02 March 2021

Mizoram CM Presents Budget



Zoramthang , who also holds the finance portfolio, said the state government is constantly taking measures to increase its revenue from all sectors.

Mizoram chief minister Zoramthanga on Monday presented the annual budget for the 2021-22 fiscal with an outlay of 11,148.90 crore and no proposal to levy new taxes or raise existing rates.

Zoramthanga also presented the supplementary demands for grants for 2020-21 amounting to 3,058.08 crore.

Revenue expenditure for 2021-22 is estimated at 9,216.39 crore, which is 82.67 of the total budget, he said.

The CM, who also holds the finance portfolio, said the state government is constantly taking measures to increase its revenue from all sectors.

The revenue targets will be achieved not by imposing fresh taxes but through more efficient tax collection, he said.

The state government also expects a 5,267.82-crore grant from the 15th Finance Commission, and 2,570.39 crore for implementation of Centrally Sponsored Schemes (CSS), Zoramthanga said.

He said in spite of limited revenue resources, his government is aiming at maintaining a revenue surplus of 579.42 crore in 2021-2022.

Zoramthanga added that the Mizoram government will have to continue with its austerity measures till the state's financial position improves.

Starlink Satellite Internet is Open for Pre-Booking

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Elon Musk's Starlink satellite internet is coming to India – here's how you can pre-book your connection
The Starlink satellite internet service is expected to be available in 2022
  • The Starlink satellite internet service is coming to India in 2022.
  • Starlink has started accepting pre-bookings, with a fully refundable deposit of $99 (approx. ₹7,300).
  • If you want early access to the Starlink internet service, you can pre-book using a debit or credit card.
  • Currently, Starlink promises speeds of 50-150 Mbps, but this could be doubled to 300 Mbps by the end of 2021.
Elon Musk’s Starlink satellite internet service is coming to India and you can now pre-book your connection. This comes after the debut of Tesla’s electric vehicles in India was confirmed in December last year.

The Starlink service is operated by SpaceX, an aerospace company. SpaceX was founded in 2002 and was founded by Musk, who also owns US-based Tesla, Inc.

Starlink satellite internet launch date in India

According to information available on its website, Starlink is targeting its India launch sometime in 2022.

The exact launch time frame is not available right now, but you can head over to the Starlink website and pre-book your connection right now.

Starlink availability in India

Most of the major cities like Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and others seem to be covered. For exact coverage details and to see if your address is covered, you can head over to the website and enter your details to see if you can pre-book now.

Here is how much Starlink will cost in India

Starlink has started accepting pre-bookings for Indian addresses. The price has been set at $99 (approx. ₹7,300) towards deposit for the service. This payment is towards the Starlink equipment that will have to be installed at your address to access the internet service.

Once you make the payment, your priority access gets reserved in your location. This deposit is fully refundable, so even if you change your mind after paying, you can still get your money back.

Starlink accepts payments via debit and credit cards, as well as Apple Pay. However, Apple Pay is currently not available in India.

What will be the internet speeds offered by Starlink?


During the current beta testing phase, Starlink is offering speeds between 50-150 Mbps. However, Elon Musk has revealed that speeds will be doubled to 300 Mbps by the end of 2021.

Musk also said that the Starlink project will cover “most of the Earth” by the end of 2021.

Should you subscribe to the Starlink internet service?

This depends on where you are located, and whether you have access to reliable wired or wireless broadband services.

If there are no decent broadband options available in your area, the Starlink satellite internet service might make sense in your case.

Broadband access remains an issue in India even now, with there being a little over 22 million wired broadband users in the country. Contrast this to mobile subscribers, which numbered over 115 million, according to data obtained from the latest TRAI report.

A World Bank report has revealed that an increase of 10% in broadband penetration is likely to boost the gross domestic product (GDP) by 1.38% in developing countries like India.

Franklin Templeton top execs withdrew crores from the wound up fund just before they were locked to the public

Evidence from the SEBI inquiry are slowly coming into public domain and it doesnt show these executives acted in good faith.

The top executives of FT India including Sanjay Sapre, his wife Pradipta Sapre, Vivek Kudwa (Head of APAC at FT), his wife and mother, Aravind Vasudeo Sonde (Trustee at FTIL), Jayaram S Iyer (Listed director of Franklin Templeton India), Venkata Radhakrishnan (also director) all these people withdrew crores of funds from the debt funds, which were then locked for the public.

Source: https://themorningcontext.com/business/franklin-templeton-top-brass-put-self-interest-first (Pay wall but worth it for those entangled in this mess)

All of these people who are in the management of Franklin Templeton withdrew funds. On 23 Mar 2020, SEBI approved additional borrowing in these funds above the normal allowed limit. This was the sign of trouble in these funds, that the management of the fund would be aware of. The funds were then withdrawn by the management after 23rd March 2020.

We don't want to speculate much, but prima facie these actions seem like text book insider trading (acting on non public information). This information was obtained by SEBI inquiry, but for some reason has not been in the entirely released to public. SEBI has also rejected RTI inquiries even from affected parties. One has to wonder on whose side SEBI is acting.

Disclaimer: Affected in 2 of the wound up funds. While I believe the funds may eventually be recovered, if the management acted in bad faith, then action as per law must be taken.
This rattles public trust and belief in the entire mutual fund industry, and also the larger financial industry.

In other countries, bad actors have been prosecuted even if they held very high positions, as and when evidence of their misconduct has come to light.

 

Source: https://www.reddit.com/r/IndiaInvestments/comments/lv3vc4/franklin_templeton_top_execs_withdrew_crores_from/

Directors Appointment in India Maybe Suject to Dual Approval

In a consultation paper, the market regulator tightened norms with regard to the resignation of independent directors on the grounds of personal reasons or other commitments

Representational image.

The Securities and Exchange Board of India (Sebi) is proposing to give a greater say to minority shareholders in the appointment, re-appointment and in the removal of independent directors. 

In a consultation paper, the market regulator tightened the norms with regard to the resignation of the independent directors on the grounds of personal reasons or other commitments by suggesting a cooling off period of one year before the directors can join another board. Similar cooling off period has been proposed if the directors are elevated to a position such as   a whole-time director in the same company. It also mooted the grant of long-vesting ESOPs to the independent directors in lieu of cash-based commissions.

The appointment and the re-appointment of the independent directors shall be subject to dual approval — the approval of the shareholders and the approval by “majority of the minority” (simple majority) shareholders. Minority shareholders mean shareholders, other than the promoter and promoter group.

If either of the approval thresholds are not met, the person would have failed to get appointed or re-appointed. 

In such a case, the listed entity may either propose a new candidate or propose the same person for a second vote of all shareholders,without a separate requirement of approval by “majority of the minority”, after a cooling-off period of 90 days but within a period of 120 days.

The removal of the directors will also be subject to the dual approval process.

Further, if a casual vacancy arises because of resignation, removal or the death of an independent director, the approval of shareholders should be taken within a time period of three months.

Sebi said that considering the importance of the audit committee with regard to related party transactions and financial matters, it should comprise two-third independent directors and one-third non-executive directors who are not related to the promoter, including nominee directors, if any.

“While some these suggestions may increase the compliance burden, Sebi’s move will help broad-base corporate governance norms in Indian entities. These moves have the capacity to increase the independent oversight of Indian listed entities,” Arka Mookerjee, partner, J. Sagar Associates, said.




Cape Clean - India's Top Facade and Window Cleaning Company

Defiant Protesters March Despite Crackdown

Suu Kyi in good health as she appears at court hearing via video; US condemns ‘abhorrent violence’

Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday
Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday

Myanmar’s ousted leader Aung San Suu Kyi appeared at a court hearing via video conferencing on Monday as supporters marched in several towns and cities in defiance of a crackdown after the bloodiest day since the February 1 military coup.

Police fired tear gas and stun grenades to disperse hundreds of protesters in the main city of Yangon on Monday, witnesses said. They later combed through side streets firing rubber bullets and at least one person was hurt, media reported.

Suu Kyi, aged 75, looked in good health during her appearance before a court in the capital Naypyitaw, one of her lawyers said. Two more charges were added to those filed against her after the coup, she said.

“I saw Amay on the video, she looks healthy,” lawyer Min Min Soe told Reuters, using an affectionate term meaning “mother” to refer to Suu Kyi.

“She asked to meet her lawyer.” The Nobel Peace laureate, who leads the National League for Democracy (NLD), has not been seen in public since her government was ousted and she was detained along with other party leaders.

She was initially charged with illegally importing six walkie-talkie radios. Later, a charge of violating a natural disaster law by breaching coronavirus protocols was added.

On Monday, two more charges were added, one under a section of a colonial-era penal code prohibiting publication of information that may “cause fear or alarm”, and the other under a telecommunications law stipulating licences for equipment, the lawyer said.

The next hearing will be on March 15. Critics of the coup say the charges were trumped up.

Myanmar has been in chaos since the military seized power after alleging fraud in a November election won by the NLD in a landslide, with daily protests getting increasingly violent as police and troops try to stamp them out. On Sunday, the police fired on crowds in several places killing 18 people, the UN human rights office said.

A committee representing lawmakers elected last year said 26 people were killed but Reuters was unable to verify that. “We have to continue the protest no matter what,” Thar Nge said after police firing tear gas forced him and others to abandon a barricade in a Yangon street.

“This is my neighbourhood. It’s a lovely neighbourhood but now we’re hearing gunfire and we don’t feel safe.” The military has not commented on Sunday’s violence and police and military spokesmen did not answer calls.

The state-run Global New Light of Myanmar newspaper warned that “severe action will be inevitably taken” against “anarchic mobs”. Demonstrators marched on Monday in the northwestern town of Kale holding up pictures of Suu Kyi and live video on Facebook showed a crowd in the northeastern town of Lashio, chanting slogans.

The police and soldiers later raided a church in the town and detained 11 people, a church group said in a statement.

The coup brought a halt to Myanmar’s tentative steps towards democracy after nearly 50 years of military rule and has drawn condemnation from western countries and growing concern among its neighbours. Foreign ministers from the Association of Southeast Asian Nations (Asean), of which Myanmar is a member, will hold a video meeting on Myanmar on Tuesday and “listen to the representative of the Myanmar military authorities”, Singapore’s foreign minister, Vivian Balakrishnan, told parliament. Balakrishnan called for the security forces to desist from the use of lethal force, for Suu Kyi’s release and for talks on solutions and a way back to democratic transition.

US secretary of state Antony Blinken denounced what he called “abhorrent violence” by security forces, while Canada’s foreign minister, Marc Garneau, called the use of lethal force “appalling”. Tom Andrews, a UN special rapporteur, said it was clear the junta’s assault would continue so the international community should ratchet up its response. He proposed a global arms embargo, more sanctions on those behind the coup and on military businesses and a UN Security Council referral to the International Criminal Court.

“We must act,” Andrews said in a statement. The generals have for years shrugged off diplomatic pressure, partly because of the support of China and Russia. A Chinese foreign ministry spokesman urged Myanmar parties to keep in mind “the big picture” of development and stability and exercise restraint.

Miss India Delhi 2019 Mansi Sehgal Joins AAP

Speaking on the occassion, Sehgal, Miss India Delhi 2019, said she was "inspired by the honest governance of Chief Minister Arvind Kejriwal" and therefore chose to join the AAP.

 

Miss India Delhi Mansi sehgal with AAP leader Raghav Chadha. (Photo: ANI)

Former Miss India Delhi Mansi Sehgal joined the Aam Aadmi Party in the presence of party leader Raghav Chadha, the AAP said in a statement on Monday.

Speaking on the occassion, Sehgal, Miss India Delhi 2019, said she was “inspired by the honest governance of Chief Minister Arvind Kejriwal” and therefore chose to join the AAP.

For any nation to prosper, health and education are the two main pillars and there has been a “tremendous change” in these fields in the last few years under the leadership of Kejriwal, she said.

“Inspired by the honest governance of Chief Minister Arvind Kejriwal and hardwork of MLA Raghav Chadha, I chose to join the Aam Aadmi Party, and I feel that through clean politics, we can bring about a substantial change in the world that we live in,” Sehgal stated.

Chadha inducted Sehgal into the AAP at Naraina Vihar Club in the presence of several residents.

“I am delighted that the Aam Aadmi Party and Arvind Kejriwal instill confidence in young people to join politics and serve the people, and the AAP family is growing leaps and bounds with each passing day. I welcome Mansi into the AAP family,” Chadha said.

Sehgal is also a TedX speaker, trained engineer and an entrepreneur with her own startup, the party statement said.

Calling upon youth and women to be an active part of politics and to join the AAP, Sehgal said, “I would urge our youth and particularly our women to come and join us, and bring about the change that we all wish to see.”

Indian Employees Work Longest, Paid Least

 The ILO report states that the working hours in India can extend up to 48 hours a week adding that only Qatar, Mongolia, Gambia, and Maldives have average working hours longer than in India

Indian employees work longest, paid least globally with no leisure hours, claims ILO report
The paper titled, Global Wage Report 2020-21: Wages and Minimum Wages in the Time of COVID-19' positions India on the 5th spot globally among countries with long working hours

Indians are among the most overworked workers across the world and earn the lowest minimum statutory wage in the Asia-Pacific region, excluding Bangladesh, according to a report by the International Labour Organisation (ILO).

The paper titled, Global Wage Report 2020-21:  Wages and Minimum Wages in the Time of COVID-19' positions India on the 5th spot globally among countries with long working hours.

The study adds that amongst the Indian workforce, it's the well-paid workers, both salaried and self-employed, who work more. It notes that salaried workers in urban areas work more than their rural counterparts.

The report states that the working hours in India can extend up to 48 hours a week adding that only Qatar, Mongolia, Gambia, and Maldives have average working hours longer than in India.

Meanwhile, data from the 2018-19 Periodic Labour Force Survey (PLFS) also shows that better-paid workers in cities work longer than their rural counterparts in India.

Men put in longer hours at work than women in both rural and urban areas, while for both of them, the work hours are longer in urban areas.

In 2019, India carried out its first time-use survey in two decades, which also found similar trends.

Meanwhile, the ILO report further assesses that an average worker in China works 46 hours a week, 37 hours in the US, and 36 hours in the UK and Israel.

The estimates are deduced from 2019 assessments undertaken by national agencies, whilst data for some nations pertains to previous years.

01 March 2021

Mizoram ready to embrace refugees from Myanmar: CM

https://c.ndtvimg.com/2018-12/jk6ibbfc_mnf_640x480_12_December_18.jpg

Aizawl
: Mizoram chief minister Zoramthanga today informed the State Assembly that his government was ready to embrace refugees from Myanmar if they are forced to flee military violence following the February 1 coup.

“As we all know, the military has overthrown the democratically elected government in the neighbouring Myanmar. While we wish that democracy is restored in Myanmar, we are also apprehensive that the people would eventually have to flee the military junta if the conflict goes on and on,” Zoramthanga said during a motion of thanks on the Governor’s address in the Budget session.

“If the people of Myanmar have to flee the military, Mizoram will welcome them with open arms, give them food and shelter. We would even approach the central government to grant us permission in the event of refugees’ influx,” Zoramthanga added.

However, the Mizoram government has not yet received any request for the asylum of people belonging to the Chin community of Myanmar.

“So far, none has applied to us seeking political sanctuary or political asylum. If at all there is a request and we take a decision, it has to be ratified by the government of India since the issue concerns two countries,” Mizoram Home Minister Lalchamliana has said.

Last week, the Mizo Students’ Union had urged the state government to offer them political asylum in the state.

The Chin community and the Mizos in India belong to the Zo ethnic group and share the same ancestry. People from the Chin community are settled along the 404 km porous border in Myanmar’s Chin State bordering Mizoram.