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PM Narendra Modi inaugurates Paradeep oil refinery today: Top 10 takeaways in his speech

Sun February 07 2016, 9:58 pm
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    Ahead of Budget 2016 presentation, Prime Minister Narendra Modi puts in perspective where the Indian economy stands and what the NDA government's policies have achieved. The budget session of Parlaiment starts on February 23 - it stretches over a three-month-long period. Here we take a look at top 5 points in PM Narendra Modi speech:

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    1. PM Narendra Modi: We are trying to bring a work culture where projects are conceived in time and completed on time. The initiatives have to be futuristic and completed before the designated time period. Delays shouldn't occur as they affect people. (AP)

  • Narendra Modi, Narendra Modi speech, Narendra Modi speech highlights, , Narendra Modi top highlights, Paradeep oil refinery, Paradeep oil refinery modi

    3. Union Budget 2016: With the opposition showing no sign of relenting, PM Narendra Modi, who also attended the meeting, made a brief intervention hoping that the three-month long session, beginning February 23, would be a 'very constructive and positive' affair. However, there was enough indication that the crucial bills like GST are unlikely to be taken up in the first half of the session, which concludes on March 16. (AP)

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    3. PM Narendra Modi: The Paradip refinery foundation stone was laid by former Prime Minister Atal Bihari Vajpayee in 2000 and completed again during the NDA government's tenure. (AP)

  • Narendra Modi, Narendra Modi speech, Narendra Modi speech highlights, , Narendra Modi top highlights, Paradeep oil refinery, Paradeep oil refinery modi

    4. PM Narendra Modi: Around 26 lakh cooking (LPG) gas connections were given in last 60 years in Odisha whereas Dharmendra Pradhan gave 11 lakh connections in one year in the state after he took over as Petroleum Minister. This is the way work should be done. (AP)

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    1. Narendra Modi: When most of the world powers are in doldrums, everyone is looking up to us who are developing at the fastest pace. India is the fastest growing among the larger economies. (AP)

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    During over hour-long speech of Suresh Prabhu, Prime Minister Narendra Modi was seen repeatedly thumping the desk along with other members of the Treasury benches in appreciation of the proposals of the budget. (AP)

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    7. PM Narendra Modi: PM Narendra Modi: Oil marketing companies should reduce oil import dependence by 2022, the year when India will compete 75 years of Independence, with increase in use of bio fuels like ethanol produced from sugarcane and diesel from Jatropha. India spent USD 112.7 billion on import of 189.4 million tonnes of crude oil in financial year 2014-15. (AP)

  • Narendra Modi, Narendra Modi speech, Narendra Modi speech highlights, , Narendra Modi top highlights, Paradeep oil refinery, Paradeep oil refinery modi

    8. PM Narendra Modi: We will produce petroleum products from khari (gulf) and jhadi (sugarcane and Jatropha). The government is promoting skill development, providing finances to youth under the MUDRA scheme and giving incentives under 'Start Up India, Stand Up India' initiative. (AP)

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    9. PM Narendra Modi: Micro Units Development and Refinance Agency Ltd (MUDRA) is a new institution set up by the government to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below Rs 10 lakh. (AP)

  • Narendra Modi, Narendra Modi speech, Narendra Modi speech highlights, , Narendra Modi top highlights, Paradeep oil refinery, Paradeep oil refinery modi

    10. PM Narendra Modi: Paradip refinery unit will manufacture 78 crore kg of LPG, 500 crore litres of petrol, 660 crore litre of diesel, 250 crore litre of kerosene and ATF, 27 lakh quintal of sulphur and 120 lakh qunital of petroleum coke. You can imagine how much these products will give momentum to economic development. LPG from the refinery will replace firewood in rural households. One hour of cooking on firewood subject rural women to smoke equivalent to 400 cigarettes. We are trying that the poor get LPG gas cylinders to give them freedom from smoke. (AP)

  1. H
    Hemen Parekh
    Feb 8, 2016 at 6:18 am
    SOMETHING IS BETTER THAN NOTHING On 05 Feb 2016 , Economic Times carried a news report led : Employers May Get Sops for Creating Extra Jobs As per this report , NDA govt is expected to announce following incentives for employers who create new jobs : * 30 % tax exemption for units that create an additional 2 % jobs * Alternatively, the hirer could be given a 125 % rebate on provident fund contributions * Availability of easy, cheap credit through interest subvention ( Subsidy ? ) Even as I await the budget speech of Shri Jaitleyji on 29 Feb for full details , I wish to thank Shri Narendra Modiji for considering the CORE of my following proposal sent to him on 06 Nov 2014 : ------------------------------------------------------------------------------------------------------------------------------ To complete this ECO SYSTEM , we need to think " Out of the Box " in the matter of Corporate Tax Regime , as well Current trend in industry , all over the world , is to > Add highly productive , very expensive machinery to " Automate " all manufacturing processes > Reduce manpower by increasing " Capital / IT Intensity " > Hire low skilled workers by transferring higher " Skills " to machinery > Outsource manufacturing to countries where manpower is cheap > Move out of " Manufacturing " and shift to " Services " India cannot swim against this World-wide Trend We must innovate, to not only survive but to grow in this scenario Here is my suggestion : Set in motion , " INVERSION of JOB REDUCTION " regime , under which , " The more jobs a company creates , the less Corporate Tax it pays " Example : > Up to employment of 100 persons ............................... 30 % > 101 - 500 persons.................................................... 25 % > 501 - 1000 persons ................................................... 20 % > 1001 - 5000 persons .................................................. 15 % > 5001 - 10,000 persons ................................................. 10 % > Above 10,000 persons ................................................. 5 % Let us celebrate those who provide employment to large number of persons Let us celebrate BIGNESS Let us create hundreds of WORLD SIZE corporations and take on the World On top of this , provide additional tax - breaks ( discounts ? ) to corporate as follows : > Average Age of Employees at 30 years....................... 1 % > Ave age at 25 years................................................. 2 % > Ave age at 20 years ................................................. 3 % Of course , very strict and transparent rules will need to be framed to compute, > Number of Employees ( Permanent - not probationers / trainees ) > Average Age ( as on 31 March of Tax year )......etc But , here is an important aspect of this , " Incentivize Job Creation " Scheme : Today's labour laws make it extremely difficult - if not impossible - for employers to layoff / retrench workmen , if demand shrinks Hence , to take advantage of this Scheme , employers are unlikely to hire thousands of youth , if they cannot easily trim the workforce , to match the shrinking demand So , an important corollary of this Scheme is to modify our existing Labour Laws to facilitate layoff / retrenchment , when situation so demands , while protecting the interests of the workmen concerned And , last but not the least , permit each and every candidate - and the political parties as well - to spend ANY AMOUNT on election campaigns , without any restrictions as also accept any amount of Corporate Donations by cheque ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- hemenparekh / blogs 07 Feb 2016
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