Cabinet clears PM-Vidyalaxmi for collateral-free loans to students

The Union Cabinet approved the PM- Vidyalaxmi scheme that makes students who get admission to Quality Higher Education Institutions (QHEIs) eligible for a collateral-free and guarantor-free education loan. 

An outlay of Rs 3,600 crore has been made for the scheme for 2024-25 to 2030-31 period and around 7 lakh fresh students are expected to benefit from the interest subvention offered under the scheme. 

Students will be provided a 75% credit guarantee by the central government for loans up to Rs 7.5 lakh. 

Students, with an annual family income of up to Rs 8 lakh, who are ineligible for benefits under any other government scholarship or interest subvention schemes, will be provided 3% interest subvention for loans up to Rs 10 lakh during the moratorium period. - 

J&K Assembly clears resolution on special status restoration, favours a 'dialogue'

The Jammu and Kashmir Assembly passed a resolution seeking dialogue for the "restoration of special status and constitutional guarantees" to the UT and urging that "constitutional mechanisms" be worked out for the same.

This Assembly calls upon the government of India to initiate dialogue with elected representatives of the people of Jammu and Kashmir for restoration of special status, constitutional guarantees and to work out constitutional mechanisms for restoring these provisions." 

Sanction needed under PMLA to prosecute public servants: SC

The Supreme Court held that Section 197(1) of the Code of Criminal Procedure (CrPC) that mandates prior sanction from the government to take cognizance of an offence against public servants will apply to the Prevention of Money Laundering Act (PMLA) too.

A bench of Justices AS Oka and Augustine George Masih said this while upholding the Telangana High Court decision, setting aside a trial court order taking cognizance of the complaint against IAS officers Bibhu Prasad Acharya and Adityanath Das, facing money laundering charges, along with former Andhra Pradesh CM Jagan Mohan Reddy.

Section 197 (1) says, "When any person who is or was a judge or magistrate or a public servant not removable from his office save by or with the sanction of the government, is accused of any offence alleged to have been committed by him while acting or purporting to act in the discharge of his official duty, no court shall take cognizance of such offence except with the previous sanction." 

Trumponomics and India

The radical economic outlook presented by Donald Trump includes plans to impose a 20% tariff on all imports and more than 200% duty on cars; a proposal to deport millions of irregular immigrants; and to extend tax cuts at a time when the US budget deficit is at a record high. 

The coming presidency is seen as a positive for American stocks and the Dollar, even as it raises some concerns for treasuries given the risk of fiscal profligacy. 

Trump 2.0 could also potentially throw up challenges for India's growth imperative amid possible disruptions in global supply chains, trade wars and tariff barriers, heightened forex volatility, and headwinds to global fund flows.

Trump 2.0 and the world

For India and the current political dispensation, a Trump presidency does not create the same anxieties as among other US allies and partners. 

One asset is the obvious personal and even ideological affinity between Trump and Prime Minister Narendra Modi. 

There appears to be confidence that since Trump is likely to be transactional in his approach, deals can be made with him even in fraught economic and commercial relationships. 

Trump is less likely to put pressure on India on human rights and communal issues though the ongoing judicial process involving alleged assassination attempts against American and Canadian Khalistani elements will not go away.