Impact of Donald Trump’s decision to ban Muslim countries

 

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Devan Goyal, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur


The case of Muslim ban by Donald Trump bars citizens of seven Muslim majority countries for entering the US for the period of 90 days. It also suspends the United States refugee system for a period of 120 days. According to MR Trump his decision will help keep radical Islamic terrorists out of the US. The countries which are effected are Syria, Iran, Sudan, Libya, Somalia, Yemen and Iraq.

I believe that the decision taken by trump will benefit less to US than it will raise harms to the innocent people. There are many people those who will be effected. For ex people who were out of US are not given permission to enter US. Their whole life style stays impacted. Moreover IT industries will also be impacted as employees who are sent for onsite works will have to return back. There is US Syrian refugee program that gave accommodation to 12486 Syrians in 2016. They have reduced the cap on the total number of refugees
from 1, 10,000 to 50,000.

Also it has violated many laws that includes giving preference to Christian refugees over Muslim refugees. The Immigration and Nationality Act of 1965 says there should be ban of discrimination against immigrants on the basis of national origin. Mr Trump is violating this act also. It also violates the first amendment on freedom of religion.

So at last to pen off, I think the decision taken by Donald Trump seems to have lot of sufferings. The benefit out of it is not visible as of now. It will ultimately disturb the relations of US with the other countries.

 

Volatile Democracy

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Rishita Pramanik, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

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I fail to understand the world these days! At least the democracies. Few months back there was a quote “flaring” the online space. It said, “Countries are in a race to prove themselves idiots. Currently Britain has the lead but America has a  Trump card.” And by all means, it seems that people of USA have played this card.

I do not judge anyone, especially if it’s neither in my right, nor my interest to do so. It was in the right and interest of USA citizens and they gave a judgement which I totally respect. However why is it that these same people who gave their chosen one a marginal victory are now upset if he has disbarred certain people to enter USA albeit having valid VISAs. Surprisingly its similar to what the British did after the Brexit vote!

As per a report, poll found that 41% of American voters disagreed with the recent Muslim ban policy while another 10% were in a dilemma. Four US states are planning to sue the POTUS and there are already talks of his impeachment in the media. I do not intend to argue if this decision is for the good of America or otherwise. What I’m trying to say is that Mr. President had made his intentions crystal clear while he was the president elect nominee then why is the country shocked and surprised at what he has done. He has merely taken his first step towards fulfilling the promises which have made him sit where he currently sits.

And if the people really are feeling resent towards him now, then it’s a question mark on the face of democracy as a system. Election is the base on which democracy stands and if the people send their wit away to graze as they cast their vote, then, well…the Muslim ban seems like the least of all worries!

Demonetization: Taxpayers to get I-T notices

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Aman Sadha, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur


 

According to the sources, Government claims to have identified 18 lakh individuals who will be required to disclose the large cash transactions through their individual accounts soon after the demonetization rule by the PM of India, Narendra Modi. These accounts were identified using data analytics, in the period of 9th Nov 2016 to 30th Dec 2016, by matching the transactions of an account with the account holder’s tax profile.

For the convenience of the people, tax department has enabled online verification of these transactions. Every permanent account holder would be able to view information about their transactions through income tax e-filing portal. Swacch Dhan Abhiyan is a tax department’s programming software which is supposed to be used for getting answers on the deposits made, and only after a preliminary session of questions and answers, legal actions would be taken. Furthermore, for the ease of people, they will also be informed through messages and emails by income-tax department. The accused will have to file their explanations online at ‘www.incometaxindiaefiling.gov.in’ within 10 days to avoid notices and legal enforcement.

According to the Income tax department, in the initial phase, they will put up data of people, using data analytics, who deposited more than 5 lakhs during the period or who has poor tax compliance or with suspicious transactions up to 5 lakhs. If tax department gets satisfied with the information, there would be no follow up. Tax department has also provided a reference guide and a helpdesk number for the smooth functioning of this initiative. Additionally, the verification will be closed if the cash deposit is made under Pradhan Mantri Garib Kalyan Yojan (PMGKY), the disclosure scheme of black money. This initiative has received mixed responses from the general public, but it is surely going to create trouble for the arbitragers, who took this demonetization as an opportunity for lifting up their bank balances.

 

Union Budget 2017 – Income tax relief v/s Corporate tax relaxation

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

 

Ronak R Choksy, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

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Perhaps the only other thing in India that gets as much attention as cricket and Bollywood, is the Union budget. There already are a lot of eyes on the budget session that is coming up on the 1st of February. This year’s budget is special due to a number of reasons. Firstly, for the first time, the Union budget and the railway budget are going to be announced together and on February 1 instead of the usual February 28. Secondly, Uttar Pradesh Legislative Assembly elections are due in February. A populist budget has the potential to turn around the UP elections in BJP’s favour. And most importantly, this will be the first budget after Prime Minister Narendra Modi’s bold demonetization move in November.

Demonetization has reduced people’s spending. There are concerns over slower GDP growth of our country as a result of demonetization. IMF has cut India’s growth forecast to 6.6% from 7.6% after demonization. Hence, most people believe that the government might relax the income tax slabs to boost public spending and get the GDP back on track. According to most newspaper speculations, basic tax exemption limit should be increased to from the current Rs. 2.5 lacs. But in my opinion, such a tax relief will not help much in boosting spending because only 1%-2% of the Indians (or roughly 4% of labour force) pay taxes. Instead the budget might focus more on boosting agriculture and rural economy as they were the most hard-hit among all. The government may also consider lowering corporate tax rates to enhance the economic growth. Lower corporate tax will boost corporate investments in research and development and infrastructure and will also create more employment. This will also attract more foreign investment in India. Lower corporate tax may not necessarily mean lower revenue for the government. In fact in the past we have seen an increase in government revenue after lowering corporate taxes. Hence as compared to relaxing income tax, decreasing corporate taxes makes more sense in this situation.

Trump’s refugee ban-A sign of religious discrimination?

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Srishti Prasad, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

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The newly elected US President blocked immigration from seven Muslim countries with the intention to ban the entry of refugees. The ban suspends the United States’ Syrian refugee program, which accepted 12,486 Syrians in 2016.  It also gives preference to accepting Christian refugees from the Middle East over Muslim refugees. This has received huge criticism all over the world and many leading companies like Uber and Apple have expressed their disappointment. In fact, the acting US Attorney General Sally Yates also defied Mr Trump’s order. The President maintained that this move was “not a Muslim ban” and it was long overdue. The ultimate objective is the maintenance of national security

Chaos and anger prevailed at the airports where immigrants and refugees were stranded. They did not know where to go. This move will also impact India and the Indians working in the US. The former President, Barack Obama, criticized Trump’s move and stated that one should not be discriminated on the grounds of religion.

The question of the hour is what happens next. Opponents are planning to take a legal step against this. They are expected to argue that the blanket ban violates the Fifth Amendment right to due process. They will also put forth that the order’s preferential treatment of Christians over Muslims violates the first amendment on freedom of religion.

 

Impact of Trump’s New Immigration Law

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Mansi Singh, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

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Donald Trump had ordered the suspension  of refugees to the United States and temporarily halted the entry of citizens from a variety of Muslim countries.

This includes a temporary ban on visas for individuals from Iran, Iraq, Syria, Sudan, Libya, Yemen and Somalia; a 120-day suspension of the resettlement of all refugees; and an indefinite ban on the resettlement of Syrian refugees .

It has been seen that not a single terrorism-related death was caused by foreign operatives coming into the country since 9/11. Also main danger today continues to come from homegrown extremists.

This will impact the trust in the government and will hinder the back law enforcement’s efforts to build stronger bridges to Muslim communities which  are needed for  U.S. domestic counterterrorism.

The American president should build goodwill, not erode it as presently Russia, Iran and Turkey are collaborating in Syria and excluding the U.S.

This act tells about the meanness of spirit that is completely against the American values. For instance, Europe has a problem with uncontrollable surges of migrants, including many from Syria, the U.S. does not. There has been no case reported of violence being plotted by Syrian extremists there.

A different way to deal with this immigration problem is by having a bundle of policies for economic assistance to better the prospects in countries from which people are migrating .Also effort should be developed internationally to apportion and resettle those who genuinely can’t go back to the turmoil state of there nation.

References

https://www.theatlantic.com/news/archive/2017/01/trump-immigration-order-muslims/514844/

https://www.bloomberg.com/news/articles/2017-01-30/trump-s-next-move-on-immigration-to-hit-closer-to-home-for-tech

 

 

Post-Budget market effects

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Prakhar Agrawal, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

If historical data is to be believed then there are high chances of stock market corrections immediately after the budget. In the few weeks following the budgets since 2001, the indices as well as the broader market had changed momentum.
The market surged before the 2015 budget and fell immediately thereafter. The reverse happened after the 2016 budget. The market which had been falling till then rose after the budget.

Unlike the past two years, traders have very little expectations from this year’s Budget as it is coming between two major events: Demonetization and UP elections. The rise in share prices in the last month is partly due to large companies announcing better than expected quarter results than before despite the cash crunch brought brought about by demonetization rather than any serious expectations from the budget.
Also the uncertainties  over the outcome of the UP polls, which begin in February are keeping the traders worried. The traders feel that effect of UP polls will have more effect on the market than the budget.
Traders say that though anything negative will throw the market down by several points bu that will be a buying opportunity  to buy for investors. The farm and the infrastructure sectors along with the handling of fiscal deficit are the prime macro indicators that will be on the trader radars.

 

Annual budget Petition dismissed by SC

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

 

Shubhang Kabir, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

 


The petition to postpone the presentation of the annual Central Budget till the State assembly polls conclude in five states has been dismissed by the SC today. The petition that this move can affect the voting-decisions of citizens has been seen as no concrete point. In background; the petitioner had argues that schemes like such (during the polls), which involves policies like giving homes in states which are not economically well-off, will influence the citizens of the state to reconsider their voting decision. Petitioner has alleged this to be a tactic to gain peoples’ support, which according to the Mode of Conduct during election season is strictly prohibited.

On the contrary, the decision to present the annual budget had been decided by the government last year, with a definite objective. Timely approval by the Parliament and then President’s final assent will lead to timely dissemination of the allocations to the budget-holders before the commencement of the financial year on April 1. Thus, the petition stands dismissed by the SC.

The end of ‘wet foot, dry foot’ policy

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Nishitha Kasara, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur.


 

The “wet foot, dry foot” policy which was put by Bill Clinton in 1995 allows Cubans to reside in US and later acquire permanent resident status if they manage to reach US without getting caught in waters. Both the governments were not really happy with this very generous policy. On Jan 17, 2017 The US government ended the policy citing the reason of normalising the relationships with Cuba.

Though America’s open door to Cuba may appear very biased and unfair to other immigrants,  one can not ignore the Cuban government’s breathtaking inhumanity and brutality. This policy righted some wrong and diminished suffering. The present move killed the hopes of Cubans reaching the freedom that is just 90 miles away. Now they must make an asylum claim instead of merely being Cuban – a status we all know means they have a well-founded fear of persecution. Worse, some may be deterred from seeking their freedom by the imposing bureaucratic barriers of the asylum system.

Diverting Cubans into the backlogged asylum system and letting the Cuban Adjustment Act grant them green cards in due course is not the end of the world for Cubans. But ending “wet foot, dry foot” makes the process less predictable, more intimidating and can result in some Cuban asylum-seekers waiting in detention facilities or treated as criminals for fleeing Communism. Though we do not know how it will benefit the US, It surely tampered the liberty of Cubans.

The New POTUS

The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

Irfan M A, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur

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Trump’s entry into the mainstream politics as the president of the United States, the most powerful chair in the world, has been the most talked about topic these days. Holding a real estate conglomerate, Trump contested the elections through a Republican ticket and his run to the post was full of controversies. His statements regarding religious minorities, ethnic groups and women had irked many. These could be seen as a part of a well defined strategy to instil nationalism in the minds of the American people and has worked extremely well for his campaign. Although there were allegations that Russia has intervened in the election process aiding Trump, a couple of things which worked in his favour were his opponent Hilary Clinton’s leaked email controversy and the fact that she had nothing different from the usual set of politicians whom the people were fed up with. His maiden speech got many by the nerves, mainly Indian IT firms and businesses relying on export to US.

As the new president has taken over, there are many who are looking forward to his reigns favoring the American people on one side and the whole gamble of media and entrepreneurs keenly watching and adapting to his new policies on the other side. At this point in time, the only thing that we can say is that the show has just begun.