As per the Union Budget 2024-25, some of the Fund Allocation & Provisions for Assam and North-East India are discussed here:
More than 100 branches of India Post Payment Bank will be set up in the North East region.
Assistance for flood management and related projects in Assam, Sikkim & Uttarakhand.
Government will also provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for flood management, landslides and related projects.
Under the Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY), Rs. 1000 crores have been allocated for the welfare of tea workers, especially women.
The special package for the Bodoland Territorial Council has increased significantly, with Rs 174.66 crore allocated, up from Rs. 100 crore last year.
The development of the Tea Board is also planned, with the budget outlay increased more than five times, from Rs. 135 crores to Rs. 721.50 crores. Notably, in 2023, Assam produced 654.63 million kilograms of tea, while in 2022, tea production was 668 million kilograms.
For the development of the Northeast region, a budget outlay of Rs. 5900 crores is planned.
Assam’s share of devolution stands at Rs. 38,154 crores. The state’s infrastructure will be bolstered through the Pradhan Mantri Sadak Yojana Phase IV and Pradhan Mantri Awas Yojana. Additionally, the tribal areas of the state will receive a boost under the Pradhan Mantri Janajatiya Unnat Gram Abhiyan.
Highlights of Union Budget 2024-25 – Analysis & Important points for APSC/ADRE Exams
On July 23, 2024, Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in Parliament today said that India’s inflation continues to be low, stable and moving towards the 4% target. Core inflation (non-food, non-fuel) currently is 3.1% and steps are being taken to ensure supplies of perishable goods reach market adequately. India’s economic growth continues to be the shining exception and will remain so in the years ahead.
There is usually only one budget announced in a financial year. But in Lok Sabha election years, there are 2 budget announcements: one in February (like every year) and one in July (after elections).
Highlights & Important Points of full Union Budget 2024-25
Nine Priorities in Union Budget 2024-25
The Finance Minister said, for pursuit of ‘Viksit Bharat’, the budget envisages sustained efforts on the following 9 priorities for generating ample opportunities for all.
Priority 1: Productivity and resilience in Agriculture
Govt will undertake a comprehensive review of the agriculture research setup to bring the focus on raising productivity.
New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.
In the next two years, 1 crore farmers across the country will be initiated into natural farming supported by certification and branding.
10,000 need-based bio-input resource centres will be established.
For achieving self-sufficiency in pulses and oilseeds, government will strengthen their production, storage and marketing and to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower.
Govt will facilitate the implementation of the Digital Public Infrastructure (DPI) in agriculture for coverage of farmers and their lands in 3 years.
A provision of ₹1.52 lakh crore for agriculture and allied sector this year.
Priority 2: Employment & Skilling
Govt will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
A new centrally sponsored scheme, as the 4th scheme under the Prime Minister’s package, for skilling in collaboration with state governments and Industry.
20 lakh youth will be skilled over a 5-year period and 1,000 Industrial Training Institutes will be upgraded in hub and spoke arrangements with outcome orientation.
The Model Skill Loan Scheme will be revised to facilitate loans up to ₹7.5 lakh with a guarantee from a government promoted Fund, which is expected to help 25,000 students every year.
Financial support for loans upto ₹10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.
Priority 3: Inclusive Human Resource Development and Social Justice
Implementation of schemes meant for supporting economic activities by craftsmen, artisans, self-help groups, scheduled caste, schedule tribe and women entrepreneurs, and street vendors, such as PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India will be stepped up.
Purvodaya – for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.
Pradhan Mantri Janjatiya Unnat Gram Abhiyan for improving the socio-economic condition of tribal communities, by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts covering 63,000 villages and benefitting 5 crore tribal people.
More than 100 branches of India Post Payment Bank will be set up in the North East region to expand the banking services.
A provision of ₹2.66 lakh crore for rural development including rural infrastructure was made this year.
Priority 4: Manufacturing & Services
Support for promotion of MSMEs – special attention to MSMEs and manufacturing, particularly labour-intensive manufacturing.
A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to ₹100 crore, while the loan amount may be larger.
Public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment.
Mudra Loans – limit of Mudra loans will be enhanced to ₹ 20 lakh from the current ₹ 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category.
MSME Units for Food Irradiation, Quality & Safety Testing – Financial support for setting up of 50 multi-product food irradiation units in the MSME sector will be provided.
Setting up of 100 food quality and safety testing labs with NABL accreditation will also be facilitated.
To enable MSMEs and traditional artisans to sell their products in international markets, E-Commerce Export Hubs will be set up in public-private-partnership (PPP) mode .
Internship in Top Companies – Govt will launch a comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore youth in 5 years.
Priority 5: Urban Development
Urban Housing – Under the PM AwasYojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹ 10 lakh crore. This will include the central assistance of ₹ 2.2 lakh crore in the next 5 years.
Water Supply and Sanitation – Govt will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.
PM SVANidhi – Govt envisions a scheme to support each year, over the next five years, the development of 100 weekly ‘haats’ or street food hubs in select cities.
Priority 6: Energy Security
PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications.
Priority 7: Infrastructure
Govt will endeavour to maintain strong fiscal support for infrastructure over the next 5 years, in conjunction with imperatives of other priorities and fiscal consolidation.
₹11,11,111 crore for capital expenditure has been allocated this year, which is 3.4 per cent of our GDP.
Pradhan Mantri Gram SadakYojana (PMGSY) – Phase IV of PMGSY will be launched to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase.
For Irrigation and Flood Mitigation in Bihar, through the Accelerated Irrigation Benefit Programme and other sources, government will provide financial support for projects with estimated cost of ₹11,500 crore such as the Kosi-Mechi intra-state link and 20 other ongoing and new schemes including barrages, river pollution abatement and irrigation projects.
Govt will also provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for flood management, landslides and related projects.
Priority 8: Innovation, Research & Development
Govt will operationalize the Anusandhan National Research Fund for basic research and prototype development and set up a mechanism for spurring private sector-driven research and innovation at commercial scale with a financing pool of ₹1 lakh crore in line with the announcement in the interim budget.
Space Economy – continued emphasis on expanding the space economy by 5 times in the next 10 years, a venture capital fund of ₹1,000 crore will be set up.
Priority 9: Next Generation Reforms
Economic Policy Framework – Govt will formulate an Economic Policy Framework to delineate the overarching approach to economic development and set the scope of the next generation of reforms for facilitating employment opportunities and sustaining high growth.
Labour related reforms – Govt will facilitate the provision of a wide array of services to labour, including those for employment and skilling. A comprehensive integration of e-shram portal with other portals will facilitate such one-stop solution. Shram Suvidha and Samadhan portals will be revamped to enhance ease of compliance for industry and trade.
Foreign Direct Investment (FDI) and Overseas Investment
The rules and regulations for Foreign Direct Investment and Overseas Investments will be simplified to (1) facilitate foreign direct investments, (2) nudge prioritization, and (3) promote opportunities for using Indian Rupee as a currency for overseas investments.
NPS Vatsalya – a plan for contribution by parents and guardians for minors will be started. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.
New Pension Scheme (NPS) – Committee to review the NPS has made considerable progress in its work and a solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens.
Income Tax Rules
Budget 2024-25 increased standard deduction of salaried employees from ₹ 50,000/- to ₹ 75,000/- for those opting for new tax regime.
Deduction on family pension for pensioners enhanced from ₹ 15,000/- to ₹ 25,000/-. Assessments now, can be reopened beyond three years up to 5 years from end of year of assessment, only if, the escaped income is more than ₹ 50 Lakh
The new tax regime rate structure is also revised to give a salaried employee benefits up to ₹ 17,500/- in income tax.
Income Slabs
Tax Rate
0 – 3 Lakh rupees
NIL
3 – 7 Lakh rupees
5 per cent
7 – 10 Lakh rupees
10 per cent
10 – 12 Lakh rupees
15 per cent
12 – 15 Lakh rupees
20 per cent
Above 15 Lakh rupees
30 per cent
Changes in capital gains tax
STCG on financial assets increased from 15% to 20%.
LTCG on financial and non-financial assets increased from 10% to 12.5%.
Exemption on LTCG gains increased from Rs 1 lakh to Rs 1.25 lakh.
Increase in STT
Securities Transaction Tax (STT) on:
Futures: increased from 0.0125% to 0.02%.
Options: increased from 0.0625% to 0.10%.
Buyback of shares
Gains from buyback of shares are no more tax-exempt. It would now be taxable like dividends, as per the applicable tax slab.
Further, the cost of such shares shall be treated as a capital loss to the investor
Assam Finance Minister, Ms. Ajanta Neog presented the state’s ₹774.47 cr deficit annual Budget for the financial year 2024-25 on February 12, 2024. With no new taxes proposed, Neog mentioned that the total budget for the coming financial year will be ₹2.9 lakh crore.
Budget estimates for 2024-25 show receipt of ₹143,605.56 crore under consolidated fund of the state. With receipt of ₹144,550.08 crore under public account and ₹2,000 crore from contingency fund, the aggregate receipts amount to ₹290,155.65 crore. The minister mentioned that total expenditure from the consolidated fund in 2024-25 is estimated at ₹143,890.62 crore.
Important Policies/Yojana announced in Assam Budget 2024-25
Punya Tirtha Yojana: Among the budget’s key highlights was the announcement of Punya Tirtha Yojana scheme to send 25,000 pilgrims to visit the Ram Mandir at Ayodhya, with an earmarked budget of ₹25 crore.
Mukhya Mantri Nijut Moina: The government will support 10 lakh girls with financial grants as admission incentives for their higher education. Each girl student who joins class 11 will receive One-time incentives of ₹10,000 and those joining first year of graduation will be given ₹12,500. One-time incentives of Rs 15,000 will be paid to 10 lakh girl students for joining post-graduation (first year). This will be available for students taking admission in government colleges and institutions. A total outlay of ₹240 crore has been allocated for this in the budget. Aimed at eliminating child marriages, the incentive is only for unmarried girls who study in any government-run educational institution.
Mukhya Mantri Mahila Udyamita Abhiyaan: A minimum amount of Rs 47,500 will be provided to each woman member of self-help groups in rural and urban areas. This will be provided by a combination of grant, subsidy, and loan.
Mukhya Mantri Awaas Yojana (Gramin): 13,000 houses each will be allocated to eligible beneficiaries from tea garden communities and poorest of poor beneficiaries who were not included under the socio-economic caste census.
Rooftop solar: All new private and public buildings constructed in Assam will have to mandatorily install rooftop solar facility.
Farm mechanisation: The state government will distribute power tillers, tractors, threshers, and other farm equipment to support agricultural activities.
Social Equity in Government Recruitment: To bring social equity in Govt recruitment for all grade III and grade IV posts without compromising the quality of selection, from the 2024-25 fiscal, the government will provide 5% weightage in total marks to job applicants from families without any member in government service.
Safeguard for iconic sites: Budget proposals included bringing in legislation to ensure that the land surrounding “iconic and heritage locations” in Barpeta, Batadrava, Majuli, and Narayanpur is transferred only to indigenous persons or institutions. The move is to “safeguard the cultural significance” of these places.
Mukhya Mantri Sangrahalaya: The government has also decided to set up ‘Mukhya Mantri Sangrahalaya’ in Guwahati to document the legacies of all former Chief Ministers of the State.
ASHTADASH MUKUTOR UNNOYONEE MAALA:
Flagship Schemes 2024-25
Mukhya Mantri Nijut Moina (MMNM)
Mukhya Mantri Mahila Udyamita Abhiyaan
Orunodoi 2.0 – Expanding and More Inclusive
Assam Micro Finance Incentive and Relief Scheme – Category III
Chief Minister’s Atmanirbhar Assam Abhijan
One Lakh Plus Jobs
Projects for Amrit Kaal
Creating Growth Corridors
Mukhya Mantri Awaas Yojana (Gramin)
Innovative integration of wetlands with River Brahmaputra
Green Growth for Greener Assam
Welfare of Tea Tribe Community
Quest for Cultural Identity
Punya Tirth Yojana – Ayodhya Pilgrimage
Future for Children
Khel Maharan and Youth Clubs in 126 LACs
Global Investors’ Summit in November, 2024
Mukhya Mantri Sangrahalaya
Major Announcements for FY 2024-25
Reservation for Agniveers in Assam Police
Self-sufficiency in egg, milk and fish production
Promotion of small tea growers
Start-up Mission
Setting up of Training Centre at Padmashree Hemaprova Chutia’s residence
PM Vishwakarma Yojana
Farm Mechanization
Rooftop solarisation
Climate Action
Amrit-Guwahati Integrated Global City (Amrit-GiG City)
Ayushman Asom : A comprehensive healthcare initiative
Comprehensive School health Programme under Chief Minister’s Ayushman Asom
Village and Community Outreach Programme for MBBS Students in Assam under Chief Minister’s Ayushman Asom
Championing Digital Transformation & Artificial Intelligence
Gyan-Dhara – Integrating virtual reality technology with for experiential learning
Third Assam Bhawan in New Delhi
Standing with our employees – Apun Ghar, Apun Bahan
Supporting the Employees of Different Societies (Ex-Gratia)
Jeevika Sakhi Express
Monthly remuneration to honorary Gaon Pradhans in the Forest areas
Expenditures & Receipts of Govt of Assam
Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 1,36,699 crore, a decrease of 9% from the revised estimates of 2023-24. In addition, debt of Rs 7,192 crore will be repaid by the state.
Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 1,14,165 crore, a decrease of 5% as compared to the revised estimate of 2023-24.
Revenue surplus in 2024-25 is estimated to be 0.3% of GSDP (Rs 1,852 crore), as compared to a revenue deficit of 0.2% of GSDP (Rs 1,396 crore) at the revised estimate stage in 2023-24. Assam had budgeted a revenue surplus of 0.5% of GSDP in 2023-24.
Fiscal deficit for 2024-25 is targeted at 3.5% of GSDP (Rs 22,534 crore). In 2023-24, as per the revised estimates, fiscal deficit is expected to be 5.2% of GSDP.
Receipts in 2024-25
Total revenue receipts for 2024-25 are estimated to be Rs 1,11,944 crore. Of this, Rs 43,020 crore (38%) will be raised by the state through its own resources, and Rs 68,924 crore (62%) will come from the centre. Resources from the centre will be in the form of state’s share in central taxes (36% of revenue receipts) and grants (26% of revenue receipts).
Devolution: In 2024-25, state’s share in central taxes is estimated at Rs 40,000 crore.
Grants from the centre in 2024-25 are estimated at Rs 28,924 crore.
Assam’s own tax revenue
Assam’s total own tax revenue is estimated to be Rs 34,148 crore in 2024-25, an increase of 13% over the revised estimate of 2023-24. Own tax revenue as a percentage of GSDP is estimated at 5.3% in 2024-25, same as the revised estimates for 2023-24. As per the actual figures for 2022-23, own tax revenue as a percentage of GSDP was 5%.
In 2024-25, State GST is estimated to be the largest source of own tax revenue (50% share).
Assam’s expenditure on key sectors
Education: Assam has allocated 17% of its expenditure on education in 2024-25. This is higher than the average allocation for education by states in 2023-24 (14.7%).
Health: Assam has allocated 6.1% of its total expenditure towards health, which is broadly similar to the average allocation for health by states (6.2%).
Rural development: Assam has allocated 3.7% of its expenditure on rural development. This is lower than the average allocation for rural development by states (5%).
Roads and bridges: Assam has allocated 7% of its expenditure towards roads and bridges. This is higher than the average allocation towards roads and bridges by states (4.6%).
Agriculture: Assam has allocated 4.5% of its total expenditure towards agriculture. This is lower than the average expenditure on agriculture by states (5.9%).
Irrigation: Assam has allocated 2.8% of its total expenditure towards irrigation, which is lower than the average allocation by states (3.4%).
Deficits, Debt, and FRBM Targets for 2024-25
The Assam Fiscal Responsibility and Budget Management Act, 2005 provides annual targets to progressively reduce the outstanding debt, revenue deficit and fiscal deficit of the state government.
Revenue balance: It is the difference of revenue expenditure and revenue receipts. A revenue deficit implies that the government needs to borrow to finance those expenses which do not increase its assets or reduces its liabilities. The budget estimates a revenue surplus of Rs 1,852 crore (or 0.3% of the GSDP) in 2024-25.
Fiscal deficit: It is the excess of total expenditure over total receipts. This gap is filled by borrowings by the government and leads to an increase in total liabilities. In 2024-25, the fiscal deficit is estimated to be 3.5% of GSDP. For 2024-25, the central government has permitted fiscal deficit of up to 3.5% of GSDP to states, of which 0.5% of GSDP will be available upon carrying out certain power sector reforms. As per the revised estimates, in 2023-24, the fiscal deficit of the state is expected to be 5.2% of GSDP. This is higher than the budget estimate of 3.7% of GSDP. Fiscal deficit is projected to be lowered to 1.4% of GSDP by 2029-30.
Outstanding debt: Outstanding debt is the accumulation of total borrowings at the end of a financial year. At the end of 2024-25, the outstanding debt is estimated to be 25.2% of GSDP, higher than the budget estimate for 2023-24 (24.4% of GSDP).
Outstanding Government Guarantees: Outstanding debt of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions. As of March 31, 2023, the state’s outstanding guarantee is estimated to be Rs 1,167 crore, which is 0.2% of Assam’s GSDP in 2022-23.
GREEN BUDGETING
Green Budgeting is a Public Finance Management (PFM) tool to enable evidence and output based budgeting towards achieving climate and sustainability targets allowing for effi cient resource allocation towards Climate Change mitigation, adaptation, and environment sustainability.
A Green Budget contributes to achieving various Sustainable Development Goals (SDGs), such as SDG 13 (Climate Action), SDG 11 (Sustainable Cities and Communities), SDG 7 (Aff ordable and Clean Energy), and other SDGs, fostering a more sustainable and resilient future in line with the United Nations’ Sustainable Development Goals (SDGs) and India’s Nationally Determined Contributions (NDCs) under the Paris Agreement and other national and state commitments. Green Budget share is 10.02% of total budget of 18 key departments amounting to Rs. 4636 Crore in FY 2024-25.
Highlights of Assam Economy 2024
The Gross State Domestic Product (GSDP) of Assam for 2024-25 (at current prices) is projected to be Rs. 6,43,089 crore, amounting to growth of 13% over 2023-24.
In 2022-23, Assam’s GSDP (at constant prices) is estimated to grow by 10.2% over the previous year. In comparison, India’s GDP is estimated to grow by 7.2% in 2022-23.
Sectors contribution: In 2022-23, agriculture, manufacturing, and services sectors are estimated to contribute 35%, 19%, and 45% of Assam’s economy, respectively (at current prices).
Per capita GSDP: In 2022-23, Assam’s per capita GSDP (at current prices) is estimated to be Rs 1,36,819, an increase of 17% over 2021-22. In 2022-23, India’s per capita GDP is estimated to increase by 15% over 2021-22 to Rs 1,96,983.
Highlights of Interim Union Budget 2024-25 – Analysis & Important points for APSC Exam
On February 01, 2024, Union Finance Minister Nirmala Sitharaman presented the Interim Union Budget for the financial year 2024-25 in the Parliament, with the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”. This was the sixth budget presented by the current FM and the last one of Prime Minister Narendra Modi-led government’s second term. The full budget will be presented in July 2024, after the new government is formed post the Lok Sabha Elections.
Finance Minister confirmed the continuation of existing rates for direct taxes, indirect taxes, and export duties. She also disclosed an 11% surge in the upcoming year’s capex outlay, reaching ₹11.1 lakh crore. During the fiscal year’s federal budget announcement, the fiscal gap revised to 5.8% of the gross domestic product. Nominal GDP growth for FY25 is projected at 10.5%.
Highlights & Important Point of Interim Union Budget 2024-25
~ PART- A ~
Social Justice
To focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer).
Govt to form high-powered panel to address population growth challenges and demographic changes.
‘Garib Kalyan, Desh ka Kalyan’
Government assisted 25 crore people out of multi-dimensional poverty in last 10 years.
DBT of Rs. 34 lakh crore using PM-Jan Dhan accounts led to savings of Rs. 2.7 lakh crore for the Government.
PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time.
PM-JANMAN Yojana to aid the development of particularly vulnerable tribal groups (PVTG).
PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.
Welfare of ‘Annadata’
PM-KISAN SAMMAN Yojana provided financial assistance to 11.8 crore farmers.
Under PM Fasal BimaYojana, crop insurance is given to 4 crore farmers
Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore.
Momentum for Nari Shakti
30 crore Mudra Yojana loans given to women entrepreneurs.
Female enrolment in higher education gone up by 28%.
In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world.
Over 70% houses under PM Awas Yojana given to women from rural areas.
PM Awas Yojana (Grameen)
Despite COVID challenges, the target of three crore houses under PM Awas Yojana (Grameen) will be achieved soon.
Two crore more houses to be taken up in the next five years.
A scheme to help middle class living in rented houses to buy or build their own houses will be launched
Rooftop solarization and muft bijli
1 crore households to obtain 300 units free electricity every month through rooftop solarization. Each household is expected to save Rs.15000 to Rs.18000 annually.
Ayushman Bharat
Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers.
Agriculture and food processing
Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment.
Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages.
Research and Innovation for catalyzing growth, employment and development
A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates.
A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
Infrastructure
Capital expenditure outlay for Infrastructure development and employment generation to be increased by 11.1 per cent to Rs.11,11,111 crore, that will be 3.4 per cent of the GDP.
Railways
3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost
Energy, mineral and cement corridors
Port connectivity corridors
High traffic density corridors
Forty thousand normal rail bogies to be converted to Vande Bharat standards.
Aviation Sector
Number of airports in the country doubled to 149.
Five hundred and seventeen new routes are carrying 1.3 crore passengers.
Indian carriers have placed orders for over 1000 new aircrafts.
Green Energy
Coal gasification and liquefaction capacity of 100 MT to be set up by 2030.
Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes to be mandated.
Tourism sector
States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale.
Framework for rating of the tourist centres based on quality of facilities and services to be established.
Long-term interest free loans to be provided to States for financing such development on matching basis.
Investments
FDI inflow during 2014-23 of USD 596 billion was twice of the inflow during 2005-14.
Reforms in the States for ‘Viksit Bharat’
A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments.
Budget Estimates 2024-25
Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.
Tax receipts are estimated at Rs.26.02 lakh crore.
Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.
Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP
Revised Estimates (RE) 2023-24
RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.
RE of the total expenditure is Rs.44.90 lakh crore.
Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.
~ PART- B ~
Direct taxes
FM proposes to retain same tax rates for direct taxes
Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years
Government to improve tax payer services
Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10 withdrawn
Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn
This will benefit one crore tax payers
Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024
Direct tax collection target set at ₹21.99-lakh crore, while that of indirect tax is at ₹16.22-lakh crore.
Indirect taxes
FM proposes to retain same tax rates for indirect taxes and import duties
GST unified the highly fragmented indirect tax regime in India
Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year, while GST tax base has doubled
State SGST revenue buoyancy (including compensation released to states) increased to 1.22 in post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16)
GST led to supply chain optimization and reduced the compliance burden on trade and industry. Lower logistics cost and taxes helped reduce prices of goods and services, benefiting the consumers
Tax rationalization efforts over the years
No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14
Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore
Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh
Corporate income tax decreased to 22% from 30% for existing domestic companies
Corporate income tax rate at 15% for new manufacturing companies
Tax benefits to start-ups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025
Assam Finance Minister Ajanta Neog on 16 March, 2023 presented the state budget for the fiscal year 2023-24 at the Assam Legislative Assembly.
Assam Budget 2023-24 Highlights
Gross State Domestic Product (GSDP) of Assam for 2023-24 (at current prices) is projected to be Rs 5.67 lakh crore, amounting to growth of 15% over 2022-23.
Expenditure (excluding debt repayment) in 2023-24 is estimated to be Rs 1,35,348 crore. In addition, debt of Rs 4,407 crore will be repaid by the state.
Receipts (excluding borrowings) for 2023-24 are estimated to be Rs 1,14,392 crore, an increase of 2.3% as compared to the revised estimate of 2022-23.
Revenue surplus in 2023-24 is estimated to be 0.5% of GSDP (Rs 2,748 crore), whereas a revenue deficit of 3% of GSDP is estimated for 2022-23 (revised estimate).
Fiscal deficit for 2023-24 is targeted at 3.7% of GSDP (Rs 20,957 crore).
Per capita income: In 2022-23, Assam’s per capita income (at current prices) is estimated to be Rs 1,18,504, an increase of 15% over 2021-22. In 2022-23, India’s per capita income is estimated to increase by 14% to Rs 1,70,620.
In 2021-22, Assam’s unemployment rate was 4.9%, lower than the national unemployment rate of 6.6%.
Assam Budget Estimates for 2023-24
Total expenditure (excluding debt repayment) in 2023-24 is targeted at Rs 1,35,348 crore. This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 1,14,392 crore and net borrowings of Rs 20,645 crore. Total receipts for 2023-24 (other than borrowings) are expected to register an increase of 2.3% over the revised estimate of 2022-23.
Capital outlay for 2023-24 is proposed to be Rs 23,822 crore. Capital outlay indicates the expenditure towards creation of assets.
Assam Govt Receipts in 2023-24
Total revenue receipts for 2023-24 are estimated to be Rs 1,14,085 crore, an increase of 2% over the revised estimate of 2022-23. Of this, Rs 37,012 crore (32%) will be raised by the state through its own resources, and Rs 77,072 crore (68%) will come from the centre.
Devolution: In 2023-24, state’s share in central taxes is estimated at Rs 31,951 crore.
Grants from the centre in 2023-24 is estimated at Rs 45,121 crore.
State’s own tax revenue: Assam’s own tax revenue is estimated to be Rs 30,002 crore in 2023-24, an increase of 20% over the revised estimate of 2022-23.
In 2023-24, State GST is estimated to be the largest source of own tax revenue (52% share).
Sales tax/VAT constitutes 26% of Assam’s own tax revenue.
Revenue from state excise, taxes on vehicles, and stamps duty and registration fees is expected to increase by 29%, 16%, and 21% respectively in 2023-24 as compared to the revised estimate for 2022-23.
A scheme will be launched to promote micro-entrepreneurs for creating self-employment opportunities in trading, manufacturing, service, food processing, handloom, handicraft, agriculture, and allied activities.
₹1000 crore has been allocated in this budget to the Mukhya Mantri Sva-Niyojan Mission. The Mukhya Mantri Sva-Niyojan Mission scheme proposes to promote microentrepreneurship among families below the poverty line and low income-households. Under the scheme, seed capital of two lakh rupees each will be given to one lakh beneficiaries. The sectors covered under the scheme will include manufacturing, food processing, and handicraft. A further one lakh youth entrepreneurs will be provided project-based subsidies.
The Assam Government aims to complete the recruitment of another 40,000 candidates by May 10, 2023.
Governance Sector
The legislation will be introduced to ensure the mobility of government personnel from one department to another for optimum utilization of manpower. Though the employee will continue to be on payroll of his department, his services can be effectively utilized by others.
Sports Sector
The state government has proposed to allocate Rs 200 crore for the development of the sports sector in the state. The funds will be utilized for the construction of new sports facilities and the up-gradation of existing ones.
Road Infrastructure Development Sector
Under the Asom Mala project, the state government will construct and repair around 5,000 km of roads and bridges at an estimated cost of Rs 3,000 crore.
Tourism Sector
An additional sum of Rs 100.02 Crs has been allocated in this budget towards the development of the tourism sector of the state. The transformation and Development Department has been given Rs 645.37 Cr towards the holistic development of the villages of the state.
Handloom & Textiles Sector
The Assam government has proposed to allocate Rs 100 crore for the development of the handloom and textile sector in the state. The funds will be utilized for the up-gradation of existing handloom clusters and the establishment of new ones.
Development & welfare Sector
The Assam government has proposed to allocate Rs 1,000 crore for the Mukhya Mantri Samagra Gramya Unnayan Yojana (MMSGU) to ensure the holistic development of rural areas in the state.
Mission for Prevention of Child Marriage: All Gram Panchayat Secretaries will be designated as Child Marriage Prevention Officers. These officers will ensure prohibition of child marriages, protection of victims, and prosecution of offenders. The scheme aims to make Assam free of child marriage by 2026.
New ration cards will be issued to select 40 lakh new beneficiaries under NFSA, and ₹404.94 crores have been allocated for this.
Rs 200 Cr was earmarked towards the prevention of child marriages in the state.
More than 20 lakh houses have already been geo-tagged under Pradhan Mantri Awas Yojana (PMAY), out of which 15.5 lakh households are eligible. Assam Government received the sanction for 3.3 lakh houses as of now from the Government of India.
Mukhya Mantri Awaas Yojana: In the year 2023-24, 1 lakh beneficiaries will be covered under this scheme, and ₹800 crore allocated towards this.
Education Sector
In order to boost health care facilities along with medical education our government has decided to start functioning of three more new Medical Colleges at Kokrajhar, Nalbari and Nagaon from the next academic session 2023.
Another four new Medical Colleges are coming up at Tinsukia, Charaideo, Bishanath and one at Kamrup(M) district and construction of the same is going on at a rapid pace.
In addition to these, construction of another eight new Medical Colleges at Karimganj, Goalpara, Tamulpur, Bongaigaon, Dhemaji, Morigaon, Golaghat and Sibsagar have been taken up by the Government.
Apart from that, MBBS and PG (MD/MS) seats have been increased considerably (1500 seats for MBBS, 722 seats for PG course and 46 seats for DM/M.Ch in various super specialty disciplines).
Assam government has proposed to allocate Rs 500 crore for the development of the education sector in the state. The funds will be utilized for various initiatives such as the construction of new schools, the up-gradation of existing schools, and the introduction of new courses in higher education. ₹1 crore will be provided to 500 High Schools for furniture, smart classrooms, teaching learning 16 materials and sports infrastructure.
upgradation of 214 high schools to higher secondary level. Improvement of the infrastructure of the existing educational institutions including schools and colleges was also mentioned along with the creation of 6 engineering colleges and 8 polytechnics.
With a focus on improving the education infrastructure in our tea garden areas, another 100 new Tea garden High schools will be taken up this year. To fund this, Assam Government to pool resources from various schemes; such as PM-DeVINE, RIDF, NESIDS and State Budget.
Students securing 1st rank in class IX will be provided with tablets which will be connected with a central agency providing educational material and mentorship. – Assam Government to provide Free Bicycle to all the students studying in Class-IX in Government and Provincialized Secondary Schools.
Providing free text-books and textbook assistance to students upto graduation.
Hostel mess dues waiver of a maximum ₹2000 per month for undergraduate and postgraduate courses in degree and polytechnic colleges.
Scooty to all meritorious boys and girls who secure first division in the higher secondary examination
Mobility grant of ₹10,000 per year to post-graduate students- excluding medical students – Admission fee waiver to all BPL students.
Scholarship to students belonging to SC, ST, minority and tea-garden community – Abhinandan Scheme – Assam Government to continue to provide interest subvention on educational loans to our students.
Assam Government to upgrade Sibsagar college, Kokrajhar Government college, Bongaigaon college, Jagannath Barooah College in Jorhat, North Lakhimpur College, Handique Girl’s college, Nagaon College and Gurucharan college in Silchar into universities by introducing enabling legislations.
A new University by the name- of Shahid Kanaklata Barua State University will be established at Gohpur, as a tribute to the great freedom fighter of Assam and to further improve the standards of higher education in the North Bank.
A satellite campus of Bodoland University will be established in Udalguri.
Healthcare Sector
Assam aims to become the hub of healthcare in Northeast India by 2026 and is setting up infrastructure accordingly.
Mukhya Mantri Ayushman Asom Yojana: The Assam government is launching Mukhya Mantri Ayushman Asom Yojana to provide cashless treatment worth ₹5 lacks to 27 lakh additional families of the state. Health insurance coverage amounting to five lakh rupees would be extended to 27 lakh additional families, identified from the list of beneficiaries under the National Food Security Act, 2013. ₹135 crore was allocated for this scheme.
And 1000 new ambulances will be provided to medical facilities across the state to serve the people.
Assam Urban Health Mission (AUHM) to launch with an aim to provide affordable, accessible and quality healthcare for the urban population – The major components of the mission will include the identification of existing gaps, area-specific and need-based interventions, and extending primary healthcare services with a strong linkage to secondary and tertiary care services.
Special Newborn Care Unit (SNCU) or Newborn Stabilization Unit (NBSU) will be established in each such FRUs to take special care of sick newborns and low birth weight babies.
Focus will be also given to upgrading obstetric facilities at the secondary level. Immunization and free diagnostic facilities will be strengthened.
Agriculture Sector
The state government has proposed to allocate Rs 50 crore for the development of the sericulture sector in the state. The funds will be utilized for the up-gradation of existing sericulture farms and the establishment of new ones.
exemption of electrical duty on renewable energy generation and a three-year tax holiday on agricultural income.
Heritage & Culture Sector
In this financial year, under Assam Darshan scheme, Assam Government proposed to cover 8000 new Namghars. The government also proposed to cover within it, religious institutions having higher tourist footfalls and where common festivals are celebrated. ₹2.5 lakh of fund per institution will be provided.
Further, under the revamped Assam Darshan scheme an amount of ₹15 lakh each will be provided for ancient religious institutions- Namghar, Mandir, Mosque, Church, Gurudwara which are more than 100 years old. ₹180 crore has been allocated for this scheme.
Drawing inspiration from Kashi-Vishwanath Corridor, Assam Government seeks to develop Kamakhya Corridor to ease the movement of devotees and enhance the ambience by connecting it with the Brahmaputra river.
Financial Assistance
The Assam government will launch the ‘Bhumiheen Rin Kosh’ scheme to provide financial assistance to landless people to purchase land for residential purposes. The scheme will cover 1 lakh beneficiaries and will have an allocation of Rs 500 crore.
The Assam Microfinance Incentive and Relief Scheme (AFMIRS) has provided assistance worth ₹1,789 crores to around 10 lakh borrowers.
₹500 crores has been earmarked to support stressed and destitute women borrowers, whose accounts have become Non-Performing Assets, as of March 31, 2021.
– Assam Government to further enhance Orunodoi entitlement by ₹150, making it ₹1400 per beneficiary per month by the end of this financial year. ₹3420 crore was earmarked for this scheme.
Assam Government subsuming ‘Indira Miri Universal Widow Pension Scheme’ and ‘Deen Dayal Dibyangjan Pension Achoni’ into Orunodoi, following the principle of ‘one family – one scheme’ to benefit the Antyodaya of the state. – With this, beneficiaries of these two schemes, presently receiving 300 Rs and 1000 Rs respectively, will get ₹1250 From 2023-24 onwards.
Fisheries Sectors
The state government has proposed to allocate Rs 100 crore for the development of the fishery sector in the state. The funds will be utilized for the construction of new fish markets and the up-gradation of existing ones.
Tea Sectors
The Assam government has proposed to allocate Rs 50 crore for the development of the tea sector in the state. The funds will be utilized for the up-gradation of existing tea gardens and the establishment of new ones.
Roadshows in major cities across the country as well as abroad to promote Assam Tea as a brand and showcase the rich socio-cultural heritage of tea garden communities to celebrate 200 years of Assam tea. Assam Tea Industries Special Incentives Scheme (ATISIS), 2020 will be further strengthened to incentivize the production of orthodox tea and speciality tea in Assam. Increase in the production subsidy for orthodox and speciality 19 tea from ₹7 to ₹10 per kg is already under process.
Under the “Wage Compensation Scheme for Pregnant Women of Tea Garden Areas of Assam”, the compensation amount will be enhanced to ₹15,000 from the existing ₹12,000.
For the construction of 500 Mahaprabhu Jagannath Community Hall cum Skill Centres in the prominent localities of tea gardens, our government has already made a provision for ₹200 crore in this year’s budget.
The Assam Finance Commission was constituted on 23rd June, 1995.
The Finance Commission is constituted by the President under Article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
The Assam Finance Commission review the financial position of the Local Bodies namely the Panchayats and Municipalities and put forward to the Government the recommendations relating to the distribution between the State of Assam and the Panchayats / Municipalities of the nett proceeds of the taxes, duties, tolls and fees.
State Finance Commission (SFC)
The State Finance Commission (SFC) is a Constitutional body, formed under the 73rd and 74th Constitutional Amendment Act, 1992. It recommends the transfer of funds from the State Government to the Panchayati Raj Institutions and provides suggestions for augmenting their resources. Municipalities and city councils are also brought under the purview of the State Finance Commission as per Article 243-Y.
The Governor of a State appoints a Finance Commission, every five years in accordance with Article 243-I of the Indian Constitution.
Every recommendation of the State Finance Commission and subsequent action taken by the State Government must be brought before the State legislature by the Governor.
Functions of State Finance Commission:
State Finance Commission’s functions are comparable to that of the Central Finance Commission, which, in accordance with Article 280 of the Indian Constitution, is appointed by the President of India and is in charge of allocating central revenues to the Union and state governments.
Some of the functions of the State Finance Commission are:
A State Finance Commission examines the financial position of the panchayats and municipal organizations in a state and offers recommendations to the Governor.
It gives suggestions to the Governor regarding the policies that should control how taxes, tariffs, levies, and toll fees collected by the state are divided between the state and its Panchayati Raj Institutions at all levels.
To implement numerous measures to enhance the financial conditions of various local authorities and Panchayati Raj Institutions.
To serve as a liaison for financial matters between the Union and State governments for local bodies.
The Grant-in-Aid to Local Bodies from the consolidated fund of the state.
Utilising the funds that the state government receives from the Union government.
Disbursement of funds from the State’s consolidated fund to various municipal organizations and Panchayati Raj Institutions of the state.
Measures for the overall advancement of Panchayat’s finances.
Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) was established in August 1987.
It is a national-level apex organization functioning under the administrative control of the Ministry of Tribal Affairs.
It is headquartered in New Delhi.
The objectives of TRIFED are
Socio-economic development of tribal people in the country.
To institutionalize trade of Minor Forest Produce (MFP) and Surplus Agriculture Produce (SAP) collected or cultivated by tribals as they are heavily dependent on these natural products for their livelihood.
To empower tribal people with knowledge, tools and pool of information so that they can undertake their operations in a more systematic and scientific manner.
In 2021, the Tribal Cooperative Marketing Development Federation of India (TRIFED), under the Ministry of Tribal Affairs, launched “Sankalp se Siddhi” – Village and Digital Connect Drive. The main aim of the drive is to activate the Van Dhan Vikas Kendras located in tribal villages.
It also organizes exhibitions like the National Tribal Craft Expo called “Aadi Mahotsav” etc. to promote and market tribal products.
On February 21, 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023, which has provided much higher outlays for the Ministry of Development of North Eastern Region (MDoNER) during the Financial Year 2023-24.
With the objective of seeking a significant impact in the North Eastern Region (NER), emphasis has been laid on enhancing capital expenditure in the NE Region. By way of devolution Northeast India will get Rs 78,500 Crore. For flagship schemes the budget has allocated Rs 5000 Crore more this year.
Enhanced outlays are provided towards supporting the initiatives with special focus for the ST and SC communities; and the livelihoods of the women and the youth in NE Region.
There have been significant increases in the MDoNER Scheme-wise outlays also, that will increase the impact in infrastructure, social-development and livelihood sectors in the NER.
The quantum of funds to be earmarked by the various Central Ministries / Departments in the NER as per the 10% Gross Budgetary Support (GBS) stipulations have also been significantly enhanced.
Some of the major ongoing infrastructure projects in NER such as Capital Connectivity Roads and Rail-Lines, Air Connectivity, Power, Telecom, Petroleum & Natural Gas etc. are financed under 10% GBS.
Some of the announcements related to the Ministry of Development of North Eastern Region (DoNER) are:
There is a step-jump in the budget outlay for the MDoNER during the Financial Year 2023-24. The total B.E. 2023-2024 allocation is Rs. 5892.00 crore; well over twice (~114% higher than) the RE 2022-23 allocation of Rs. 2755.05 crore.
Out of this, Rs 4093.25 crore (~70%) is provided for Capital expenditure. In addition, Rs. 1,324.03 crore further from within the amount of Rs. 1,798.75 crore provided for Revenue Expenditure is as grants for creation of capital assets.
This is tantamount to provisioning of Rs. 5,417.28 crore (~92%) out of Rs. 5,892.00 crores as B.E. 2023-24 outlay for MDoNER towards expenditure of capital nature.
The total B.E. 2023-2024 allocation for the infrastructure targeted North East Special Infrastructure Development (NESID) Scheme is Rs. 2,491.00 crore; well over (~67% higher than) the RE 2022-23 allocation of Rs. 1,493.30 crore.
The total B.E. 2023-2024 allocation for the infrastructure, social development and livelihoods targeted Prime Ministers Development Initiative for North-East (PMDevINE) Scheme is Rs. 2,200.00 crore; four and a half times the RE 2022-23 allocation of Rs. 400.00 crore. PM-DevINE was announced in the union budget to address developmental gaps in the northeastern region.
The total B.E. 2023-2024 allocation for the overall wholistic development, social infrastructure and social development targeted Schemes of North Eastern Council (NEC) is Rs. 800.00 crore ; (~20% higher than) the RE 2022-23 allocation of Rs. 666.87 crore.
As per Expenditure Profile of Union Budget 2023-24 Statement-11, the 10% GBS share for the NER comes to Rs. 94,679.53 (~31% higher than) the RE 2022-23 allocation of Rs. 72.540.28 crore under 10% GBS share of the 55 non-exempt Ministries / Departments.
The allocation for Tribal Sub Plan (TSP) out of the B.E. outlay for 2023-24 has been enhanced to Rs. 1690.00 crore or over twice (~101% higher than) the RE 2022-23 allocation of Rs. 839.95 crore for TSP.
The allocation for Scheduled Caste Sub Plan (SCSP) out of the B.E. outlay for 2023-24 has been enhanced to Rs. 488.00 crore or nearly one and a half times (~48% higher than) the RE 2022-23 allocation of Rs. 330.54 crore for SCSP.
In comparison to the actual expenditure of Rs. 24,819.18 crore in 2014-15, the B.E. 2023-24 provision for 10% GBS shows an increase of Rs. 71,860.35 crore ; nearly thrice ( ~281% higher than) the actual expenditure in 2014-15.
In aggregate, a total of Rs. 3,37,000 crore was spent in the period from 2014-15 to 2021-22. Together with the anticipated expenditures of Rs. 72,540.28 crore in 2022-23 and Rs. 94,679.53 crore in 2023-24, the aggregate expenditure in NER under the 10% GBS stipulation is likely to reach Rs. 5,00,000 crore in the decade from 2014-15 to 2023-24.
For the first time an amount of Rs 1.20 lakh crore has been earmarked for connecting the hilly and border areas of the region.
Funds for Railway Development in Assam & North East States
Adequate fund has been allotted for the overall development of railway infrastructure in all Northeastern states. Union Budget 2023 has allocated 19 projects of Rs. 75,795 crore for the Railways in Assam and NorthEast. 19 projects covering 2,008 Km is are currently in process at Assam and other Northeastern regions.
Under Amrit Bharat Station Scheme, 59 stations in the North East will be developed with world-class amenities/facilities. The list of stations that will be benefited under the scheme are: Naharalagun (Itanagar), Amguri, Arunachal, Chaparmukh, DhemajiDhubriDibrugarh, Diphu, Duliajan, Fakiragram Jn., Gauripur, Gohpur, Golaghat, Gosaigaon hat. Haibargaon, Harmuti, HojaiJagiroad, Jorhat Town, Kamakhya. Kokrajhar, Lanka, Ledo, Lumding, Majbat, MakumJn, Margherita, Mariani, Murkongsolek, Naharkatia, Nalbari. Namrup, Narangi, New Bongaigaon, New Haflong, New Karimganj, New Tinsukia, North Lakhimpur, Pathshala, Rangapara North, RangiyaJn, SarupatharSilapathar, Silchar, Simalguri, Sivasagar Town, Tangla, Tinsukia, Udalguri, ViswanathChariali, Imphal, Sairang (Aizawl), Dimapur, Rangpo, Agartala, Dharmanagar, Kumarghat, Udaypur.
15 stations each in all divisions of NFR to be developed under Amrit Bharat Station Scheme.
The Union Budget 2023-24 has earmarked Rs 10,988.80 crore for the development of railways in the North East. It is 13.75 per cent more than the previous year’s allotment (Rs 9,660.14 crore).
Total railway infrastructure projects of Rs 75,795 crore are going on in the entire Northeastern region. An adequate allocation has been made for the early execution of all the ongoing works. Around Rs 1,100 crore has been allocated for Dimapur-Kohima new line projects while Rs 800 crore is earmarked for the execution of the Jiribam-Imphal new line projects.
Other capital connectivity projects in the Northeastern states such as Sivok – Rangpo new line projects in Sikkim gets Rs 2,350 crore while Rs 915 crore has been allocated for Bairabi-Sairang new line projects in Mizoram.
Among other new line projects, Rs 200 crore for Agartala-Akhaura international connectivity project between India and Bangladesh and around Rs 700 crore is allocated for Araria – Galgalia project.
Rs 600 crore for New Bongaigaon – Rangiya-Kamakhya and Rs 500 crore for New Bongaigaon-Goalpara-Kamakhya has been allocated for speedy execution of the ongoing track doubling works, he also said.
Moreover, Rs 115 crore has been allocated for the doubling works between Katihar-Kumedpur and Katihar-Mukuria sections to further improve train connectivity to and from Northeast.
Agthori station near Guwahati will be redeveloped with world-class facilities for Rs 517 crore.
Acknowledgment
Assam Chief Minister Himanta Biswa Sarma “Assam Govt will be richer by Rs 10,000 Crore following the Union budget 2023-24. CM Sarma said, “We have calculated and Assam will be richer by Rs 10,000 following the budget. This part only relates to untied fund. Once we calculate the money from the schemes it will be much more.”
While grant of Panchayats is increased by 15 percent grant of town committees is increased by 61 percent. “SDRF grant is increased by 5 percent and Central sector allocation is enhanced by 5 percent. The interest free loan amount of Assam is increased to Rs 6000 Crore.”
Assam will get an additional Rs 6400 crore of untied funds from the budget than the previous year. From some Rs 25,000 crore annually, this budget has allocated Rs 31, 950 Crore for Assam which is a hike of Rs 6,400 Crore. That means that now the state government will get around Rs 550 Crore more from the Centre monthly.”
Currently, the state government receives around Rs 18,000 Crore monthly from the Centre as untied funds which the state government can utilize at its own will.
Federation of Industry and Commerce of North Eastern Region (FINER) has hailed the Budget 2023, welcoming the budget, Bajrang Lohia said that the Finance Minister presented a citizen-centric, growth-oriented budget, which clearly sets the priorities going ahead, aiming at a stable tax regime. The budget focuses on the youth, women, and disadvantaged in general, and strives for enabling opportunities among the people.
The announcement of laying Rs.2491 crore for the North East Special Infrastructure Development Scheme is a huge relief to the industry fraternity of the region. Under the scheme, 100 percent centrally funding is provided to the State governments of North Eastern Region for the projects of physical infrastructure relating to water supply, power and connectivity enhancing tourism and social infrastructure relating to primary and secondary sectors of education and health.
Highlights of Union Budget 2023-24 – Analysis & Important points for APSC Exam
On February 1, 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the last full-fledged Budget before the general elections next year. She said that the Indian economy is on the right path and heading towards a bright future. In a big boost for taxpayers and economy, Union Finance Minister announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.
Seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
Atmanirbhar Clean Plant Program with an outlay of ₹2200 crore to be launched to boost availability of disease-free, quality planting material for high value horticultural crops.
157 new nursing colleges to be established in co-location with the existing 157 medical colleges established since 2014.
Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crore.
Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
Urban Infrastructure Development Fund (UIDF) will be established through use of priority Sector Lending shortfall, which will be managed by the national Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
Entity DigiLocker to be setup for use by MSMEs, large business and charitable trusts to store and share documents online securely.
100 labs to be setup for 5G services based application development to realize a new range of opportunities, business models, and employment potential.
500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore. 5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and bio gas.
Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres to be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
Agriculture Accelerator Fund to be set-up to encourage agri-startups by young entrepreneurs in rural areas.
To make India a global hub for ‘Shree Anna’, the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.
₹20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries.
A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ₹6,000 crore to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.
Digital public infrastructure for agriculture to be built as an open source, open standard and interoperable public good to enable inclusive farmer centric solutions and support for growth of agri-tech industry and start-ups.
Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ₹2,516 crore initiated.
Massive decentralised storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times.
“PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
Education & Skill Development
Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
30 Skill India International Centres to be set up across different States to skill youth for international opportunities.
10 lakh crore capital investment, a steep increase of 33% for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
District Institutes of Education and Training to be developed as vibrant institutes of excellence for Teachers’ Training.
A National Digital Library for Children and Adolescents to be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
iGOT Karmayogi, an integrated online training platform, launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate people-centric approach.
A unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years.
Industries
Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 percent.
Central Processing Centre to be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
Financial Sector
The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.
National Financial Information Registry to be set up to serve as the central repository of financial and ancillary information for facilitating efficient flow of credit, promoting financial inclusion, and fostering financial stability. A new legislative framework to be designed in consultation with RBI to govern this credit public infrastructure.
Financial sector regulators to carry out a comprehensive review of existing regulations in consultation with public and regulated entities. Time limits to decide the applications under various regulations would also be laid down.
To enhance business activities in GIFT IFSC, the following measures to be taken.
Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.
Permitting acquisition financing by IFSC Banking Units of foreign bank.
Establishing a subsidiary of EXIM Bank for trade re-financing.
Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under SEZ Act
Recognizing offshore derivative instruments as valid contracts.
Amendments proposed to the Banking Regulation Act, the Banking Companies Act and the Reserve of India Act to improve bank governance and enhance investors’ protection.
Countries looking for digital continuity solutions would be facilitated for setting up of their Data Embassies in GIFT IFSC.
SEBI to be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and to recognize award of degrees, diplomas and certificates.
Integrated IT portal to be established to enable investors to easily reclaim the unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.
To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate to be launched. It will offer deposit facility upto Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.
The maximum deposit limit for Monthly Income Account Scheme to be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.
The entire fifty-year interest free loan to states to be spent on capital expenditure within 2023-24. Part of the loan is conditional on States increasing actual Capital expenditure and parts of outlay will be linked to States undertaking specific loans.
Targeted Fiscal Deficit to be below 4.5% by 2025-26.
Fiscal Deficit of 3.5% of GSDP allowed for States of which 0.5% is tied to Power sector reforms.
Healthcare
Sickle Cell Anaemia elimination mission to be launched.
Research & Development
Joint public and Private Medical research to be encouraged via select ICMR labs for encouraging collaborative research and innovation. New Programme to promote research in Pharmaceuticals to be launched.
Aspirational Blocks Programme covering 500 blocks launched for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
15,000 crore for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for the Scheduled Tribes.
Three centres of excellence for Artificial Intelligence to be set-up in top educational institutions to realise the vision of “Make AI in India and Make AI work for India”.
National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
R & D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.
Infrastructure
Investment of Rs. 75,000 crore, including Rs. 15,000 crore from private sources, for one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
New Infrastructure Finance Secretariat established to enhance opportunities for private investment in infrastructure.
5,300 crore to be given as central assistance to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
Annual production of 5 MMT under Green Hydrogen Mission to be targeted by 2030 to facilitate transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.
₹35000 crore outlay for energy security, energy transition and net zero objectives. Battery energy storage systems to be promoted to steer the economy on the sustainable development path.
20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
Art & Culture
‘Bharat Shared Repository of Inscriptions’ to be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.
Capital Expenditure / Investments
‘Effective Capital Expenditure’ of Centre to be Rs. 13.7 lakh crore.
Continuation of 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions.
Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’.
Transition from manhole to machine-hole mode by enabling all cities and towns to undertake 100 percent mechanical desludging of septic tanks and sewers.
Governance
More than 39,000 compliances reduced and more than 3,400 legal provisions decriminalized to enhance Ease Of Doing Business.
Jan Vishwas Bill to amend 42 Central Acts have been introduced to further trust-based governance.
One stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.
PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
95 per cent of the forfeited amount relating to bid or performance security, will be returned to MSME’s by government and government undertakings in cases the MSME’s failed to execute contracts during Covid period.
Result Based Financing to better allocate scarce resources for competing development needs.
Phase-3 of the E-Courts project to be launched with an outlay of Rs. 7,000 crore for efficient administration of justice.
Environment & Sustainability
Green Credit Programme to be notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.
Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
Tourism
At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.
Sector specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’
Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.
States to be encouraged to set up a Unity Mall for promotion and sale of their own and also all others states’ ODOPs (One District, One Product), GI products and handicrafts.
DIRECT TAXES
To further improve tax payer services, proposal to roll out a next-generation Common IT Return Form for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.
Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all tax payers in the new regime.
Proposal to extend the benefit of standard deduction of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.
Highest surcharge rate to reduce from 37 per cent to 25 per cent in the new tax regime. This to further result in reduction of the maximum personal income tax rate to 39 per cent.
The limit for tax exemption on leave encashment on retirement of non-government salaried employees to increase to Rs. 25 lakh.
The new income tax regime to be made the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
Enhanced limits for micro enterprises and certain professionals for availing the benefit of presumptive taxation Increased limit to apply only in case the amount or aggregate of the amounts received during the year, in cash, does not exceed five per cent of the total gross receipts/turnover.
Deduction for expenditure incurred on payments made to MSMEs to be allowed only when payment is actually made in order to support MSMEs in timely receipt of payments.
New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 15 percent, as presently available to new manufacturing companies.
Opportunity provided to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. This expected to provide them a relief of almost Rs.10,000 crore.
Date of incorporation for income tax benefits to start-ups to be extended from 31.03.23 to 31.3.24.
Proposal to provide the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
Deduction from capital gains on investment in residential house under sections 54 and 54F to be capped at Rs. 10 crore for better targeting of tax concessions and exemptions.
Proposal to limit income tax exemption from proceeds of insurance policies with very high value. Where aggregate of premium for life insurance policies (other than ULIP) issued on or after 1st April, 2023 is above Rs. 5 lakh, income from only those policies with aggregate premium up to Rs. 5 lakh shall be exempt.
Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, proposed to be exempted from income tax.
Minimum threshold of Rs. 10,000/- for TDS to be removed and taxability relating to online gaming to be clarified. Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.
Conversion of gold into electronic gold receipt and vice versa not to be treated as capital gain.
TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.
Income from Market Linked Debentures to be taxed.
Deployment of about 100 Joint Commissioners for disposal of small appeals in order to reduce the pendency of appeals at Commissioner level.
Increased selectivity in taking up appeal cases for scrutiny of returns already received this year.
Period of tax benefits to funds relocating to IFSC, GIFT City extended till 31.03.2025.
Certain acts of omission of liquidators under section 276A of the Income Tax Act to be decriminalized with effect from 1st April, 2023.
Carry forward of losses on strategic disinvestment including that of IDBI Bank to be allowed.
Agniveer Fund to be provided EEE status. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.
INDIRECT TAXES
Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
Minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
Excise duty exempted on GST-paid compressed bio gas contained in blended compressed natural gas.
Customs Duty on specified capital goods/machinery for manufacture of lithium-ion cell for use in battery of electrically operated vehicle (EVs) extended to 31.03.2024
Customs duty exempted on vehicles, specified automobile parts/components, sub-systems and tyres when imported by notified testing agencies, for the purpose of testing and/ or certification, subject to conditions.
Customs duty on camera lens and its inputs/parts for use in manufacture of camera module of cellular mobile phone reduced to zero and concessional duty on lithium-ion cells for batteries extended for another year.
Basic customs duty reduced on parts of open cells of TV panels to 2.5 per cent.
Basic customs duty on electric kitchen chimney increased to 15 per cent from 7.5 per cent.
Basic customs duty on heat coil for manufacture of electric kitchen chimneys reduced to 15 per cent from 20 per cent.
Denatured ethyl alcohol used in chemical industry exempted from basic customs duty.
Basiccustoms duty reduced on acid grade fluorspar (containing by weight more than 97 per cent of calcium fluoride) to 2.5 per cent from 5 per cent.
Basic customs duty on crude glycerin for use in manufacture of epicholorhydrin reduced to 2.5 per cent from 7.5 per cent.
Duty reduced on key inputs for domestic manufacture of shrimp feed.
Basic customs duty reduced on seeds used in the manufacture of lab grown diamonds.
Duties on articles made from dore and bars of gold and platinum increased.
Import duty on silver dore, bars and articles increased.
Basic Customs Duty exemption on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode continued.
Concessional BCD of 2.5 per cent on copper scrap is continued.
Basic customs duty rate on compounded rubber increased to 25 per cent from 10 per cent or 30 per kg whichever is lower.
National Calamity Contingent Duty (NCCD) on specified cigarettes revised upwards by about 16 per cent.
Allocation to North Eastern Region
Doubled allocation for North East to Rs 5,892 crore for FY 2023-24. 110.43% hike from Rs 2,800 crore is in line with Indian Govt’s mission to develop NE region of India.
Allocation toward Prime Minister’s Dev Initiative for North East Region (PM-DevINE) has increased over five fold to Rs 2,200 crore.
There is a step-jump in the budget outlay for the MDoNER during the Financial Year 2023-24. The total B.E. 2023-2024 allocation is Rs. 5892.00 crore ; well over twice (~114% higher than) the RE 2022-23 allocation of Rs. 2755.05 crore.
Out of this outlay of Rs 5892.00 crore in BE 2023-24, Rs 4093.25 crore (~70%) is provided for Capital expenditure.
In addition, Rs. 1,324.03 crore further from within the amount of Rs. 1,798.75 crore provided for Revenue Expenditure is as grants for creation of capital assets.
This is tantamount to provisioning of Rs. 5,417.28 crore (~92%) out of Rs. 5,892.00 crores as B.E. 2023-24 outlay for MDoNER towards expenditure of capital nature.
The total B.E. 2023-2024 allocation for the infrastructure targeted North East Special Infrastructure Development (NESID) Scheme is Rs. 2,491.00 crore ; well over (~67% higher than) the RE 2022-23 allocation of Rs. 1,493.30 crore.
The total B.E. 2023-2024 allocation for the infrastructure, social development and livelihoods targeted Prime Ministers Development Initiative for North-East (PMDevINE) Scheme is Rs. 2,200.00 crore ; four and a half times the RE 2022-23 allocation of Rs. 400.00 crore.
The total B.E. 2023-2024 allocation for the overall wholistic development, social infrastructure and social development targeted Schemes of North Eastern Council (NEC) is Rs. 800.00 crore ; (~20% higher than) the RE 2022-23 allocation of Rs. 666.87 crore.
Q5. The term Black Revolution in the present context of India is associated with
Higher exportability of crude oil
Self dependence in the production of crude oil
Improvement in the quality of black soil
Self dependence in milk production
Correct option: (B) Self-dependence in the production of crude oil
Black Revolution: To increase petroleum production, the Government planned to accelerate the production of ethanol and to mix it up with petrol to produce biodiesel. Ethanol is a renewable source of energy and is a by-product of sugar production produced from molasses. The blending of ethanol with petrol has been practiced in the USA and Brazil for over 70 years. The blending of ethanol with transport fuels would provide better returns to farmers, supplement scarce resources of hydrocarbons, and be environment-friendly by reducing pollutants as it helps combustion.
Topic to focus : Economic revolutions
Q23. Which statement among the following is not true about GST council?
It is a statutory body
It is chaired by the PM of the country
It decides the rates of taxes on goods and services except some items
It was constituted by the President of India
Correct option: (B) is not true
Union Finance Minister is the Chairman of the GST Council
In true sense, this Question is wrong.
GST Council is a constitutional body under Article 279A. It makes recommendations to the Union and State Government on issues related to Goods and Service Tax and was introduced by the Constitution (One Hundred and First Amendment) Act, 2016.
The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
Thus, both the option (A) and (B) are incorrect. But, if you have to choose one out of these, then its’ option (B).
Topic to focus : Economic bodies
Q24. The National Bamboo Mission strives to
(i) Increase the area under bamboo plantation in non-forest areas.
(ii) Rejuvenate the underdeveloped bamboo industry in India
(iii) Take over the sick paper mills in the country
(iv) Explore the export market for bamboo
(i) and (ii)
(i) and (iii)
(i), (ii) and (iii)
(i), (ii) and (iv)
Correct option: (A) (i) and (ii)
Objectives of the National Bamboo Mission
To increase the area under bamboo plantations in non-forest Government and private lands to supplement farm income and contribute towards resilience to climate change as well as the availability of quality raw material requirement of industries. The bamboo plantations will be promoted predominantly in farmers’ fields, homesteads, community lands, arable wastelands, and along irrigation canals, water bodies, etc.
To improve post-harvest management through the establishment of innovative primary processing units near the source of production, primary treatment and seasoning plants, preservation technologies, and market infrastructure.
To promote product development keeping in view market demand, by assisting R&D, entrepreneurship & business models at micro, small and medium levels and feed bigger industry.
To rejuvenate the underdeveloped bamboo industry in India.
To promote skill development, capacity building, awareness generation for development of bamboo sector from production to market demand.
To realign efforts so as to reduce dependency on import of bamboo and bamboo products by way of improved productivity and suitability of domestic raw material for industry, so as to enhance income of the primary producers.
Q25. Which one of the following correctly describes Angel Tax
A tax imposed on the super-rich people
A tax relief for doing social work
A type of capital gains tax imposed when startups receive funding, which is higher than the fair market value of shares sold.
A tax relief given to startups for doing innovative work
Correct option: (C) A type of capital gains tax imposed when startups receive funding, which is higher than the fair market value of shares sold.
Angel Tax is a term basically used to refer to the income tax payable on the capital raised by unlisted companies via the issue of shares through off-market transactions. Angel tax is levied on the capital raised via the issue of shares by unlisted companies from an Indian investor if the share price of issued shares is seen in excess of the fair market value of the company. The excess realization is considered as income and therefore, taxed accordingly.
Topic to focus : Taxation types
ECONOMY – Assam
Q29. We often hear the term ‘CTC’ in the context of Assam Tea. What does CTC stand for?
Crush, Tear, Curl
Curl, Tear, Crush
Check, thrash, curl
Check, tear, curl
Correct option: (A) Crush, tear, curl
Crush, tear, curl is a method of processing black tea in which the leaves are passed through a series of cylindrical rollers with hundreds of sharp teeth that crush, tear, and curl the tea into small, hard pellets. This replaces the final stage of orthodox tea manufacture, in which the leaves are rolled into strips. Tea produced using this method is generally called CTC tea or mamri tea.
The first CTC machine was brought into service in 1930 at the Amgoorie Tea Garden in Assam under the supervision of Sir William McKercher.
Topic to focus : Assam Tea
Q32. Which of the following became the first state/UT in India to present an e-budget and stream it live on social media as well?
Andhra Pradesh
Kerala
Assam
Delhi
Correct option: (C) Assam
Andhra Pradesh is the first state to present its budget in the digital format in 2016. However, Assam is the first state to present e-budget and stream it live on social media.
