administration (USFDA), Dr Reddy's Laboratories said in a filing to the BSE.
They are a generic version of Valeant Pharmaceuticals Luxembourg's Xenazine tablets, it added. According to IMS Health data, Xenazine brand and generic had US sales of approximately $322 million MAT for the most recent 12 months ending in November 2017, it said.
Yes Bank to raise $600m via fixed term notes
Private sector lender Yes Bank said it will raise $600 million (approx Rs 3,830 crore) through issuance of fixed term notes under its $1 billion Medium Term Note (MTN) programme. "The Capital Raising Committee of the board apporved the issuance and allotment of fixed term notes for an aggregate principal amount of $600 million under the $1 billion Medium Term Note Programme of the bank," Yes Bank said in a BSE filing.
Investment advisers, analysts to face huge fine for violations
Investment advisers and research analysts are set to attract huge penalties of up to Rs 1 crore for violation of Sebi norms, according to a proposal in the Budget 2018-19, reports PTI. Failure to comply with regulations by individuals with respect to alternative investment funds (AIFs), infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) would also attract similar quantum of penalties.
The Finance Bill 2018 has proposed amendments to the Securities and Exchange Board of India Act, Securities Contracts (Regulation) Act and Depositories Act. As per changes proposed to the Sebi Act, an investment adviser or a research analyst fails to comply with relevant regulations, then they would be liable for fine of not less than Rs 1 lakh. The quantum can extend to Rs 1 lakh for each day during which such failure continues subject to a maximum of Rs 1 crore.
L&T construction arm bags orders worth Rs 2,275cr
Larsen & Toubro (L&T) said its construction arm has won orders worth Rs 2,275 crore across business segments. L&T said its water and effluent treatment business has bagged orders worth Rs 1,255 crore in the domestic market.
"An EPC order has been secured from Bangalore Development Authority for executing utility development and management for Nadaprabhu Kempegowda Layout on a design, build & operate (DBO) basis for Package-1," the engineering and construction major said in a BSE filing.
Meanwhile, its power transmission and distribution business has secured orders worth Rs 590 crore and its buildings and factories business won an order worth Rs 430 crore.
Former President of the Maldives, Mohamed Nasheed was cleared by the country's Supreme Court today, reports AFP. The decision clears way for Maldives' first democratically elected leader to return to Maldives from exile and contest presidential elections due this year. Nasheed, who is currently living under exile in Sri Lanka, has promised to challenge President Abdulla Yameen for the presidency.
Bajaj Auto sales up 46% YoY at 3,53,147 units
Bajaj Auto today reported a 46% jump in total sales at 3,53,147 units in January against 2,41,917 units in the same month last year. Overall domestic sales increased 50% to 2,02,193 units against 1,35,188 units in January last year, Bajaj Auto said in a statement.
The company's domestic motorcycle sales were up 36% at 1,63,111 units, against 1,19,803 units during the same period a year ago. Commercial vehicles sales in the domestic market soared 154% at 39,082 units, from 15,385 units in January 2017. Total exports in January grew by 41% to 1,50,954 units against 1,06,729 units in the year-ago month.
Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra
SC seeks govt's reply on CPI(M)'s plea against electoral bonds
The Supreme Court sought the Centre's response on a plea by the CPI(M) and its general secretary Sitaram Yechury challenging the government's decision on issuing electoral bonds, reports PTI. A bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud issued notice on the plea and said it will be tagged along with a pending petition.
Challenging the Centre's decision, the CPI(M) said in its petition that the move undermined democracy and it would lead to greater political corruption. Yechury said the party was left with no choice but to move the apex court. He said they had taken up the matter in Parliament and sought amendments to the bill when the government moved the proposal.
Govt to roll out health cover scheme from next fiscal: FM
Finance Minister Arun Jaitley said the world's biggest health cover plan announced in the Budget will be cashless and not a reimbursement scheme, and promised more funds if required depending on the rollout later next financial year, reports PTI. The National Health Protection Scheme (NHPS) touted as ModiCare envisaged to provide medical cover of up to Rs 5 lakh to over 10 crore poor and vulnerable families, constituting 40% of total population.
"It takes care of hospitalisation, the secondary and tertiary care. Obviously, it will involve various state hospitals and selected private hospitals. It can be on trust model, it can be on insurance model. It's not on reimbursement model because too many complaints come on the reimbursement model," he said. The model is now being worked out between NITI Aayog and Health Ministry, he said, adding the date of implementation would be next financial year and sometime in the course of the year it will be worked out.
Fiscal discipline has taken a backseat in budget: Cornell economist
Fiscal discipline has taken a backseat in the latest annual Indian budget which contains many tinges of populism, noted Indian economist Eswar Prasad said. Prasad, a professor of trade policy at the prestigious Cornell University, said there were no major measures in the budget that could stimulate private investment.
"Fiscal discipline has taken a backseat in this budget, which contains many tinges of populism, as was to be expected in the run-up to a national election cycle," Prasad told PTI. "There are no major measures that could stimulate private investment, which has been notably weak even during the recent period of high growth," Prasad said.
No Samsung phones, Nike uniforms for North Koreans? Sanctions cloud Olympic perks
All of the almost 3,000 athletes competing at the upcoming Pyeongchang Winter Olympics are set to get perks including the latest $930 Samsung smartphones, top of the range new equipment to take home and sleek Nike uniforms, reports Reuters. All except perhaps the 22 athletes from North Korea.
Tough international sanctions including travel restrictions and a ban on the sale of luxury goods and sports gear have complicated South Korean Olympic organisers’ efforts to provide their northern neighbours with the same benefits available to other Olympians.
Sony reports best-ever Q3 profit, forecasts new annual record
Japan’s Sony Corp on Friday reported a nearly four-fold jump in third-quarter operating profit on growing demand for its image sensors, and raised its full-year earnings outlook, reports Reuters. The electronics firm posted an operating profit of 350.8 billion yen for the October-December quarter, up from 92.4 billion yen a year ago. Sony raised its profit forecast for the year ending March to 720 billion yen from 630 billion yen, its best ever in its 72-year-old history.
Deutsche Bank posts third consecutive annual loss in 2017
Deutsche Bank posted its third consecutive annual loss in 2017, taking a hit from challenging markets, a drop in investment bank revenue and a US tax reform. The loss of 497 million euro at Germany’s flagship lender fell short of expectations of analysts, who had forecast a loss of 290 million euros, according to a Reuters poll of nine banks and brokerages. The bank ended 2017 on a rough note. Revenue dropped 19% to 5.7 billion euro in the fourth quarter, while the net loss widened to 2.19 billion euro from 1.89 billion in the year-earlier period.
Don't use foreign cos for health protection scheme: Swadeshi Jagran Manch to govt
The RSS-affiliated Swadeshi Jagran Manch has cautioned the government against engaging foreign insurance companies for providing health cover to the poor under a flagship programme announced in the Union budget, reports PTI.
SJM co-convenor Ashwani Mahajan said it was heartening to note that the government had announced a health protection scheme, which will reach out to 50 crore people by offering up to Rs 5 lakh cover for illnesses.
"However, SJM would like to caution the government that while implementing this scheme, foreign insurance companies should not be engaged so that valuable resources of the country are retained in India only," he said in a statement.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
Kamala Mills director moves HC, seeks quashing of case
A director of Kamala Mills has approached the Bombay High Court seeking to quash the culpable homicide case registered against him in connection with the December 29 fire in the Kamala Mills compound that claimed 14 lives, reports PTI. Ravi Bhandari's petition was mentioned on Thursday before a division bench of Justices BR Gavai and BP Colabawala and posted for hearing after two weeks. The bench pointed out that pendency of the petition shall have no effect on the hearing of the bail plea filed by Bhandari before a sessions court.
India seeks inclusive, holistic document for negotiations on UNSC reforms
India sought an inclusive and holistic document that will enable all parties to base their negotiations transparently on the UN Security Council reforms, reports PTI. India's Permanent Representative to the UN Syed Akbaruddin said UN member states wanted continuity in terms of building on available documentation and a change in terms of style, so as to focus on negotiating the rolling document.
He said lack of a rolling document is the bane in current process on Security Council reforms. "We seek a structured format of a single document that can be negotiated, one issue at a time, with the usual understanding that nothing is agreed until everything is agreed to," Akbaruddin said.
New health insurance to cost govt Rs 110bn a year, say sources
Prime Minister Narendra Modi’s ambitious plan to provide health insurance to 100 million poor families would require Rs 110 billion in federal and state funding each year, a government official told Reuters. The National Health Protection Scheme, dubbed “Modicare” and announced in Thursday’s budget, would provide 100 million families, or about 500 million poor people, with a health cover of Rs 500,000 for free treatment of serious ailments. The government has estimated the premium for insuring each family would be about Rs 1,100, the government official stated.
SC refers pleas against Jallikattu to Constitution bench
The Supreme Court today referred matters related to the bull-taming sport Jallikattu to a Constitution bench, reports PTI. A bench of Chief Justice Dipak Misra and Justice RF Nariman framed five questions to be adjudicated on by the Constitution bench.
"We have formulated five questions for the Constitution bench," Justice Nariman said while pronouncing the order. The apex court had said on December 12 last year that it would refer to a five-judge constitution bench a batch of pleas challenging Tamil Nadu and Maharashtra laws allowing Jallikattu and bullock cart races.
The court, while reserving its order, had said the larger bench would decide whether states have the "legislative competence" to make such laws on grounds, including that 'Jallikattu' and bullock cart racing fell under the cultural rights enshrined under Article 29(1) and can be protected constitutionally.
Rajya Sabha adjourned till noon following opposition uproar over several issues.