Indian National Congress proclaimed on 26th.January 1929 the Declaration of Indian Independence-“PURNA SWARAJ”as opposed to the DOMINION status offered by the British Regime.
The Indian self-rule movement was a mass-based movement that encompassed various sections of society. It also underwent a process of constant ideological evolution. Although the underlying ideology of the campaign was anti-colonial, it was supported by a vision of independent economic development coupled with a secular, democratic, republican, and civil-libertarian political structure. After the 1930s, the movement took on a strong socialist orientation. The work of these various movements ultimately led to the Indian Independence Act 1947, which ended the suzerainty in India, and the creation of Pakistan. India remained a Dominion of the Crown until 26 January 1950, when the Constitution of India came into force, establishing the Republic of India; Pakistan was a dominion until 1956 when it adopted its first republican constitution. In 1971, East Pakistan declared independence as the People’s Republic of Bangladesh.
India achieved independence from British Raj on 15 August 1947 following the Indian independence movement. Pt.Jawhar Lal Nehru became the first Prime Minister of Independent India. His phenomenal speech on the eve of Independence-Tryst with Destiny still resonates in the hearts and minds of all Indians. On 29 August 1947, a Drafting Committee, was appointed to draft a permanent constitution for the independent India,with Dr B R Ambedkar as chairman.
Republic Day is a national Pride day for India. It is the date on which the Constitution of India came into effect on 26 January 1950 replacing the British colonial Government of India Act (1935) as the governing document of India and thus, turning the nation into a newly formed Independent republic.
The Constitution was adopted by the Indian Constituent Assembly on 26 November 1949 and came into effect on 26 January 1950 with a democratic government system, completing the country’s transition towards becoming an independent republic. 26 January was chosen as the date for Republic day because it was on this day in 1929 when the Declaration of Indian Independence (Purna Swaraj) was proclaimed by the Indian National Congress as opposed to the Dominion status offered by the British Regime.
Freedom from British Raj on 15 August 1947 was achieved following the Indian independence movement. The independence came through the Indian Independence Act 1947 an Act of the Parliament of the United Kingdom that partitioned British India into the two new independent Dominions of the British Commonwealth .India obtained its independence on 15 August 1947 as a constitutional monarchy with George VI as head of state and the Earl Mountbatten as governor-general. The country, though, did not yet have a permanent constitution; instead its laws were based on the modified colonial Government of India Act 1935. On 29 August 1947, a resolution was moved for the appointment of Drafting Committee, which was appointed to draft a permanent constitution, with Dr B R Ambedkar as chairman.
While India’s Independence Day celebrates its freedom from British Rule, the Republic Day celebrates the coming into force of its constitution. A draft constitution was prepared by the committee and submitted to the Constituent Assembly on 4 November 1947. The Assembly met, in sessions open to public, for 166 days, spread over a period of two years, 11 months and 18 days before adopting the Constitution. After many deliberations and some modifications, the 308 members of the Assembly signed two hand-written copies of the document (one each in Hindi and English) on 24 January 1950. Two days later which was on 26 January 1950, it came into effect throughout the whole nation. On that day, Dr. Rajendra Prasad’s began his first term of office as President of the Indian Union. The Constituent Assembly became the Parliament of India under the transitional provisions of the new Constitution.
Indian President Dr Rajendra Prasad -in the horse-drawn carriage took part in the first Republic Day parade on Rajpath, New Delhi, in 1950.
The main Republic Day celebration is held in the national capital, New Delhi, at the Rajpath before the President of India. On this day, ceremonious parades take place at the Rajpath, which are performed as a tribute to India; its unity in diversity,rich cultural heritage and constitutional democracy.
The Republic Day parade and celebrations are held in the capital, New Delhi. These are organised by the Ministry of Defence. Commencing from the gates of the Rashtrapati Bhavan (the President’s residence), Raisina Hill on Rajpath past the India Gate, this event is the main attraction of India’s Republic Day Celebrations and lasts for more than three days. The parade showcases India’s Defence Capability, diverse Cultural and Social Heritage.
Almost Nine to twelve different regiments of the Indian Army in addition to the Navy, and Air Force with their bands march past in all their finery and official decorations. The President of India who is the Commander-in-Chief of the Indian Armed Forces, takes the salute. Several contingents of various para-military forces of India and police forces also take part in this parade.
The Beating Retreat ceremony is also held after officially denoting the end of Republic Day festivities. It is conducted on the evening of 29 January, the third day after the Republic Day. It is performed by the bands of the three wings of the military, the Indian Army, Indian Navy and Indian Air Force. The venue is Raisina Hill and an adjacent square, Vijay Chowk, flanked by the North and South block of the Rashtrapati Bhavan(President’s Palace) towards the end of Rajpath.
The Chief Guest of the function is the President of India who arrives escorted by the President’s body guards , a cavalry unit. When the President arrives, the PBG commander commands for the National Salute, which is followed by the playing of the Indian National Anthem, Jana Gana Mana, by the Army. The Army develops the ceremony of display by the massed bands in which Military Bands, Pipe and Drum Bands, Buglers and Trumpeters from various Army Regiments besides bands from the Navy and Air Force take part which play popular tunes like Abide With Me, Mahatma Gandhi’s favourite hymn, and Saare Jahan Se Achcha.Hindustan Hamara.
On the eve of Republic Day, the President of India distributes Padma Awards to the civilians of India every year. These are the second highest civilian awards in India after Bharat Ratna. These awards are given in three categories, viz. Padma Vibhushan, Padma Bhushan and Padma Shri, in decreasing order of importance.
Padma Vibhushan for “exceptional and distinguished service”. Padma Vibhushan is the second-highest civilian award in India.
Padma Bhushan for “distinguished service of a high order”. Padma Bhushan is the third-highest civilian award in India .
Padma Shri for “distinguished service”. Padma Shri is the fourth-highest civilian award in India.
While being national honours, the Padma awards do not include cash allowances, benefits, or special concessions in rail/air travel. As Per a December 1995 judgment of the Supreme Court of India, no titles or honorifics are associated with the Bharat Ratna or any of the Padma awards; Honorees cannot use them or their initials as suffixes, prefixes or pre- and post-nominals attached to the awardee’s name. This includes any such use on letterheads, invitation cards, posters, books etc. In the case of any misuse, the awardee will forfeit the award, and he or she will be cautioned against any such misuse upon receiving the honour.
The decoration comprises a sanad (Certificate) issued under the hand and seal of the President and a Medallion. The recipients are also given a replica of the medallion, which they can wear during any ceremonial/State functions etc., if they desire. A commemorative brochure giving out brief details in respect of each award winner is also released on the day of the investiture ceremony.
The conscientious message of the freedom fighters and the forefathers of the constitution is in the PREAMBLE
The preamble is based on the ‘Objectives Resolution which was drafted and moved in the Constituent Assembly by Jawaharlal Nehru on 13 December 1946. B. R. Ambedkar said about the preamble:
It was, indeed, a way of life, which recognizes liberty, equality, and fraternity as the principles of life and which cannot be divorced from each other: Liberty cannot be divorced from equality; equality cannot be divorced from liberty. Nor can liberty and equality be divorced from fraternity. Without equality, liberty would produce the supremacy of the few over the many. Equality without liberty would kill individual initiative. Without fraternity, liberty and equality could not become a natural course of things.
The Supreme Court of India originally stated in the Berubari case presidential reference that the preamble is not an integral part of the Indian constitution, and therefore it is not enforceable in a court of law. However, the same apex court, in the 1973 Kesavananda case, over-ruled earlier decisions and recognised that the preamble may be used to interpret ambiguous areas of the constitution where differing interpretations present themselves. In the 1995 case of Union Government Vs LIC of India, the Supreme Court once again held that the Preamble is an integral part of the Constitution.
Indian Nation State has evolved only one religion,that is “CONSTITUTIONALISM”
It means that the relationship between the government and religious groups are determined according to constitution and law. It separates the power of the state and religion. There is no difference of religion i.e.Hinduism, Buddhism, Jainism, Sikhism, Christianity and Islam are equally respected and moreover, there is no state religion. All the citizens of India are allowed to profess, practice and propagate. Explaining the meaning of secularism as adopted by India, Alexander Owics has written, “Secularism is a part of the basic structure of the Indian Constitution and it means equal freedom and respect for all religions.”
Ashok Bhan, Senior Advocate, Supreme Court of India
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Indian apparels should target Colombia’s fashion industry: Ambassador Sanjiv Ranjan
B2B meeting held between Indian apparel exporters and Colombian buyers.
Indian Ambassador to Colombia Sanjiv Ranjan said that there is a huge potential for Indian apparel exporters in Colombia, particularly in its “resilient and innovative” fashion industry with domestic sales of about $7 billion.Speaking at ‘India-Colombia Synergies in Apparel and Textiles’, a virtual B2B meeting organized by Apparel Export Promotion Council (AEPC) and Embassy of India, Bogota, Colombia, on Monday evening, Mr Ranjan said that the readymade garment exports from India were limited to around $21 million in 2019.
“India’s apparel exports to Colombia is just 3% of its global imports. This does not really reflect the strength of what our sector stands for. We have a huge untapped potential in this sector which requires to be explored and utilized by our exporters,” he said.
Highlighting the growing popularity of Indian apparels in Colombia, Ranjan said that the apparel exporters should focus on Colombia’s fashion industry that accounts for 9.4% of the country’s industrial GDP and employs about 600,000 people. The annual household expenditure on fashion in Columbia is roughly 24.3 trillion Columbian peso.
“It is one of the most vibrant sectors of the region. Columbia has a robust network of almost 14,000 companies in the fashion industry, mostly in the small and medium sized categories. Even during the peak of the pandemic in June 2020, clothing accounted for nearly 57% of the total fashion spending followed by jewelry. While the government is trying at its level, the private sector should find out how to contribute to this resilient and innovative sector,” the ambassador said.
Ranjan congratulated AEPC for setting up a virtual exhibition platform to showcase Indian apparels to overseas buyers at a time when physical presence is restricted.
“I am sure that this virtual, 24×7 platform offers more experience at one place, with the flexibility for importers to zoom in and look at the various products on offer. This will go a long way in further energizing our bilateral engagement in the apparel sector,” he said.
AEPC Chairman Dr A Sakthivel informed the attending Colombian brands and buyers that AEPC through its virtual platform will work as a bridge between the Indian apparel exporters and Colombian apparel importers. About 320 apparel exporters have already put up their products for exhibition on the platform, he said.
“On our request, the government has come out with a production linked incentive (PLI) scheme for manmade fibre (MMF) based garments. We do 85% cotton garments and only 15% MMF garments, while the global apparel demand is exactly the opposite. Very soon we will see a rise in exports of MMF garments from India,” Dr Sakthivel said.
Sudhir Sekhri, Chairman (Export Promotion), AEPC, said, “Of the top 10 apparel imports from India to Colombia, only two are in the MMF category and the rest are cotton garments. Perhaps this is where Bangladesh and Vietnam are scoring ahead of us. This is one area that we are trying to address very quickly along with the help from the government.”
Bad banks for good economy
The government is currently mulling over adopting the ARC/AMC model for bad banks. This entity will be set up to take over the stressed assets from the books of public sector banks and try to resolve them like any other ARC. This will require considerable regulatory overhaul and adequate capitalisation.
The Government of India has recently announced that India is set to have its first Bad Bank. While the decision is received with great fervor by some, many have shown their worry, if not discontent with the concept of Bad bank.
Bad bank concept dates back to 1988 where Mellon Bank used a bad bank strategy to separate $1.4 billion of bad loans to a subsidiary entity. The concept has made it’s come back with every financial crisis. In the USA, a bad bank was suggested as part of the Emergency Economic Stabilization Act of 2008 to help address the subprime mortgage crisis. Republic of Ireland had its first bank, the National Asset Management Agency in 2009. Spain too established an entity called ‘SAREB’ to which troubled and illiquid assets were transferred. Pandemic has amplified the already existing economic stress and rekindled the debate of efficacy of bad banks for resolving NPA conundrum. Bad banks aids in renewed focus on long-term core operations of the good bank without getting stressed about the troubled assets. Removing troubled assets from the balance sheet infuses more optimism from credit rating agencies, investors, lenders, depositors as well as borrowers. It relieves pressure on capital, enabling the institution to engage in more profitable and growth-oriented business activities and further lending.
There is a case for the institution of bad banks in the present circumstances mainly owing to the size of Gross Non-Performing Assets (GNPA) which is equal to the roughly 27 lakh crore, almost 14% of present GDP. As NPAs rise, Banks need additional capital for provisioning which effectively curtails their lending power. In a country like India where credit growth is very much important to achieve its potential GDP growth, the inability of the Banking sector in lending will hamper its growth to a large extent. Financial Stability Report states that gross NPAs of the banking sector are expected to shoot up to 13.5% of advances by September 2021, from 7.5% in September 2020, under the baseline scenario, as “a multi-speed recovery is struggling to gain traction” amidst the pandemic. The report warned that if the macroeconomic environment worsens into a severe stress scenario, the ratio may escalate to 14.8%. To avoid this, a one -time solution of creating a bad bank to clean the balance sheet of the banks is a welcome step.
BAD BANKS: ONE TIME OR FOR ALL TIME?
Bad banks can be used as one time tool to “clean up” the balance sheet. However, if we use this as a recurring model, it could lead to wrong incentives for the bankers to undertake risky lending and transfer the same to bad banks. It is only an “emergency medicine” and not a “staple diet”. As per current status, bad loans of Rs. 500 crore and above will be eligible for resolution by this entity, with an estimated total corpus of Rs.25 trillion. It will be wise that banks must stress test their portfolios and take a forward looking approach in determining risky assets.
MODELS FOR BAD BANKS
The success and efficacy of bad banks in India would depend on the choice of structure which must be made taking into consideration independence of institution and veracious price discovery.
Choice of model depends on two decision factors. First is to decide whether or not to keep the bad assets on the bank’s balance sheet. Moving assets off the balance sheet is better for investors and counterparties and provides more transparency into the bank’s core operations. But it is more complex and expensive. Second, whether the bad-bank assets will be housed and managed in a banking entity or a special purpose vehicle (SPV). Secondly, whether to house and manage the bad-bank assets in a banking entity or to accomplish the transfer of risk in a less concrete manner.
The government is currently mulling over adopting the ARC/AMC model for bad banks. This entity will be set up to take over the stressed assets from the books of public sector banks and try to resolve them like any other ARC. This will require considerable regulatory overhaul and adequate capitalisation.
For adopting AMC model based bad bank, Acharya suggested two models of bad bank. The first is a private asset management company (PAMC), which is said to be suitable for stressed sectors where the assets are likely to have an economic value in the short run, with moderate levels of debt forgiveness. The second model is the National Asset Management Company (NAMC), which would be necessary for sectors where the problem is not just one of excess capacity but possibly also of economically unviable assets in the short to medium terms.
Further, when a bad loan is sold off to bad banks, it can either focus on recovery or consider it to repackage and monetize it through issue of new securities. If the objective of a bad bank is to recover, it will have to adopt the IBC route and given the attitude of committee of creditors that focuses on upfront payment or less haircut and the efficiency of courts, the recovery will be a herculean task. If the bad bank looks at a longer objective to monetize the bad debt till the recovery happens, it requires a sophisticated debt market that will allow easy sale and purchase of such securities.
FUNDING FOR BAD BANKS
Funding for the bad bank will be the biggest challenge to begin with. The bad bank must be well capitalised. It will obtain a limited amount of capital from reserves allocated to the acquired assets. Currently, there is lack of clarity on the funding of such banks. While the government is unwilling to inject any initial equity in such banks, the role of such banks is also unclear- whether they will just hold the asset on the balance sheet and concentrate on recovery or whether they will raise securities back by these assets. A bad bank is typically funded primarily by selling equity or debt securities. Experience from past crises shows that private investors who experienced significant losses as a result of sizable investments in financial institutions, are reluctant to step forward and invest in troubled institutions. Instead, investment in discrete pools of assets may attract private investors interested in targeted and concentrated ownership with significant control over the new entity. There should be limited regulatory oversight. Whatever the case may be, it will be wise if public sector banks together do not hold more than a 51% stake in the bad bank to allow for more flexibility.
WEIGHING PARTICIPATION OF PSU BANKS
For functioning of bad banks, the bad loans will be required to be sold below the book value. Given that most of the PSU bankers fear CVC, they are less eager to make any concession on the count of their accountability and constantly (and perhaps understandably) avoid taking decisions. This may become a hurdle for the banks. Thus, participation by the PSU banks in bad banks will need to come with greater clarity of role and responsibilities to the bankers. If the bad banks run into the private banking sphere, there will be more freedom for players to take bold and dynamic decisions.
SETTING THE PREMISE RIGHT
There could be a high possibility that the bad bank may recover less than the transfer value of the troubled asset. In such a case, the good bank should be required to make the bad bank whole. For such a solution to be implemented, new accounting guidance would be required permitting such a transfer, notwithstanding the retained interest on such transactions.
There have also been models suggested wherein existing shareholders get to participate in working of bad banks and are given interests in the new bad bank, as well as rights to subscribe for new shares of the good bank. It would be easier to attract private capital to the good bank than to the bad bank, limiting the cost to the government, a key consideration given the scope of the current crisis.
In such a design, losses on the bad bank assets would be borne first by pre-existing shareholders, rather than by new investors. Given that any risk of loss to bad bank debt holders may reduce the ability of financial institutions to borrow in the future, it is suggested that bad banks should not be as highly leveraged.
BAD BANK FOR NEW INDIA
Banking sector in India could not grow to its full potential initially due to over protection and later due to over regulation. Time is right to undo the mistakes of the past and set the policy goal of preventing moral hazard arising from government intervention.
The current government has shown a bold front by eschewing the old protectionist approach and embracing dynamic options for developing the financial market. Whatever its final form, the creation of the Bad Bank may serve as a model and springboard from which creative private investors may partner with financial institutions interested in structures that can be tailored to individual circumstances. However, Bad Banks should not be a source or incentive for careless lending by the banks. There should be a time frame by which bad banks should be dissolved.
While the decision to have a bad bank is good in principle, its success will depend on the way it is executed. Given that execution and quality control is our Achilles heel, it will not be an easy task to ensure success of bad banks on the ground.
Dr Neeti Shikha and Urvashi Shahi work with the Centre for Insolvency & Bankruptcy, Indian Institute of Corporate Affairs. Rahul Prakash is Ph.D candidate at University of Texas. Views are Personal.
National Education Policy: Govt aims to save Rs 2 lakh crore spent by Indian students abroad
There are almost 8 lakh Indian students studying in various foreign universities and spend on an average Rs 2 lakh crores every year in fees and other expenses. The government is taking steps to ensure that quality education and similar facilities are provided in India itself so that these students are retained here, stated Dr. Ramesh Pokhriyal ‘Nishank’, Union Minister of Education, Government of India. He was speaking at the 14th NATIONAL EDUCATION SUMMIT 2021 – NEP 2020 – ‘Transforming Educational Landscape of the Nation and Carving a Road Map for Implementation’ organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
The minister stated that the education ministry is in talks with more than 128 foreign universities on ways to collaborate so that similar facilities can be given to the students here as well. “We have already got more than 50000 student registrations and there are already almost 1000 students involved in research and development in India,” he said.
According to Dr Pokhriyal, the government of India ensured that even during the lockdown due to the Coronavirus pandemic, none of the students lost an academic year due to the non-accessibility of academic facilities.
“Almost 33 crore students across the country were able to get online education. Even in remote villages, the education institutes ensured that students could get access to their studies through radios and rooftop loudspeakers,” he said.
Speaking on the New Education Policy (NEP) 2020, the minister explained that till class 5, students would be able to get an education in their mother tongue or the language of their preference. “The Education facilities in India would get a huge boost with the introduction of the NEP. This would also help in the promotion of Local languages for education,” he said.
Dr Pokhriyal also asked the Industry representative to collaborate with educational institutes to help design the curriculum.
“Education is the most important pillar for any economy. Once the industries collaborate with the educational institutes, the curriculum can be designed in a way where the students can also gain industrial experience as a part of their studies,” he informed.
Professor Ashutosh Sharma, Secretary, Department of Science & Technology (DST) explains that the education system should be designed as a means of achieving creativity and skill development.
“NEP 2020 aims to achieve that. The education curriculum should be aligned with the needs of the industry. Its objective should be to help in problem-solving of the society,” he said.
According to Prof. Sharma, setting up of the National Research Foundation would also help in building the research capacity of the universities and colleges in the country. “The government has also earmarked a huge budget of Rs 50000 crores to spend over the period of 5 years for the creation of the National Research Foundation (NRF). This in turn will help in funding the research in the range of disciplines right from science and technology to humanities,” he added.
Kunwar Shekhar Vijendra, Co-Chairman, National Council on Education & Chancellor, Shobhit University explained that the National Education Policy will connect the past with the future with a focus on excelling in the education sector.
“The National Research Fund and the National Technical Research Organization will bring big changes in the research and development ecosystem of the country and will be more inclusive. National Education Policy will play a crucial role in bridging the gap between research and education,” he said.
According to Prof Ashutosh Sharma, setting up of the National Research Foundation would help in building the research capacity of universities and colleges in the country. “The government has also earmarked a huge budget of Rs 50,000 crore to spend over the period of 5 years for the creation of the National Research Foundation. This in turn will help in funding the research in the range of disciplines right from science and technology to humanities,” he added.
The 21st century belongs to young India, country poised to become R&D capital: Ramesh Pokhriyal ‘Nishank’
Dr Ramesh Pokhriyal ‘Nishank’, Union Minister of Education, Govt of India today said that as universities and Higher Education Institutions (HEIs) move towards academic reforms, an ecosystem that is both flexible and innovative is being created. “As we move towards self-reliance, it is important that we rediscover the ancient knowledge and tradition of education system of India.
Addressing the inaugural of the 16th FICCI Higher Education Summit 2021, organised in collaboration with the Union Ministry of Education and Ministry of Commerce and Industry, Mr Pokhriyal said that “India is poised to become the R&D capital of the world not because of the cost advantage but due to the rich and intelligent human capital that the country is bestowed with.
“Built on the foundational pillars of access, equity, quality, affordability and accountability, the Minister said that the National Education Policy (NEP) 2020 is aligned to the 2030 Agenda for Sustainable Development and aims to transform India into a vibrant knowledge society and a global knowledge superpower,” Dr Pokhrialsaid.
In the next 20-30 years, the energy and talent of young India will be used in the development of the nation and advancing the world. The 21st century belongs to Young India,” he said.
I firmly believe that NEP 2020 has been formulated for the rise of the nation- the nation of ancient world class universities of Nalanda, Takshashila, Vikramshila, among others; the nation that was the ‘VishwaGuru’ (global leader). India has been pioneers in fields of medicine, mathematics and chemistry, yoga. We want India to rediscover the ancient knowledge and tradition of the education system of India and rise to newer heights as far as education, R&D and innovation is concerned, Dr Pokhrial said.
Further, elaborating on the NEP 2020, the Minister added that the NEP and its implementation has drawn global attention to India. The Cambridge University, in its message of appreciation for the NEP 2020 has said that India, aided by NEP 2020 is set to regain its stature of world leaders in education.
“The NEP will ensure that India can appreciate and utilise the talents of the youth of our country,” he said. Dr Pokhriyal also spoke about the importance of retaining talent in the country. The ministry is trying to curb the brain drain and intends of taking higher education gross enrolment ratio to 50 per cent, he said.
Talking about the importance of the involvement of the private sector, the Minister said that while the government formulates policies, it is up to the private bodies and institutions to implement and execute the same. The government, he said, looks towards a greater private participation in the education sector by planning to convert 30 universities into Institutes of Eminence (IoEs) from the existing 20.
Lauding the FICCI Higher Education Summit, Dr Pokhriyal said that over the years, the summit has evolved into a thought leadership forum and brings together key stakeholders including, policymakers, educationists, industry and students for deliberations and knowledge sharing at both national and international levels.
Padma Vibhushan Dr RA Mashelkar, National Research Professor and Chancellor of Institute of Chemical Technology said that from ‘Right to Education’ we must move to ‘Digital Rights Education’. “This digital disruption will change the fundamentals of the legacy education system; hence, we must take advantage of that. Coupling future of jobs with future of education; a seamless system of linking education, research and innovation and finally borderless multidisciplinary education is the need of the hour,” he said.
Speaking at the inaugural, Mr Uday Shankar, President, FICCI said that the radical changes in the education sector have placed learners at the centre and shifted the focus from teaching to learning through digital modes.
“However, with its 672 million young population, preparing to join the workforce and citizenry for the new order society requires massive disruption and of rethinking the traditional educational model. Jobs will have to be created to gainfully employ 100 million youth who will enter the job market over the next decade,” Mr Shankarsaid.
However, Mr Shankar further said that this challenge is not an easy one. “It requires the best of technology, the best of minds, but it also requires an enabling policy framework that thinks of education very differently,” he added.
Over the years, said Mr Shankar, education has gained interrupted focus of the government and policy interventions. “The NEP 2020 released by the government is a powerful document. It conveys a clear bias for a disruptive change and takes into cognizance the issues of equitability, inclusivity, accessibility, exploratory and experimental- all ingredients required for transforming into Education 4.0 and beyond.
“We should give serious consideration to participation from the private sector into unlocking the real value in education,” he further added.
Dr Vidya Yeravdekar, Chair, FICCI Higher Education Committee and Pro-Chancellor Symbiosis, International University said that it is imperative that all stakeholders work together in these (COVID) times. “The government, universities, teachers, students, and civil societies that will absorb our students need to come together. The NEP 2020 has carved a new path for all of us. The world is watching this transformation of the Indian education system,” she said.
The govt is now in the process of implementing the NEP and this implementation has gained a lot of momentum. “We will see a lot of changes in our education system right from this academic year,” she said.
Dr Sekar Viswanathan, Co-Chair, FICCI Higher Education Committee and VP, VIT University informed that more than 3,000 delegates, including 300+ foreign delegates from 74 countries are participating in the virtual summit. “This conference is an attempt to deliberate upon and understand the system changes that are required to develop a higher education ecosystem that instils resilience, encourages innovation, promotes sustainability, and enables students and workforce to be enterprising to face the disruptive future,” he said.
Mr Dilip Chenoy, Secretary General, FICCI thanked the Minister for the extensive consultation process that went into framing the NEP. “The consultation processes and the task force that had been created to execute the NEP will successfully engage with the industry,” he said.
FICCI EY Report, ‘Higher Education in India: 2040’, was also released at the event. The report, while defining Education 4.0 in the current context, has highlighted the significant emerging trends within the higher education sector and drawn learnings and highlighted global best practices.
Dr Rupamanjari Ghosh, Co-Chair, FICCI Higher Education Committee and Vice Chancellor, Shiv Nadar University; Dr Rajan Saxena, Advisor, FICCI Higher Education Committee and Founder, The Open-Ed Works attended the session.
New Development Financial Institution should balance between infrastructure and development needs
Union Finance Minister Nirmala Sitharaman, in her Budget speech, said that a Bill would be introduced to set up a DFI and Rs 20,000 crore would be provided to capitalise the institution. ‘The ambition is to have a lending portfolio of at least Rs 5 lakh crore for this DFI in three years’ time,’ she said.
Professor Stephany Griffith-Jones, Financial Markets Director, Initiative for Policy Dialogue, Columbia University, said that the focus on DFIs now is on helping countries to achieve ‘green growth’, promote innovation, provide counter-cyclical finance not just to the infrastructure sector but also crucial areas.
Former Deputy Governor of the RBI, Rakesh Mohan, on Friday suggested that the proposed new Development Financial Institution (DFI) needs to attract ‘patient capital’ investors as well as leading experts on its board and in top management. Mohan, who was also a former Executive Director at the IMF, made these comments during a webinar organised by the think-tank Research and Information System for Developing Countries (RIS) and India International Centre.
It comes in the backdrop of the Union Budget 2021-2022 recognising the long-term debt financing needs of the infrastructure sector and proposing a “professionally managed” DFI “to act as a provider, enabler and catalyst for infrastructure financing”. Finance Minister Nirmala Sitharaman, in her Budget speech, had also said that a Bill will be introduced to set up a DFI and provided Rs 20,000 crore to capitalise the institution. “The ambition is to have a lending portfolio of at least Rs 5 lakh crore for this DFI in three years-time,” she had said. Later, Financial Services Secretary Debasish Panda had reportedly said India Infrastructure Finance Company Limited could be subsumed into the new DFI – the National Bank for Financing Infrastructure and Development. The proposed DFI will also play a crucial role in realising the National Infrastructure Pipeline, under which around 7,000 projects have been identified with an estimated Rs 111 lakh crore-worth of investment between 2020 and 2025.
Rakesh Mohan also proposed that the new DFI should be headquartered in Mumbai, India’s financial capital. The first CEO or CMD of the proposed DFI should be a person with India’s best interests in mind.
Echoing Mohan, former Deputy Governor of RBI Shyamala Gopinath also said there should be an emphasis on good governance. In addition, there is a need to focus on issues such as contract enforcement and project bankability, she said.
Speaking on the occasion, former Executive Director of IDBI, G. A. Tadas, said the Budget proposal of providing Rs 20,000 crore to capitalise the institution will not be sufficient to finance infrastructure projects to the tune of Rs 111 lakh crore by 2025 and help the country to be a USD 5 trillion economy. The initial capital for the DFI needs to be augmented to at least Rs 50,000-60,000 crore to achieve a portfolio of around Rs 5 lakh crore in the next three years, he added. He said there has to be an emphasis on a robust risk management System.
Professor Stephany Griffith-Jones, Financial Markets Director, Initiative for Policy Dialogue, Columbia University, said the focus on DFIs now is on helping countries to achieve ‘green growth’, promote innovation, provide counter-cyclical finance not just to the infrastructure sector but also crucial areas such as health and other social sectors. Larger number of DFIs can have greater impact, she said, adding that post the COVID-19 pandemic outbreak, the DFIs have seen a renaissance.
Professor Sachin Chaturvedi, Director General, RIS and Professor Milindo Chakrabarti, Visiting Fellow, RIS, also spoke during the programme.
Bank account & property will be seized for violation of GST rule
Bharat vyapar bandh on 26 February on the call of CAIT .
The Confederation of All India Traders (CAIT) has called for a Bharat Vyapar Bandh on February 26, and the trade organizations in all the states of the country have decided to join the bandh. CAIT has called for a Bharat Vyapar Bandh, against the recent amendments to the GST rules as it is adverse to business and demanding a ban on e-commerce company Amazon immediately.
CAIT National President B C Bhartia & Secretary General Praveen Khandelwal said that said that on February 26, “Dharna” will be organized at about 1500 places across the country, including Delhi, to raise traders voice against the unjustified amendments in GST rules and traders across Country will not login GST portal on Bandh day as a mark of protest . They said that most of the leading trade organisations in different states of the Country both at national and state level including Delhi have decided to join the vyapar bandh, while some other organizations will also announce their support by this evening.
Bhartia and Khandelwal told that Bharat Vyapar Bandh of traders will be rational and peaceful across the country. While wholesale and retail markets will remain completely closed, shops selling essential commodities have not been included in the shutdown in view of the need of the citizens of the country. Shops which cater to the needs of people in residential colonies have also been kept out of the bandh. They said that shutting down vyapar even for a day was never the intention of the traders but it is the changed format of GST which has forces us for holding a day long Bandh. GST tax system has become very complex rather than simplified and is completely contradict the original declared vision & purpose of GST implementation, which has now become a never ending cycle of huge compliance’s.Instead of simplifying and rationalizing the tax system, the GST Council is working towards imposing maximum burden of tax on traders, which is grossly undemocratic.
Bhartia and Khandelwal said that after amendment in the current rules, the tax officer has been given unlimited rights to many things because of which now the GST registration of any trader will be in hands of the tax officer and he can cancel it even without giving any notice or opportunity of hearing, he can also seize the traders bank accounts and property, also Input credit of tax paid to traders can be blocked. Such provisions will discourage traders and create many obstacles in doing business.
CAIT Delhi State President Vipin Ahuja & State General Secretary Dev Raj Baweja said that the trade associations connected to scooter parts, electrical goods, medicines, computers and computer accessories, chemical, paint chemicals, bicycles, toys, papers, stationary in Delhi , Iron and Hardware, Sanitary Goods, Iron Trade, Jewelery, Rubber Plastics, FMCG Goods, Cosmetics, Readymade Garment, Wood & Plywood, Building Materials, Grocery, Oil, Spices, Food, Electronics, Mobile, Furnishing Fabric, Gift Items, Photo , General store, tarpaulins, ferro alloys, acrylic, aluminum, metal, machinery, marble, radio and radio parts, cement, file and envelope makers, handloom and handloom fabrics, metal scrap, agricultural implements, in Delhi and all over the Country have declared their support to Bharat Vyapar Bandh.
CAIT national president B.C. Bhartia and secretary general Praveen Khandelwal said that on 26 February “dharna” will be organised at about 1,500 places across the country, including Delhi, to raise traders’ voice against the unjustified amendments in GST rules and traders across the country will not login GST portal on that day as a mark of protest .
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