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Feb 01, 2025
Ramaharitha Pusarla

Soros-Yunus Dhaka Meet: An Ominous Sign for India?

All the attempts to legitimise the “people’s revolution” in Bangladesh fell flat with official hobnobbing between Alex Soros, the successor of George Soros and Muhammad Yunus, adviser to the interim government. The liberal ecosystem defended tooth and nail the infamous coup that toppled the democratically elected Sheikh Hasina regime deeming her an authoritarian. Indeed, the prospect of India facing a similar fate wasn’t ruled out either. Moreover, the Indian political dispensation was warned of similar consequences after the successful ouster of Hasina and her exit from Dhaka. The insidious activities of the Open Society Foundation (OSF) of Soros became more pronounced after the French agency Mediapart blew the link between the OSF and the Organised Crime and Corruption Reporting Project (OCCRP) which has been at the forefront in the indictment of Gautam Adani. The whole episode even blew the lid off the closely guarded link between the Indian political dynasty and Soros. It is thus, no brainer to decipher the mastermind behind the blizzard of misinformation propaganda that dominated the Indian political discourse ahead of the 2024 Lok Sabha Elections. George Soros openly pledged $1 billion to establish a global university to ‘fight nationalists’ at the 2020 Davos World Economic Forum (WEF). Unequivocal about his target, in his address, Soros stated, “Nationalism, far from being reversed, made further headway. The biggest and most frightening setback occurred in India where a democratically elected Narendra Modi is creating a Hindu nationalist state, imposing punitive measures on Kashmir, a semi-autonomous Muslim region, and threatening to deprive millions of Muslims of their citizenship”. Modi government has been on OSF’s radar and the intense civil society activity and its nexus with the Indian ecosystem is not a figment of imagination given the seasoned expertise of OSF in toppling regimes across the world. Infamous as an “agent of chaos” for his alleged attempts to oust Russian President Putin, stoke unrest in the European Union through mass immigration, and support the Arab Spring protests, George Soros fashioned the Asian financial crisis as early as 1997. To insulate Hungary from the Open Society Foundation started in 1984, Viktor Orban passed the ‘Stop Soros’ law. As Bangladesh’s interim leader, Yunus held his first official meeting with Alex Soros in October. Yunus's close links with George Soros date back to 1999 when he secured a $11 million loan from the Soros Economic Development Fund managed by the Open Society Foundation through which he acquired 35% stakes in Bangladesh’s largest telecom operator Grameen Ltd. The profits obtained from the loan were used to expand the social and welfare projects of Yunus’s Grameen Bank. In recognition of the social inclusion programs of Grameen Bank, Yunus was conferred the Nobel Prize in 2006. Alex Soros became the chairman of the $25 billion Open Society Foundation in 2023, the organisation which has strongly supported independent Kashmir. The current meeting between Yunus and Jr Soros at Dhaka in the wake of Trump’s executive order halting US financial assistance to Bangladesh has raised several eyebrows both in the US and India. Soros is avowedly anti-Modi. Jr Soros engaged to Huma Abedin former top aide of Hillary Clinton is deeply antagonistic to Trump and is making fervent attempts to jeopardise his regime. Yunus is equally miffed with Trump for his outright condemnation of barbaric attacks on Hindus in Bangladesh under his watch. Making the details public, Yunus’s office posted that the meeting was held, “to discuss Bangladesh's efforts to rebuild the economy, trace siphoned-off assets, combat misinformation, and carry out vital economic reforms” on the social media. Post-meeting, Alex Soros echoed, “(this is) a crucial time of transition for Bangladesh and we explored ways to deepen collaboration on critical reforms and investment”. With this high-profile meeting, Yunus challenged Trump’s authority and showcased his heft and deep connections with the US establishment. This has reaffirmed the popular belief in the sub-continent of a strong foreign hand in the collapse of Hasina’s regime. Yunus one of the top donors of Hillary Clinton’s Clinton Foundation has extremely cordial relations with the Biden administration and Kamla Harris. The iconic chummy photograph of Yunus with President Biden on his visit to New York after the democratic coup in Bangladesh is a testimony to his inside connections with Democrats. His daughter Monica Yunus was part of President Biden’s Committee on Arts and the Humanities (PCAH). Though Yunus extended his congratulatory message to Trump, his contemptuous remarks in 2016, raised doubts about his ability to deal with him. He said, “Trump's win has hit us so hard that this morning I could hardly speak. I lost all strength. Should I even come here? Of course, I should, we must not allow this lapse into depression, we will overcome these dark clouds." Meted with great honour at Dhaka as a state guest, the strong connections between Yunus and Alex Soros confirmed India’s worst fears of Yunus as his trusted lieutenant. Keen on dismantling the left-liberal ecosystem, while Trump’s return to the White House is a welcome relief to India, the brazen chumming between Yunus and Alex Soros warrants caution. Hasina openly disclosed threats to her regime from the US. But stopped short of naming the real actors. The coup in Bangladesh that was legitimised by the liberal ecosystem as a “student revolution” was orchestrated by students of the BRAC University in Dhaka funded by OSF1. At the felicitation organised by the Clinton Foundation for the “meticulously planned campaign to oust Hasina” Yunus introduced the three student leaders of the revolution2. One of the leaders, in fact, was identified as Mahfuz Alam, leader of the terror outfit Hizb ut-Tahrir. Alam is currently the press advisor of Yunus. The so-called ‘revolution’ was orchestrated by the US establishment and the Islamo-left liberal ecosystem. Alex Soros’s focus on Bangladesh should alert India as OSF would always want to pursue its unfinished task in India. Yunus always harboured strong political ambitions. In 2007 when an army-backed interim government came to power, Hillary Clinton made frantic efforts to install Yunus as the head. But it failed. Yunus who never favoured Hasina and Awami League completely fell out with her after she instituted a probe into his financial crimes. The meeting is thus a vindication of popular perception in the sub-continent of an orchestrated regime change in Bangladesh. While Trump is taking the Ultra left-liberal ecosystem to task in the US, the Soros ecosystem with its extensive network of elements within India is awaiting an opportunity to execute its plot. Determinedly anti-India, since August, Yunus has firmed up his collaboration with radical Islamist elements in Bangladesh. The sharp departure in the Bangladesh foreign policy contours with Yunus at the helm was reflected in his destabilising actions such as the release of thousands of terror operatives including those who stoked secessionist movements in India’s North East. Taking a rabid anti-India and anti-minority stance, Yunus resurrected ties with Pakistan. Yunus met Pakistan Prime Minister Shahbaz Sharif in Cairo, restored maritime linkages with Islamabad, removed visa restrictions for Pakistanis, imported ammunition from Pakistan and commenced joint naval exercises with Pakistani forces. Eroding mutual trust, Bangladesh deployed Turkish drones along the long Indo-Bangla border and welcomed a delegation of Pakistan’s Inter Service Intelligence (ISI) to institute an intelligence collaboration network. Above all, despite India’s concerns about the safety of Hindus and other Indic minorities, Yunus turned a blind eye to increasing religious attacks. Bangladesh’s Home Affairs adviser has renewed calls for reviewing ‘unequal and skewed’ agreements made with India during Hasina’s regime. At the time of writing, the tensions across Indo-Bangladesh have escalated due to increased illegal construction on the Bangladesh side of the border. Suspension of US funds would make Yunus more reliant on the money flowing from OSF and Soros-backed groups. Expectedly, he would be more compliant to carry out Soros’s anti-India agenda. India can’t afford to disregard Yunus’s ‘muscular posturing’ and the inimical strategies of the Soros ecosystem. References https://www.opensocietyfoundations.org/uploads/1b11a4d1-81c0-4c1c-84f1-d62d69dc380c/factsheet-osf_in_bangladesh-20250127.pdf https://theraisinahills.com/yunus-unveils-meticulously-planned-revolution-mastermind/ Image source: LiveMint

Feb 01, 2025
Myind Staff

Budget 2025 unveiled: Key tax reforms, infrastructure boost and more

The Union Budget for the financial year 2025-26 was presented in Parliament today by Finance Minister Nirmala Sitharaman. This marks her eighth budget presentation, making her the first Finance Minister to do so. It is also the first budget of the third term of Prime Minister Narendra Modi's government. Income tax exemptions up to ₹12 lakh under the new regime were the key announcement. The budget seeks "transformative" improvements in six areas, according to the finance minister: taxation, financial and electricity sectors, urban development, mining, and regulatory reforms. These areas continue to be at the forefront of the government's agenda, with the goals of boosting economic growth, improving infrastructure, enhancing governance and encouraging sustainable development in a variety of fields. "Together, we aim to unlock India's potential under the visionary leadership of Prime Minister Modi," said the Finance Minister as she began her address. "This budget is dedicated to accelerating growth, driven by our aspirations for a 'Viksit Bharat.' Our economy remains the fastest-growing among all major economies. The Budget 2025-26 continues our government's efforts to secure inclusive development, uplift household sentiment and enhance the power of India's middle class," she added. Key highlights of the 2025 Budget: Capex FY25 revised capex at ₹10.18 lakh crore Income Tax The new Income Tax Bill, set to be announced next week, will bring some changes. Under the new regime, no income tax will be payable for earnings up to ₹12 lakh. The tax slabs will be revised across the board, with individuals earning over ₹24 lakh annually now facing a 30% tax rate. Additionally, the time limit for filing tax returns will be extended from 2 years to 4 years. Nirmala Sitharaman, the finance minister, emphasised the government's ten-year endeavour to improve taxpayer convenience through tax reforms. Important initiatives include a taxpayer charter, anonymous assessments, and faster return processing—nearly 99 per cent of returns are now self-assessment-based. Highlighting the tax department's strategy of "trust first, scrutinise later," she restated the dedication to making compliance easier. Tax threshold on interest for senior citizens increased to ₹1 lakh TDS on rent increased to ₹6 lakh from ₹2.4 lakh Remove TCS (Tax Collected at Source) on remittances for education purposes if the remittance is funded through a loan taken from a specified financial institution. Provision of higher TDS (Tax deducted on source) only in non-PAN cases Additionally, the threshold for TCS on remittances under the RBI's Liberalised Remittance Scheme (LRS) has been increased from ₹7 lakh to ₹10 lakh. Tariffs and Cess The government intends to solve duty inversion and encourage exports, value addition and domestic production by streamlining and simplifying the customs tariff structure. This rationalisation is a component of the July 2024 Budget's extensive revision of the customs tariff system. In the 2023-24 Budget, seven tariff rates were removed, and now seven more will be eliminated, leaving just eight remaining, including a zero rate. Most duty rates will stay the same, but a few items will see slight reductions. The government also plans to charge only one cess or surcharge and will remove the social welfare surcharge from 82 tariff lines. The FM suggested that cobalt powder, lithium-ion battery waste and scrap and 12 other essential minerals be completely excluded from Basic Customs Duty (BCD). The exemption list will include 13 new patient support programs and 37 new medications. A list with a 5% customs tax reduction will be expanded to include six life-saving medications. Extend BCD completely on damp blue leather. Crust leather is exempt from 20% tariff. Cut the BCD on frozen fish paste from 30% to 5%. Cut the BCD of fish hydrolycates from 15% to 5%. Reduce the BCD on open cells and other LCD and LED components to 5% and increase the BCD on interactive flat panel displays from 10% to 20%. Financial Reforms The Finance Minister announced that the Foreign Direct Investment (FDI) limit for insurance companies, which invest all their premiums in India, will be increased from 74% to 100%. In addition, a revamped central KYC registry will be introduced, emphasising the importance of adapting regulations to keep up with technological advancements and global regulatory changes. The government also plans to speed up approvals for company mergers and expand related regulations. This reflects the government's commitment to improving the ease of doing business by creating a modern, user-friendly and trust-based regulatory framework. Nirmala Sitharaman announced that an Investment Friendliness Index will be introduced in 2025 to promote healthy competition among states. This will encourage cooperative federalism. Additionally, a mechanism will be set up under the Financial Stability and Development Council (FSDC) to assess the impact of existing financial regulations and related instructions. The aim is to enhance the responsiveness and growth of the financial sector. Infrastructure The Finance Minister announced the creation of a ₹1 lakh crore Urban Challenge Fund to transform cities into growth centres, support innovative redevelopment, and improve water and sanitation infrastructure, as mentioned in the July Budget. This fund will cover up to 25% of the cost for bankable projects, with the condition that at least 50% of the funding must come from bonds, bank loans, or public-private partnerships (PPPs). Each infrastructure ministry will present a list of PPP projects for the next three years, focusing on three proposals per ministry. An initial ₹10,000 crore has been allocated for the fiscal year 2025-26 to kickstart this initiative. The government will provide ₹1.5 lakh crore in interest-free loans to support capital expenditure and offer incentives to promote reforms. In addition, the Finance Minister announced that 40,000 more affordable housing units will be completed by FY26, and a new ₹15,000 crore SWAMI Fund 2 will be established. Nuclear Energy The Finance Minister announced a Nuclear Energy Mission to speed up India's move to clean energy, with the goal of generating at least 100 GW of nuclear power by 2047. To attract private sector participation, changes will be made to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act. Additionally, a ₹20,000 crore fund will be set up for research and development of Small Modular Reactors (SMRs), aiming to have at least five homegrown SMRs up and running by 2033. MSMEs The Finance Minister has emphasised that MSMEs are a key driver of India's growth, contributing 45% of the country's exports. To support their growth, the government has introduced special credit cards for MSMEs, a fund for startups, and an expanded fund with a broader scope to improve access to capital. Additionally, the government plans to increase the investment and turnover limits for MSMEs, raising them by 2.5 times and 2 times, respectively, to help these businesses grow and operate more efficiently. Agriculture In the 2025 Budget, the Finance Minister accorded agriculture a top priority, introducing the Jan Dhanya Krishi Yojana under the Prime Minister Krishi Yojana. This new initiative will target 100 districts with low productivity, moderate crop intensity, and limited access to credit, focusing on crop diversification, improving storage, boosting irrigation and providing both long and short-term credit to farmers. About 1.7 crore farmers are expected to benefit. Additionally, a 6-year mission will be launched to make the country self-reliant in pulses, with a focus on tur and masoor. The government will also set up a Makhana Board in Bihar, as part of the National Mission for Edible Oil & Seeds, to strengthen domestic production and reduce dependence on imports. Kisan Credit Cards The Finance Minister announced that Kisan Credit Cards (KCC) will continue to assist 7.7 crore farmers, fishermen and dairy farmers by providing short-term loans. Additionally, under the updated interest subsidy plan, the borrowing limit for KCC-backed loans will be increased from ₹3,000 to ₹5,000, offering greater financial help for agricultural activities. Leather and Footwear The Finance Minister has announced steps to improve productivity, quality, and competitiveness in India's footwear and leather industry. A new plan will offer support for design, component production, and machinery for both non-leather and leather footwear. This initiative is expected to create 22 lakh jobs, generate ₹400 crore, and increase exports to over ₹1.1 lakh crore. Additionally, the toy industry will benefit from a new scheme aimed at making India a global leader in toy production. This will focus on developing manufacturing clusters, enhancing skills, and creating a sustainable ecosystem for producing high-quality, innovative toys. Investing in people The Finance Minister highlighted investment as a key driver for growth, focusing on people, the economy, and innovation. As part of this, the government is prioritising the Sashakt Anganwadi and Poshan 2.0 programs, which will provide nutritional support to over 8 crore children, pregnant women, lactating mothers and around 20 lakh adolescent girls in underdeveloped areas and the Northeast. The government has increased the funding for these programs to make them more effective. In addition, the infrastructure in 5 IITs established after 2014 will be expanded to accommodate 6,500 more students. The government is also setting up 5 National Centres of Excellence for skill development. Moreover, the government plans to issue identity cards and register gig workers on the e-Shram portal, aiming to help 1 crore workers. Power The Finance Minister announced major reforms in the power sector aimed at improving electricity distribution and transmission. The government will encourage states to carry out reforms in electricity distribution and increase intrastate transmission capacity to strengthen the financial health and efficiency of power companies. To support these efforts, states will be given an additional borrowing allowance of 0.5 percent of their GSDP, based on how well they implement these reforms. Aviation The UDAN scheme has helped 1.5 crore middle-class people access 88 airports through 619 routes. A new version of UDAN will soon be introduced, adding 120 more destinations and aiming to serve an additional 4 crore passengers. Additionally, new airports will be built in Bihar to improve connectivity. Key Figures For the fiscal year 2024-25, the revised fiscal deficit is expected to be 4.8%. The target for the fiscal deficit in 2025-26 is set at 4.4%. The total receipts (excluding borrowings) for 2024-25 are revised to ₹31.47 lakh crore, with ₹25.57 lakh crore coming from net tax receipts. The total expenditure for the year is revised to ₹47.16 lakh crore, which includes ₹10.1 lakh crore for capital expenditure.