Daily News Prescription | 3 February 2020

Daily News Prescription - 3 February 2020

Updated on 3 February, 2020

Target 2020 Current Affairs
daily-news-prescription-3-february-2020

GS3: Economy, Union Budget

A National Technical Textiles Mission Proposed in Union Budget (PIB) A National Technical Textiles Mission Proposed in Union Budget India to be a Global Leader in Technical Textiles Outlay of Rs. 1480 Crore

A boost for technical textiles (TH) Union Finance Minister Nirmala Sitharaman in her Budget on Saturday announced a National Technical Textiles Mission,

A 8000 cr National Mission on Quantum Technologies & Applications (PIB) 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).

Cheer for science as key departments get a raise (TH) There is cheer for science in the Budget, with key scientific departments receiving an across-the-board increase of 10% or more.

Data Centre Parks Policy soon for Private Firms to Leverage the Power of Data (PIB) Data Centre Parks Policy soon for Private Firms to Leverage the Power of Data RS. 6000 crore proposed for Bharatnet Programme

Union Budget 2020-21: Big plans for storage facilities (DTE) Union finance minister Nirmala Sitharaman announced the setting up of storage facilities at villages as part of the Creation of Backward and Forward linkages

16 Action points to Focus on Farmer’s Income, Storage, Blue Economy and Animal Husbandary (PIB) 16 Action points to Focus on Farmer's Income, Storage, Blue Economy and ... sector, Food storage, Animal Husbandry and Blue economy.

Union Budget 2020-21: Not one to double farmers' income (DTE) Union Budget 2020-21 could not inspire confidence in the government's plan of doubling farmers' income by 2022. It increased allocation

Union Budget 2020-21: Fisheries experts raise concerns over ‘blue economy’ (DTE) Union Budget 2020-21: Fisheries experts raise concerns over 'blue economy'. Reduced allocation for fisheries, categorisation of fish farmers

To promote tourism, more funding for museums (TH) Four more museums from across the country shall be taken up for renovation

Increase in Customs Duty on Footwear and Furniture to promote domestic MSMEs (PIB) Increase in Customs Duty on Footwear and Furniture to promote domestic MSMEs 5% Health Cess proposed to give impetus to the Domestic

MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore (PIB) MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore Increased limit to apply only to Businesses carring out less than 5%

Steep increase in customs duty to keep Chinese toys out of reach (TH) Steep hike in Customs Duty to keep China toys out of reach ... The Customs Duty mop-up for FY 2020-21 is seen at ₹1.38 lakh crore

Green signal for more private trains (TH) Union Finance Minister Nirmala Sitharaman on Saturday proposed a budgetary allocation of ₹70,000 crore for the Indian Railways,

Major Reforms Proposed in Administration of GST Regime (PIB) Major Reforms Proposed in Administration of GST Regime Simplified GST Return to be Implemented from 1st April, 2020

National Logistics Policy will be Released Soon (PIB) Commerce and Industry Minister in his opening remarks urged that all the four Ministries and their departments must leverage existing infrastructure to support each other in the logistics chain. This will not only help in maximizing capacity utilization but also reduce costs he added.

Logistics Policy to be released soon (TH) Aim is to bring down cost of logistics to lower than 10 per cent

Allocation for MGNREGS slashed by ₹9,500 cr. (TH) Scheme will get ₹61,500 crore in 2020-21, a 13% drop from the 2019-20 revised estimates of ₹71,000 crore.

DDT proposed to be removed; to lead to estimated annual revenue forgone of Rs. 25,000 crore (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 . 

New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers (PIB)In order to provide significant relief to the individual taxpayers and to simplify the Income-Tax law, the Union Budget proposes to bring a new and simplified personal income tax regime wherein income tax rates will be significantly reduced for the individual taxpayers who forgo certain deductions and exemptions.

Finance Minister proposes wide-ranging facilitation measures in Direct Tax Regime (PIB) Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to be notified soon Pan to be allotted online on the basis of Aadhaar without any requirement of detailed application

No more double taxation on dividends (TH) Centre removes 15% tax plus applicable surcharge and cess on dividends, currently paid by companies

FM proposes taxpayer’s charter to boost trust (TH) The charter, which would enumerate taxpayer’s rights, would be incorporated in the Income Tax Act through suitable amendments, the Minister said.

E-com platforms must deduct 1% TDS on deals (TH) Finance Minister Nirmala Sitharaman on Saturday proposed a new tax levy on e-​commerce transactions as part of measures to widen the tax

Money earned in India by NRIs will be taxed, says Nirmala (TH) The Finance Bill has proposed three major changes to prevent tax evasion

Health care in focus with ₹69,000 cr. outlay (TH) Union Finance Minister Nirmala Sitharaman on Saturday announced an outlay of about ₹69,000 crore for the health sector in the 2020-2021

Union Budget 2020-21: Unremarkable for health sector (DTE) Allocation increased but just enough to offset inflation; new schemes criticised by experts.

Health care in focus with ₹69,000 cr. outlay (TH)  Union Finance Minister Nirmala Sitharaman on Saturday announced an outlay of about ₹69,000 crore for the health sector in the 2020-2021

Union Budget 2020-21: Denotified, Nomadic, Semi-nomadic Tribes left out once again (DTE) Hopes that soared after Piyush Goyal's mention last year lie deflated. ... Denotified, Nomadic, Semi-nomadic Tribes left out once again .

Union Budget 2020-21 promises Rs 4,400 cr for clean air; how, where and how soon? (DTE) Union Budget 2020-21 promises Rs 4,400 cr for clean air; how, where and how soon?

Union Budget 2020-21: Big chunk goes to tigers and elephants (DTE) The overall budget for the Union Ministry of Environment, Forest and Climate Change (MoEFCC) has increased to Rs 3,100 crore for 2020-21 from Rs 2,657.94 crore in the revised estimate of 2019-20.

Union Budget 2020-21 spares little for climate mitigation (DTE) Climate change mitigation and adaptation was largely ignored in this year’s budget

Union Budget 2020-2021: Solar units to be set up on fallow, railway lands (DTE) In her budget speech on February 1, 2020, Union Finance Minister Nirmala Sitharaman said land of the Indian Railways and fallow land

International bullion exchange to be set up at IFSC, says FM (TH) The government on Saturday proposed to set up an international ... on setting up of an International Bullion Exchange at GIFT IFSC,

Government moots cut in withholding tax (TH) With an aim to boost listing of bonds at IFSC exchange, the government has proposed to reduce the withholding tax rate to 4% from 5%

FM Announces Setting up of Investment Clearance Cell to Provide “End-To-End” Facilitation and Support to Youth (PIB) The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, has said that entrepreneurship has always been the strength of India and our young men and women have been contributing to India’s growth with their entrepreneurial skills. She was presenting the Union Budget 2020-21, in Parliament, today.

FM proposes a set of reforms to deepen bond market (TH) Finance Minister proposes a set of reforms to deepen bond market

Govt. to sell part of its stake in LIC via IPO (TH) The government set a divestment target of Rs 2.1 lakh crore for FY21 compared with Rs 1.05 lakh crore target for the ongoing financial year.

Unions protest LIC stake divestment move (TH) Employee unions of the Life Insurance Corporation of India (LIC) on Saturday opposed the Centre's plan to sell a part of its stake

An exercise bereft of macroeconomic vision (TH) The government has been unable to raise its spending at a time when circumstances demand a proactive fiscal policy.

Higher personal tax rates and slabs have been modified to the benefit of the middle class, boosting consumer demand

A budget for the middle class (TH)  

No fireworks (TH) Whether the Budget flies or falls flat will depend on its ability to fuel growth

A Budget exercise that is designed for stressed times (TH) Capital expenditure as a percentage of GDP was 1.7% in 2019-2020 and is projected to rise to 1.8% in 2020-2021, assuming that the revenue projections hold substantially.​ The Finance Minister

Another lost opportunity to revive growth (TH) The Budget has failed to provide any kind of stimulus for the revival of consumer or investment demand; nor has it been able to contain deficits.

A government that is clueless on the economy(TH) Going by the Budget's thrust, the government is either clueless as to what the economy needs right now or has chosen to brazen it out.

Falling short of aspirations (TH) The Budget falls well short of expectations when it comes to boosting demand.

The Budget’s blurred social sector vision (TH) Achieving any of these would require extraordinary efforts on the social sector front starting with allocating additional resources for health

 

GS3: Environment

2,130 Kerala islands now under CRZ cover (TH) As many as 2,130 backwater islands of Kerala, including Maradu, have been brought under the Coastal Regulation Zone (CRZ) regime thereb


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