Union Finance and Corporate Affairs Minister Nirmala Sitharaman chairs the 36th GST Council meeting, in New Delhi on July 27, 2019. Also seen Union MoS Finance and Corporate Affairs Anurag Singh Thakur.IANSIndia Inc has sought a stimulus package of Rs 1 lakh crore to push investment and demand and take the economy and industry out of a slowdown. Finance Minister Nirmala Sitharaman on Thursday met industry captains to seek consultations for boosting industrial growth in which India Inc placed a demand for a stimulus package of over Rs 1 lakh crore to beat the slowdown.Industry top officials said the government has assured them to take steps soon to boost the economic growth.In a meeting with top industry leaders, called by Finance Minister Nirmala Sitharaman to discuss ways to revive the growth, Assocham President BK Goenka said amid the current slowdown in the global and domestic market, there is a need to have quick-fix solutions.”The economy requires a critical intervention by introducing a stimulus package. We have suggested for a package of over Rs one lakh crore,” he said.After the three-hour meeting, India Inc also said the government has assured them that it would take action soon to revive the industry and push economic growth, he said.JSW Group Chairman Sajjan Jindal said: “It was decided that the government is going to take action very soon to revive the industry and it is a matter of sentiments. We got positive feedback from the finance minister”. The industry is suffering from issues in sectors like steel, NBFC, and automobile.Piramal Enterprises Chairman Ajay Piramal said that the industry raised several matters such as reluctance of banks to lend to the industry. “It is not that there was a lack of liquidity in the banks, but lending is not taking place. There is stress on the economy as far as NBFC sector was concerned,” he told reporters after the meeting.He added that the NBFC issue is impacting sectors like auto, home loan, and MSME. aceI am told that there will be action soon. So, we will wait for that,” he said.Goenka said to boost exports and ensure stability, tax policies and schemes on refunds and incentives should be made steady and continuous, without intermittent changes. Given the fiscal constraints, the government can raise resources by monetising idle government land. In turn, such land can be used for affordable housing and new projects.”While India’s exports are declining, exports in June itself showing a drop of over 9 per cent year-on-year, the unabated US-China trade war throws many opportunities for India, which needs to be tapped.Higher rate of corporate taxes in India also make Indian businesses uncompetitive. Reviving private sector capex is also key to the economic growth. One of the growth drivers would be investment allowance and accelerated depreciation in green field project. There should be incorporation of accelerated depreciation system in first year or over 3 years. Tax rebates can be given for profits ploughed back as investment in new projects, he said.Though there has been rationalization in the category of goods falling under 28 per cent GST, there are still 33 items which remain in the highest slab. “It is recommended that the rate of other goods falling under such category such as cement, consumer durables, automobiles including parts thereof etc should be reduced to 18 per cent”.The Government is also said to have assured that punitive penal provisions concerning non-compliance with CSR spending norms under the companies law would not be pursued.Piramal said the industry demanded that oversight on CSR spending should not result in any imprisonment.Vice-President CII T V Narendran said the government sought views on ways to further stimulate the country’s economic growth. “Across the board, we discussed the key issues,” he said, adding slowdown in the auto industry would have an implication on the steel sector.Sandip Somany, President, FICCI, said transmission of cut in interest rate to consumers by banks is a big issue. “Banks must be encouraged to pass on the benefits of rate reduction to consumers and borrowers. We are hopeful of further rate cut. It is encouraging that the RBI has reduced rates by cumulative 110 basis points,” he said.Goenka strongly advocated setting up a ‘development bank’ which will support startup risk capital. He also sought the Finance Minister’s consideration on Accelerated Depreciation on investments as another measure to encourage investmentEmphasising the immediate need for revival of exports, Assocham president said there are sectors such as textile and garments, are suffering due to constant review and frequent changes being brought in tax refunds/incentives schemes.
Nicolas MaduroPresident Nicolas Maduro’s government won a landslide victory in closely watched regional elections in Venezuela on Sunday, according to official results that the opposition said were “suspicious.”Maduro’s socialist party won governorships of 17 of the 23 states with the opposition Democratic Union Roundtable (MUD) coalition taking only five, according to the results announced by the National Elections Council.The official turnout was 61.14 percent.Maduro said his government had scored an “emphatic victory” over its rivals.”The opposition has five,” Maduro underscored in a speech to supporters, adding that his party could win one further state where the results were still in dispute.Public opinion surveys had predicted that the opposition would win a majority of state governorships despite alleged government dirty tricks to suppress a high turnout.Sunday’s vote came against the backdrop of an International Monetary Fund report in which it sees Venezuela’s economic downturn, and the suffering of its population, continuing.Venezuela “remains in a full-blown economic, humanitarian, and political crisis with no end in sight,” the Fund said in a report on Latin American economies.International powers accuse Maduro of dismantling democracy by taking over state institutions in the wake of an economic collapse caused by a fall in the price of oil, its main source of revenue.Sunday’s polls were the first contested by the opposition since legislative elections in 2015 that gave it a majority in the National Assembly.The MUD has seen Maduro’s hand strengthened after he faced down four months of protests that killed 125 people, forming a Constituent Assembly packed with his own allies and wresting legislative power from the opposition-dominated National Assembly.For Maduro, the polls were an opportunity to counter allegations of dictatorship leveled at him at home and abroad after forming the Constituent Assembly.
© 2014 Phys.org Citation: Best of Last Week – Observation of elusive antiparticle, mystery on Titan and reversing memory loss from Alzheimer’s (2014, October 6) retrieved 18 August 2019 from https://phys.org/news/2014-10-week-elusive-antiparticle-mystery.html Explore further Princeton University scientists used scanning-tunneling microscope to show the atomic structure of an one-atom-wide iron wire on a lead surface. The zoomed-in portion of the image depicts the quantum probability of the wire containing an elusive particle called the Majorana fermion. Importantly, the image pinpoints the particle to the end of the wire, which is where it had been predicted to be over years of theoretical calculations. Credit: Yazdani Lab, Princeton University In other astrophysics news, researchers here on Earth were able to watch as a mysterious feature evolved in a Titan sea courtesy of NASA’s Cassini spacecraft. The bright object seen on Saturn’s moon was observed to be changing over time. Researchers aren’t sure what it is, but suspect it could be bubbles, waves, suspended solids or something forming beneath the surface.In more practical news, officials have announced that the first floating solar farm in the UK has come to life in Berkshire—the farm won’t take up valuable farmland and is the first of many to come. In related news, a team of researchers has come up with what they are calling the world’s first “solar battery” that runs on light and air—it’s a solar cell that stores its own power.There was also some good news for millions of people the world over as a team of researchers has been attacking type 2 diabetes from a new direction with encouraging results. A drug normally used for another purpose was found to burn fat in liver cells, a precursor to the disease. Also, another team in Denmark has found a new material that steals oxygen from the air—one teaspoon can hold a whole roomful of oxygen, perhaps doing away with oxygen tanks for those with lung impairments, offering a new lease on life.And finally in some truly exciting medical news, a team of researchers has demonstrated a way to reverse memory loss due to Alzheimer’s for the first time ever—it involves a 36-point therapeutic program that involves a wide array of therapies ranging from diet changes, to brain stimulation and pharmaceuticals. It’s the first study to show that such memory loss does not have to be permanent. (Phys.org) —It was another interesting week in pure physics research as a team in India revisited superposition with a proposed resolution of the double-slit experiment paradox using Feynman path integral formalism—they’re looking to resolve a discrepancy with the Schrödinger wavefunction. Meanwhile, another team at Princeton has observed the Majorana fermion, an elusive particle that is its own antiparticle—a possible step toward the creation of computers based on quantum mechanics. Not to be outdone, yet another team has found a Higgs-gravity connection that may leave traces in white dwarfs—the Higgs boson experiments conducted in 2012, it turns out, might just play a major role in finally understanding the nature of gravity via an investigation into the connection between the coupling of spacetime curvature and the Higgs field. A Higgs-gravity connection may leave traces in white dwarfs This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.