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Union Budget Live 2016: Inflation down to 5.4 %, Swatch Bharat gets Rs 9000 crore
New Delhi: Union Finance Minister Arun Jaitley today presented his third India’s national budget for 2016-17 in Lok Sabha today.
The updates from budget presentation are mentioned below:
• Prudent fiscal policy needed, domestic demand should bhe raised, and reforms need to be carried out
• Farm, rural sector, infra and social sector to get more funds
• Need to prioritize expenditure given recommendations of 7th Pay Commission and OROP implementation.
• Nine pillars for reforming India, among them agriculturre, social sector, education, infra, fiscal discipline, tax reforms.
• Presenting budget when global economy in a serious crisis.
• Amidst global headwinds, the Indian economy has held its own
• Converted challenges we inherited into opportunities
• CPI inflation down to 5.4 percent from 9 percent plus, bringing big relief to the public
• Forex reserves at highest-ever level
• Recapitalization of banks during next fiscal.
• Rs.19,000 crore allotted for PMGSY
• Rs.8.5 lakh crore of agricultural credit targetted in 2015-16, In 2016-17: Rs.9 lakh crore.
• Rs.35,984 crore allocated for agriculture in 2016-17
• Five lakh acres to be brought under organic farming over three year period
• MGNREGA to get Rs.38,500 crore
• Rs.5,500 crore for crop insurance scheme
• Rs.35,984 crore allocated for agriculture next fiscal
• A unified agriculture platform to be dedicated to the nation on the birth anniversary of Dr. B.R. Amebdkar,” the finance minister said.
• Rural development allocated Rs.87,765 crore
• 300 uurban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
• 100% electrification by May 1, 2018
• Swatch Bharat gets Rs 9000 crore
• Current account deficit down to $14.4 billion
• Rs.2.87 lakh crore for rural and urban local bodies
• Animal welfare programme, animal health card, e-marketing platform for connecting breeders
• Appreciation for 75 lakh middle class and lower middle class families for willingly giving up LPG Subsidy
• Universal cooking gas coverage in India
• New health protection scheme – cover of Rs 1 lakh per family, senior citizens will get an additional cover of Rs 30000.
• National hub will be established to help SC/ST entrepreneurs
• Pradhan Mantri Kaushal Vikas Yojan gets Rs.1,700 crore
• Digital depository for school leaving certificates
• Higher education financing agency to be set up with fund of Rs.1,000 crore
• National Skill Development Mission has imparted training to 76 lakh youth; 1,500 multi-skill training institutes to be set up
• Model Shops and Establishments Bill to be circulated for voluntary adoption by states
- Government to provide health insurance of up to Rs.1 lakh per family; 300 generic drug stores to be opened under PM Jan Aushadhi Yojan
- Roads and highways allocated Rs.55,000 crore, 50,000 km of state highways to be taken up for upgradaing to national highways
- Stand Up India scheme allocated Rs.500 crore for SCs, STs women entrepreneurs
- Government to incentivise gas production from deep sea and other unutilised deep sources
- Public Utility Resolution of Disputes Bill for resolution of infra sector disputes
- Rs.25,000 crore alloted for state-run banks’
- Redevelop non-functional airstrips
- FDI now in retail of domestic processed food
- Construction of 10,000 km of new national highways aimed.
- Financial Data Management Centre for integrated data collection and analysis
- RBI Act being amended to provide statutory basis for monetary policy framework
- 100 percent FDI to be allowed through FIPB route in food products produced and marketed in India
- Department of Disinvestment to be renamed Department of Investment and Public Asset Management
- Comprehensive plan being drawn up to be implemented in the next 15-20 years for exploiting nuclear energy
- Vows to provide relief to small tax players
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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