THALINOMICS
#Economy #Pib
The Economic Survey 2019-20 states that affordability of vegetarian Thalis improved 29 per cent from 2006-07 to 2019-20 while that for non-vegetarian Thalis by 18 per cent.
About:
The conclusion has been drawn on the basis of “Thalinomics: the Economics of a plate of food in India” – an attempt to quantify what a common person pays for a Thali across India.
Using the dietary guidelines for Indians, the price of Thalis are constructed. Price data from the Consumer Price Index for industrial workers for around 80 centers in 25 States and UTs from April 2006 to October 2019 has been used for the study.
The Survey states that across India and also the 4 regions- North, South, East and West- it is found that the absolute prices of a vegetarian Thali have decreased significantly since 2015-16 though the price has increased in 2019.
As a result, an average household of 5 individuals that eats two vegetarian Thalis a day, gained around Rupees 10887, on average per year, while a non-vegetarian household gained Rupees 11787, on averageper year.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
The Economic Survey 2019-20 states that affordability of vegetarian Thalis improved 29 per cent from 2006-07 to 2019-20 while that for non-vegetarian Thalis by 18 per cent.
About:
The conclusion has been drawn on the basis of “Thalinomics: the Economics of a plate of food in India” – an attempt to quantify what a common person pays for a Thali across India.
Using the dietary guidelines for Indians, the price of Thalis are constructed. Price data from the Consumer Price Index for industrial workers for around 80 centers in 25 States and UTs from April 2006 to October 2019 has been used for the study.
The Survey states that across India and also the 4 regions- North, South, East and West- it is found that the absolute prices of a vegetarian Thali have decreased significantly since 2015-16 though the price has increased in 2019.
As a result, an average household of 5 individuals that eats two vegetarian Thalis a day, gained around Rupees 10887, on average per year, while a non-vegetarian household gained Rupees 11787, on averageper year.
jOiN ➛ @CurrentAffair4Exams
INTEGRATE 'ASSEMBLE IN INDIA' INTO MAKE IN INDIA
#Economy #LiveMint
Giving a new dimension to 'Make in India', the Economic Survey 2019-20 suggested that the government should integrate 'Assemble in India for the world' into 'Make in India' to boost exports and generate jobs.
About:
Survey says India has unprecedented opportunity to chart a China-like, labour-intensive, export trajectory.
By integrating “Assemble in India for the world” into Make in India, India can:
Raise its export market share to about 3.5 % by 2025 and 6 % by 2030.
Create 4 crore well-paid jobs by 2025 and 8 crore by 2030.
Exports of network products can provide one-quarter of the increase in value added required for making India a $5 trillion economy by 2025.
Survey suggests a strategy similar to one used by China to grab this opportunity:
Specialization at large scale in labour-intensive sectors, especially network products.
Laser-like focus on enabling assembling operations at mammoth scale in network products.
Export primarily to markets in rich countries.
Trade policy must be an enabler.
Survey analyses the impact of India’s trade agreements on overall trade balance:
India’s exports increased by 13.4 % for manufactured products and 10.9 % for total merchandise.
Imports increased by 12.7 % for manufactured products and 8.6 per cent for total merchandise.
India gained 0.7 % increase in trade surplus per year for manufactured products and 2.3 % per year for total merchandise.
jOiN ➛ @CurrentAffair4Exams
#Economy #LiveMint
Giving a new dimension to 'Make in India', the Economic Survey 2019-20 suggested that the government should integrate 'Assemble in India for the world' into 'Make in India' to boost exports and generate jobs.
About:
Survey says India has unprecedented opportunity to chart a China-like, labour-intensive, export trajectory.
By integrating “Assemble in India for the world” into Make in India, India can:
Raise its export market share to about 3.5 % by 2025 and 6 % by 2030.
Create 4 crore well-paid jobs by 2025 and 8 crore by 2030.
Exports of network products can provide one-quarter of the increase in value added required for making India a $5 trillion economy by 2025.
Survey suggests a strategy similar to one used by China to grab this opportunity:
Specialization at large scale in labour-intensive sectors, especially network products.
Laser-like focus on enabling assembling operations at mammoth scale in network products.
Export primarily to markets in rich countries.
Trade policy must be an enabler.
Survey analyses the impact of India’s trade agreements on overall trade balance:
India’s exports increased by 13.4 % for manufactured products and 10.9 % for total merchandise.
Imports increased by 12.7 % for manufactured products and 8.6 per cent for total merchandise.
India gained 0.7 % increase in trade surplus per year for manufactured products and 2.3 % per year for total merchandise.
jOiN ➛ @CurrentAffair4Exams
FIRST REVISED ESTIMATES OF NATIONAL INCOME
#Economy #IndianExpress
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2018-19 (with Base Year 2011-12) as per the revision policy.
About:
Gross Domestic Product:
Nominal GDP or GDP at current prices for the year 2018-19 is estimated as ₹ 189.71 lakh crore against ₹ 170.98 lakh crore for the year 2017-18, showing a growth of 11.0 % during 2018-19 as compared to 11.1 % during 2017-18.
Real GDP or GDP at constant (2011-12) prices for the year 2018-19 stand at ₹ 139.81 lakh crore showing growth of 6.1 % during 2018-19.
Industry-wise Analysis:
At the aggregate level, nominal GVA at basic prices has grown by 11.1 % during 2017-18 against 10.5 % during 2018-19.
In terms of real GVA i.e. GVA at constant (2011-12) basic prices, there has been a growth of 6.0 % in 2018-19, as against 6.6 % in 2017-18.
During 2018-19, at constant prices, the growth rates of Primary, Secondary and Tertiary sectors have been estimated as 1.0 %, 6.0 % and 7.7 as against a growth of 5.8 %, 6.5 % and 6.9 %, respectively, in the previous year.
Nominal Net National Income (NNI) at current prices for the year 2018-19 stands at ₹ 167.89 lakh crore as against ₹ 151.50 lakh crore in 2017-18, showing growth of 10.8 % during 2018-19 as against 11.2 % in the previous year.
Gross National Disposable Income (GNDI) at current prices is estimated as ₹ 63 lakh crore for the year 2018-19 showing a growth of 11.2 % for year 2018-19.
Gross Saving during 2018-19 is estimated at ₹ 57.13 lakh crore against ₹ 55.38 lakh crore during 2017-18. Rate of Gross Saving to GNDI for 2018-19 is estimated at 29.7 % against 32.0 % for 2017-18.
Gross Capital Formation (GCF) at current prices is estimated at ₹ 61.09 lakh crore for the year 2018-19 compared to ₹ 58.49 lakh crore during 2017-18. The rate of GCF to GDP is 34.2 % during 2017-18 as against 32.2 % in the 2018-19.
jOiN ➛ @CurrentAffair4Exams
#Economy #IndianExpress
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2018-19 (with Base Year 2011-12) as per the revision policy.
About:
Gross Domestic Product:
Nominal GDP or GDP at current prices for the year 2018-19 is estimated as ₹ 189.71 lakh crore against ₹ 170.98 lakh crore for the year 2017-18, showing a growth of 11.0 % during 2018-19 as compared to 11.1 % during 2017-18.
Real GDP or GDP at constant (2011-12) prices for the year 2018-19 stand at ₹ 139.81 lakh crore showing growth of 6.1 % during 2018-19.
Industry-wise Analysis:
At the aggregate level, nominal GVA at basic prices has grown by 11.1 % during 2017-18 against 10.5 % during 2018-19.
In terms of real GVA i.e. GVA at constant (2011-12) basic prices, there has been a growth of 6.0 % in 2018-19, as against 6.6 % in 2017-18.
During 2018-19, at constant prices, the growth rates of Primary, Secondary and Tertiary sectors have been estimated as 1.0 %, 6.0 % and 7.7 as against a growth of 5.8 %, 6.5 % and 6.9 %, respectively, in the previous year.
Nominal Net National Income (NNI) at current prices for the year 2018-19 stands at ₹ 167.89 lakh crore as against ₹ 151.50 lakh crore in 2017-18, showing growth of 10.8 % during 2018-19 as against 11.2 % in the previous year.
Gross National Disposable Income (GNDI) at current prices is estimated as ₹ 63 lakh crore for the year 2018-19 showing a growth of 11.2 % for year 2018-19.
Gross Saving during 2018-19 is estimated at ₹ 57.13 lakh crore against ₹ 55.38 lakh crore during 2017-18. Rate of Gross Saving to GNDI for 2018-19 is estimated at 29.7 % against 32.0 % for 2017-18.
Gross Capital Formation (GCF) at current prices is estimated at ₹ 61.09 lakh crore for the year 2018-19 compared to ₹ 58.49 lakh crore during 2017-18. The rate of GCF to GDP is 34.2 % during 2017-18 as against 32.2 % in the 2018-19.
jOiN ➛ @CurrentAffair4Exams
SOCIAL INFRASTRUCTURE, EMPLOYMENT AND HUMAN DEVELOPMENT
#SocialIssues #Pib
The Government's commitment towards social well-being is a major highlight of the Economic Survey 2019-20.
Key highlights of survey:
The expenditure on social services (health, education and others) by the Centre and States as a proportion of GDP increased from 6.2 % in 2014-15 to 7.7 % in 2019-20 (BE).
India’s ranking in Human Development Index improved to 129 in 2018 from 130 in 2017. With 1.34 % average annual HDI growth, India is among the fastest improving countries
The share of regular wage/salaried employees has increased by 5 percentage points from 18 % in 2011-12 to 23 % in 2017-18.
A significant jump of around 2.62 crore new jobs with 1.21 crore in rural areas and 1.39 crore in urban areas in this category.
Total formal employment in the economy increased from 8 % in 2011-12 to 9.98 % in 2017-18.
jOiN ➛ @CurrentAffair4Exams
#SocialIssues #Pib
The Government's commitment towards social well-being is a major highlight of the Economic Survey 2019-20.
Key highlights of survey:
The expenditure on social services (health, education and others) by the Centre and States as a proportion of GDP increased from 6.2 % in 2014-15 to 7.7 % in 2019-20 (BE).
India’s ranking in Human Development Index improved to 129 in 2018 from 130 in 2017. With 1.34 % average annual HDI growth, India is among the fastest improving countries
The share of regular wage/salaried employees has increased by 5 percentage points from 18 % in 2011-12 to 23 % in 2017-18.
A significant jump of around 2.62 crore new jobs with 1.21 crore in rural areas and 1.39 crore in urban areas in this category.
Total formal employment in the economy increased from 8 % in 2011-12 to 9.98 % in 2017-18.
jOiN ➛ @CurrentAffair4Exams
#SocialIssues #Pib
Gender disparity in India’s labour market widened due to decline in female labour force participation especially in rural areas. Around 60 % of productive age (15-59) group engaged in full time domestic duties.
About 76.7 % of the households in the rural and about 96 % in the urban areas had houses of pucca structure.
A 10 Year Rural Sanitation Strategy (2019-2029) launched to focus on sustaining the sanitation behavior change and increasing access to solid and liquid waste management.
jOiN ➛ @CurrentAffair4Exams
Gender disparity in India’s labour market widened due to decline in female labour force participation especially in rural areas. Around 60 % of productive age (15-59) group engaged in full time domestic duties.
About 76.7 % of the households in the rural and about 96 % in the urban areas had houses of pucca structure.
A 10 Year Rural Sanitation Strategy (2019-2029) launched to focus on sustaining the sanitation behavior change and increasing access to solid and liquid waste management.
jOiN ➛ @CurrentAffair4Exams
SURAJKUND INTERNATIONAL CRAFTS MELA
#Culture #Air
The President of India, Ram Nath Kovind, inaugurated the 34th Surajkund International Crafts Mela. The year, partner country in the fair is Uzbekistan and Himachal Pradesh is the theme-state.
About:
Surajkund is an ancient reservoir of the 10th century located on Southern Delhi Ridge of Aravalli range in Faridabad city of Haryana.
Surajkund (literal meaning is 'Lake of the Sun') is an artificial Kund ('Kund' means "lake" or reservoir). It is said to have been built by the king Surajpal of Tomar dynasty in the 10th century.
Surajkund is known for its annual fair "Surajkund International Craft Mela", which is being organized since 1987 to showcase the richness and diversity of handicrafts, handlooms and cultural heritage of India.
jOiN ➛ @CurrentAffair4Exams
#Culture #Air
The President of India, Ram Nath Kovind, inaugurated the 34th Surajkund International Crafts Mela. The year, partner country in the fair is Uzbekistan and Himachal Pradesh is the theme-state.
About:
Surajkund is an ancient reservoir of the 10th century located on Southern Delhi Ridge of Aravalli range in Faridabad city of Haryana.
Surajkund (literal meaning is 'Lake of the Sun') is an artificial Kund ('Kund' means "lake" or reservoir). It is said to have been built by the king Surajpal of Tomar dynasty in the 10th century.
Surajkund is known for its annual fair "Surajkund International Craft Mela", which is being organized since 1987 to showcase the richness and diversity of handicrafts, handlooms and cultural heritage of India.
jOiN ➛ @CurrentAffair4Exams
LOGISTICS
#Economy #EconomicTimes
A National Logistics Policy will be released soon to clarify the roles of the Union Government, State Governments and key regulators. The policy will create a single window e-logistics market and focus on generation of employment, skills and make MSMEs competitive.
About:
India’s logistics sector is highly defragmented and the aim is to reduce the logistics cost from the present 14% of GDP to less than 10% by 2022.
India’s logistics sector is very complex with more than 20 government agencies, 40 PGAs, 37 export promotion councils, 500 certifications, 10000 commodities, 160 billion market size.
The Indian logistics sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 % decrease in indirect logistics cost leading to the growth of 5 to 8% in exports.
jOiN ➛ @CurrentAffair4Exams
#Economy #EconomicTimes
A National Logistics Policy will be released soon to clarify the roles of the Union Government, State Governments and key regulators. The policy will create a single window e-logistics market and focus on generation of employment, skills and make MSMEs competitive.
About:
India’s logistics sector is highly defragmented and the aim is to reduce the logistics cost from the present 14% of GDP to less than 10% by 2022.
India’s logistics sector is very complex with more than 20 government agencies, 40 PGAs, 37 export promotion councils, 500 certifications, 10000 commodities, 160 billion market size.
The Indian logistics sector provides livelihood to more than 22 million people and improving the sector will facilitate 10 % decrease in indirect logistics cost leading to the growth of 5 to 8% in exports.
jOiN ➛ @CurrentAffair4Exams
INVESTMENT
#Economy #BusinessStandard
Finance Minister proposes setting up of 'Investment Clearance Cell' for young entrepreneurs.
About:
The Union Finance Minister proposed setting up of an Investment Clearance Cell that will provide “end to end” facilitation and support to create more opportunities to youth and remove roadblocks.
Government will examine suggestions of further opening up of FDI in aviation, media and insurance sectors in consultation with all stakeholders. 100 % FDI will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in single brand retail sector.
jOiN ➛ @CurrentAffair4Exams
#Economy #BusinessStandard
Finance Minister proposes setting up of 'Investment Clearance Cell' for young entrepreneurs.
About:
The Union Finance Minister proposed setting up of an Investment Clearance Cell that will provide “end to end” facilitation and support to create more opportunities to youth and remove roadblocks.
Government will examine suggestions of further opening up of FDI in aviation, media and insurance sectors in consultation with all stakeholders. 100 % FDI will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in single brand retail sector.
jOiN ➛ @CurrentAffair4Exams
DIRECT TAX REGIME
#Economy #Pib
Union Finance Minister has proposed wide-ranging facilitation measures in Direct Tax Regime while presenting the union budget.
‘Vivad Se Vishwas’ Scheme:
The Union Budget has proposed ‘Vivad Se Vishwas’ Scheme (No dispute but trust) which aims at reducing litigations in the direct taxes payments.
Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. The scheme will remain open till 30th June, 2020.
Faceless appeals
To impart greater efficiency to the assessment process, a new faceless assessment scheme has already been introduced. Now, the Finance Minister proposed to amend the Income Tax Act so as to enable Faceless appeal on the lines of Faceless assessment.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
Union Finance Minister has proposed wide-ranging facilitation measures in Direct Tax Regime while presenting the union budget.
‘Vivad Se Vishwas’ Scheme:
The Union Budget has proposed ‘Vivad Se Vishwas’ Scheme (No dispute but trust) which aims at reducing litigations in the direct taxes payments.
Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. The scheme will remain open till 30th June, 2020.
Faceless appeals
To impart greater efficiency to the assessment process, a new faceless assessment scheme has already been introduced. Now, the Finance Minister proposed to amend the Income Tax Act so as to enable Faceless appeal on the lines of Faceless assessment.
jOiN ➛ @CurrentAffair4Exams
Instant PAN through Aadhaar:
The Finance Minister proposed to launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form. In the last Budget, the interchangeability of PAN and Aadhaar was introduced.
Taxpayer’s Charter:
To enhance the efficiency of the delivery system of the Income Tax Department, the Union Budget proposed to amend the provisions of the Income-tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers’ Charter.
The details of the contents of the charter shall be notified soon.
jOiN ➛ @CurrentAffair4Exams
The Finance Minister proposed to launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form. In the last Budget, the interchangeability of PAN and Aadhaar was introduced.
Taxpayer’s Charter:
To enhance the efficiency of the delivery system of the Income Tax Department, the Union Budget proposed to amend the provisions of the Income-tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers’ Charter.
The details of the contents of the charter shall be notified soon.
jOiN ➛ @CurrentAffair4Exams
DIVIDEND DISTRIBUTION TAX (DDT)
#Economy #Pib
In order to increase the attractiveness of the Indian Equity Market, to provide relief to a large class of investors and to make India an attractive destination for investment, the Union Budget proposed to remove the Dividend Distribution Tax.
About:
The dividend shall be taxed only in the hands of the recipients at their applicable rates. It is also proposed to allow deduction for the dividend received by holding company from its subsidiary.
The removal of DDT will lead to estimated annual revenue forgone of Rs. 25,000 crore.
Currently, companies are required to pay DDT on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits.
It has been argued that the system of levying DDT results in increase in tax burden for investors and specially those who are liable to pay tax less than the rate of DDT, if the dividend income is included in their income.
Further, non-availability of credit of DDT to most of the foreign investors in their home country results in reduction of rate of return on equity capital for them.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
In order to increase the attractiveness of the Indian Equity Market, to provide relief to a large class of investors and to make India an attractive destination for investment, the Union Budget proposed to remove the Dividend Distribution Tax.
About:
The dividend shall be taxed only in the hands of the recipients at their applicable rates. It is also proposed to allow deduction for the dividend received by holding company from its subsidiary.
The removal of DDT will lead to estimated annual revenue forgone of Rs. 25,000 crore.
Currently, companies are required to pay DDT on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits.
It has been argued that the system of levying DDT results in increase in tax burden for investors and specially those who are liable to pay tax less than the rate of DDT, if the dividend income is included in their income.
Further, non-availability of credit of DDT to most of the foreign investors in their home country results in reduction of rate of return on equity capital for them.
jOiN ➛ @CurrentAffair4Exams
NATIONAL TECHNICAL TEXTILES MISSION
#Economy #Pib
A National Technical Textiles Mission is proposed in Union Budget.
About:
The Union Minister for Finance has announced a proposal to set up a National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of Rs. 1480 crore to position India as a global leader in Technical Textiles.
Technical textiles are material and products manufactured primarily for their technical properties and functional requirements rather than for aesthetic characteristics.
The scope of use of technical textiles encompasses a wide range of applications such as agro-textiles, medical textiles, geo-textiles, protection-textiles, industrial-textiles, sports-textiles and many other usages.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
A National Technical Textiles Mission is proposed in Union Budget.
About:
The Union Minister for Finance has announced a proposal to set up a National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of Rs. 1480 crore to position India as a global leader in Technical Textiles.
Technical textiles are material and products manufactured primarily for their technical properties and functional requirements rather than for aesthetic characteristics.
The scope of use of technical textiles encompasses a wide range of applications such as agro-textiles, medical textiles, geo-textiles, protection-textiles, industrial-textiles, sports-textiles and many other usages.
jOiN ➛ @CurrentAffair4Exams
NATIONAL MISSION ON QUANTUM TECHNOLOGIES & APPLICATIONS (NM-QTA)
#ScienceTech #Air
The government in its budget 2020 has announced a National Mission on Quantum Technologies & Applications (NM-QTA) with a total budget outlay of Rs 8000 Crore for a period of five years to be implemented by the Department of Science & Technology (DST).
About:
Quantum Technology is based on the principles of quantum theory, which explains the nature of energy and matter on the atomic and subatomic level.
Quantum computers store and process information using quantum two level systems (quantum bits or qubits) which unlike classical bits, can be prepared in superposition states.
Implementation of the mission would help develop and bring quantum computers, secured communications through fibre and free space, quantum encryption and crypt-analysis and associated technologies within reach in the country.
jOiN ➛ @CurrentAffair4Exams
#ScienceTech #Air
The government in its budget 2020 has announced a National Mission on Quantum Technologies & Applications (NM-QTA) with a total budget outlay of Rs 8000 Crore for a period of five years to be implemented by the Department of Science & Technology (DST).
About:
Quantum Technology is based on the principles of quantum theory, which explains the nature of energy and matter on the atomic and subatomic level.
Quantum computers store and process information using quantum two level systems (quantum bits or qubits) which unlike classical bits, can be prepared in superposition states.
Implementation of the mission would help develop and bring quantum computers, secured communications through fibre and free space, quantum encryption and crypt-analysis and associated technologies within reach in the country.
jOiN ➛ @CurrentAffair4Exams
TAXATION PROPOSALS
#Economy #Pib
Following tax proposals were announced by the finance minister in the Union Budget.
About:
Concessional tax rate for Electricity generation companies: In order to attract investment in power sector, the Union Budget proposes to extend the concessional corporate tax rate of 15% to new domestic companies engaged in the generation of electricity.
Tax concession for foreign investments: To incentivize the investment by the Sovereign Wealth Fund of foreign Governments in the priority sectors, the Budget proposed to grant 100% tax exemption to the interest, dividend and capital gains income wrt investment made in infrastructure before 31st March, 2024 and with a minimum lock-in period of 3 years.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
Following tax proposals were announced by the finance minister in the Union Budget.
About:
Concessional tax rate for Electricity generation companies: In order to attract investment in power sector, the Union Budget proposes to extend the concessional corporate tax rate of 15% to new domestic companies engaged in the generation of electricity.
Tax concession for foreign investments: To incentivize the investment by the Sovereign Wealth Fund of foreign Governments in the priority sectors, the Budget proposed to grant 100% tax exemption to the interest, dividend and capital gains income wrt investment made in infrastructure before 31st March, 2024 and with a minimum lock-in period of 3 years.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
Concessional tax rate for Cooperatives:
The Union Budget proposed to provide an option to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess with no exemption/deductions. These cooperatives are currently taxed at a rate of 30% with surcharge and cess.
The Finance Minister also proposed to exempt these cooperative societies from Alternate Minimum Tax (AMT) just like Companies which under the new tax regime are exempted from the Minimum Alternate Tax (MAT).
jOiN ➛ @CurrentAffair4Exams
Concessional tax rate for Cooperatives:
The Union Budget proposed to provide an option to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess with no exemption/deductions. These cooperatives are currently taxed at a rate of 30% with surcharge and cess.
The Finance Minister also proposed to exempt these cooperative societies from Alternate Minimum Tax (AMT) just like Companies which under the new tax regime are exempted from the Minimum Alternate Tax (MAT).
jOiN ➛ @CurrentAffair4Exams
AGRICULTURE, IRRIGATION AND RURAL DEVELOPMENT
#Economy #Pib
Union minister of Finance in her budget speech proposed 16 action points focusing on doubling Farmers income, Horticulture sector, Food storage, Animal Husbandry and Blue economy.
About:
The Finance Minister said that more than Rs 2.83 lakh crore would be spent on Agriculture, Rural Development, Irrigation and allied activities.
Agriculture credit target for the year 2020-21 has be set at Rs 15 lakh crore. All eligible beneficiaries of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) will be covered under the Kisan Credit Card (KCC) scheme.
It is proposed to expand PM-KUSUM to 20 lakh farmers for setting up stand alone solar pumps and help another 15 lakh farmers solarise their grid connected pump sets.
It is proposed to integrate negotiable warehousing receipts (e-NWR) and National Agricultural Market (e-NAM).
The portal on “Jaivik kheti” – online national organic products market will also be strengthened.”
To build a seamless national cold supply chain for perishables, inclusive of milk, meat, Indian Railways will set up Kisan Rail-through PPP arrangements. To help improve value realization especially in North-East and tribal districts Krishi Udaan will be launched by the Ministry of Civil Aviation
Foot and Mouth disease, brucellosis in cattle and also peste des petits ruminants(PPR) in sheep and goat to be eliminatated by 2025, Coverage of artificial insemination to be increased from the present 30% to 70% and doubling of milk processing capacity from 53.5 million MT to 108 million MT by 2025 to be facilitated.
In the Blue Economy, raising of fish production to 200 lakh tonnes is proposed by 2022-23. Youth to be involved in fishery extension through 3477 Sagar Mitras and 500 Fish Farmer Producer Organisations. Fishery exports hoped to be raised to Rs 1 lakh crore by 2024-25.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
Union minister of Finance in her budget speech proposed 16 action points focusing on doubling Farmers income, Horticulture sector, Food storage, Animal Husbandry and Blue economy.
About:
The Finance Minister said that more than Rs 2.83 lakh crore would be spent on Agriculture, Rural Development, Irrigation and allied activities.
Agriculture credit target for the year 2020-21 has be set at Rs 15 lakh crore. All eligible beneficiaries of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) will be covered under the Kisan Credit Card (KCC) scheme.
It is proposed to expand PM-KUSUM to 20 lakh farmers for setting up stand alone solar pumps and help another 15 lakh farmers solarise their grid connected pump sets.
It is proposed to integrate negotiable warehousing receipts (e-NWR) and National Agricultural Market (e-NAM).
The portal on “Jaivik kheti” – online national organic products market will also be strengthened.”
To build a seamless national cold supply chain for perishables, inclusive of milk, meat, Indian Railways will set up Kisan Rail-through PPP arrangements. To help improve value realization especially in North-East and tribal districts Krishi Udaan will be launched by the Ministry of Civil Aviation
Foot and Mouth disease, brucellosis in cattle and also peste des petits ruminants(PPR) in sheep and goat to be eliminatated by 2025, Coverage of artificial insemination to be increased from the present 30% to 70% and doubling of milk processing capacity from 53.5 million MT to 108 million MT by 2025 to be facilitated.
In the Blue Economy, raising of fish production to 200 lakh tonnes is proposed by 2022-23. Youth to be involved in fishery extension through 3477 Sagar Mitras and 500 Fish Farmer Producer Organisations. Fishery exports hoped to be raised to Rs 1 lakh crore by 2024-25.
jOiN ➛ @CurrentAffair4Exams
NIRVIK SCHEME
#ScienceTech #Air
The Finance Minister announced the NIRVIK scheme in the Union Budget 2020-21 in Parliament.
About:
To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim, settlement
The Scheme is being prepared by the Commerce and Industry Ministry.
Under the Scheme, also called the Export Credit Insurance Scheme (ECIS), the insurance guarantee could cover up to 90% of the principal and interest.
• India’s exports contracted for a fifth month in a row by 1.8 percent in December 2019 to USD 27.36 billion and imports declined 8.9 percent to USD 357.39 billion, leaving a trade deficit of USD 118.10 billion.
jOiN ➛ @CurrentAffair4Exams
#ScienceTech #Air
The Finance Minister announced the NIRVIK scheme in the Union Budget 2020-21 in Parliament.
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To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim, settlement
The Scheme is being prepared by the Commerce and Industry Ministry.
Under the Scheme, also called the Export Credit Insurance Scheme (ECIS), the insurance guarantee could cover up to 90% of the principal and interest.
• India’s exports contracted for a fifth month in a row by 1.8 percent in December 2019 to USD 27.36 billion and imports declined 8.9 percent to USD 357.39 billion, leaving a trade deficit of USD 118.10 billion.
jOiN ➛ @CurrentAffair4Exams
MACRO-ECONOMIC FRAMEWORK STATEMENT (MFS) 2020-21
#Economy #Pib
Macro-economic Framework Statement (MFS) 2020-21 predicts rebound in GDP growth from first quarter of 2020-21.
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The Macro-economic Framework Statement (MFS) 2020-21 describes the return path of fiscal consolidation without compromising the needs of investment out of public funds.
The government has revised the fiscal roadmap in the near term and limited the fiscal deficit to 3.8% of the GDP in RE 2019-20 and 3.5% in 2020-21.
The consumer price inflation has remained within the targeted limits set by the Monetary Policy Committee (MPC) of the RBI and the government is expected to return to the glide path of fiscal consolidation in the medium term.
The Finance Minister proposed a 21% increase in capital expenditure for the FY 2020-21. Level of expenditure has been kept at Rs. 30.42 lakh crores in BE 2020-21, as compared to Rs. 26.98 lakh crores in RE 2019-20.
To improve the physical quality of life, the Government has also announced the National Infrastructure Pipeline (NIP) of projects worth Rs. 102 lakh crores, which would commence in phases from 2020-21 to 2024-25.
Global economic growth is expected to pick up in 2020 which could also support India's growth. In view of a positive outlook on economic rebound, the MFS predicts the nominal growth of the economy at 10% in FY 2020-21.
jOiN ➛ @CurrentAffair4Exams
#Economy #Pib
Macro-economic Framework Statement (MFS) 2020-21 predicts rebound in GDP growth from first quarter of 2020-21.
About:
The Macro-economic Framework Statement (MFS) 2020-21 describes the return path of fiscal consolidation without compromising the needs of investment out of public funds.
The government has revised the fiscal roadmap in the near term and limited the fiscal deficit to 3.8% of the GDP in RE 2019-20 and 3.5% in 2020-21.
The consumer price inflation has remained within the targeted limits set by the Monetary Policy Committee (MPC) of the RBI and the government is expected to return to the glide path of fiscal consolidation in the medium term.
The Finance Minister proposed a 21% increase in capital expenditure for the FY 2020-21. Level of expenditure has been kept at Rs. 30.42 lakh crores in BE 2020-21, as compared to Rs. 26.98 lakh crores in RE 2019-20.
To improve the physical quality of life, the Government has also announced the National Infrastructure Pipeline (NIP) of projects worth Rs. 102 lakh crores, which would commence in phases from 2020-21 to 2024-25.
Global economic growth is expected to pick up in 2020 which could also support India's growth. In view of a positive outlook on economic rebound, the MFS predicts the nominal growth of the economy at 10% in FY 2020-21.
jOiN ➛ @CurrentAffair4Exams
ARCHIMEDES PRINCIPLE
#ScienceTech #indianExpress
A video of an elephant being rescued in Jharkhand went viral recently, winning officials of the state forest department praise online. They applied the Archimedes Principle, or the ‘upward buoyant force theory’, to bring the elephant out of the well.
About:
In physics, the Archimedes Principle refers to the law of buoyancy (the ability or tendency of something to float in water or other fluids).
According to the principle, when an object is completely or partially submerged in a fluid, whether gas or liquid, it is acted upon by an upward force (buoyancy) equal to the weight of the fluid it has displaced.
The force acting downward on the object is the weight of the object. The upward force is the one given by the Archimedes Principle. The difference between the two forces is the net force acting on the object.
If the buoyant force is more than the weight, the object rises; if it is less, the object sinks. If the net force is zero, the object remains in place, and neither rises nor sinks.
In the case of the elephant rescued in Jharkhand, the forest officials pumped water into the well so that the elephant could float to the surface.
jOiN ➛ @CurrentAffair4Exams
#ScienceTech #indianExpress
A video of an elephant being rescued in Jharkhand went viral recently, winning officials of the state forest department praise online. They applied the Archimedes Principle, or the ‘upward buoyant force theory’, to bring the elephant out of the well.
About:
In physics, the Archimedes Principle refers to the law of buoyancy (the ability or tendency of something to float in water or other fluids).
According to the principle, when an object is completely or partially submerged in a fluid, whether gas or liquid, it is acted upon by an upward force (buoyancy) equal to the weight of the fluid it has displaced.
The force acting downward on the object is the weight of the object. The upward force is the one given by the Archimedes Principle. The difference between the two forces is the net force acting on the object.
If the buoyant force is more than the weight, the object rises; if it is less, the object sinks. If the net force is zero, the object remains in place, and neither rises nor sinks.
In the case of the elephant rescued in Jharkhand, the forest officials pumped water into the well so that the elephant could float to the surface.
jOiN ➛ @CurrentAffair4Exams