BJP holds 'veto power' in Jammu and Kashmir, claims Jaitley

December 26, 2014

Jammu, Dec 26: Even as the picture is not yet clear over which way the parties would align to form the new government in Jammu and Kashmir, Finance Minister Arun Jaitley on Thursday struck a confident note saying, that the Bharatiya Janta Party (BJP) will play a pivotal role in the government formation and that the party held a 'veto power' in the state.

“Whoever forms the government, the BJP must have a crucial role. Earlier, the veto power was in the hands of the Congress and now it’s in the hands of the BJP,” Jaitley told a press conference.

Jaitley, who was deputed as central observer along with BJP national secretary Arun Singh, flew in here this morning and met MLAs separately as well as collectively.

Addressing a press conference after a meeting of the newly-elected MLAs, the BJP's central observer said that a number of options are open to forming government in J&K.

Explaining the highest popular mandate for the party, Jaitley said BJP won 25 out of the 76 seats it contested where as the other major parties contested all the 87 seats.

"Our votes is higher than those who have contested all the seats. Our strike rate is high. We have the highest popular vote. We have an overwhelming mandate in the Jammu region while the Valley has been divided between PDP (25 seats), National Conference (15) and Independents (5)."

Jaitley's press conference came hours after the BJP denied reports that its leadership had held discussions with National Conference (NC) on government formation in Jammu and Kashmir.

Scotching speculation that it may support BJP in forming a new Government in Jammu and Kashmir, National Conference(NC) too, ruled out such a possibility citing fundamental differences between the two parties.

Omar Abdullah clarified on Thursday that there was no discussion going on between the two parties.

Omar posted on the micro-blogging site Twitter: “So many stories doing the rounds about a BJP-NC deal. Let me say this as strongly as possible – There is no deal nor any discussion going on.”

There were persistent reports that the outgoing Chief Minister and NC working President Omar Abdullah met BJP President Amit Shah in New Delhi last night but BJP denied that.

Amid media reports that the outgoing chief minister Omar Abdullah had met BJP president Amit Shah in New Delhi last night, party general secretary Ram Madhav tweeted, "News about BJP leaders meeting NC leadership in Delhi baseless".

Meanwhile, PDP, which has remained silent since the polls results came three days ago, had started exploring the possibility of a coalition government with Congress which has 12 members and other independent candidates.

BJP, on its part, also started approaching PDP with Madhav meeting People's Conference leader Sajad Lone at a hotel in Kashmir and PDP leader and MP Muzzafar Hussain Baig at his residence.

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India now home to 191 billionaires; 26 joined last year: Knight Frank

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March 5,2025

The number of Indian high-net-worth individuals (HNWIs), those having assets more than $10 million, rose 6 per cent last year to 85,698, according to Knight Frank.

Global property consultant Knight Frank on Wednesday released its 'The Wealth Report 2025', which estimated the HNWI population in India at 85,698 in 2024, as against 80,686 in the preceding year.

The number is expected to rise to 93,753 by 2028, reflecting India's expanding wealth landscape, the consultant said.

The increasing trend of HNIW population highlights the country's strong long-term economic growth, increasing investment opportunities, and evolving luxury market, positioning India as a key player in global wealth creation.

India's billionaire population has also seen a strong year-on-year growth in 2024.

"India is now home to 191 billionaires, of which 26 joined the ranks in just the last year, which was pegged at just 7 in 2019," the consultant said.

The combined wealth of Indian billionaires is estimated at $950 billion, ranking the country third globally, behind the US ($5.7 trillion) and Mainland China ($1.34 trillion).

"India's growing wealth underscores its economic resilience and long-term growth potential. The country is witnessing an unprecedented rise in high-net-worth individuals, driven by entrepreneurial dynamism, global integration, and emerging industries," Shishir Baijal, Chairman & Managing Director, Knight Frank India, said.

This expansion is not just in scale but also in the evolving investment preferences of India's elite, who are diversifying across asset classes, from real estate to global equities, he added.

"In the decade ahead, India's influence in global wealth creation will only strengthen," Baijal said.

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India Plans 'Universal Pension Scheme' for All Citizens

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February 26,2025

The Indian government is developing a 'Universal Pension Scheme' to provide pension benefits to all citizens, including those in the unorganised sector, according to sources.

Key Features of the Proposed Scheme:

Inclusivity: Targets unorganised sector workers—such as construction workers, domestic staff, and gig workers—who currently lack access to large government-run savings schemes.

Voluntary Participation: Open to all citizens aged 18 and above, including salaried employees and the self-employed. Participation is voluntary, with no mandatory government contributions.

Streamlined Framework: Aims to consolidate existing pension and savings schemes, offering a unified and secure option for all citizens.

Complementary to Existing Schemes: Will not replace the National Pension System (NPS) but will serve as an additional option.

Current Pension Schemes:

Atal Pension Yojana (APY): Provides a monthly pension of ₹1,000 to ₹5,000 after the investor turns 60, requiring regular contributions.

Pradhan Mantri Shram Yogi Maandhan (PM-SYM): Benefits unorganised sector workers like street vendors and domestic workers, offering a monthly pension of ₹3,000 post-retirement.

Pradhan Mantri Kisan Maandhan Yojana: Designed for farmers, providing ₹3,000 monthly after the investor reaches 60 years of age.

The government plans to initiate stakeholder consultations once the proposal document is finalized.

This initiative reflects the government's commitment to enhancing social security and ensuring financial stability for all citizens in their retirement years.

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