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Defence production target set at Rs90 k crore for 2019-2020

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Defence production target set at Rs90 k crore for 2019-2020

The department of defence production has set itself a target of producing equipment worth Rs 90,000 crore in the financial year 2019-20. Exports worth Rs 15,000 crore have been envisaged from the total quantity of equipment produced.

The target set by the department for 2019-20 is nearly 12 percent higher than the production achieved in the previous financial year. In the financial year 2018-19, the department had produced equipment worth Rs 80,502 crore.

Exports had accounted for Rs 10,745 crore worth of equipment in the financial year 2018-19.

According to the department, greater focus will be placed on modernization and indigenization of domestic manufacturing in order to boost production.

Speaking at a seminar on modernization and indigenization of the IAF in New Delhi on Tuesday, Defence Minister Rajnath Singh had stressed upon the need to reduce dependency on defence imports. He had also said that India continues to be one of the largest importers of defence equipment in the world.

“Of that which is produced within the country, there is a sizeable dependency on foreign original equipment manufacturers for sub-systems and components. We need to cut down dependence on foreign manufacturers and develop comprehensive capabilities ourselves,” Singh had said.

Defence production in India has grown from Rs 74,121 crore in the year 2016-17 to Rs 80,502 crore in 2018-19. In the year 2017-18, defence production in India had touched Rs 78,817 crore.

Defense exports have witnessed tremendous growth from Rs 1,521 crore in 2016-17 to Rs 10,745 crore in 2018-19. In 2017-18, the exports figure had stood at Rs 4,682 crore

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Kiren Rijiju posted P Chidambaram’s old video on unifying language, Again triggered language conflicts

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Some minister Amit Shah’s comments, in which he pitched for making Hindi a common language in the country, has re-ignited the debate on ‘Hindi imposition’ with political leaders, particularly those from the south, warning the government against any move to make Hindi a common language in the country.

As a political slugfest erupted over the matter, Minister of State Kiren Rijiju took to Twitter to share an old video in which Congress leader P Chidambaram is heard saying that he hopes efforts to make Hindi as the country’s language would continue.

Rijiju’s tweet came a day after the Congress reacted to Amit Shah’s statement by warning the government against stirring up controversies over “emotive and sensitive issues” and against tinkering with the three-language formula.

Meanwhile, voices of dissent came in from the Bharatiya Janata Party itself with Karnataka chief minister BS Yediyurappa tweeting that for his state “Kannada is the principal language”. “We will never compromise its importance and are committed to promoting Kannada and our state’s culture,” Yediyurappa also said.

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J&K Governor Satya Pal Malik briefed Modi about Kashmir situation

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J&K Governor Satya Pal Malik briefed Modi about Kashmir situation

Jammu and Kashmir Governor Satya Pal Malik met Prime Minister Narendra Modi on Monday and is believed to have briefed him about the security situation in the state.

Normal life remained affected in the Kashmir Valley for the 43rd consecutive day on Monday.

“Shri Satya Pal Malik, the Governor of Jammu and Kashmir called on PM @narendramodi,” the prime minister’s office tweeted.

Malik is believed to have apprised Modi about the prevailing situation in Jammu and Kashmir, sources said.

On August 5, the central government had announced the abrogation of the special status given to Jammu and Kashmir under Article 370 and bifurcation of the state into Union territories.

The two UTs of Jammu and Kashmir and Ladakh will come into existence on October 31.

While security forces have eased restrictions in many parts of the Valley, normal life continues to be affected as business establishments remained shut and only a few vehicles plied on the roads.

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Nirmala Sitharaman steps up to boost economic growth

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Nirmala Sitharaman steps up to boost economic growth

On Saturday Finance Minister Nirmala Sitharaman announced a series of steps to boost exports to improve the growth and uplift consumer sentiments.

Nirmala Sitharaman has sought to address concerns over infrastructure spending, improved access to credit for businesses, more capital for state-run banks, boosting the prospects of the auto sector; and improving credit flow.

Minutes of  the Press Conference :

On September 19, the Finance Minister will be meeting all PSB heads to assess how the credit flow system is working up.

She further added that Inflation is under control and there is a clear sign of revival of industrial production.

Sitharaman said that there will be the total removal of human interface in the tax assessment.

Small tax-payers with minor defaults will not be prosecuted.

To boost exports the government has come up with a six-point plan. Remission of duties or taxes on export products particularly in textile dispensation will completely replace all MEIS from Ist Jan 2020

Export Credit Guarantee Corp will expand the scope of ECIS and offer higher insurance cover to banks lending working capital for exports in a move which will cost Rs.1700 crore per annum to the government.

Data on export Finance will be regularly published by RBI. The inter-ministerial group will be formed which will be monitoring export finance on a weekly basis.

Annual mega shopping festivals will be held to boost small and medium scale enterprises.

Rs 50,000 cr revenue will be foregone with the introduction of remission of duties or taxes on export products, said the minister.

 Government moves to enable handicrafts industry to effectively harness e-commerce for exports; announces mass enrolment of artisans across India for handicraft promotion.

 With a focus on the construction of unfinished units, the government announces special window to provide last-mile funding for housing projects which are non-NPA and non-NCLT and are net worth positive in the affordable and middle-income category.

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