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Centre mulls over GST compensation plans: no clear signals yet

The Centre has proposed two mechanisms to meet the GST compensation shortfall, one of which is through a Rs 97,000 crore central bank window.

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The Centre has proposed two mechanisms to meet the GST compensation shortfall, one of which is through a Rs 97,000 crore central bank window. The second option is that states borrow Rs 2.35 lakh crore — the total estimated GST revenue loss due to the Covid-induced slowdown and the GST transition — from markets, facilitated by the Centre and the RBI.

The Centre is yet to circulate a formal proposal on the borrowing plan to the states that was presented to them at Thursday’s GST Council meeting. Individual states may face the issue of higher interest rates than the Centre if they go to market.

GST Council meeting

Any monetisation by the RBI reverses an important reform and would set a precedent. The government has held preliminary discussions with the RBI on the options offered to states. Experts say the central bank would not want the special window. They opine that RBI is likely to prefer that the Centre borrows and gives money to states. This special mechanism would essentially mean private placement of debt with RBI. It would prefer Centre borrowing from the market and giving to states and recovering that later from compensation cess.

Read Also: Unlock 4.0: Metro may resume and Schools to remain shut.

States individually will not have the option to pick one of the two GST compensation options offered by the Centre. They will have to collectively pick one or the other option that will be binding on all. The issue will be taken up at the next GST Council meeting. States have been given seven working days to give their views on the proposals. Repayment for these borrowings will be made via the cess fund after five years. Both the mechanisms cannot run simultaneously as it would create complications in maintaining them separately for so many states. Finance minister Nirmala Sitharaman had said on Thursday that if a state goes for the special window option, it will borrow less and its compensation entitlement will be protected.

India News

PM Modi says hat-trick victories guarantee 2024 hat-trick

Narendra Modi claimed that dissatisfaction among youth over paper leak and recruitment scam led to ouster the governments of Chhattisgarh, Rajasthan.

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After the BJP’s sweeping victories in the assembly elections of Madhya Pradesh, Rajasthan and Chhattisgarh, Prime Minister Narendra Modi said the victory is of a self-reliant India, honest, transparency and good governance. Hailing that this hat-trick of victories has given guarantee for a 2024 hat-trick, he said that voters do not believe talk in thin air, false promises and rather support a concrete roadmap for development and good governance.

Referring to the Congress demand for a caste census, PM Modi said that some people tried to divide the country on caste lines during the elections. He added that for him there are only four castes namely women, youth, farmers and poor whose empowerment can strengthen the country. He stated that the people from all castes, regions, communities voted for the party and that every poor person feels that he has won.

ELECTION 2023 COVERAGE: Madhya Pradesh | Rajasthan | Chhattisgarh | Telangana

Addressing party workers at the BJP headquarters, the Prime Minister expressed gratitude to the women, mentioning that women believe only BJP can provide guarantee for their security, safety and dignity. He remarked that women empowerment is an important pillar of BJP’s model of development. He also assured the women that all the promises will be fulfilled. 

Referring to Congress’s defeat, Narendra Modi claimed that dissatisfaction among youth over paper leak and recruitment scam led to the ouster of the governments of Chhattisgarh and Rajasthan. He mentioned that be it in Rajasthan, Chhattisgarh or Telangana, the incumbent party was thrown out of power because it was against the youth and had scams in its tenure. Especially thanking the people of Telangana, he said that the BJP will leave no stone unturned in working for them.

Modi underlined that the BJP government not only makes policies but also ensures that they reach the rightful beneficiaries. He further stated that these victories are a clear warning to those who are not ashamed to stand with the corrupt and try to cover up their deeds.

Slamming the opposition alliance INDIA, the Prime Minister asserted that coming together can yield good photo opportunities and media headlines but cannot win people’s trust. He also requested Congress and its allies to not indulge in politics that empower the anti-national forces.

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Welfarism beats the Congress in Madhya Pradesh, Chhattisgarh and Rajasthan

Shivraj Singh Chouhan launched several schemes for women including cash incentives and even delivered two tranches of Rs 3000 each on Rakhi and Karwa Chauth to married women. 

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By Neeraj Mishra

In one giant swoop, the BJP has cornered entire Western and Central India with its latest victories in Madhya Pradesh, Chhattisgarh and Rajasthan. The party now controls the entire cow belt giving it the right platform for 2024.

While Rajasthan was iffy for the Congress, it was overconfident in Madhya Pradesh and Chhattisgarh, where a combination of weak and divided local leadership and women voters eventually brought it down. It has lost Madhya Pradesh 65-164 and Chhattisgarh 34-56.

ELECTION 2023 COVERAGE: Madhya Pradesh | Rajasthan | Chhattisgarh | Telangana

In many ways, these were elections driven by labarthis (beneficiaries) and the BJP proved itself with better planning, strategy and implementation. In Madhya Pradesh, Shivraj Singh Chouhan launched several schemes for women including cash incentives and even delivered two tranches of Rs 3000 each on Rakhi and Karwa Chauth to married women. 

In Chhattisgarh, where the BJP was in the opposition, it adopted a better strategy by promising Rs 12,000 per annum to married women and later getting them to sign some forms which made the signatories believe they would receive the promised benefit later. BJP workers got more than 30 lakh forms signed and in a state with more women voters than men, it surely means something.

In MP, an overconfident Congress made a mess of ticket distribution. Digvijaya Singh grabbed the largest share and brought in all his 90s cabinet. Eventually, they all lost. It is perhaps time to get rid of Digvijaya and Kamal Nath altogether just like Uma Bharti was ex-communicated from the state by the BJP in 2007 after Shivraj became CM. It paved way for the new. 

The loss in both states will hurt the party not only in the three states but its ramifications will be felt at national level with INDIA and other alliances. 

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Rajasthan election result: Despite his confidence, Ashok Gehlot fails to break anti-incumbency jinx

Former Chief Minister Vasundhara Raje said the people of the state have rejected the Congress misgovernance  and accepted the BJP’s suraaj.

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The victory of the BJP in Rajasthan underlines the fickleness of the voter despite being a recipient of several welfare schemes introduced during Chief Minister Ashok Gehlot’s tenure. The BJP is set to win 115 seats compared to the Congress’ 69 ending Gehlot’s efforts to overturn the state’s 30-year record of not re-electing the incumbent government.

Former Chief Minister Vasundhara Raje said the people of the state have rejected the Congress misgovernance  and accepted the BJP’s suraaj. She said that the people will also vote for Prime Minister Narendra Modi to serve them in 2024. She said the party’s victory in Rajasthan was also because of the leadership given by BJP president JP Nadda and party workers.

ELECTION 2023 COVERAGE: Madhya Pradesh | Chhattisgarh | Telangana

Raje prayed in the temples of the state ahead of the results. The BJP has not named a CM candidate during the campaign. Now, the party has to decide who will be the chief minister. Raje, who won from the Jhalrapatan seat, is a frontrunner but given the cold vibes between her and PM Modi and Home Minister Amit Shah, speculation has been rampant pitching other names including Law Minister Arjun Ram Meghwal.

The election, however, was won by PM Modi’s intense campaigning in the state despite its history of anti-incumbency. The key topics that won the voters over include the law and order situation in the state. These include crimes against women and the murder of an Udaipur tailor over the much-flayed comments against Prophet Muhammad.

Exit polls were split over the results in the state. Some gave the Congress an edge however slight, while others gave it to the BJP.

Within the Congress, Gehlot had overcome the internal challenge posed by former Deputy CM Sachin Pilot and unveiled welfare schemes for many sections of voters, including a significant health plan. Despite all his efforts, Gehlot had to eat humble pie after persistent claims that his party would return to power and break the jinx, which stuck to being a jinx.

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