Tag: infra

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Big Infra Gets Massive Spike 

New Delhi: Union Finance Minister Nirmala Sitharaman displays a digital tablet wrapped in 'bahi khata' before presenting the Union Budget 2023, at the Ministry of Finance in New Delhi on Tuesday, Feb. 1, 2023. (Photo: Biplab Banerjee/IANS)

The gross market borrowing of the government has been fixed at Rs 14.13 lakh crore while the net market borrowing is proposed at RS 1.75 lakh crore which is lower than the corresponding figure for 2023-24...reports Asian Lite News

The allocation for big infrastructure projects to be taken up in 2024-25 has been raised to Rs 11.1 lakh crore which is an 11.1 per cent increase over the previous year

Finance Minister Nirmala Sitharaman decided to stick to the path of fiscal consolidation path as she pushed for economic growth and inclusive development in the interim Budget 2024-25 presented in Parliament on Thursday. The Finance Minister has reduced the fiscal deficit target to 5.1 per cent of GDP for 2024-25 while increasing the government’s capital expenditure on big infrastructure projects to push the economic growth rate.

This has been made possible due to the robust increase in tax collections in a fast-growing economy. The allocation for big infrastructure projects to be taken up in 2024-25 has been raised to Rs 11.1 lakh crore which is an 11.1 per cent increase over the previous year. The gross market borrowing of the government has been fixed at Rs 14.13 lakh crore while the net market borrowing is proposed at RS 1.75 lakh crore which is lower than the corresponding figure for 2023-24.

“Lower market borrowings by the government will leave more funds for private sector corporates to get loans for investment which will accelerate the country’s economic growth further,” the Finance Minister said in her Interim Budget speech. The Interim Budget has also created a corpus of Rs 1 lakh crore for a 50-year interest-free loan for the farm sector. The Finance Minister said that she was making any changes in the direct or indirect tax rates in the interim budget. Sitharaman said that the Indian economy has witnessed a transformational change and fruits have development have started reaching people at a mass scale. “The Modi government’s polcy of inclusive development and growth is a deliberate departure from the past governments. Housing water electricity, bank accounts cooking gas have been provided for all. Worries of food have been eliminated with free food for 83 crore people and real incomes have increased,” she said. She said the government was committed to social justice with all-round development that would improve the capability of the people and empower them. “Social justice is a necessary model and the government’s saturation approach reflects secularism in action that prevents corruption and nepotism.

Opportunity for all. Systemic inequality is being addressed for social transformation,” she said. Top priority is being given to empower four segments that include the poor, women, youth and farmers for the support of the government, she added. “Indian economy witnessed profound positive transformation in the last 10 years,” said Sitharaman, while presenting #Budget2024 in the Parliament Presenting the Interim Budget for the fiscal year, Sitharaman highlighted the government’s commitment to inclusive development under the vision of “Sabka Saath, Sabka Vikas, and Sabka Vishwas.” “In the second term, our government strengthened its vision of Sabka Saath, Sabka Vikas, and Sabka Vishwas,” stated Sitharaman, emphasizing the continuity of the government’s commitment to the welfare of all citizens. She acknowledged the challenges posed by the once-in-a-century pandemic but noted that the country successfully overcame them, continuing its stride towards building an Atmanirbhar Bharat (self-reliant India) committed to Panch Pran and laying solid foundations for the Amrit Kaal. Sitharaman said, “The country overcame the challenges of once in a century pandemic to clang stride towards Atmanirbhar Bharat committed to Panch Pran and laid solid foundations for the Amrit Kaal”. Addressing concerns about food security, Sitharaman announced the elimination of worries through the provision of free ration for 80 crore people. “The worries about food has been eliminated through free ration for 80 crore people”, said Finance Minister.

The Finance Minister also highlighted the impact of Direct Benefit Transfer (DBT), emphasizing that savings through DBT channels have enabled more funds for the PM Garib Kalyan Yojana, a welfare program for the economically disadvantaged. “With the pursuit of Sabka Saath, the govt has assisted 25 crore people to get freedom from multidimensional poverty in last 10 years”, Sitharaman stated during her Budget speech. The Finance Minister underscored the need to focus on four major pillars: the poor, women, youth, and annadatas (farmers). “We need to focus on four major pillars — poor, women, youth and annadatas”, said Sitharaman Highlighting achievements in skill development, Sitharaman noted that the Skill India Mission has successfully trained 1.4 crore youth, contributing to their empowerment and employability. She reiterated the government’s commitment to inclusive governance, describing the administration under Prime Minister Modi as “secularism in action.”

“In the last 10 years, we have targeted every household for houses for all, water for all, and cooking gas for all,” Sitharaman declared, emphasizing the comprehensive approach towards addressing basic needs and improving living standards. Additionally, she revealed that 34 crore Mudra Yojana loans have been extended to women entrepreneurs, promoting financial inclusion and empowerment. “34 cr Mudra Yojana loans been given to women entrepreneurs”, said Finance Minister. The Finance Minister concluded her budget presentation with a positive outlook, signalling the government’s determination to continue fostering inclusive growth and development. As the nation navigates through the uncertainties of the present and builds towards the future, the budget reflects a commitment to the welfare and progress of all citizens. The Budget 2024 is expected to undergo thorough scrutiny and debates in the coming days in the Parliament, as stakeholders assess its potential impact on the nation’s economic trajectory.

ALSO READ-Nirmala calls for supplementing G20 initiatives on debt crisis

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-Top News Europe

Philippines to join India, US in building digital public infra

The House of Representatives passed on third reading an e-governance bill on March 6. A counterpart bill in the Senate is currently at the committee level…reports Asian Lite News

Philippines Parliament Speaker Ferdinand Martin G Romualdez on Saturday suggested that the country along with US, and India should partner to construct digital public infrastructure, according to the Philippines House of Representative press release.

“It is very important for the Philippines, India, and the US to lead in this digital public infrastructure initiative because nations have much to gain from this,” he said following the Digital Public Infrastructure lecture at the International Monetary Fund headquarters in Washington. He also had a brief chat with Nandan Nilekani, one of the founders of the Indian multinational information technology company Infosys.

He said building public digital platforms “is very much aligned with the campaign promise of President Ferdinand Marcos Jr to speed up the country’s digital transformation,” added the release.

“This is the reason why the House of Representatives has passed the E-Governance/E-Government Bill, which seeks to shift the entire bureaucracy to the digital space for faster and transparent delivery of services, and for better engagement with the public,” he said.

The House of Representatives passed on third reading an e-governance bill on March 6. A counterpart bill in the Senate is currently at the committee level.

If passed into law, the digitization of paper documents and processes is expected to encourage cooperation between the government and the private sector in improving the ease of doing business.

“Digitalization will definitely prove to be the panacea to the economic problems left behind by COVID-19,” Speaker Romualdez said.

The information technology and business process management industries in India account for over 55 per cent of the global outsourcing market.

The Indian Government also launched its Digital India Mission in 2015 to focus on using technology and digitalization to enhance governance.

Meanwhile, the United States Agency for International Development in January allotted USD 18 million to help Philippine small and medium enterprises enhance their digitalization transformation.

Romualdez bared that during the event IMF Managing Director Kristalina Georgieva extended her best wishes to the Philippines and its strong economy, read the release.

“She is very, very delighted with our attendance and presence during the Spring Meeting of the IMF here in Washington D.C. We look forward to further interaction with the IMF, World Bank, and other leading financial institutions,” said Romualdez. (ANI)

ALSO READ-Apolis USA widens footprint in India

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-Top News Technology UAE News

UAE tops AI infra in Arab region

Besides topping several global and Arab indices in different fields including smart government, telecommunication, education, health and digital solutions, reports Asian Lite News

The Digital Transformation in the UAE Report 2020 released by the Telecommunications and Digital Government Regulatory Authority (TDRA) has revealed the many first and the efforts made by the Emirate in making it the hub of digital transformation globally.

Besides topping several global and Arab indices in different fields including smart government, telecommunication, education, health and digital solutions, the UAE has also emerged as the leader in artificial intelligence infrastructure in the Arab region.

Commenting on the report, Hamad Obaid Al Mansoori, Director-General of TDRA and Head of Digital Government, said, “The achievements highlighted by this report are fruits of accumulated efforts and vision of the wise leadership to set the UAE as a leading model for future foresight and happiness on basis of technology, advanced science and digital transformation. I appreciate the efforts of federal and local government entities, which worked as one team in harmony to serve the UAE’s objective of digitalising government services.”

In the health sector, UAE has been ranked first in the number of accredited medical facilities index. Accredited medical facilities which met required standards (including IT management and employment in healthcare services) reached 88.33 percent. It has been ranked 12th in health infrastructure.

In the economic sector, UAE has been ranked first in several indices, including public-private partnership and its impact on technology development, use of virtual professional networks, and government purchase of advanced technology products.

UAE has also been ranked first in the Arab region for its readiness in future index, IMD’s digital competitiveness index, and market value of information and media technology index.

With regard to capacity building, the UAE has been ranked fourth globally in the legal framework’s adaptability to digital business models, second in ICT usage, big data usage and analysis, and government future orientation.

The report also reveals on the achievements of federal and local governments in the field of digital transformation. The initiatives by the UAE includes orientation to paperless government, digital service platforms, and digital connection among government entities through the Federal Network (FedNet), UAE Pass and Government Service Bus (GSB). The initiatives also reveal the optimistic strategies approved by the government to enter the age of the fourth industrial revolution, artificial intelligence and big data analysis.

“In the UAE, we are determined to save no efforts to enhance the due position of the UAE since the start of the Union and under directions of our wise leadership. Today, we achieved many top ranks, particularly in digital transformation, under the directions of our leadership and with the help of our national cadres. We prepare for the next fifty years to make more achievements,” said Al Mansoori.

UAE tops mobile phone network coverage

The UAE has been ranked first globally in mobile broadband internet subscriptions, mobile phone network coverage, mobile broadband subscriptions, and wireless broadband. The report referred to a set of leading initiatives related to information society and digital economy, including the E-Health Information System ‘Wareed”, robotic pharmacy, eService integration, and Human Resources Management Information System (Bayanati).

In the economic and security sectors, the UAE has made significant achievements, including the development of “Start your business in 15 minutes”, the police station in your phone, and the Hassantuk project.

The report highlighted the UAE’s smart platform for big data and transition to IPV6. The UAE is the first country at the regional level to apply IPV6, the federal network “FedNet” and the digital identity “UAE PASS”.

The report reviewed achievements made at the level of local governments of the seven emirates of the UAE, highlighting the large volume of work that has been achieved in terms of digital transformation of public services. These achievements enhance the UAE’s orientation towards a new brighter future in the era of the 4th industrial revolution, artificial intelligence, space and the digital knowledge society.

Forty years to the top

The report states the story of digital transformation in the UAE, which started in the early 1980s with the establishment of the Public Information Authority. That authority was responsible for the automation of government processes and the introduction of computer in federal government work. The report highlighted some achievements in the digital world till 2021, the year of the UAE golden jubilee and preparation for the next fifty years.

ALSO READ: IPL 2021 shifted to UAE

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-Top News USA

Biden’s boost for infra, jobs

Joe Biden and Kamala Harris

Biden described the plan as “a once-in-a-generation investment in America” and compared its scoped to the space race of the 1950s and 1960s when the US confronted the Soviet Union…reports Asian Lite News

US President Joe Biden has unveiled an ambitious $2 trillion plan to overhaul the nation’s deteriorating infrastructure and create jobs while putting the country on its way to “win the global competition with China”.

Outlining it in Pittsburgh on Wednesday, he called the plan “a once-in-a-generation investment in America” and compared its scoped to the space race of the 1950s and 1960s when the US confronted the Soviet Union and won the race to the moon.

The first phase of it, called the ‘Jobs Plan’, aims to modernise transportation infrastructure — the roads, bridges and airports, he said.

Although couched as an infrastructure initiative, this plan has a much wider ambition.

It ranges from spurring scientific and industrial research to incentivising adoption of electric vehicles and from boosting domestic manufacturing to building affordable housing.

“It grows the economy in key ways. It puts people to work to repair and upgrade what we badly need. It makes it easier and more efficient to move goods, to get to work, and to make us more competitive around the world,” the President said about its basic agenda.

It is to be financed through an increase in corporate taxes from 21 per cent to 28 per cent and hiking taxes on those making more than $400,000 a year.

Biden acknowledged that the US was one of the major economies where public investment in research and development as a share of GDP has declined constantly over the last 25 years.

“We’ve fallen back. The rest of the world is closing in and closing in fast.”

Through decades of neglect and underinvestment, the roads, rails and local train systems in many places are crumbling, and many of the airports are outmoded and wouldn’t compare to the most modern ones in Indian metro cities.

The US electrical grid has catastrophically failed in several places, most recently in Texas last month with power outags over several days.

Biden’s plan, if successful, would inject the needed capital and give the political impetus to modernising the infrastructure as the US creeps up from under the Covid-19 devastation.

Having recognised the competition with China that has made massive investments in building its infrastructure and its scientific and industrial capabilities and extending its reach abroad, Biden made Beijing the backdrop to his endeavour.

His plan, he said, “will grow the economy, make us more competitive around the world, promote our national security interests, and put us in a position to win the global competition with China in the upcoming years”.

“It’s going to boost America’s innovative edge in markets where global leadership is up for grabs a” markets like battery technology, biotechnology, computer chips, clean energy, the competition with China in particular.”

Globally he framed it as a race between democracies and autocracies.

“That’s what competition between America and China and the rest of the world is all about. It’s a basic question: Can democracies still deliver for their people? Can they get a majority?

“I believe we can. I believe we must,” the President noted.

But democracy is what stands in the way of his plan as he is buffeted by the left and right.

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He will need the backing of at least 10 Republican Senators to get the 60 votes needed in the evenly divided Senate to get the plan approved while keeping his base intact.

The main sticking point is his proposal to raise taxes.

Appealing to them, he said that the Republicans “know China and other countries are eating our lunch. So there’s no reason why it can’t be bipartisan again”.

Former President Donald Trump had promised a massive infrastructure plan during the 2016 election campaign but was so distracted by his less pressing obsessions that he never got around to seriously pursuing it before Covid-19 hit the world.

Republican Senate leader Mitch McConnell said he was unlikely to back Biden’s infrastructure plan.

“It’s called infrastructure, but inside the Trojan horse it’s going to be more borrowed money, and massive tax increases on all the productive parts of our economy.”

A way around the Republican Senate roadblock would be for the infrastructure legislation to be treated as an amendment to the budget, which would need only 51 votes. And that’s what Biden, Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer are preparing for.

Also read:Biden reassures Americans again

But Biden will also face opposition from his Democratic Party’s left.

Indian-American Congressional Progressive Caucus Chair Pramila Jayapal called for a “bolder” and more comprehensive plan that would tackle climate change more aggressively.

“It makes little sense to narrow his previous ambition on infrastructure or compromise with the physical realities of climate change,” she said.

House of Representatives member Alexandria Ocasio-Cortes, who is a member of the Democratic Socialists group, had proposed a $10 trillion plan.

She compared Biden’s plan to the $1.9 trillion Covid-19 relief passed by Congress earlier this month and tweeted that the President new proposal “is not nearly enough. The important context here is that it’s $2.25 trillion spread out over 10 years”

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