macroeconomics of budget

Macroeconomics Project report

Union Budget Comparison 201516 And 201617

Cluster Innovation Centre University of Delhi DELHI – 110 007

Submitted to: Submitted by: Ms Parul gulati Pappu kumar (Guest professor CIC) Aarish

Table of Contents

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1. Budget 201516…………………………………………………………………………....3

1.1. Introduction………………………………………………………………………..3 1.2. Three Key Achievement………………………………………………………......3 1.3. Fiscal Roadmap…………………………………………………………….….…..3 1.4. Inflation………………………………………………………………………...….4 1.5. Vision…………………………………………………………………………..….4 1.6. Major Challenge………………………………………………………………..….4 1.7. Agriculture……………………………………………………………………..….4 1.8. Financial Market……………………………………………………………….….5 1.9. Infrastructure…………………………………………………………………..…..5 1.10. Tourism……………………………………………………………………….…...5 1.11. Skill India…………………………………………………………………….……5 1.12. Budget Estimate…………………………………………………………………...6 1.13. Tax………………………………………………………………………………....6 1.14. Make In India……………………………………………………………………...6

2. Budget 201617………………………………………………………………….………...7 2.1. Tax.………………………………………………………………………………...7 2.2. Personal Finance…………………………………………………………………..7 2.3. Social……………………………………………………………………………....8 2.4. Health……………………………………………………………………………...8 2.5. Education………………………………………………………………………….8 2.6. Energy……………………………………………………………………………..9 2.7. Investment & Infrastructure……………………………………………………….9 2.8. Agriculture……………………………………………………………………….10 2.9. Banking…………………………………………………………………………..10

3. Comparison………………………………………………………………………………11 2.1 Achievements……....……………………………………………………….……….12 2.2 Budget Estimate........……………………………………………………….……….11 2.2 Individuals……....……………………………………………………….…………..13 2.2 Infrastructure……....……………………………………………………….………..15 2.2 Financial Market....……………………………………………………….………....16 2.2 Agricultural, Rural & Social……....………………………………………………...17 2.2 Make In India.......………………………………………………………………...…19

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Budget 20152016 INTRODUCTION

Credibility of Indian economy has been reestablished in the last nine months Indian economy about to takeoff on a fast growth trajectory Most growth forecasts have upgraded Indian economic growth while downgrading global

economic growth Economically empowered States are equal partners to Indian economic growth. After inheriting an economy with sentiments of “doom and gloom” with adverse

macroeconomic indicators, nine months have seen at turn around, making India fastest growing large economy in the World with a real GDP growth expected to be 7.4% (New Series).

Three key achievement

Financial Inclusion 12.5 crores families financially mainstreamed in 100 days. Transparent Coal Block auctions to augment resources of the States Game changing reforms on the anvil:

♦ Goods and Service Tax (GST) ♦ Jan Dhan, Aadhar and Mobile (JAM) for direct benefit transfer. FISCAL ROADMAP

Government firm on journey to achieve fiscal target of 3% of GDP. Realistic figures shown in fiscal account without showing exaggerated revenue projections. With improved economy, pressure to accelerate fiscal consolidation too has decreased. Accordingly, journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2

years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 201516, 201617 & 201718 respectively.

Additional fiscal space will go to funding infrastructure investment. Need to view public finances from a National perspective and not just the perspective of the Central Government. Aggregate public expenditure of the Governments, as a whole can be expected to rise substantially

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INFLATION CPI inflation projected at 5% by the end of the year, consequently, easing of monetary policy.

Key Features of Budget 20152016 Monetary Policy Framework Agreement with RBI, to keep inflation below 6%. GDP growth in 201516, projected to be between 8 to 8.5%.

VISION OF TEAM INDIA LED BY PM

Housing for all 2 crore houses in Urban areas and 4 crore houses in Rural areas. Basic facility of 24x7 power, clean drinking water, a toilet and road connectivity. At least one member has access to means for livelihood. Electrification of the remaining 20,000 villages including offgrid Solar Power by 2020. Connecting each of the 1,78,000 unconnected habitation

MAJOR CHALLENGES AHEAD

To meet these challenges public sector needs to step in to catalyse investment, make in india programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.

Challenge of maintaining fiscal deficit of 4.1% of GDP met in 201415, despite lower nominal GDP growth due to lower inflation and consequent subdued tax buoyancy

AGRICULTURE

Major steps take to address the two major factors critical to agricultural production, that of soil and water.

‘Paramparagat Krishi Vikas Yojana’ to be fully supported. ¾ ‘Pradhanmantri Gram Sinchai Yojana’ to provide ‘Per Drop More Crop’. 25,000 crore in 201516 to the corpus of Rural Infrastructure Development Fund (RIDF) set

up in NABARD; `15,000 crore for Long Term Rural Credit Fund; `45,000 crore for Short Term Cooperative Rural Credit Refinance Fund; and `15,000 crore for Short Term RRB Refinance Fund.

Target of `8.5 lakh crore of agricultural credit during the year 201516. Focus on improving the quality and effectiveness of activities under MGNREGA.

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FINANCIAL MARKET

Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year.

Enabling legislation, amending the Government Securities Act and the RBI Act included in the Finance Bill, 2015.

Forward Markets commission to be merged with SEBI. Section6 of FEMA to be amended through Finance Bill to provide control on capital flows

as equity will be exercised by Government in consultation with RBI. Proposal to create a Task Force to establish sectorneutral financial redressal agency that will

address grievance against all financial service providers. India Financial Code to be introduced soon in Parliament for consideration. Vision of putting in place a direct tax regime, which is internationally competitive on rates,

without exemptions. INFRASTRUCTURE

Sharp increase in outlays of roads and railways. Capital expenditure of public sector units to also go up.

National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of `20,000 crores to it.

Tax free infrastructure bonds for the projects in the rail, road and irrigation sectors. PPP mode of infrastructure development to be revisited and revitalised. Atal Innovation Mission (AIM) to be established in NITI to provide Innovation Promotion

Platform involving academicians, and drawing upon national and international experiences to foster a culture of innovation , research and development. A sum of `150 crore will be earmarked.

TOURISM Resources to be provided to start work along landscape restoration, signage and interpretation

centres, parking, access for the differently abled , visitors’ amenities, including securities and toilets, illumination and plans for benefiting communities around them at various heritage sites.

Visas on arrival to be increased to 150 countries in stages

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SKILL INDIA Deen Dayal Upadhyay Gramin Kaushal Yojana to enhance the employability of rural youth. A Committee for 100th birth celebration of Shri Deen Dayalji Upadhyay to be announced

soon. A student Financial Aid Authority to administer and monitor the frontend all scholarship as

well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. 7 An IIT to be set up in Karnataka and Indian School of Mines, Dhanbad to be upgraded in to a

fullfledged IIT. New All India Institute of Medical Science (AIIMS) to be set up in J&K, Punjab, Tamil

Nadu, Himachal Pradesh and Assam. Another AIIMS like institutions to be set up in Bihar. BUDGET ESTIMATES

NonPlan expenditure estimates for the Financial Year are estimated at `13,12,200 crore. Plan expenditure is estimated to be `4,65,277 crore, which is very near to the R.E. of 201415. Total Expenditure has accordingly been estimated at `17,77,477 crore. The requirements for expenditure on Defence, Internal Security and other necessary

expenditures are adequately provided. Gross Tax receipts are estimated to be `14,49,490 crore. ¾ Devolution to the States is

estimated to be `5,23,958. Share of Central Government will be `9,19,842. Non Tax Revenues for the next fiscal are estimated to be `2,21,733 crore. Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP

TAX PROPOSALS Objective of stable taxation policy and a nonadversarial tax administration. Fight against the scourge of black money to be taken forward. Efforts on various fronts to implement GST from next year. No change in rate of personal income tax. Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from

next financial year MAKE IN INDIA

Revival of growth and investment and promotion of domestic manufacturing for job creation. Tax “pass through” to be allowed to both category I and category II alternative investment

funds. Rationalisation of capital gains regime for the sponsors exiting at the time of listing of the

units of REITs and InvITs. Rental income of REITs from their own assets to have pass through facility. Permanent Establishment (PE) norm to be modified to encourage fund managers to relocate to

India.

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Budget 20162017 Affirming that the economy is right on track, Finance Minister Arun Jaitley presented the Union Budget

for 201617. Citing that the CPI inflation has come down to 5.4% from 9 plus, he said it is hugerelief for

the public.

TAX

Infrastructure and agriculture cess to be levied. Excise duty raised from 10 to 15 per cent on tobacco products other than beedis 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and incash purchase of

goods and services over Rs. 2 lakh. SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs. Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge Limited tax compliance window from Jun 1 Sep 30 for declaring undisclosed income at 45%

incl. surcharge and penalties Excise 1 per cent imposed on articles of jewellery, excluding silver. 0.5 per cent Krishi Kalyan Cess to be levied on all services. Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of

certain specifications; 4 per cent on higherend models. Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.

PERSONAL FINANCE

No changes have been made to existing income tax slabs Rs 1,000 crore allocated for new EPF (Employees' Provident Fund) scheme Govt. will pay EPF contribution of 8.33% for all new employees for first three years Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in

rented houses. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of

house is not above Rs. 50 lakh. Service tax exempted for housing construction of houses less than 60 sq. m 15 per cent surcharge on income above Rs. 1 crore

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SOCIAL

Rs. 38,500 crore for Mahatma Gandhi MGNREGA for 201617 Swacch Bharat Abhiyan allocated Rs.9,500 crores. Hub to support SC/ST entrepreneurs Government is launching a new initiative to provide cooking gas to BPL families with state

support. LPG connections to be provided under the name of women members of family: Rs 2000 crore

allocated for 5 years for BPL families. 2.87 lakh crore grants to gram panchayats and municipalities a quantum jump of 228%. 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission Four schemes for animal welfare.

HEALTH

2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief. A new health protection scheme for health cover upto 1 lakh per family. National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district

hospitals. Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened

EDUCATION

Scheme to get Rs.500 cr for promoting entrepreneurship among SC/ST 10 public and 10 private educational institutions to be made worldclass. Digital repository for all school leaving certificates and diplomas. Rs. 1,000 crore for higher

education financing. Rs. 1,700 crore for 1500 multiskill development centres. 62 new navodaya vidyalayas to provide quality education Digital literacy scheme to be launched to cover 6 crore additional rural households Entrepreneurship training to be provided across schools, colleges and massive online courses. Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas YojnaFM

Jaitley

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ENERGY

Rs. 3000 crore earmarked for nuclear power generation Govt drawing comprehensive plan to be implemented in next 1520 years for exploiting

nuclear energy Govt to provide incentive for deepwater gas exploration Deepwater gas new disc to get calibrated market freedom, predetermined ceiling price based

on landed price of alternate fuels.

INVESTMENTS AND INFRASTRUCTURE

Rs. 27,000 crore to be spent on roadways 65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is

100 kms/day Shops to be given option to remain open all seven days in a week across markets. Rs. 55,000 crore for roads and highways. Total allocation for road construction, including

PMGSY, Rs 97,000 crore India's highestever production of motor vehicles was recorded in 2015 Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore New greenfield ports to be developed on east and west coasts Revival of underserved airports. Centre to Partner with States to revive small airports for

regional connectivity 100 per cent FDI in marketing of food products produced and marketed in India Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation. MAT will be applicable for startups that qualify for 100 per cent tax exemption Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in

gain of Rs.20,670 crore

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AGRICULTURE

Total allocation for agriculture and farmer welfare at Rs 35984 crores 28.5 lakh heactares of land wil be brought under irrigation. 5 lakh acres to be brought under organic farming over a three year period Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on

drought hit areas cluster development for water conservation. Dedicated irrigation fund in NABARD of Rs.20.000 cr

BANKING

Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.

Target of disbursement under MUDRA increased to 1,80,000 crore Process of transfer of government stake in IDBI Bank below 50% started General Insurance companies will be listed in the stock exchange Govt to increase ATMs, microATMs in post offices in next three years

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COMPARISON

India’s Union Budget 201617 was presented by Finance Minister Arun Jaitley when we are evidencing the global economy in a serious crisis. Over the last two years, global growth has contracted to 3.1% whereas India has presented a steadfast GDP growth rate of 7.6%. Consumer Price Inflation for January 2016 is reported at 5.69% which is also accredited to be at the 17month high. Last year, Government of India entered into Monetary Policy Framework Agreement with RBI, to keep inflation below 6%. RBI and Government of India needs to be congratulated to be able to keep the same in control and as per the desired expectations (largely thanks to historically low oil prices). Foreign Direct Investments have risen from $60 million in February 2014 to $3.74 billion in December 2015. The International Monetary Fund has hailed India as a ‘bright spot’ amidst a slowing global economy. The World Economic Forum has said that India’s growth is ‘extraordinarily high’. Much said about past. Now, the time has come wherein the government has presented its budget for the Financial Year 201617. Key Achievements

Budget 201617 Budget 201516

Growth of Economy accelerated to 7.6% in 201516.

Financial Inclusion – 12.5 crores families financially mainstreamed in 100 days.

Foreign exchange reserves touched highest ever level of about 350 billion US dollars.

Transparent Coal Block auctions to augment resources of the States.

Swachh Bharat is not only a programme to improve hygiene and cleanliness but has become a movement to regenerate India.

Fiscal deficit in RE 201516 and BE 201617 retained at 3.9% and 3.5%. Revenue Deficit target from 2.8% to 2.5% in RE 201516

Journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2 years. The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 201516, 201617 & 201718 respectively.

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Budget Estimates Let us look at the big figures of major components of the budget (so that we can know little bit of the scale government deals with)


NonPlan expenditure estimates for the Financial Year are estimated at Rs. 14,28,050 crore.

NonPlan expenditure estimates for the Financial Year are estimated at Rs. 13,12,200 crore.

Plan expenditure is estimated to be Rs. 5,50,010 crore.

Plan expenditure is estimated to be Rs. 4,65,277 crore.

Total Expenditure has accordingly been estimated at Rs. 19,78,060 crore.

Total Expenditure has accordingly been estimated at Rs. 17,77,477 crore.

Gross Tax receipts are estimated to be Rs. 16,30,888 crore.

Gross Tax receipts are estimated to be Rs. 14,49,490 crore.

Devolution to the States is estimated to be Rs. 5,70,337.

Devolution to the States is estimated to be Rs. 5,23,958.

Share of Central Government will be Rs. 10,54,101.

Share of Central Government will be Rs. 9,19,842.

Non Tax Revenues for the next fiscal are estimated to be Rs. 3,22,921 crore.

Non Tax Revenues for the next fiscal are estimated to be Rs. 2,21,733 crore.

Fiscal deficit will be 3.5 per cent of GDP and Revenue Deficit will be 2.3 per cent of GDP.

Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.

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Individuals

Let us look at the something which would matter to you the most (as an individual taxpayer). We are talking about the benefits passed on to you.


Rebate under section 87A has been increased from Rs. 2,000 to Rs, 5,000. This rebate is available to taxpayers having income below Rs. 5,00,000

Limit of deduction of health insurance premium increased from Rs. 15000 to Rs. 25000, for senior citizens limit increased from Rs. 20000 to Rs. 30000.

Taxpayers who do not own any house property, are living in a rented premises and who do not receive any HRA (House Rent Allowance) from their employers, will get an increased deduction of Rs. 5,000 per month (Earlier Rs. 2,000 per month) under section 80GG of the Income Tax Act.

Senior citizens above the age of 80 years, who are not covered by health insurance, to be allowed deduction of Rs. 30000 towards medical expenditures.

The turnover limit to avail the Presumptive Tax Scheme under section 44AD, has been increased from Rs. 1 crore to Rs. 2 crore. The taxpayers carrying a business will be allowed to avail this scheme for which they will have to declared profits at minimum 8% of the total turnover and they will be exempted from the requirement of maintaining any books of accounts.

Deduction limit of Rs. 60000 with respect to specified decease of serious nature enhanced to Rs. 80000 in case of senior citizen.

Earlier the Presumptive Tax Scheme under section 44AD was available only to individuals carrying a business. With effect from 1st april 2016, the benefits of this scheme has also been extended to the Professionals whose annual turnover does not exceed Rs. 50,00,000, provided the declared profits from such profession are not less than 50%. The professional availing these scheme will be exempted from maintaining any books of accounts.

Additional deduction of Rs. 25000 allowed for differently abled persons.

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For the first time home buyers, additional deduction of Rs. 50,000 annually will be allowed under section 80EE for interest payments towards loans taken upto Rs. 35 lakhs. The value of the house should not exceed Rs. 50 lakhs.

Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs. 1 lakh to Rs. 1.5 lakh.

Any amount withdrawn from NPS (New Pension Scheme) at the time of retirement will be exempted upto 40% of the total Withdrawal amount.

Additional deduction of Rs. 50000 for contribution to the new pension scheme u/s 80CCD.

Any gains resulting from trading of securities of unlisted firms would be long term capital gains if the period of holding of such securities is 24 months or more. Earlier the holding period requirement was 36 months.

Payments to the beneficiaries including interest payment on deposit in Sukanya Samriddhi scheme to be fully exempt.

Servicetax exemption on Varishtha Bima Yojana.

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Infrastructure

Expenditure on infrastructure needs of the country are always centric to any budget. It is one of those factors which decides the course of various other industries.


Total investment in the road sector, including PMGSY allocation, would be Rs. 97,000 crore during 201617.

National Investment and Infrastructure Fund (NIIF), to be established with an annual flow of Rs. 20,000 crores to it.

To provide calibrated marketing freedom in order to incentivise gas production from deepwater, ultra deepwater and high pressurehigh temperature areas

Tax free infrastructure bonds for the projects in the rail,road and irrigation sectors.

Action plan for revival of unserved and underserved airports to be drawn up in partnership with State Governments.

5 new Ultra Mega Power Projects, each of 4000 MW, in the PlugandPlay mode.

Allocation of Rs. 55,000 crore in the Budget for Roads. Additional Rs. 15,000 crore to be raised by NHAI through bonds.

Ports in public sector will be encouraged, to corporatize, and become companies under the Companies Act to attract investment and leverage the huge land resources.

Comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation to be drawn up

(SETU) SelfEmployment and Talent Utilization) to be established as Technofinancial, incubation and facilitation programme to support all aspects of startup

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Financial Markets / Sectors

The financial markets’ importance has been increasing immensely as and when we advance on technological and global front. The closer we move to the concept of global village, the higher is the integration of financial factors world over.


A comprehensive Code on Resolution of Financial Firms to be introduced.

Public Debt Management Agency (PDMA) bringing both external and domestic borrowings under one roof to be set up this year.

A Financial Data Management Centre to be set up

Forward Markets commission to be merged with SEBI.

RBI to facilitate retail participation in Government securities

Proposal to create a Task Force to establish sectorneutral financial redressal agency that will address grievance against all financial service providers.

Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts

India Financial Code to be introduced soon in Parliament for consideration.

Allocation of Rs. 25,000 crore towards recapitalisation of Public Sector Banks.

Vision of putting in place a direct tax regime, which is internationally competitive on rates, without exemptions. General Insurance Companies owned by the

Government to be listed in the stock exchanges

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Agriculture, Rural and Social Sector


‘Pradhan Mantri Krishi Sinchai Yojana’ to be implemented in mission mode. 28.5 lakh hectares will be brought under irrigation.

Major steps take to address the two major factors critical to agricultural production, that of soil and water.

Implementation of 89 irrigation projects under AIBP, which are languishing for a long time, will be fast tracked

Rs. 5,300 crore to support microirrigation, watershed development and the ‘Pradhan Mantri Krishi Sinchai Yojana’.

Target of Rs. 9 lakh crore of agricultural credit during the year 201617

Target of Rs. 8.5 lakh crore of agricultural credit during the year 201516

A dedicated Long Term Irrigation Fund will be created in NABARD with an initial corpus of about Rs. 20,000 crore

Rs. 25,000 crore in 201516 to the corpus of Rural Infrastructure Development Fund (RIDF) set up in NABARD

Programme for sustainable management of groundwater resources with an estimated cost of Rs. 6,000 crore will be implemented through 3 multilateral funding

Rs. 15,000 crore for Short Term RRB Refinance Fund

Unified Agricultural Marketing ePlatform to provide a common e market platform for wholesale markets

Rs. 45,000 crore for Short Term Cooperative Rural Credit Refinance Fund

Allocation under Prime Minister Fasal Bima Yojana Rs. 5,500 crore

Rs. 15,000 crore for Long Term Rural Credit Fund

A sum of Rs. 38,500 crore allocated for MGNREGS.

A sum of Rs. 34,700 crore allocated for MGNREGS.

100% village electrification by 1st May, 2018 Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW Solar, 60000 MW

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Wind, 10000 MW Biomass and 5000 MW Small Hydro.

New health protection scheme will provide health cover up to Rs. One lakh per family. For senior citizens an additional topup package up to Rs. 30,000 will be provided.

MUDRA Bank, with a corpus of Rs. 20,000 crores, and credit guarantee corpus of Rs. 3,000 crores to be created.

3,000 Stores under Prime Minister’s Jan Aushadhi Yojana will be opened during 201617.

Postal network with 1,54,000 points of presence spread across villages to be used for increasing access of the people to the formal financial system

“Stand Up India Scheme” to facilitate at least two projects per bank branch. This will benefit at least 2.5 lakh entrepreneurs.

Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk of Rs. 2 Lakh for a premium of just Rs. 12 per year.

Make In India

Let us have a bird’s eye view on the take of Make in India in the Budget. There are other various efforts being contributed offbudget towards this scheme.


Changes in customs and excise duty rates on certain inputs to reduce costs and improve competitiveness of domestic industry in sectors like Information technology hardware, capital goods, defence production, textiles, mineral fuels & mineral oils, chemicals & petrochemicals, paper, paperboard & newsprint, Maintenance repair and overhauling [MRO] of aircrafts and ship repair.

Additional investment allowance (15%) and additional depreciation (35%) to new manufacturing units set up during the period 01042015 to 31032020 in notified backward areas of Andhra Pradesh and Telangana.

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