Category: economy

Assam Current Affairs – August 01-03, 2024

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Assam & NE Current Affairs & GK – August 01-03, 2024

( Covers all important Current Affairs & GK topics for August 01-03, 2024)

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Current Affairs Assamexam

August 01-03, 2024 

World Wide Web Day

World Wide Web Day is celebrated annually on 1st August. It is a global celebration that commemorates the creation of the World Wide Web (WWW) and its profound impact on human connectivity. 

This day serves as a tribute to the immense impact of the Web on modern society and a reminder of its role in fostering global connectivity and innovation.

This day honours the groundbreaking invention of Tim Berners-Lee, an English scientist who conceptualized and developed the WWW in 1989 while working at the European Organisation for Nuclear Research (CERN).

Significance Celebration of World Wide Web Day 2024 

  • This day highlights the web’s transformative effects on communication, education, healthcare, research, and entertainment. 
  • This day aises awareness about the importance of online security and protecting user data. 
  • Emphasizes the need for a more inclusive web that supports diverse communities and perspectives and encourages continued development and ethical use of web technologies to drive future advancements.

India Ranks 39th in Travel & Tourism Development Index 2024

India is ranked 39th among 119 countries, according to the Travel and Tourism Development Index 2024 report published by the World Economic Forum (WEF).

As per the TTDI report, out of the TTDI pillars mentioned, India’s scores have improved in three areas: Prioritization of Travel & Tourism, Safety & Security, and Health & Hygiene. As per UNWTO barometer for May 2024, there were 975 million International Tourist arrivals around the world in 2022, wherein India recorded 14.3 million International Tourist Arrivals that represented 1.47% of the international inbound tourism market share. The share of India’s International Tourist Arrivals in Asia & Pacific is 15.66% in 2022.

Travel and  Tourism Development Index 

  • The Travel and Tourism Development Index is a biennial report released by the World Economic Forum (WEF). 
  • The 2024 Travel and Tourism Development Index was prepared in collaboration with the University of Surrey, England. This year, 119 countries have been ranked on the Index. 
  • The Travel and Tourism Development Index benchmarks and measures the set of factors and policies that enable the sustainable and resilient development of the Travel and tourism sector, which plays a role in a country’s development. 

Bharatiya Vayuyan Vidheyak Bill, 2024

The Bharatiya Vayuyan Vidheyak Bill, is a proposed legislation introduced to replace the outdated Aircraft Act of 1934.

Need to Replace the Aircraft Act 1943: 

  • The Act has been amended multiple times to enhance safety, and oversight, and align with international conventions, creating ambiguities and confusion for stakeholders. 
  • To eliminate outdated provisions. 
  • Improve ease of doing business and streamline processes. Address design, manufacture, and maintenance of aircraft and related equipment.

Objective 

  • The primary objective of the Vayuyan Vidheyak 2024 is to reform and streamline the processes and protocols associated with air traffic management in India. 
  • It aims to integrate advanced technologies and international best practices to ensure the safe and efficient movement of air traffic within the Indian airspace.

Important Provisions: 

  • Empowerment for Rule-Making: The Central Government is empowered to make rules to implement international civil aviation conventions. Examples include the Chicago Convention (1944) and the International Telecommunication Convention (1932). 
  • Enhanced Powers for Aviation Authorities: Increased powers for the Directorate General of Civil Aviation (DGCA). Enhanced authority for the Bureau of Civil Aviation Security (BCAS). Greater powers for the Aircraft Accident Investigation Bureau (AAIB). 
  • Emergency Powers: The Central Government is empowered to issue orders in emergencies for public safety, such as detaining aircraft. 
  • License and Certification Management: Central Government can suspend, cancel, or restrict licenses or certifications with a hearing opportunity for affected parties. 
  • Appeal Process: Introduction of a second appeal between the initial appeal and final appeal to the Secretary, MoCA. 

Significance of the Bill: 

  • The Bill aligns with the Atmanirbhar Bharat initiative by regulating aircraft design and manufacturing. 
  • It expands coverage to include drones, UAVs, flying taxis, and electronic gliders. 
  • This move addresses the needs of a rapidly growing aviation market, with ICRA forecasting an 8–13% growth in domestic air passenger traffic for FY2024.

Exercise Tarang Shakti

India will host its first multinational air exercise, ‘Tarang Shakti 2024’, in two phases, taking place in Tamil Nadu and Rajasthan.

It aims to showcase India’s defence capabilities and enhance cooperation among the participating militaries. 

Key Points

  • This exercise will enhance relationships with international community members and will help to improve mutual understanding of air operations through complex missions. 
  • It aims to boost military cooperation and highlight India’s defence industry, supporting the country’s vision of Atmanirbhar Bharat.
  • Phase one of the exercise will be conducted at Sulur in Tamil Nadu from August 6 to August 14 and four countries including France, Germany, Spain and the United Kingdom will participate with their assets. 
  • Phase two will be held at Jodhpur in Rajasthan from September 1 to 14 and it will see participation from Australia, Bangladesh, Greece, Singapore, UAE and the USA with their assets.

Swapnil Kusale earns third bronze medal for India in shooting

Swapnil Kusale has become the first Indian shooter to secure a medal in the 50m Rifle 3 Position (3P) event at the Paris Olympics. He finished his match with 451.4 to settle for a bronze medal. 

The gold medal was won by the world record holder Liu Yukun of China with 463.6 points, while the silver was won by Ukraine’s Serhiy Kulish with 461.3 points.

Achievements: 

Swapnil Kusale’s journey to this historic Olympic medal has been decorated with numerous achievements: 

  • World Championship, Cairo (2022): Finished 4th, winning an Olympic quota place for India. 
  • Asian Games 2022: Gold medal in the Team event. 
  • World Cup, Baku (2023): Gold in mixed team event and two silver medals in individual & team events. 
  • World Championship, Cairo (2022): Bronze medal in the team event. 
  • World Cup, New Delhi (2021): Gold medal in the team event.

Two Indian Astronauts Selected for Axiom-4 Mission

India has announced the selection of two astronauts, Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair, for the upcoming Axiom-4 mission to the International Space Station (ISS).

Key Features

  • Indian astronauts will receive training from NASA, international partners, and SpaceX, focusing on spacecraft systems and emergency preparedness, as part of India-US space cooperation goals.
  • The crew will consist of professional astronauts and private individuals, including researchers and potentially tourists, who have undergone rigorous training for the mission.
  • Axiom-4 is expected to be a short-duration mission, lasting approximately 14 days. 
  • During their time aboard the International Space Station (ISS), the crew will conduct scientific experiments, perform technology demonstrations, and engage in educational outreach.

About Axiom-4 Mission 

  • Axiom Mission 4 (or Ax-4) is a private spaceflight to the International Space Station. 
  • It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft. 
  • The flight is in collaboration with NASA and will be the fourth flight of Axiom Space after Axiom Mission 1, Axiom Mission 2 and Axiom Mission 3. 
  • Scheduled to launch in 2024, Axiom-4 will continue the company’s pioneering efforts to establish a sustainable human presence in Low Earth Orbit (LEO).

mRNA vaccine development against human avian influenza (H5N1)

A new initiative to develop and distribute mRNA vaccines for human avian influenza (H5N1) in low- and middle-income countries (LMICs), in collaboration with the World Health Organization (WHO) and the Medicines Patent Pool (MPP).

The initiative aligns with ongoing efforts to improve the sharing of influenza viruses and vaccine access under the Pandemic Influenza Preparedness Framework.

About mRNA Vaccine technology 

  • mRNA vaccines work by introducing a piece of mRNA that corresponds to a viral protein, usually a small piece of a protein found on the virus’s outer membrane. 
  • mRNA is a genetic molecule that contains instructions or recipe that directs cells to make a protein using its natural machinery. This mRNA prompts cells to create viral proteins, triggering the immune system to produce antibodies and boost the immune system. 
  • The mRNA Technology Transfer Programme has already developed a platform for COVID-19 vaccine candidates, which is now being adapted for other diseases, enhancing global vaccine equity.

India Elected as Vice-Chair of IPEF’s Supply Chain Council

India has been elected as the vice-chair of the Supply Chain Council (SCC) under the Indo-Pacific Economic Framework (IPEF). 

India and 13 other Indo-Pacific Economic Framework (IPEF) partners have established three supply chain bodies under the landmark Indo-Pacific Economic Framework for Prosperity (IPEF) Agreement relating to Supply Chain Resilience.

The IPEF has created three councils to deal with different supply chain issues:

Supply Chain Council: To pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most critical to national security, public health, and economic well-being. 

Crisis Response Network: To provide a forum for a collective emergency response to exigent or imminent disruptions. Labour

Rights Advisory Board: Brings together workers, employers, and governments at the same table to strengthen labour rights and workforce development across regional supply chains.

Recent Appointments: 

During the meetings, each of the three supply chain bodies elected a Chair and Vice Chair, who will serve for a term of two years. The elected chairs and vice chairs are: 

Supply Chain Council: USA (Chair) and India (Vice Chair)

Crisis Response Network: Republic of Korea (Chair) and Japan (Vice Chair) 

Labour Rights Advisory Board: USA (Chair) and Fiji (Vice Chair)

Nano-MIND Technology

Researchers from the Center for Nanomedicine at the Institute for Basic Science (IBS) and Yonsei University in South Korea have successfully demonstrated the ability to control specific brain regions in mice using magnetic fields.

About Nano-MIND Technology

  • Nano-MIND technology utilizes magnetic fields and magnetized nanoparticles to wirelessly and remotely modulate specific deep brain neural circuits. 
  • This innovative approach enables precise activation or inhibition of targeted neurons, providing a powerful tool for researchers to study and influence brain activity without invasive procedures. 
  • By harnessing magnetism, Nano-MIND offers a new level of control over brain function that surpasses traditional methods, which often involve electrical stimulation or pharmacological interventions.

Highlights of the research 

  • The research team demonstrated the technology’s capabilities by activating specific neurons in different brain regions of mice. 
  • One notable achievement was the activation of inhibitory GABA receptors in the medial preoptic area (MPOA), which is responsible for maternal behaviours. 
  • When these neurons were stimulated in non-maternal female mice, the animals exhibited significantly increased nurturing behaviours, mimicking those of maternal mice. 
  • The researchers also successfully regulated feeding behaviours by targeting motivation circuits in the lateral hypothalamus.

APSC Mains 2023-24 General Studies (GS3) Paper-III

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APSC Mains 2023-24 General Studies (GS-3) Paper-III

General Studies-III (Technology, Economic Dev, Biodiversity, Environment, Disaster Management)

 
Full Marks: 250                                                                                                        Time: 3 hours
 
 
1. Describe briefly the salient features of the scheme Mukhya Mantri Nijut Maina (MMNM)’ launched by the Government of Assam to eliminate
child marriages. (Answer in 150 words) 10
 
2. Explain the pros and cons of development of railway stations through joint ventures under the Public-Private Partnership (PPP) model. What may be the 
possible reactions of the general public? (Answer in 150 words) 5+5=10
 
3. “Indian Railways is the lifeline of the Indian economy.” Discuss the statement
in the context of three railway corridors announced in the Union Interim
Budget, 2024. (Answer in 150 words) 10 
 
4. Comment on the benefits and challenges of digital economy in India. (Answer in 150 words) 10
 
5. Discuss the significance of the PM Surya Ghar Muft Bijli Yojana’ in reference
to rural economy and climate mitigation. (Answer in 150 words) 10
 
6.  Explain the relationship among government procurement operations, minimum support prices (MSPs) and the creation of buffer stocks in the context
of Assam (Answer in 150 words) 10
 
7. “Disasters affect girls and women in different ways than they affect boys and men.” Do you agree? Why are responses often gender-blind? How do you
ensure gender equality in disaster risk reduction in particular? (Answer in 150 words) 10
 
8. Discuss the preparedness and mitigation measures that should be adopted
for reducing the impact of earthquakes in the context of Assam.
(Answer in 150 words) 10
 
9. What is the digital twin concept? How does it help an organization to arrive
at better decisions? Discuss the Sangam: Digital Twin’ initiative of the
Government of India, (Answer in 150 words) 10
 
10. Do you think that the Green Credit Programme can be used to circumvent
existing laws particularly those that deal with forest conservation? Substantiate
your answer. (Answer in 150 words) 10 
 
11. India’s first indigenous semiconductor assembly and test facility at
Jagiroad shall put Assam on the world semiconductor map and transform the
economic landscape of East India,”
Examine the above statement with reference to the economic opportunities and employment potential of this mega project. (Answer in 250 words) 15
 
12. What are Nifty and Sensex? Comment on the growing popularity of
mutual funds investment in India. (Answer in 250 words) 15
 
13. The Government of Assam has initiated the process of constructing bridges
over Brahmaputra at several places. Mention the places and discuss the
probable benefits and strategic importance of these bridges. (Answer in 250 words) 15
 
14. Which is the implementing authority of the Project Cheetah in India and
which are the collaborating partners? What are the ecological objectives of
the project? Give your opinion on the implementation of the project so far. (Answer in 250 words) 15
 
15. Explain the causal links between environmental degradation and vulnerability to disasters. Suggest four steps that can be taken to minimize environmental degradation. (Answer in 250 words) 15
 
16. Describe, in detail, the Uttar Purva Transformative Industrialization
Scheme (UNNATI), 2024. How will it enhance industrial development and
job creation in North-East India? (Answer in 250 words) 15
 
17. What is traditional knowledge? Suggest ways to use it for sustainable use
of forest and biodiversity. (Answer in 250 words) 15
 
18. “Seventy-hour work week may offer a temporary burst of productivity, but at the expense of employees’ well-being, long-term output and overall social happiness.” Critically examine the statement. (Answer in 250 words) 15
 
19. Not all animals migrate by choice’ is a campaign against what activity? Suggest innovative steps to make the campaign a success. (Answer in 250 words) 15
 
20. “India has emerged as a Vishwa Mitra (global friend), a Vishwa Guru (global teacher) and a Vishwa Vaidya (global physician).” Examine the statement in
the light of the development made by India in recent years. (Answer in 250 words) 15
 

Union Budget 2023-24: Provisions & Fund Allocation for Assam and North-East India

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Union Budget 2023-24 – Fund Allocation & Provisions for Assam and North East India

 

Download Union Budget 2023-24 PDF

Go to Economy of Assam APSC Notes

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.

 

Read Highlights of Union Budget 2023-24

 

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.

Go to Economy of Assam APSC Notes

Union Budget 2023-24 – Highlights & Important points for APSC Exam

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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.

Download Union Budget 2023-24 Highlights PDF

Highlights & Important Point of Union Budget 2023-24

 

 Indian Economy Snapshot
  • Per capita income has more than doubled to ₹1.97 lakh in around nine years.
  • Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.
  • EPFO membership has more than doubled to 27 crore.
  • 7,400 crore digital payments of ₹126 lakh crore has taken place through UPI in 2022.
  • 7 crore household toilets constructed under Swachh Bharat Mission.
  • 6 crore LPG connections provided under Ujjwala.
  • 220 crore covid vaccination of 102 crore persons.
  • 8 crore PM Jan Dhan bank accounts.
  • Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana.
  • Cash transfer of ₹2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.

Revised Estimates 2022-23
  • The total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore.
  • The total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore.
  • The fiscal deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.

 

Budget Estimates 2023-24
  • The total receipts other than borrowings is estimated at Rs 27.2 lakh crore and the total expenditure is estimated at Rs 45 lakh crore.
  • The net tax receipts are estimated at Rs 23.3 lakh crore.
  • The fiscal deficit is estimated to be 5.9 per cent of GDP.
  • To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
  • The gross market borrowings are estimated at Rs 15.4 lakh crore.

 

Union Budget 2023-24: Provisions & Fund Allocation for Assam and North East India

 

 Important Schemes
  • 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.
Download Union Budget 2023-24 Highlights PDF
 Agriculture Sector
  • 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.  
Download Union Budget 2023-24 Highlights PDF

Union Budget 2023-24: Provisions & Fund Allocation for Assam and North East India

Union Budget 2022-23

Union Budget 2021-22

Union Budget 2020-21

Union Budget 2019-20

Union Budget 2018-19

Study Materials & Notes | Assam Current Affairs | Assam Current Affairs Quiz 

Economy of Assam MCQ Questions Set 2 – Assam Economy Quiz

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Economy of Assam Quiz MCQ Questions Set 2

for APSC / Assam Recruitment exam Economy section Preparation

Go To Assam Economy MCQ Quiz Page                Go To Assam Economy Notes & Study Materials Page 

Q1. The first oil well dug at Digboi field in Assam in September 1889  and completed in November 1890 by which company?

  1. Assam Railways and Trading Company
  2. Assam Oil Company
  3. East India Company
  4. Assam Tea Company
a. Assam Railways and Trading Company

  • This was the first commercial discovery of crude oil in India the country. 
  • In 1901, Asia’s first oil refinery was set as Digboi.
  • Digboi has the distinction of being the world’s oldest continuously producing oilfield.

 

Q2. Assam’s rank among the Indian states, in terms of Crude Oil Production is

  1. First
  2. Second
  3. Third
  4. Fourth

c. Third

  • Rajasthan is largest producer of  crude oil production with approx 23.3% of India’s production
  • Gujarat comes second.

 

Q3. Which sector employs maximum share of total workforce in Assam?

  1. Agriculture sector
  2. Service sector
  3. Industrial sector
  4. Mining

a. Agriculture sector

Agriculture accounts for around two-third of Assam’s total workforce.

 

Q4. What is Assam’s GDP in 2022?

  1. ₹4.81 lakh crore
  2. ₹2.81 lakh crore
  3. ₹5.81 lakh crore
  4. ₹3.81 lakh crore

a. ₹4.81 lakh crore

 

Q5. What is Assam’s rank among the Indian states, in terms of GDP per capita rank?

  1. 28th
  2. 21st
  3. 18th
  4. 30th

a. 28th

TOP States in GDP per capita

1

Goa

2

Sikkim

3

Delhi

4

Chandigarh

5

Haryana 

 

Q6. Recently in 2022, Pineapple from which place of Assam has been exported to Dubai?

  1. Margherita
  2. Lakhipur
  3. Sadiya 
  4. Sonari

b. Lakhipur

 

Q7. What is Assam’s share in India’s total tea production?

  1. One-third
  2. Three-fourth
  3. More than half
  4. Almost 90%

c. More than half

  • Annual average production of tea in Assam is about 630- 700 million kg.
  • India ranks in global tea production? 2nd.  [1st China]

 

Q8. Which of the following statement(s) is/are correct about Assam Tea?

  1. Tea in Assam is grown in lowlands, unlike Darjeelings and Nilgiris, which are grown in the highlands
  2. Assam tea is generally harvested twice
  3. Assam’s tropical climate contributes to the unique malty taste of Assam tea
  4. All of the above

d. All of the above

 

Q9. Assam is known for producing both Orthodox as well as CTC variety of tea. CTC stand for?

  1. Curl, Tear & Crush
  2. Crush, Tear & Crush
  3. Crush, Tear & Crunch
  4. Crush, Tear & Curl

d. Crush, Tear & Curl

CTC Tea – At the start of the 20th century when tea drinking caught on in the UK,  British tea companies started experiments in Assam and the CTC method invented and used to the increase volume of tea. CTC is the acronym for Crush, Tear & Curl. It describes the factory process used to make the tea which is similar to that of orthodox tea manufacture but instead of the leaves being rolled as a final stage, they are passed through a series of cylindrical rollers with hundreds of small sharp “teeth” that Crush, Tear, and Curl the leaf into tiny little balls.

 

Q10. Makum Coalfield is located in which district of Assam?

  1. Karbi Anglong
  2. Lakhimpur
  3. Tinsukia
  4. Golaghat

c. Tinsukia

  • Makum coal mines are network of four opencast and underground mines operated by North Eastern Coalfields Limited, a subsidiary of Coal India, with a capacity of 1 million ton-per-annum (MTPA)
  • The mines include: Tirap, Tikak, Ledo, and Tipong

Go To Assam Economy MCQ Quiz Page                                Go To Assam Economy Notes & Study Materials Page 

Assam Budget 2022-23 – Highlights and Analysis

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Highlights of Assam Budget 2022-23 – Detailed Analysis and Important Points

Download Assam Budget 2022-23 Highlights PDF

Highlights of Assam Budget 2022-23

The Finance Minister of Assam, Ms. Ajanta Neog, who is also Assam’s first woman Finance Minister, presented a deficit budget of Rs 566 crore for the state for the Fiscal Year 2022-23 on March 16, 2022.

Important MCQ Questions on Assam Budget 2022-23

Road Infrastructure Development

  • Four new schemes for road construction announced – Pakipath Nirman Achani, Unnoti Pakipath Nirman Achani, Mothauri Pokikaran Achani and Path Nobikaran Achani for construction, upgradation and maintenance of all-weather roads, including those on embankments.
  • Two major bridges to come up over Subansiri at Dhunaguri and Luit with help from government of India and Asian Infrastructure Investment Bank (AIIB). 
  • A bridge linking Majuli with Bihpuria and Nemati is also in progress.
  • Trumpet Junction to be built at Gauripur, North Guwahati to enhance utility of the bridge over Brahmaputra.
  • Four roads under Asom Mala to be upgraded in 2022-23, with 19 new road over bridges being taken up.
  • A new flyover project to be taken up in Mancota Road in Dibrugarh and a new elevated road at GNB Road in Guwahati.

ADRE 2023 Test Series Assamexam

Aviation Sector Development

  • Reduction of 1 per cent Value Added Tax (VAT) on aviation turbine fuel (ATF) for aircraft. Proposal to start new scheme to facilitate cheaper air connectivity from Guwahati to Lakhimpur, Dibrugarh, Silchar and Tezpur.
  • Proposal for new airports in Karbi Anglong and Silchar, along with three new heliports at Nagaon, Geleki and Haflong. 
  • Active engagement with government of India for a Greenfield Airport at Diphu.
  • Joint survey for de-notification of 180 acres of forest land for development of Rupsi Airport.
  • Allotment of ₹156 crore for acquisition of 50 acres of land for Jorhat Airport, ₹50 crore for acquisition of 870 acres of land for Greenfield Airport at Silchar and ₹3.56 crore for acquisition of 84 acres of land for Lilabari Airport at North Lakhimpur.

Water Transport Development

  • Assam Inland Water Transport Development Society to develop 13 small terminals on National Waterway 2 on Brahmaputra at Umananda, Uzan Bazar, Kurua, Guijan, Ghaghor, Kachari, Goalpara, North Guwahati, Aphalamukh, Neemati Ghat, Matmora and Disangmukh.

Development of Art & Culture

  • Projects to preserve Eksarana Dharma undertaken at Bordowa Than in Narayanpur and Gangmou Satra
  • New project to come up at Patbaushi Satra. ₹2.5 lakh to each of 1,260 namghars under Assam Darshan Srimanta Sankardev Kalakshetra to have a 4th auditorium for ₹5 crores.
  • Preservation and beautification of Lachit Borphukan Samadhi at Hollongapar, along with a digital documentary film and organising lectures in Delhi and Mumbai.
  • Allocation of ₹7 crore for Alaboi War Memorial to honour 10,000 Ahom martyrs.
  • Jorhat Jail to be developed as North East Freedom Fighter’s Memorial Park, and Maniram Dewan Samadhi and Gomdhar Konwar Samadhi at Jorhat to be renovated. Light and sound show to come up at Rang Ghar, Sivasagar to attract international tourists.
  • An estimated cost of Rupees 15 crore is earmarked for land possession for Pratima Pandey Barua Museum at Gauripur of Dhubri for the preservation of memories of the iconic folk singer and for the promotion of Goalparia folk song as well.
  • Plan to organize North-East festival of Indigenous and Tribal Culture and games to showcase the indigenous culture to the international audience and 10 colleges in Bodoland Territorial Region will be provincialized.
  • ₹28.80 crores earmarked for Bhasha Gourab Scheme which provides corpus funds to 21 indigenous Sahitya Sabhas and one-time assistance to authors under Lekhak Sambardhana.

 

Welfare

  • For the holistic development of Tai Ahom, Moran, Matak, Chutia and Koch-Rajbongshi Rupees 25 crore is earmarked in the present budget.
  • OBC communities to have their own authorized organizations to recommend the issuance of caste certificates to the community members.
  • Proposed plan to allow up to 50 bigha per tribal family by removing the upper ceiling of 8 bigha under Assam Land Policy, 2019.
  • Mission Basundhara 2.0 has been introduced to offer next-generation land-related services. This will enable the realization of land revenue from the rightful owner and allow them to use the land as collateral to unlock the value of the land.
  • All post-retirement benefits will be ensured for state government employees including payment of GPF, Gratuity, Leave Encashment and GIS through a single-window interface.
  • ₹129.89 crores is earmarked towards interest subvention for state government employees under Apun Ghar and Bidyalakshmi scheme at a subsidized rate of interest.
  • 3 percent increase in Dearness Allowance in addition to the 11 percent already provided to state government employees and pensioners.  

Employment

  • APSC to fill 13,572 Class III and 13,787 Class IV posts and finalize 3,587 Grade-I and 1,568 Grade-II vacancies. Compassionate Appointment for 930 posts in Education Department and Sixth Schedule Areas to be completed soon to meet target of 1 lakh jobs.
  • Mahaprabhu Jagannath Community and Skill Centre in 800 tea gardens will be formed to provide training to the tea tribe youth and to organise community-based events. 
  • Youth Commission to be set up under Mukhya Mantri Vikas aru Niyog Asoni. Candidates will be enrolled in intensive coaching for employment in all India/State/ Civil services /SSC/ Banking/ Insurance sectors/ PSUs/ Central Armed Police Forces.

Financial Assistance

  • Incentives under Category-1 of Assam Micro Finance Incentive and Relief Scheme (AMFIRS) to be disbursed before Bohag Bihu in the remaining 7 districts of Assam. Government to pay overdue amounts of Category-2 and clear outstanding debt of Category-3 borrowers whose accounts have turned NPA and for the purpose a total budget of Rupees 2,500 crores allotted.
  • Orunodoi assistance enhanced to Rupees 1,250 per month from the upcoming financial year with Rupees 250 additional subsidy for 50 units of electricity.

Education

  • 436 schools in tea garden areas to be brought under the ambit of state government and 117 Model High Schools in gardens to run from 10 May of this year.
  • Mission Zero Drop-Out will be launched for the identification and mapping of vulnerable girl children and customized plans to provide child-specific interventions such as conditional cash transfer.
  • Continuation of Pragyan Bharati scheme with free textbooks, hostel mess dues waiver, and admission fee waiver for Below Poverty Line (BPL) students, scooters to meritorious students.
  • Rupees 10,000 mobility grant to girls, education loan under Abhinandan and Anundoram Barooah Award.
  • Aarohan relaunched where girls and boys secured the first position in Class IX to be given exposure to premier academic institutions such as IIT Guwahati.
  • ₹2000 to be given to every student as a book grant & mobility grant, with the allotment of ₹1 lakh per district.
  • Sibsagar College, Kokrajhar Government College, Bongaigaon College, Jagannath Barooah College, North Lakhimpur College, Handique Girls’ College and Nagaon college to be elevated into universities. ₹10 crore to each college as grants-in-aid for capital expenditure.
  • NIDA Fund of ₹50 crore each to Majuli University, Rabindranath Tagore University, Bhattadev University, Madhabdev University, Birangana Sati Sadhini State University and Aniruddhadev Sports University.
  • ₹25 crores to Gauhati University for start-up ecosystem.
  • ₹15 crores each to Assam University, Tezpur University and Silchar University. ₹25 crores to Assam Agriculture University.
  • TISS Guwahati to get ₹15 crores and ₹10 crores for IIIT Guwahati.
  • ₹10 crores earmarked for Science block in Haflong College.
  • Grant-in aids for payment of 75% salary for Srimanta Sankardeva Vishwa Vidyalaya. Faculty members can withdraw salary in 12 equal installments without a ceiling.

Corporate & Industry

  • Disinvestment strategy for Assam Tea Corporation Limited and payment of outstanding provident fund liabilities by 2023-24 for Rupees 142.5 crores.
  • New Industrial and Investment Policy, 2022 to boost industrial growth.
  • Hospitals, hotels and cruise services, shipbuilding and vehicle scrap processing facility will be included in the industrial sector for various incentives under the new policy.

Environment & Conservation

  • Seuj Axom Abhijan to increase green cover in Assam from 36 percent and to 38 percent in five years using the Miyawaki model.
  • Establishment of Assam Agro-Forestry Development Board.
  • Introduction of 200 electric vehicles and 100 CNG buses for ₹250crore under Smart City project in Guwahati.
  • Renovation of 241 anti-poaching camps in Golaghat, Nagaon, Biswanath and Sonitpur districts. 35 km elevated corridor for safe passage of animals from Kaziranga to Karbi Anglong for ₹4,865 crore.
  • Nine elephant corridors to be notified.
  • 832 hectare land acquisition for Kaziranga National Park. ₹48.08 crore for land compensation to 1,085 displaced families.
  • Finalization of Eco-Sensitive Zone of integrated Kaziranga National Park and Tiger Reserve.

Healthcare

  • Construction of seven more cancer hospitals in Dibrugarh, Barpeta, Kokrajhar, Tezpur, Jorhat, Lakhimpur and Darrang to commence within 2022-23.
  • Robotic Surgery unit earmarked for State Cancer Institute, GMCH for ₹15 crore.
  • Proposal to set up three new medical colleges at Sivasagar, Karimganj and Goalpara, along with a super-specialty hospital at IIT Guwahati.
  • Construction of medical colleges at Dhemaji, Bongaigaon, Morigaon, Golaghat and Tamulpur to start this year. 
  • Expansion of primary healthcare with the establishment of 1,000 Buniyadi Swasthya Kendras and upgrading 200 sub-centers.
  • New Ayurvedic Colleges to be set up at Dudhnoi and Palashbari. One BSc Nursing College and GNM Nursing School for each medical college.
  • District hospitals in Barpeta, Silchar, Diphu, Jorhat, Tezpur and Lakhimpur to be upgraded to super-specialty hospitals for ₹3,798 crores.
  • Sneha Sparsh Plus scheme to cover rehabilitation costs for children suffering from cerebral palsy.
  • Dedicated IT portal to be launched for a simplified medical reimbursement process for state government employees.
  • Empanelled hospitals to be withdrawn so that employees can avail treatment at the hospital of their choice.

Agriculture

  • Extensive training and demonstration for promotion of natural farming. International Year of Millets to be celebrated in 2023. 
  • Fodder Mission proposed to be set up. 40 seed farms under Assam Seed Corporation Limited and Directorate of Agriculture with the allocation of ₹10 crores.
  • Decentralized Procurement Scheme for Kharif Marketing Season 2022-23.
  • 150 Paddy procurement centres and at least 30 rice receiving depots to be set up.

Power Sector

  • ₹4000 crores earmarked for Mukhya Mantri Souro Shakti Prokolpo to increase the generation of clean energy by installing solar power generation plants with an aggregated installed capacity of 1,000 Mega Watts.
  • ₹2,127 crores for 120 MW Lower Kopili Hydro Electric Project.
  • Two projects of 46.5 MW on the Borpani river are in progress.
  • ₹2500 crores earmarked for 10MW Namrup Replacement Power Project Phase-II and 100MW Namrup Gas Engine Project.

Urban Development

  • Amrit Guwahati Integrated Global City (Amrit GiG City) to be developed as a new-age, world-class integrated business city. Spread across 1,000 acres, it will have a world-class infrastructure for next-generation industries.
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Union Budget 2022-23: Indian Economy snapshot & current status

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Union Budget 2022-23: Indian Economy snapshot & current status

 

~ GDP growth ~

  • Growth is estimated at 9.2 percent for FY22. 
  • Gross value addition in agriculture and industry is estimated to grow by 3.9 percent and 11.8 percent, respectively. 
  • Gross investment and exports will be the bigger growth drivers. 
  • In FY23, growth may increase between 8.0 percent and 8.5 percent.

~ Fiscal deficit ~

  • The fiscal deficit reached 46.2 percent of the full year target during April−Nov 2021, amidst a rise in tax collections. The deficit for FY22 is expected to be 6.9 percent. 
  • In FY23, government finances will witness consolidation in FY22, after an uptick in deficit and debt indicators in FY2021. The deficit is expected to be –6.4 percent.

~ Inflation ~

  • In Dec 2021, the CPI inflation increased to a five month high of 5.6 percent with core inflation remaining high at 6.1 percent. Inflation may increase due to imported inflation, especially from elevated global energy prices and supply-chain disruptions.

~ Domestic Credit growth ~

  • Domestic credit growth was 9.8 percent in Q3 FY22 against 8.5 percent in FY21. Credit growth to the industry sector improved but has yet to recover in the services sector. 
  • In FY23, demand for credit growth may increase gradually as economic activity returns to normalcy. Banks are well capitalised and the reduced NPAs level will improve lending activities.

~ Current Account Deficit ~

  • Current account recorded a deficit of 0.2 percent of GDP in H1 FY22, led by a rising trade deficit.
  • In FY23, the current account may remain in deficit as imports rise with the economic recovery. Stronger exports may keep the deficit in check.

~ FDI ~

  • Net FDI inflows amounted to US$ 24.7 billion for April-November 2021, 29.5 percent lower than April-November 2020. 
  • In FY23, FDI is expected to remain volatile due to global uncertainties associated with the spread of the infection and the pace of monetary policy tightening in advanced countries.

~ Other economic parameters ~

  • RBI kept repo rate unchanged at 4 percent since May 2020; continues with an accommodative monetary policy stance.
  • Forex reserves touched US$ 633.6 billion, as of Dec 2021
  • Net FDI inflows amounted to US$ 24.7 billion for April−November 2021, 29.5 percent lower than those for April−November 2020
  • CPI averaged at 5.2 percent in April−December 2021, driven primarily by food inflation and high fuel prices
  • Merchandise exports expanded by 49.7 percent to US$ 301.4 billion in April−December 2021, exceeding the pre-pandemic levels.

Highlights of Union Budget 2022-23: Analysis & Important points

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Assam Budget 2021-22 – Highlights and Analysis

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Highlights of Assam Budget 2021-22 – Detailed Analysis and Important Points

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Highlights of Assam Budget 2021-22

The Finance Minister of Assam, Ms. Ajanta Neog, who is also Assam’s first woman Finance Minister, presented a deficit budget of Rs 566 crore for the state for the Fiscal Year 2021-22 on July 16, 2021.

Due to the impact of COVID-19, 2020-21 was not a standard year with respect to the performance of the economy and government finances, thus, 2021-22 budget estimates have been compared to the actuals for 2019-20 (in terms of compounded annual growth rate or CAGR).

The aggregate income of the government has been calculated at Rs 2,89,770.68 crore for FY 2021-22, and the total expenditure for the financial year has been estimated at Rs 2,89,367.10 crore.

The estimated transactions during the year will result in an estimated surplus of Rs 403.58 crore. This, together with the opening deficit of Rs 969.78 crore will lead to a budget deficit of Rs 566.20 crore at the end of the year 2021-22.

 

Fiscal State of Assam

  • Gross State Domestic Product (GSDP) of Assam for 2021-22 (at current prices) is projected to be Rs 3,77,102 crore, which is an annual increase of 4% over the GSDP figure of 2019-20 and 0.9% higher than the revised estimate of GSDP for 2020-21 (Rs 3,73,872 crore).

  • Total expenditure for 2021-22 is estimated to be Rs 1,07,556 crore, an annual increase of 14% over the actual expenditure in 2019-20.

  • Total receipts (excluding borrowings) for 2021-22 are estimated to be Rs 88,992 crore, an annual increase of 17% over 2019-20. In 2020-21, total receipts (excluding borrowings) are estimated to fall short of the budget estimate by Rs 2,148 crore.

  • Revenue surplus for 2021-22 is estimated to be Rs 4,574 crore, which is 1.21% of the GSDP. In 2020-21, as per the revised estimate, revenue deficit is estimated at Rs 6,229 crore (1.67% of GSDP) as compared to the revenue surplus of Rs 9,154 crore estimated at the budget stage.

  • Fiscal deficit for 2021-22 is targeted at Rs 15,028 crore (3.9% of GSDP). In 2020-21, fiscal deficit is estimated to be 8.05% of GSDP as per the revised estimate, higher than the budget estimate of 2.3% of GSDP.

Expenditure in Financial Year 2021-22

  • Capital expenditure for 2021-22 is proposed to be Rs 23,151 crore, which is an annual increase of 17% over the actual capital expenditure in 2019-20.

  • Capital outlay for 2021-22 is estimated to be Rs 19,491 crore, which is an annual increase of 22% over 2019-20.

  • Revenue expenditure for 2021-22 is proposed to be Rs 84,405 crore, an annual increase of 13% over 2019-20.

 

Receipts in 2021-22

  • In 2021-22, State GST (SGST) is estimated to be Rs 11,180 crore, the largest source of the state’s own tax revenue (53%). It is estimated to increase at an annual rate of 13% over 2019-20.

  • In 2021-22, the state is expected to generate Rs 5,722 crore through Sales Tax/VAT, an annual increase of 13% over 2019-20.

  • In 2021-22, the state expects to generate Rs 2,107 crore through State Excise.

Tax proposals

  • The upper limit for composition levy has been increased to Rs 1.5 crore for marginal taxpayers. Online platform will be created to improve the ease of compliance for non-GST laws.

  • The budget made no new tax proposal, and tax rates remain unchanged.

Education & Employment

  • The budget also allocated funds for establishing 5 new medical colleges at Golaghat, Dhemaji, Morigaon, Bongaigaon and Tamulpur to improve the quality of health services.

  • Three new engineering colleges will be established at Bongaigaon, Behali, and Sualkuchi. State university will be established in Karbi Anglong for students in hill districts.

  • The budget also promises smartphones to class IX and X students in government schools.

  • State government will recruit 1 lakhs youths for government jobs in the state.

  • Rs 2,176 crore has been allocated towards Sarva Shiksha Abhiyan.

  • Rs 840 crore has been allocated towards National Mid-Day Meal Programme.

Agriculture and allied activities

  • 100 agricultural markets and 40 warehouses will be upgraded and modernised. 1,500 high quality Murrah buffaloes will be provided to 500 beneficiaries to increase the milk production.

  • 60 commercial dairy farms will be established to increase dairy entrepreneurship.

  • Rs 253 crore has been allocated towards crop insurance programme.

Health & Welfare initiatives

  • The government has allocated Rs 40 crore for aiding the families who lost their loved ones due to the COVID-19 pandemic. The budget promises Rs 1 lakh one-time compensation to the next of the kins of those who have died due to COVID-19.

  • The Budget will provide microfinance loan waivers to economically vulnerable people through incentives.

  • Under the poverty alleviation Orunodoi scheme, financial assistance has been increased from Rs 830 to Rs 1,000 per month to ensure support for financially weaker families.

  • Budget proposed piped gas supply to 2,69,648 families of tea garden workers.

  • Rs 3,890 crore has been allocated towards Rural Health Services – Allopathy.

  • Rs 435 crore has been allocated towards Urban Health Services – Allopathy.

  • Rs 2,837 crore has been allocated towards Pradhan Mantri Awas Yojana – Gramin.

  • Rs 947 crore has been allocated towards child welfare and Rs 179 crore towards welfare of handicapped.

Infrastructure

  • The government has also proposed to build 1000 KM of embankments and roads so as to make Assam flood-free.

  • Rs 7,715 crore has been allocated towards capital outlay on roads and bridges.

  • Rs 3,109 crore has been allocated towards capital outlay on power projects.

  • Rs 72 crore has been allocated towards City Amenities Development Fund.

  • Rs 334 crore has been allocated towards Pradhan Mantri Awas Yojana.

State of Economy of Assam

GSDP: In 2019-20, Assam’s GSDP (at constant prices) is estimated to grow by 6.3% over the previous year. The per capita GSDP of Assam in 2019-20 (at constant prices) was Rs 72,129. This is 5.2% higher than that in 2018-19.

Sectors: In 2019-20, agriculture, manufacturing, and services sectors contributed to 30%, 29%, and 41% of the economy. In 2019-20, agriculture, manufacturing, and services sectors grew by 4.9%, 8.3%, and 4.5% respectively.

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Highlights of Union Budget 2021-22: Analysis & Important points

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Highlights of Union Budget 2021-22 – Analysis & Important points

 

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The Union Budget of India for 2021 – 2022 was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2021, in a backdrop of a economic stress due to COVID-19 pandemic. FM Sitharama chose to go completely paperless to present her third budget. The budget did address several key expectations of individuals and corporates. The FM reiterated the government’s vision towards developing an Atma Nirbhar Bharat. The budget has categorically divided Part A of the budget into six primary pillars – health and wellbeing, physical & financial capital, infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, minimum government and maximum governance. During Budget presentation, the FM briefed the parliament on the financial impact of the AtmaNirbhar Bharat packages and continued to reiterate the need to establish an AtmaNirbhar Bharat – a self-reliant India. Budget 2021 focused on 6 major pillars, with healthcare and infrastructure sectors enjoying the maximum levels of attention.

Due to ongoing period of unprecedented economic stress, the Union Budget for FY22 has been very liberal in terms of the targeted fiscal deficit. The Government has taken liberty to spend enough to bring about economic revival. The focus on healthcare, infrastructure and the financial sector indicates that the government is steadily taking more robust measures to realize their vision of Atmanirbhar India.

The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. India’s first Budget was presented on 18 February 1860. R K Shanmukham Chetty, the first finance minister of independent India presented the Union Budget on 26 November 1947.

 

Highlights & Important Point of Union Budget 2021-22

 

~ Healthcare and Other Allied Services ~

    • The Finance Minister placed huge focus on healthcare and allied services. The total budgetary expenditure towards health and wellbeing for the upcoming financial year 2021-2022 was increased multifold to Rs. 2,23,846 Crores from just Rs. 94,452 Crores, marking a massive increase of over 137%.

    • Rs. 35,000 Crores was earmarked towards COVID-19 vaccinations in 2021-2022.

    • Plan to roll out pneumococcal vaccine throughout the country.

    • PM Atmanirbhar Swasth Bharat Yojana – Around Rs. 64,180 Crores was earmarked to be spent over a period of 6 years towards a new scheme – PM Atmanirbhar Swasth Bharat Yojana, wihich is centered around revamping and developing primary, secondary, and tertiary healthcare systems across India.

    • Three other schemes with regards to Nutrition, Water Supply, and Cleanliness were also announced
      1. Mission Poshan 2.0 for improving nutritional outcomes
      2. Jal Jeevan Mission (Urban) with a total capital outlay of Rs. 2,87,000 Crores over a period of 5 years to ensure universal water supply to over 2.86 crore household tap connections and liquid waste management in 500 AMRUT cities, and
      3. Urban Swachh Bharat Mission 2.0 for promoting better cleanliness, at a total capital outlay of Rs. 1,41,678 Crores over 5 years from 2021-2026.

      Combating Air Pollution

    • To address the problem of rising air pollution, Rs. 2,217 Crores is provisioned for combating the problem in 42 urban centres, which carry a population of more than a million.

      Vehicle Scrapping Policy

    • A new voluntary vehicle scrapping policy was also proposed to phase out polluting and old vehicles. Personal vehicles above 20 years age and commercial vehicles above 15 years age to undergo fitness tests in automated fitness centres.

 

~ Infrastructure Sector ~

  • The Budget introduced several new schemes and measures that would bolster the infrastructure in the country.

  • Roads & highways
    Proposal to provide around Rs. 1,18,101 Crores to the Ministry of Road Transport and Highways

  • An additional 8,500 kilometers of roads and highways will be awarded under the Bharatmala Pariyojana project, and around 11,000 more kilometers of highways would be completed by March, 2022.

  • Plan to develop Economic corridors in the states of Tamil Nadu, Kerala, West Bengal, and Assam are also to undergo construction in the near future. 

    a. 3,500 km of National Highway works in Tamil Nadu at an investment of Rs. 1.03 Lakh Crores
    b. 1,100 km of National Highway works in Kerala at an investment of Rs. 65,000 Crores
    c. 675 km of highway works in West Bengal at a cost of Rs. 25,000 Crores
    d. Works of more than Rs. 34,000 Crores covering more than 1,300 kms of National Highways to be undertaken in Assam in the coming three years.

    Railways
    Budget 2021 provides for Rs. 1,10,055 Crores towards the expenditure to be incurred by Indian Railways.

    Urban infrastructure
    • Augmentation of public bus transport services at a cost of around Rs. 18,000 Crores through the Public Private Partnership model
    • Around 1,016 kilometers of metro and RRTS being constructed in 27 cities
    • Central counterpart funding to be provided to:
    a. Kochi Metro Railway Phase II
    b. Chennai Metro Railway Phase II
    c. Bengaluru Metro Railway Project Phase 2A and 2B
    d.  Nagpur Metro Rail Project Phase II
    e.  Nashik Metro

  • The Western Dedicated Freight Corridor (DFC) and Eastern DFC would likely be formally commissioned by June 2022. Several other DFC projects such as the Kharagpur to Vijayawada corridor, Bhusaval to Kharagpur to Dankuni corridor, and Itarsi to Vijayawada corridor are also under the pipeline.

    Additionally, 100% electrification of Broad-Gauge routes is also expected to be completed by December, 2023.
  • To promote further safety, an automatic train protection system is also to be implemented, which would work to eliminate train collisions due to human error.

 

~ Power Sector ~

  •  To introduce a revamped power distribution sector scheme with a capital outlay of Rs. 3,05,984 Crores over a period of 5 years

  • To launch a Hydrogen Energy Mission in 2021-22 for generating hydrogen from green power sources.

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~ Financial reforms ~
  • A single Securities Markets Code has been proposed, which would rationalize and consolidate multiple securities laws including the SEBI Act, 1992, the Depositories Act, 1996, the Securities Contracts (Regulation) Act, 1956, and the Government Securities Act, 2007.
  • Formation of an institutional framework for the corporate bond market, an investor charter for all financial products, and setting up of regulated gold exchanges.
  • Proposal to increase FDI limit of insurance companies from 49% to around 74%, which would effectively enable foreign ownership in the sector.
  • Government of India has proposed to start up an Asset Reconstruction Company (ARC) and an Asset Management Company (AMC) to take over stressed assets of PSBs for value realization. Around Rs. 20,000 Crores has been earmarked for recapitalization of PSBs in the year 2021-2022.

 

~ Fiscal Position ~

  • Union Budget estimates for expenditure in 2021-2022 pegged at Rs. 34.83 Lakh Crores – including Rs. 5.54 Lakh Crores as capital expenditure, an increase of 34.5% over the BE figure of 2020-2021.

  • The Contingency Fund of India to be augmented from Rs. 500 Crores to Rs. 30,000 Crores through Finance Bill

  • Fiscal deficit for FY22: Budget estimate at 6.8% of GDP

  • Fiscal deficit for FY21: Revised estimate at 9.5% of GDP

~ Taxation proposals ~

  • The budget proposed that senior citizens aged 75 and above, who receive only pension income and interest on deposits, need not file their annual income tax returns. The paying bank would be responsible for deducting taxes from the concerned senior citizen’s income and depositing it on their behalf.

  • The turnover threshold limit for tax audits would be raised to Rs. 10 Crore from Rs. 5 Crore for assessees who carry out 95% of their transactions through digital means.

  • Additional deduction of Rs. 1.5 Lakhs under Section 80EEA of the Income Tax Act, offered on the interest paid on home loans for affordable housing, was extended till March 31, 2022. Affordable housing projects to be eligible to avail a tax holiday for one more year – till 31st March, 2022.

  • ULIP proceeds will be taxable for salaried employees making a contribution to EPF over and above Rs. 2.5 Lakhs during any year. In such cases, the interest on contributions over Rs. 2.5 Lakhs will be taxable as a part of the employee’s total income. In the case of ULIPs, if the premiums paid during any year exceed Rs. 2.5 Lakhs, the proceeds from the policy will be taxable as capital gains at the time of maturity. Proceeds paid out on death, however, remain exempt from tax.

  • Reduction in time limit for reopening of income tax assessment from 6 years to 3 years – only in cases of serious tax evasion, where there is evidence of concealment of income of Rs. 50 Lakhs or more in a year, the time limit for reopening income tax assessment to be 10 years.

  • Faceless Income Tax Appellate Tribunal Centre: All communication between the Tribunal and the appellant to be electronic.

  • Dividend payment to REIT/ InvIT to be made exempt from TDS.

 

~ Rationalization of Customs Duty ~

  • The Finance Minister proposed to review over 400 old exemptions and sought to bring out a revamped customs duty structure by October, 2021.

  • Union Budget 2021 aims to promote domestic manufacturing and self-reliance, several key measures with regard to customs duty were proposed. This included an increase in the customs duty on the import of certain electronic and mobile phone parts, solar inverters, solar lanterns, capital equipment and auto parts, cotton, raw silk and silk yarn, and denatured ethyl alcohol, among others.

  • In an attempt to reduce the burden on MSMEs and other small industries, the customs duty on various key products was effectively reduced. Non-alloy stainless steel products, iron and steel scrap, copper scrap, nylon chips and fibers, and naphtha, among others were on the list. This move can help reduce the cost of manufacturing.

  • To boost domestic MSME production and demand for their products, the customs duty on a few other products were also raised. This included steel screws, plastic builder wares, prawn feed, and synthetic gemstones among others. The exemption given to imported leather goods also stands withdrawn.

 

~ Education Sector ~
  • A Central University to be set up in Leh for accessible higher education in Ladakh.
  • More than 15,000 schools to be qualitatively strengthened to include all components of the National Education Policy (NEP)
  • 100 new Sainik Schools will be set up in partnership with NGOs/private schools/states
  • Over Rs. 3,000 Crores to be provided for realigning the existing scheme of National Apprenticeship Training Scheme (NATS) for providing post-education apprenticeship, training of graduates and diploma holders in Engineering.

 

~ Disinvestment ~
  • Proposal for strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited etc. to be completed in 2021-22.
  • Two more Public Sector Banks and one General Insurance company to be privatized.
  • IPO of LIC set to be issued in 2021-22.

 

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Union Budget of India (Important Provisions & Facts) – Economics Notes for APSC Exam

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Union Budget of India (Important Provisions & Facts) – Economics Notes for APSC, UPSC and other competitive Exams

 

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The Union Budget of India also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India.

Since 2017, the Government of India presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Before 2017, it was presented on the last working day of February by the Finance Minister in Parliament.

The budget, presented as the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year.

On election years, an interim budget is presented in February month. An interim budget is not the same as a ‘Vote on Account’. While a ‘Vote on Account’ deals only with the expenditure side of the government’s budget. An interim budget is a complete set of accounts, including both expenditure and receipts. An interim budget gives the complete financial statement, very similar to a full budget.

Important Facts about Union Budget of India

The first Indian budget was presented by James Wilson, a Scottish economist and politician, in 1860. He did so as a ‘Finance Member of the India Council’. He is regarded as the founder of Standard Chartered Bank and ‘The Economist’ magazine.

As of now,Morarji Desai has presented 10 budgets which is the highest count followed by P Chidambaram’s 9 and Pranab Mukherjee’s 8. Yashwant Sinha, Yashwantrao Chavan and C.D. Deshmukh have presented 7 budgets each while Manmohan Singh and T.T. Krishnamachari have presented 6 budgets.

The first Union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.

The Union budgets for the fiscal years 1959-61 to 1963-64, inclusive of the interim budget for 1962-63, were presented by Morarji Desai. On 29 February in 1964 and 1968, he became the only finance minister to present the Union budget on his birthday. The last four budgets he presented when he was both the Finance Minister and the Deputy Prime Minister of India.

Morarji Desai is the only Finance Minister to present two Budgets on his Birhtday i.e. February 29, 1964 and 1968.

After Desai, Indira Gandhi, the then Prime Minister of India, took over the Ministry of Finance to become the first woman to hold the post of the Finance Minister.

Pranab Mukherjee, the first Rajya Sabha member to hold the Finance portfolio, presented the annual budgets for the financial years 1982-83, 1983–84 and 1984-85.

Manmohan Singh under P. V. Narasimha Rao, in his next annual budgets from 1992–93, opened the economy, encouraged foreign investments and reduced peak import duty from 300 plus percent to 50 percent. This budget is crucial for the onset of Indian economy’s liberalization.

The Union Budget for 2019–2020 was presented by Nirmala Sitharaman on 5 July 2019. Sitharaman becoming India’s second female defence minister and also the second female finance minister after Indira Gandhi and first full-time female Finance Minister. She has also presented the Union Budget for 2019–2020.

Budget Presentation Date & Time

Until the year 1999, the Union Budget was announced at 5:00 pm on the last working day of the month of February. This practice was inherited from the Colonial Era and another reason was that until the 1990s, all that budgets seem to do was to raise taxes, budget presentation in the evening gave producers and the tax collecting agencies the night to work out the change in prices.

In 1999, Yashwant Sinha, the then Finance Minister of India in the NDA government, changed the ritual by announcing the 1999 Union Budget at 11 am.

In 2016, departing from the colonial-era tradition of presenting the Union Budget on the last working day of February, Minister of Finance Arun Jaitley, in the NDA government of Narendra Modi announced that it will now be presented on 1 February.

Rail Budget

Railway budget of India was the Annual Financial Statement of the state-owned Indian Railways, which handles rail transport in India. It was presented every year by the Minister of Railways, representing the Ministry of Railways, in the Parliament.

The Railway Budget was presented every year, a few days before the Union budget, till 2016. From 2017, the Rail Budget is merged with the General budgets, ending a 92-year-old practice of a separate budget for the nation’s largest transporter.

The last standalone Railway Budget was presented on 25 February 2016 by Mr. Suresh Prabhu.

Halwa Ceremony and Budget briefcase

The printing of budget documents starts roughly a week ahead of presenting in the Parliament with a customary ‘Halwa ceremony’ in which halwa is prepared and served to the officers and support staff involved. They remain isolated and stay in the North Block office until the Budget is presented. The Halwa is served by the Finance Minister. This ceremony is performed as a part of the Indian tradition of having something sweet before starting an important work.

Until 2018, as a part of tradition, Finance ministers carried the budget in a leather briefcase. The tradition was established by the first Finance minister of India, Mr. RK Shanmukham Chetty. On 5 July 2019, Nirmala Sitharaman, broke this tradition by carrying the budget in a Bahi-Khata, which she continued in 2020 also.

Important Budgets

First Union Budget – Independent India’s first Union Budget was presented on 26th November, 1947 by the first Finance Minister of India R K Shanmukham Chetty.

People’s Budget – Union Budget for 1968-69 presented on 29th Februray, 1968 by Sri. Morarji Desai, then Finance Minster was termed as ‘People’s Budget’ due to its ground breaking proposals such as simplified assessment for manufacturers under erstwhile Excise Law regime, abolition of spouse allowance, discontinuance of separate surcharges on earned and unearned incomes, reducing the tax assessment time to two years from 4 years, heavy penalty for tax evaders and among others.

Carrot & Stick Budget – Union Budget for 1986-87 presented on 28th Februry, 1986 by Sri. V.P. Singh, got this nick name due to its serious attempts to removal of license raj from the administration, long-term fiscal policy in-line with five year plans, a beginning of major indirect tax reforms including Excise laws related proposals, introduction of modified Value Added Tax etc.


New India’s foundation stone laying Budget – Union Budget for 1991 – 92 presented on 24th July, 1991 by Sri. Manmohan Singh, then Finance Minister could be termed as ‘New India’s foundation stone laying ceremony’ due to its path breaking proposals such attempts to overhaul India’s Export & Import policy, trade policy, slashing of import license, promotion of export sector to enable the Indian industry to compete with its global players, increase in foreign investment limits among others have shown a totally new path for the Indian economy.

Dream Budget – Union Budget for 1997 – 98 presented on 28th February, 1997 by Sri. P. Chidambaram, then Finance Minister was called the Dream Budget due to its significant proposals on Personal Income Tax and Corporate Tax regime. FM has brought down the highest Personal Income Tax rate from 40 percent to 30 percent, done away with number of surcharges, reduced royalty rates which were welcomed by larger section of the society. Another unconventional but path breaking proposal was ‘The Voluntary Disclosure of Income Scheme (VDIS) – 1997’ to allow people to come forward to disclose their undeclared wealth either in the form of cash or shares or gold or real estate assets, held in India or abroad without disclosing its source of funds. Since Scheme allowed to pay barely 30 and 35 percent of tax on such declared income, waiver hefty interest, penalty and immunity under various laws say, the Income tax law, wealth tax law and the foreign exchange law fetched very good response where more than 3,50,000 Indian citizens came forward to declare their undisclosed income or assets and committed to pay tax about Rs. 7,800 crore.

Millennium Budget – Union Budget for 2000-01 presented on 29th February, 2000 by Sri. Yashwant Sinha, then Finance Minister was a first Budget of the millennium. Finance Minister through this budget laid out a path to make India as a software hub. Introduction of Transfer Pricing Regulation under Income Tax Law to curb erosion of tax base India, phasing out of exemptions / subsidies granted for export regime, reduction in customs duty on computers from 20 per cent to 15 percent, mother boards from 20 per cent to 15 per cent, on specified capital goods for manufacture of semiconductors from 15 per cent to 5 per cent were truly shot in the arm for India’s growing software industry.

Ordinary Indians Budget – Union Budget for 2005 – 06 was presented 28th February, 2005 by Sri P. Chidambaram, then Finance Minister due to its pro poor and people oriented proposals known as Ordinary Indians or Aam Aadmi Budget. Hon’ble Finance Minister has presented one of the best union budgets in recent times. Tax proposals including upward changes in tax slabs, lowered corporate tax rates, reduction in customs duty on crude petroleum, collective Fringe Benefit Tax for employees, allowing Minimum Alternate Tax (MAT) Credit, introduction of National Rural Employment Guarantee Act (NREGA) and Right To Information Act (RTI) were truly common man’s needs.

 

Budget Documents & Its list

Besides the Finance Minister’s Budget Speech, there will be a set of Documents which also presented in the Parliament.

  1. Annual Financial Statement (AFS)
  2. Demands for Grants (DGs)
  3. Finance Bill of the coming Financial year
  4. Statements mandated under FRBM Act-

♦ Macro-Economic Framework Statement

♦ Fiscal Policy Strategy Statement

♦Medium Term Fiscal Policy Statement

  1. Expenditure Budget
  2. Receipts Budget
  3. Memorandum Explaining the Provisions in the Finance Bill
  4. Budget at a Glance
  5. Outcome Budget
  6. Economic Survey

 

Economic Survey

Economic Survey – The Central Government is bringing an ‘Economic Survey’ indicating survey on economic trends of the country. The Survey throw lights on agricultural, industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant macro and micro economic factors which have a direct impact on the Union Budget.

 

Go to APSC Economy Notes   |   Go to Assam Economy Notes