Important Policy Update From 26th January 2018 to 1st February 2018

Economy

Budget 2018

The Finance Minister presented the Budget for the year 2018-19, on the 1st of February. Some of the highlights are as follows:

  1. Fiscal deficit projected at 3.3% of GDP in the next fiscal.
  2. 85.51 lakh new taxpayers filed return in the financial year of 2017.
  3. 25% corporate tax extended to companies with a turnover of up to Rs 250 crore.
  4. Benefit of tax exemption for an income of Rs 10,000 from fixed deposits and post offices, to senior citizens.
  5. Long Term Capital Gains exceeding Rs 1 lakh to be taxed at 10% without indexing.
  6. Kharif MSP set at 1.5 times the price of produce.
  7. Rs 500 crore allocated for Operation Green, to promote agricultural products.
  8. 4 crore people to get power connection under the Saubhagya Yojana.
  9. National Healthcare Protection Scheme- providing insurance cover of Rs 5 lakh per year, to 10 crore families.
  10. Rs 3794 crore crore allocated to the MSME sector.

For more information: Economic Times

Economic Survey 2017-18 Tabled

The Government tabled the Economic Survey 2017-18 in both the Houses of Parliament. The Survey has estimated india’s GDP at 7-7.5%. The Survey has also stated that there has been a 50% increase in the number of indirect taxpayers. A positive correlation has been drawn between individual states’ prosperity and their international and inter-State trade.

For more information: The Hindu

Economic Survey 2017-18: Here

Small Payment Banks to Offer Atal Pension Yojana

The Finance Ministry has stated that small financial banks and payment banks will now be able to sell Atal Pension Yojana. Considering the banks’ expertise and strength will help in reaching out to more subscribers under the Scheme.

For more information: Economic Times

Energy

USD 30 million for 750 MW solar power plant

The World Bank and the Rewa Ultra Mega Solar Limited have signed a MoU, for the purpose of setting up a 750 MW solar power plant in Rewa and Mandsaur in Madhya Pradesh. The step gains prominence in light of the Government’s mission to achieve  solar power generation of 100 GW by 2022. The project is also being promoted as the world’s largest solar power plant.
For more information: Financial Express

Youth and Sports

Khelo India School Games Launched

The Prime Minister declared the start of the Khelo India School Games, in Delhi. This initiative will provide the required platform to the young sporting talent in the country and at the same time, enable the country to showcase its potential. The event will be held every year and broadcast live. The Government has also decided to reward the earliest coaches of world-renowned sportspersons in the country, with the aim to provide that much-needed recognition to such coaches.

For more information: Hindustan Times

Education

Over 1200 Graduates from Top Institutes to Teach in Rural India

The Government has employed over 1200 youngsters from institutes such as the IITs, IISc, and NIT, in engineering colleges in certain backward regions. This will help state governments to fill up vacancies in 53 government engineering colleges and also provide quality education in these rural colleges. The selected graduates will be employed for a period of three years, at an income of 70,000 per month. About 300 candidates have Ph.D degrees, while about 900 have M.Tech degrees.

For more information:The Hindu

Technology

Government e-Marketplace 3.0

The Government has launched the third version of its National Procurement Portal, Government e-Marketplace. The Portal will offer standard catalogue management, real-time price comparison, demand aggregation, user rating, among other advanced analytical facilities. The portal will ensure more transparency in transactions of all products and services. The rating based performance will aid in creating an open and a dynamic marketplace.

For more information: Business Standard

High Performance Computer System Launched

The Ministry of Earth Science launched Mihir, a high-performance computer system for the purpose of improving India’s weather forecasting system. This improved system will provide better weather forecasts at the block level, predict extreme weather conditions, along with offering high resolution seasonal and extended range forecasts of active/break spells of monsoon. The services which will improve are ocean state forecasts, tsunami forecasts with greater lead time and air quality forecasts for different cities along with climate projections.

For more information: Live Mint

Infrastructure

USD 100 million for TN’s Rural Economy

The Government and the World Bank have signed a loan agreement amounting to USD 100 million, for the purpose of boosting the rural economy in selected regions of Tamil Nadu across its 26 districts. The Tamil Nadu Rural Transformation Project will provide an enabling environment for organisations and enterprises to promote their businesses. Rural enterprises are sought to be strengthened by improving their access to finance, also leading to employment generation.

For more information: India Today

USD 250 million for Road Infrastructure

The World Bank will finance the construction of roads in five states, at a cost of USD 250 million, under the Pradhan Mantri Gram Sadak Yojana. The said rural roads stretching up to 6254 kilometres, will be constructed in the states of Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal. It will provide better and safer connectivity in rural areas, also aiding economic development in the region.

For more information: Economic Times