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India Gazette
5 days ago
- Politics
- India Gazette
Karnataka CM slams BJP's 'Urdu Over Kannada' claim as malicious lie meant to spread communal hatred
Bengaluru (Karnataka) [India], May 28 (ANI): Karnataka Chief Minister Siddaramaiah has strongly refuted BJP allegations that the state government prioritised Urdu over Kannada in funding allocations, terming the claims 'malicious lies' aimed at inciting communal hatred. In a series of tweets, Siddaramaiah accused the BJP of Karnataka of deliberately spreading falsehoods that undermine communal harmony. 'BJP4Karnataka is spreading a malicious lie that our Govt gave more funds to Urdu while neglecting Kannada. This is not just false -- it's a deliberate attempt to incite communal hatred. A national party behaving like internet trolls is deeply shameful,' he wrote on X. The Chief Minister presented detailed figures to counter the BJP's assertions. According to Siddaramaiah, the state government allocated Rs34,438 crore to Primary and Secondary Education and an additional Rs 4,150 crore to Social Welfare and other departments during 20205-26, for a total of Rs 38,688 crore--all meant for Kannada-medium education. Furthermore, Rs 999.3 crore has been set aside for government school infrastructure, benefiting Kannada-based education. The CM Siddaramaiah further said, ' Kannada is not just a language. It is our identity, pride, and mother tongue--and our Government will never tolerate insults to Kannada or Karnataka.' He dismissed the BJP Karnataka's claim that Kannada received only Rs 32 crore as a 'deliberate political distortion' intended to mislead and provoke the public. Chief Minister condemned the BJP for equating language with religion, calling it 'an insult to that language.' The Congress leader highlighted the Karnataka government's efforts to support all native tongues. 'Equating any language with a particular religion is an insult to that language. Our Govt honours all native tongues of Karnataka -- Tulu, Kodava, Konkani, Arebhashe, Byari -- with dedicated academies and an annual grant of Rs 80 lakh each, along with extra funds for cultural programs,' the post added on X. Regarding Kannada, Siddaramaiah outlined the role of the Kannada and Culture Department, which oversees 14 academies, 3 authorities, and 24 literary trusts, all focused on promoting Kannada language and culture, benefiting Kannadigas and the state. Siddaramaiah also took a direct swipe at the BJP's national leadership, suggesting that the misinformation might be part of a 'fake news toolkit' allegedly handed down by Prime Minister Narendra Modi. He urged the PM to take action by directing the Press Information Bureau's Fact Check unit to expose the misinformation and called on the Union Home Ministry to act against BJP Karnataka's social media handles, which he referred to as 'repeat offenders.' He cautioned that such attempts to mislead the public were not confined to Karnataka alone but posed a 'national threat to peace and constitutional order.' (ANI)
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Business Standard
5 days ago
- Politics
- Business Standard
Karnataka CM slams BJP's 'Urdu over Kannada' claim as malicious lie
Karnataka Chief Minister Siddaramaiah has strongly refuted BJP allegations that the state government prioritised Urdu over Kannada in funding allocations, terming the claims "malicious lies" aimed at inciting communal hatred. In a series of tweets, Siddaramaiah accused the BJP of Karnataka of deliberately spreading falsehoods that undermine communal harmony. "BJP4Karnataka is spreading a malicious lie that our Govt gave more funds to Urdu while neglecting Kannada. This is not just false -- it's a deliberate attempt to incite communal hatred. A national party behaving like internet trolls is deeply shameful," he wrote on X. The Chief Minister presented detailed figures to counter the BJP's assertions. According to Siddaramaiah, the state government allocated Rs34,438 crore to Primary and Secondary Education and an additional Rs 4,150 crore to Social Welfare and other departments during 20205-26, for a total of Rs 38,688 crore--all meant for Kannada-medium education. Furthermore, Rs 999.3 crore has been set aside for government school infrastructure, benefiting Kannada-based education. Chief Minister condemned the BJP for equating language with religion, calling it "an insult to that language." The Congress leader highlighted the Karnataka government's efforts to support all native tongues. "Equating any language with a particular religion is an insult to that language. Our Govt honours all native tongues of Karnataka -- Tulu, Kodava, Konkani, Arebhashe, Byari -- with dedicated academies and an annual grant of Rs 80 lakh each, along with extra funds for cultural programs," the post added on X. Regarding Kannada, Siddaramaiah outlined the role of the Kannada and Culture Department, which oversees 14 academies, 3 authorities, and 24 literary trusts, all focused on promoting Kannada language and culture, benefiting Kannadigas and the state. Siddaramaiah also took a direct swipe at the BJP's national leadership, suggesting that the misinformation might be part of a "fake news toolkit" allegedly handed down by Prime Minister Narendra Modi. He urged the PM to take action by directing the Press Information Bureau's Fact Check unit to expose the misinformation and called on the Union Home Ministry to act against BJP Karnataka's social media handles, which he referred to as "repeat offenders."
Express Tribune
22-05-2025
- Business
- Express Tribune
PSX surges to all-time high, breaches 120,000 milestone
Listen to article Pakistan Stock Exchange (PSX) continued its upward momentum on Thursday, with the KSE-100 Index climbing 695.52 points, or 0.58%, during intraday trading. The current index is at 120,626.97 and surged to an all-time high of 120,699.17, maintaining a positive tone throughout the session. The index also hit a low of 120,210.56 during the early session but remained up by 279.11 points, or 0.23%, sustaining a strong bullish momentum throughout. Strong buying activity across key sectors, coupled with easing global economic concerns, helped drive the market's gains. On Wednesday, PSX saw a strong recovery, with the KSE-100 index rising by 960.33 points, or 0.81%, to close at 119,931.46. The rally was driven by active investor participation, bolstered by pro-growth fiscal measures and investor positioning ahead of the upcoming budget presentation. Read more: Despite pressure on auto stocks due to the IMF-backed tariff relaxation and revised National Tariff Policy, the overall market sentiment remained positive. Large-cap stocks, particularly in banking, oil, and energy sectors, contributed significantly to the index's gains, adding around 480 points. The refinery sector also saw increased activity after the government approved Rs34 billion in dues clearance for refineries, paving the way for multi-billion-dollar plant upgrades. Investor sentiment remained optimistic, with some stocks nearing the 120,000-point mark. Key contributors included National Bank of Pakistan (+10%), Bank AL Habib (+2.85%), and United Bank (+1.22%). However, auto stocks like Lucky Cement and Standard Chartered saw declines. Trading volumes surged to 667.7 million shares, with K-Electric leading the volume at 103.7 million shares. Foreign investors sold shares worth Rs146.9 million. Overall, the market remains buoyed by improving macroeconomic indicators, though investor participation is expected to be selective ahead of the FY26 budget announcement on June 2.
Express Tribune
22-05-2025
- Business
- Express Tribune
PSX stages robust rally, eyes budget boost
Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) staged a robust rebound on Wednesday as the KSE-100 index climbed over 950 points, driven by active investors, who were encouraged by pro-growth fiscal measures and realigned their portfolios ahead of budget presentation. Despite pressure on auto stocks due to reports of the International Monetary Fund (IMF)-backed tariff relaxation and a revised National Tariff Policy, the overall sentiment remained positive. The government's assurances of tax relief to refineries and signs of continued reforms further lifted confidence. Arif Habib Corp MD Ahsan Mehanti wrote in his daily note "stocks closed near the all-time high amid speculation in the pre-budget session." However, auto stocks were battered on reports of proposed IMF-driven tariff relaxation on the import of used vehicles and a new tariff policy favouring imports. The government's assurance of tax relief for refineries, rising global crude prices and fiscal reforms boosted confidence, fuelling a bull-run at the PSX, he added. At the end of trading, the benchmark KSE-100 index recorded a notable increase of 960.33 points, or 0.81%, and settled at 119,931.46. Topline Securities commented that the day kicked off with a rally as the KSE-100 index soared past the 120,000 milestone, marking an intra-day high of 1,135 points. However, it failed to maintain the momentum and closed at 119,931, still locking in impressive gains. Investor sentiment remained upbeat, particularly in large-cap stocks, which drew considerable interest. Bank, oil and energy stocks collectively contributed around 480 points to the index's rise, it said. The refinery sector saw increased activity following the government's approval to clear dues of Rs34 billion through petroleum prices, which would pave the way for refineries to initiate $6 billion plant upgrade projects. The development pushed up share prices of National Refinery, Pakistan Refinery and Attock Refinery, Topline added. Arif Habib Limited (AHL) said that stocks made another attempt at the 120k level, with improving internals suggesting a likely breach in the sessions ahead. Some 74 shares rose while 24 fell with the National Bank of Pakistan (+10%), Bank AL Habib (+2.85%) and United Bank (+1.22%) being the key contributors to index gains. On the other hand, Lucky Cement (-0.53%), Habib Metropolitan Bank (-1.66%) and Standard Chartered (-4.21%) were the biggest drags, it said. In a significant development, the Oil and Gas Regulatory Authority (Ogra) set prescribed prices for FY26 at Rs1,895/mmBtu for Sui Northern Gas Pipelines and Rs1,659/mmBtu for Sui Southern Gas Company, reflecting a 6.57% increase and a 5.90% decrease, respectively. However, the two utilities had requested significantly higher rates of Rs2,486/mmBtu and Rs4,161/mmBtu, AHL mentioned. KTrade Securities stated in its market wrap that the bourse rebounded strongly after a sluggish start to the week, supported by improved volumes and trading activity. The rally was led by strength in banking, oil & gas and power sectors. While improving macroeconomic indicators support a positive market outlook, investor participation is likely to remain selective ahead of the FY26 budget announcement on June 2, the report predicted. Overall trading volumes increased to 667.7 million shares compared with Tuesday's tally of 437.9 million. The value of shares traded during the day was Rs26.6 billion. Shares of 463 companies were traded. Of these, 287 stocks closed higher, 125 fell and 51 remained unchanged. K-Electric was the volume leader with trading in 103.7 million shares, rising Rs0.36 to close at Rs4.75. It was followed by Kohinoor Spinning Mills with 40.3 million shares, adding Rs0.36 to close at Rs5.75 and WorldCall Telecom with 36.3 million shares, gaining Rs0.03 to close at Rs1.27. During the day, foreign investors sold shares worth Rs146.9 million, the National Clearing Company reported.
Business Recorder
21-05-2025
- Business
- Business Recorder
Pakistan govt set to slap GST on POL products, hike petroleum levy
ISLAMABAD: The government has reportedly decided to increase the petroleum levy from Rs80 to Rs90 per litre and to impose a 3–5 percent General Sales Tax (GST) on petroleum products to support local refineries, well-informed sources told Business Recorder. The move also aims at ensuring the timely implementation of fortnightly petroleum price revisions. The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet on May 13, 2025, and was subsequently ratified by the Federal Cabinet on May 20, 2025. During a briefing to the ECC, the Petroleum Division explained that petroleum products—including Mogas, diesel, kerosene, and light diesel oil (LDO)—had been classified as 'exempt' under the Finance Act 2024-25. As a result, input sales tax became a cost burden for refineries and Oil Marketing Companies (OMCs), amounting to approximately Rs34 billion for FY 2024-25. Last 3-1/2 months of FY25: petroleum levy hike by Rs18.02 to generate Rs90bn revenue This cost cannot be passed on to consumers due to government-regulated petroleum pricing, which is determined by the Oil and Gas Regulatory Authority (OGRA) under federal policy. A draft proposal to levy a 3–5 percent GST on motor spirit (MS) and high-speed diesel (HSD) was developed in consultation with the oil industry, the Ministry of Finance, and the Federal Board of Revenue (FBR). However, it could not be implemented due to the lack of agreement with the International Monetary Fund (IMF) on taxing these products at reduced GST rates. Applying the standard 18 percent GST would result in a price increase of approximately Rs45 per litre for MS and HSD, which the government considers undesirable. Any change to the GST rate would require prior consultation with the IMF and approval from Parliament. In addition to the GST matter, the ECC also approved an increase in margins for OMCs and petroleum dealers by Rs1.13 and Rs1.40 per litre, respectively, to ensure the sustainability of the oil supply chain. OGRA's initial recommendations on the matter were reviewed, and certain amendments were made before final approval. To partially address the financial issue of the refineries, OMCs and Dealers, the following proposals were submitted for consideration: (i) since the petroleum products (Mogas, Diesel, Kerosene and LDO) are exempted from sales tax during current financial year, the refineries and OMCs' unadjusted sales tax during July 2024-June 2025 of these products may be compensated through IFEM (estimated Rs34 billion). The amount may be recovered in 12 months and recovery of this item will cease from the 13th month automatically; (ii) for FY 2025-26, 3-5 percent sales tax Mogas/HSD products may be imposed through Finance Act, however, in case the products remain exempted from sales tax in the FY 2025-26, the unadjusted sales tax may continue to be compensated through IFEM as a fall back option to keep the oil supply chain sustainable; (iii) the margins of OMCs and Petroleum Dealers may be enhanced to keep their business sustainable; and (iv) OGRA will develop a mechanism for adjustment of GST claims for above period and effective utilization of digitization cost along-with implementation timelines within one month of approval. Full cost of the digitization will be borne by OMCs throughout the supply chain including outlets. The Petroleum Division further briefed the forum that on the basis of these proposals, indicative impact on prices of MS and HSD will be as follows: (i) refinery and OMCs' unadjusted sales tax (Rs28 billion for July-April, 2024-25) and (Rs6 billion for May –June, 2025) recovery timeframe at Rs1.87 per litre; (ii) OMCs margins (including digitization cost) will have an impact of Rs1.13 per litre; and (iii) Petroleum Dealer's Margin, Rs1.12 per unit. Total impact will be Rs4.12 per litre. However, after discussion, the ECC decided that OMCs' and Refineries unadjusted sales tax of FY25 may be compensated from May 16, 2025, through IFEM (estimated Rs34 billion to be verified by OGRA). The amount may be recovered till end of FY26 on the following rates and recovery of this item will cease subsequently after: (i) HSD sales tax adjustment at Rs2.09 per litre; and (ii) Mogas, Rs1.07 per litre. Copyright Business Recorder, 2025
