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Fact-checking the budget: some false claims, some shortcomings, esp the ‘dole’ to farmers

Published

7 years ago

on

Piyush Goyal

[vc_row][vc_column][vc_column_text]Seen as an ‘election budget’ by all, including the upbeat members of government and the ruling BJP, the Budget 2019 with provisions that goes well beyond the ‘interim’ period of the three-month remaining term of this dispensation was found wanting by analysts with regard to some facts and promises.

As for the much flaunted sops for the poor and farmers, a look at the provisions made revealed them to be misleading and meaningless. The ‘smart’ move with regard to farmers is that the payment for Rs.6,000 annual income will start retrospectively from December 2018, and the first instalment of Rs.2,000 will be deposited in farmers’ account this March: just in time for 2019 Lok Sabha election.

The allocation for MGNREGA, about which the initial claim of an increase was followed by silence, is Rs. 60,000 crore.

This is 1.8% lower than the Rs 61,084 crore (revised estimate) allocated for 2018-19.

In February 2018, the Union budget had earmarked Rs 55,000 crore to the demand-driven rural employment scheme. In January 2019, the government had to allocate an additional Rs 6,084 crore to the programme to meet its financial demands, thus taking up the total amount to be spent in the financial year 2018-19 to Rs 61,084 crore.

For the last few years, though the demand for MGNREGA has been steadily increasing, the government has not been able to address it fully, leading to pending liabilities.

Prior to the presentation of the 2018 full budget, NREGA Sangharsh Morcha, a country-wide coalition of organisations and individuals, had submitted a memorandum to the Union finance ministry stating that there should be an annual allocation in the range of Rs 80,000 crore to be able to minimally function as per its legal provisions.

A shortfall would aggravate problems of implementation and pending liabilities, leaving the poor short-changed.

PM Kisan Samman Nidhi

Narendra Modi government’s income support scheme for small farmers – those cultivating up to two hectares of land – is Rs.6,000 a year, or Rs 500 per month. Considering a household size of five, this is 1/8th the rural poverty line of Rs 816 per person per month.

The allocation of Rs.20,000 crore in the interim budget (out of the total Rs.75,000 crore) falls short of meeting even this target. According to 2015-16 Agriculture Census, the  small  and  marginal  holdings  taken  together  (0.00-2.00  ha) constituted  86.21% of total 14.6 crore operational  holdings in  the  country, or a total of over 12.58 crore. If Rs. 2000/- is allocated for each small & marginal farm household as part of 1st instalment, then the total spending (cost) under PM Kisan Samman Nidhi would be 25,160 crore.

But the interim budget has allocated only Rs. 20,000 crore for 2018-19 (R.E.). So, even if landless farmers, SC-ST farmers, women farmers, sharecroppers and tenant farmers are kept aside, not all the small and marginal households can get covered under the income support scheme (assuming that 1 household operates one holding

Agriculture and food policy expert Devinder Sharma who has been advocating a fixed annual income for farmers was surprised at the figures allocated for the purpose. “How can they seriously think that a support of Rs 500 per month will help farmers out of the terrible agrarian crisis. And how will it help reduce the number of farmers suicides.”

The announcement is also discriminatory in nature. The measure is meant for small farmers with less than two hectares of land and does not take into account the 40% tenant farmers and agricultural workers who had been left out of the Budget altogether. The forest rights being demanded by the Adivasis and tribals has not even been acknowledged.

Ashok Gulati, chair professor for agriculture at ICRIER, writing in The Indian Express, said  that the direct income support to farmers of total Rs..75,000 crore is nowhere near the annual loss of about Rs 2,65,000 crore that farmers have been suffering in recent years because of the low prices they have received due to restrictive marketing and trade policies. “Until major marketing reforms are initiated, there is no hope of doubling farmers’ real incomes by 2022-23,” he wrote.

Moreover, the budget has nothing to create jobs. Gulati said: “It is more like using band-aid where surgery was required.”

Apart from the shortcomings in these two of the major announcements, several of the claims of Interim Finance Minister Piyush Goyal were contested by FactChecker.in of The Spending and Policy Research Foundation which verifies the claims made by those in public life and has been certified by the International Fact-Checking Network, a unit of the Poynter Institute.

Pradhan Mantri Awas Yojana (PMAY)

Claim: 1.53 crore (15.3 million) houses constructed.

Fact: As of December 2018, at least 3.65 million houses were constructed under PMAY, according to government data. Of these, 1.25 million were constructed in urban areas whereas 2.4 million in rural areas.

Foreign Direct Investment

Claim: India could attract massive amount of Foreign Direct Investment (FDI) during the last five years- as much as $239 billion.

Fact: True. But the rate of growth of FDI inflows have declined from 25 percent in 2014-15 and 23 percent in 2015-16 to eight percent in 2016-17 and one percent in 2017-18.

Distribution of LED Bulbs

Claim: At least 143 crore (1.43 billion) bulbs distributed that will save Rs 50,000 crore.

Fact: Till date, 32.3 crore (323 million) LED bulbs have been distributed, as per official records.

Swachh Bharat Mission

Claim: Mindset change achieved.

Fact: In 2018, 40 percent households with a toilet, according to a SQUAT Survey, had at least one member who defecated in the open

Pradhan Mantri Kaushal Vikas Yojana

Claim: Over one crore (10 million) youth being trained to help them earn a livelihood.

Fact: Between July 2016 to 30 November 2018, under PM’s Skill Development Programme (second edition) as many as 3.6 million or 36 percent of the target had enrolled and 3.39 million (34 percent) had been trained. In the first edition, between July 2015 to and June 2016, 1.9 million were trained, as per government data.

Also Read: No Vote on Account; Modi govt presents an election Budget ‘interim’ only in name

The first edition was severely criticised for several shortcomings including low level of placements, low quality of training and inflated training numbers.

Mobile Manufacturing Units

Claim: Under Make in India initiative, mobiles and part manufacturing companies have increased from two to 268, providing huge job opportunities.

Also Read: Opposition parties calls Interim Budget a jumla, can’t be implemented

Fact: As of August 2018, there were 127 mobile manufacturing units in the country, the government told Lok Sabha citing information provided by the Indian Cellular Association.

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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

Published

3 weeks ago

on

July 7, 2026

By

XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

Published

4 weeks ago

on

June 29, 2026

By

Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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India News

Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

6 months ago

on

February 1, 2026

By

Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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