Hit & Flops in 2017
Here's a look at the probable rise, fall and struggle of different avenues in Indian politics and economy which might define the year 2017. It is an undeniable fact that the world is now more aware than ever. Oxford dictionary’s word of the year was ‘post-truth’ which essentially means situations in which emotional and personal beliefs shape the opinion of the public than objective facts. This term has become a mainstay in the political commentary of the world as well as India especially after the US elections and the demonetisation move by the Indian government. This concept has influenced the Indian consciousness to a large extent especially since this year has been one of the most momentous political years of this generation. It has been almost an era-defining year remembered by the US Presidential elections for the world and demonetisation for India. So will the drama continue in 2016? While the economic climate of the world is now more complex than ever, there were some historic reforms in India which showed its effects in 2017 and the times to come. Here’s a look at the probable rise, fall and struggle of different avenues which defined the preceding year:
Donald Trump’s inauguration of the US President’s post and its impact on India
Donald Trump’s victory in the US Presidential elections was one of the most shocking results in politics of 2016. But the real thing will start in 2017 when he ascends to arguably the most powerful post in the world. There will be a lot of attention to his address during the inauguration and his justifications regarding polarisation the of the elections and his cabinet appointments. Apart from that, there will be a lot of focus on its impact on India, as for how the world’s most economically developed nation’s president will affect the fastest developing economy. Trump’s opinion on India has largely been positive. For India, the good points include investment flows and the fact that PM Narendra Modi could find his biggest ally in Trump against Pakistan. The bad points include an immigration issue, free trade and outsourcing as well as a tax plan. While Trump has not directly targetted Indians, but he has been quite vocal for his stringent immigration policies. A new tax plan, meanwhile, can lure back US business back to that country from India.
The Union Budget 2017-18 was presented on February 1. The government had decided to advance the budget presentation by a month, with the thought that it should not be presented in the middle of Assembly polls in states like Uttar Pradesh, Punjab, Goa, Manipur and Uttarakhand. This decision was also taken to aid in the completion of the legislative approval for annual spending plans and tax proposals before the start of the new financial year on April 1. There was also the historic decision of scrapping a separate Railway Budget and merging it with the General Budget. According to the government, the unified budget will bring Railways to centre stage and showcase a holistic picture of the financial position of the government. The demonetisation move has also affected the possibilities of the union budget, because of the resulting disruption to growth, revenues and asset sales. There will also be a push on the cashless economy narrative as the government is expected to take certain measures towards that path. We can also expect to see some cuts in personal and corporate taxes and more public investments
This reform agenda will be a point of
focus for many investors. The Goods and Services Tax Bill is popularly acknowledged as a transformational indirect tax reform, and will unite the country as a single market with a common tax structure under the narrative of ‘one country, one tax’. But the probability of the absence of a clear-cut projection on the revenue on account of a shift of GST regime in the 2017-18 year has led to some scepticism among top government officials as they have been moving up the Budget presentation date. Even, Finance ministry officials had reportedly expressed anxiety about GST projections, pinning their hopes on the GST Council reaching a consensus on the tax rate structure before the Budget making process to enable them to make projections for next year.
Aadhaar Card Linking Date Extended
The government mandate of linking all your bank accounts with Aadhaar card has seen a relaxation in the deadline. Earlier the deadline was 31 December 2017, but now it is extended to 31 March 2018. The Aadhaar card linking has been mandatory in order to put a stop on money laundering and black money generation. The deadline was extended on December 7.
Mukesh Ambani says GDP of India would double to $5 trillion in the next seven years
Speaking at the HT Leadership Summit in Delhi, Reliance Industries Ltd Chairman and MD Mukesh Ambani stated that the GDP of India would double to $5 trillion in the next seven years and to $10 trillion by the end of 2030. Ambani further stated that within this century, the country can become the most prosperous nation in the world and can overtake both China and the United States.
World Super Series Final: PV Sindhu wins Silver
PV Sindhu won the Silver medal in World Superseries Final at Dubai. Though, she lost the match to Japan's Akane Yamaguchi in the final which was held in Dubai, but she managed to win silver medal and several hearts. It was a neck-to-neck fight. The match continued for over 94 minutes leaving both the players extremely exhausted. The tussle between the two players was a treat to watch and every moment of the match was considered thrilling. In the first match, Sindhu took a lead but later Yamaguchi made a vigorous comeback by 15-21, 21-12, 21-19 which ultimately led to her victory. Sindhu is the second Indian female shuttler to win a silver medal in the season-ending tournament. First was Saina Nehwal.
Ban on Condom Ads on TV
All the condom promotion ads will be banned from Indian television as they pose indecent content for children. According to officials, the content can harm the psyche of children. The ads, however, can run from 10 PM to 6 AM. No TV channels are allowed to telecast the ads at any other time. Failure to obey the order may cause legal action against them.
Protestors demand a ban on Padmavati
In several parts of the country, protests against Padmavati intensified on Friday. Several people in the states of Haryana, Tamil Nadu, and Rajasthan, took to the streets demanding a ban on the movie on the grounds that it distorted facts and hurt sentiments. The entrance to the Chittorgarh Fort was also blocked by protestors who stated that they will not allow the film to be released.
Donald Trump, President of US