New address for PM's office after 78 years, to shift from South Block to Central Vista
According to sources, the new PMO may also be given a fresh name, one that reflects the 'spirit of service.' After assuming office for the third consecutive term, the Prime Minister reiterated, 'PMO should be the PMO of the people, it is not Modi's PMO.'The New Executive Enclave will not only house the PMO but also the Cabinet Secretariat, the National Security Council Secretariat, and a modern Conference Hall, equipped with facilities that were missing in the old buildings.The government has emphasised that this move represents a step towards modernising the administrative set-up while also creating a space that connects with India's cultural and historical identity.- EndsMust Watch
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Mint
26 minutes ago
- Mint
Stock Market Strategy: Emkay Global raises Nifty 50 target to 28,000 as GST reforms seen as major market trigger
Prime Minister Narendra Modi's announcement of a significant Goods and Services Tax (GST) reform to be rolled out by Diwali, made during his Independence Day speech on August 15, 2025, is growth-accretive and likely to be a major market driver, according to Seshadri Sen, Head of Research and Strategist at Emkay Global Financial Services Ltd. Emkay Global has raised its Nifty 50 target to 28,000 for September 2026 and recommends investors focus on autos and cement to play this theme. 'The second-order benefits of the GST rationalization are key: this speeds up formalization of the economy and improves competitiveness of Indian companies. We think the government should absorb the revenue loss through the higher deficit, as the growth accretion will cover the shortfall within 2-3 years,' Sen said in a report. According to reports, the government is likely to rationalize the GST structure for essential and daily-use items, with the aim of reducing the tax burden on households and stimulating consumption demand. The proposed changes include eliminating the 12% and 28% GST slabs and consolidating products under three categories: > 5%: Most items currently in the 12% slab (around 99%) > 18%: Around 90% of items from the 28% slab > 40%: Luxury and sin goods Sen noted that this move is a 'massive positive' for India as it provides a consumption stimulus, simplifies compliance with fewer tax rates, and promotes greater formalization of the economy by reducing the incentive for tax evasion. Passenger vehicles, two-wheelers, air conditioners, cement, and packaged foods are expected to benefit the most from the reform. Sen highlighted that the best strategy would be to invest in companies catering to mass-market segments within these categories. Emkay Global's preferred picks include Hero MotoCorp, Maruti Suzuki India, Voltas, and Ultratech Cement, with Bikaji Foods as a small-cap idea. The brokerage expects earnings upgrades of 10–15% for companies in these sectors, even though the direct impact on Nifty earnings will be modest (less than 1%). The brokerage estimates a fiscal slippage of 0.1% – 0.2% of GDP for FY26 and FY27, which could be partly offset by buoyancy and asset sales. 'The government should look through near-term fiscal slippage; India's complex GST is a millstone around the growth neck, and rationalization is worth the risk. Strong macro-financial stability, highlighted by the recent ratings upgrade, makes this the perfect time to push this through,' Sen said. Emkay acknowledged that the 50% tariffs imposed by the US on Indian goods remain a key overhang. However, S&P's decision to upgrade India's sovereign rating to BBB on August 14, 2025, provides a significant counterbalance. 'This is a timely recognition of India's fortress balance sheet and will serve to calm potential investor fears around the impact of elevated US tariffs. It also, we believe, gives the government more freedom to risk a higher fiscal deficit through GST rationalization,' Sen added. Calling GST rationalization a 're-rating trigger,' Emkay Global expects the reform to deliver long-term growth benefits and revive earnings momentum. The brokerage has raised its Nifty 50 target to 28,000, valuing it at an aggressive 20.7x one-year forward P/E ratio, which is one standard deviation above the five-year average. 'The GST rationalization offsets near-term worries on weak growth and tepid earnings. The six-week downtrend should now reverse, as the outlook for earnings improves considerably, and valuations will factor in the broader positives of this big-ticket reform measure,' Sen said. Emkay remains Overweight on Consumer Discretionary, while favoring small and mid-cap names in staples and cement within the materials space. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
an hour ago
- Time of India
HHRC takes suo motu cognisance of employee declared 'dead' in Aadhaar records
The Haryana Human Rights Commission has taken suo motu cognisance of a news report alleging that a Public Health Department employee was denied salary as his Aadhaar record wrongly showed him as "deceased." Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency The report - published in a leading daily on August 12 - said Vijay Kumar , a resident of Valmiki Basti, Ramlila Parao in Rohtak, is alive and continues to perform his duties regularly. He has been reportedly deprived of his lawful remuneration due to the administrative lapse, it said. Upon review, the commission observed that the health department failed to update the employee's record on the Haryana Kaushal Rozgar Nigam Limited portal, despite being aware that the "deceased" status in Aadhaar was erroneous. The full bench of the commission, comprising Chairperson Justice Lalit Batra and Members Kuldip Jain and Deep Bhatia, in its order dated August 14, noted that such treatment appears contrary to Article 7 of the United Nations International Covenant on Economic, Social and Cultural Rights (ICESCR), which recognises the right to just and favourable conditions of work, including remuneration ensuring a decent living for workers and their families. The commission further noted that non-payment of wages for work performed constitutes a violation of the employee's human rights, particularly the right to livelihood and dignity as guaranteed under Article 21 of the Constitution of India and reaffirmed in international human rights instruments. Live Events The department's inaction amounts to an arbitrary deprivation of earnings, impairing the complainant's ability to support himself and his family. Reflecting on the situation, the commission recalled a sentiment from Shakespeare's famous play Julius Caesar. "The Commission is reminded of the well-known sentiment from Shakespeare's play namely Julius Caesar, wherein it is suggested that the dead may, at times, wield greater influence than the living. The present matter, however, reflects a grim inversion of that idea - a person who is unquestionably alive and faithfully performing his duties has, for official purposes, been treated as deceased. This erroneous classification has not only deprived him of his lawful remuneration but has also inflicted indigity and avoidable hardship," the commission observed. To disregard the service of a living employee in such a manner is an administrative failing that the Commission cannot overlook, reads the order. As per the order, the commission finds prima facie evidence of administrative negligence and vi-olation of the complainant's rights. "The department's own records declare the complainant 'deceased', yet his daily presence at the workplace and faithful discharge of duties bear living testimony to the contrary. This striking contradiction of acknowledging his work but denying him his wages underscores the urgency of immediate action to restore his salary, correct all records and ensure that no employee is ever again placed in such an anomalous and unjust position," the order states. The commission has called for a report on the necessary corrections to the Aadhaar record of the complainant from the Additional Deputy Commissioner, Rohtak, and the Commissioner and Secretary, Citizen Resources Information Department (CRID), Government of Haryana, before the next hearing. The HHRC has directed the engineer-in-chief, Public Health Engineering Department, Haryana, Panchkula; the Superintending Engineer, Public Health Engineering Department, Circle Rohtak; and Sandeep Kumar, Executive Engineer, Public Health Engineering Department, Rohtak, to submit a detailed report within four weeks. The officials have been asked to cover: Steps taken to correct the complainant's status in all official records, including Aadhaar; measures to ensure immediate disbursement of all pending salary dues; and departmental accountability for the delay and the hardships caused. The matter has been listed for hearing on September 23.
Time of India
an hour ago
- Time of India
Bill on IIM Guwahati inclusion introduced in Lok Sabha
A bill to include Indian Institute of Management (IIM) Guwahati to the schedule of the Indian Institutes of Management Act to make it an institution of national importance was introduced in the Lok Sabha on Monday. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Union minister Dharmendra Pradhan introduced the bill amid din created by the opposition over the issue of Special Intensive Revision (SIR) of electoral rolls in Bihar . According to the draft law, the central government, the Assam government and representatives of United Liberation Front of Assam (ULFA) signed a Memorandum of Settlement (MoS) for all-round development of the state. According to the MoS, a number of developmental projects are to be implemented by the Union government under a Special Development Package (SDP). Establishment of an IIM at Guwahati as an institution of national importance is one of the projects under the SDP. Live Events At present, there are 21 IIMs that are declared as institutions of national importance and each of those are specified in the Schedule to the IIM Act . The Assam government has requested for establishment of an IIM in the state, keeping in view the geographical location of the state and its all-round development. "Assam is one of the very few states with more than three crore population which does not have an IIM," the bill noted.
