OECD
(1). OECD stands for Organisation for Economic Co-operation and Development
(2). It is an international economic organisation
(3). Established in 1961
(4). Secretariat : Paris
(5). Members : 35
(6). Latvia has joined in July, 2016
(7). Aims to stimulate economic progress and world trade
(8). Its members are committed to Democracy and Market Economy
(9). Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries
(10). India is not a member of OECD
(1). OECD stands for Organisation for Economic Co-operation and Development
(2). It is an international economic organisation
(3). Established in 1961
(4). Secretariat : Paris
(5). Members : 35
(6). Latvia has joined in July, 2016
(7). Aims to stimulate economic progress and world trade
(8). Its members are committed to Democracy and Market Economy
(9). Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries
(10). India is not a member of OECD
IORA
(1). IORA stands for Indian Ocean Rim Association
(2). It consists of coastal states bordering the Indian Ocean
(3). The IORA is a regional forum which bring together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them
(4). 21 member states : South Africa, Mozambique, Tanzania, Kenya, Madagascar, Comoros, Mauritius, Seychelles, Iran, Oman, UAE, Yemen, India, Sri Lanka, Bangladesh, Malaysia, Indonesia, Singapore, Thailand, Australia and Somalia.
(5). Maldives, Pakistan, Saudi Arabia, Myanmar are not members
(6). Secretariat of IORA is located at Ebene, Mauritius.
(7). The organisation was first established as Indian Ocean Rim Initiative in Mauritius on March 1995 and formally launched in 1997 by the conclusion of a multilateral treaty known as the Charter of the Indian Ocean Rim Association for Regional Co-operation
(8). Current chairmanship : Indonesia
(9). Factual Information:
* The 2017 Indian-Ocean Rim Association (IORA) Summit (March 5-7, 2017) was the first IORA Summit. Held in Jakarta, Indonesia.
* Theme was "Strengthening Maritime Cooperation for a Peaceful, Stable and Prosperous Indian Ocean"
(1). IORA stands for Indian Ocean Rim Association
(2). It consists of coastal states bordering the Indian Ocean
(3). The IORA is a regional forum which bring together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them
(4). 21 member states : South Africa, Mozambique, Tanzania, Kenya, Madagascar, Comoros, Mauritius, Seychelles, Iran, Oman, UAE, Yemen, India, Sri Lanka, Bangladesh, Malaysia, Indonesia, Singapore, Thailand, Australia and Somalia.
(5). Maldives, Pakistan, Saudi Arabia, Myanmar are not members
(6). Secretariat of IORA is located at Ebene, Mauritius.
(7). The organisation was first established as Indian Ocean Rim Initiative in Mauritius on March 1995 and formally launched in 1997 by the conclusion of a multilateral treaty known as the Charter of the Indian Ocean Rim Association for Regional Co-operation
(8). Current chairmanship : Indonesia
(9). Factual Information:
* The 2017 Indian-Ocean Rim Association (IORA) Summit (March 5-7, 2017) was the first IORA Summit. Held in Jakarta, Indonesia.
* Theme was "Strengthening Maritime Cooperation for a Peaceful, Stable and Prosperous Indian Ocean"
Complete List of Important Events in 2018
10th BRICS Summit 2018 ➡ Johannesburg, South Africa.
13th G-20 summit 2018 ➡ Argentina, Buenos Aires.
44th G7 summit 2018 ➡ At Le Manoir Richelieu in La Malbaie, Quebec, Canada.
ASEAN Summits 2018 ➡ Singapore
13th EAST Asia Summit 2018 ➡ At TBD Central Area, Singapore.
30th APEC Summits 2018 ➡ Papua, New Guinea port mores.
7th OPEC International Seminar 2018 ➡ Vienna, Australia.
NATO Summit 2018 ➡ Brussels, Belgium.
CHOGM Summit 2018 ➡ London, United Kingdom.
20th UN Climate Change Summit 2018 ➡ Katowice, Poland.
Shanghai Cooperation Organisation (SCO) Summit 2018 ➡ Qingdao, China.
51st ADB Annual Meeting 2018 ➡ ADB headquarters, Manila.
4th International Conference on Yoga 2018 ➡San Diego, California, USA.
India Mobile Congress 2018 ➡ New Delhi, India
10th BRICS Summit 2018 ➡ Johannesburg, South Africa.
13th G-20 summit 2018 ➡ Argentina, Buenos Aires.
44th G7 summit 2018 ➡ At Le Manoir Richelieu in La Malbaie, Quebec, Canada.
ASEAN Summits 2018 ➡ Singapore
13th EAST Asia Summit 2018 ➡ At TBD Central Area, Singapore.
30th APEC Summits 2018 ➡ Papua, New Guinea port mores.
7th OPEC International Seminar 2018 ➡ Vienna, Australia.
NATO Summit 2018 ➡ Brussels, Belgium.
CHOGM Summit 2018 ➡ London, United Kingdom.
20th UN Climate Change Summit 2018 ➡ Katowice, Poland.
Shanghai Cooperation Organisation (SCO) Summit 2018 ➡ Qingdao, China.
51st ADB Annual Meeting 2018 ➡ ADB headquarters, Manila.
4th International Conference on Yoga 2018 ➡San Diego, California, USA.
India Mobile Congress 2018 ➡ New Delhi, India
Gulf Cooperation Council (GCC)
(1). It is a regional intergovernmental group
(2). It deals with political and economic issues
(3). It includes all Arab states of Persian Gulf except Iraq
(4). Members:
* Bahrain
* Kuwait
* Oman
* Qatar
* Saudi Arabia
* UAE
(5). Established : 1981
(6). All members are monarchies
(1). It is a regional intergovernmental group
(2). It deals with political and economic issues
(3). It includes all Arab states of Persian Gulf except Iraq
(4). Members:
* Bahrain
* Kuwait
* Oman
* Qatar
* Saudi Arabia
* UAE
(5). Established : 1981
(6). All members are monarchies
29 January 2018
@UPSC_2018
#KARPATHUIAS
● First ever 'Khadi Haat' inaugurated in Delhi
● Republic Day Parade: Maharashtra wins best tableau award
● Roger Federer wins sixth Australian Open and 20th Grand Slam title
● Paes wins 25th Challenger doubles title at Newport Beach
● Vijay Keshav Gokhale assumed charge as the new foreign secretary for a two-year term.
● Tai Tzu Ying of Taiwan Wins Indonesian Masters
● Sports Ministry’s Republic Day tableau adjudged best among ministries
● Delhi to get its first ever Haj house in 2019
● India’s GDP growth to be 7-7.5% in 2018-19: Economic Survey
● Documentary on Kailash Satyarthi wins top prize at Sundance Film Festival
● (MeITY) has launched an initiative titled Stree Swabhiman.
● Khelo India Pledge Launched at Khelo India School Games Carnival
● President Ram Nath Kovind launches Pulse Polio programme for 2018
● Asha Bhosle selected for fifth Yash Chopra Memorial Award
● India to Host Informal WTO Ministerial Gathering In New Delhi
● Govt approved plan of Rs 750 crore for law university at Nagpur: Maharashtra CM Fadnavis
● Rail Yatri Guide’ kiosk launched at New Delhi station
● International Bird Festival to be held at Dudhwa National Park
● India cheapest country to live in after South Africa: Survey
● India, Lao PDR sign agreement for cooperation in civil aviation
@UPSC_2018
#KARPATHUIAS
● First ever 'Khadi Haat' inaugurated in Delhi
● Republic Day Parade: Maharashtra wins best tableau award
● Roger Federer wins sixth Australian Open and 20th Grand Slam title
● Paes wins 25th Challenger doubles title at Newport Beach
● Vijay Keshav Gokhale assumed charge as the new foreign secretary for a two-year term.
● Tai Tzu Ying of Taiwan Wins Indonesian Masters
● Sports Ministry’s Republic Day tableau adjudged best among ministries
● Delhi to get its first ever Haj house in 2019
● India’s GDP growth to be 7-7.5% in 2018-19: Economic Survey
● Documentary on Kailash Satyarthi wins top prize at Sundance Film Festival
● (MeITY) has launched an initiative titled Stree Swabhiman.
● Khelo India Pledge Launched at Khelo India School Games Carnival
● President Ram Nath Kovind launches Pulse Polio programme for 2018
● Asha Bhosle selected for fifth Yash Chopra Memorial Award
● India to Host Informal WTO Ministerial Gathering In New Delhi
● Govt approved plan of Rs 750 crore for law university at Nagpur: Maharashtra CM Fadnavis
● Rail Yatri Guide’ kiosk launched at New Delhi station
● International Bird Festival to be held at Dudhwa National Park
● India cheapest country to live in after South Africa: Survey
● India, Lao PDR sign agreement for cooperation in civil aviation
HPC Mihir
Initiative to improve India’s weather forecasting
#KARPATHUIAS
The ministry of earth science (MoES) launched a high-performance computer (HPC) system named Mihir
It will help in improving India’s weather forecasting
India’s ranking to rise
The HPC will be India’s largest in terms of peak capacity and performance
It will propel the country’s ranking from the 368th position to the top 30 in list of HPC facilities across the world
India will now also be ranked 4th, after Japan, UK and US for dedicated HPC resources for weather/climate community
What will this HPC help in?
Prediction of cyclones with more accuracy and lead time
Improve ocean state forecasts including marine water quality forecasts
Tsunami forecasts with greater lead time
Air quality forecasts for various cities and climate projection.
Initiative to improve India’s weather forecasting
#KARPATHUIAS
The ministry of earth science (MoES) launched a high-performance computer (HPC) system named Mihir
It will help in improving India’s weather forecasting
India’s ranking to rise
The HPC will be India’s largest in terms of peak capacity and performance
It will propel the country’s ranking from the 368th position to the top 30 in list of HPC facilities across the world
India will now also be ranked 4th, after Japan, UK and US for dedicated HPC resources for weather/climate community
What will this HPC help in?
Prediction of cyclones with more accuracy and lead time
Improve ocean state forecasts including marine water quality forecasts
Tsunami forecasts with greater lead time
Air quality forecasts for various cities and climate projection.
Why do they fill Airplane tires with Nitrogen?
https://t.me/UPSC_18
Aircraft tires are filled with nitrogen because nitrogen gas is mostly inert, meaning that it requires more energy to react with other substances. This is important because at elevated temperatures, oxygen can react with rubber. Oxidized rubber is weaker than non-oxidized rubber, and weaker tires are not preferred.
Oxygen diffuses through rubber much faster than nitrogen. This means that tires filled with 95% nitrogen (the standard percentage of nitrogen gas for inflation purposes) will maintain pressure longer. This leads to less maintenance, which lowers costs
https://t.me/UPSC_18
Aircraft tires are filled with nitrogen because nitrogen gas is mostly inert, meaning that it requires more energy to react with other substances. This is important because at elevated temperatures, oxygen can react with rubber. Oxidized rubber is weaker than non-oxidized rubber, and weaker tires are not preferred.
Oxygen diffuses through rubber much faster than nitrogen. This means that tires filled with 95% nitrogen (the standard percentage of nitrogen gas for inflation purposes) will maintain pressure longer. This leads to less maintenance, which lowers costs
Budget basics: A glossary of terms used in Budget
With Finance Minister Arun Jaitley getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for a long speech. And a part of this long speech involves terms that aren’t used in daily conversation. Here is a ready reckoner for some of these terms.
Disinvestment Receipts
The term refers to the money raised by the Government through disinvestment, or the sale of its equity stake in companies it owns.
Fiscal Responsibility and Budget Management Act
The Act is an attempt to make the Government adhere to a phased plan to reduce fiscal deficit, which denotes an excess of expenditure over revenue.
Dividend Distribution Tax
This is a tax levied on companies that pay out dividends to its shareholders, i.e. share a portion of earnings with them.
Venture Capital Funds
These are funds that invest in startups, a financially riskier proposition than investing in established companies.
Securities Transaction Tax
It is a tax on all transactions done over the stock exchanges involving securities such as shares, derivatives, and equity-linked mutual funds.
Wholesale Price Index (WPI)
It is a measure of inflation, or price change, arrived at after regularly measuring the prices of a slew of wholesale goods.
Consumer Price Index (CPI)
It is a measure of inflation, or price change, arrived at after regularly measuring the prices of a slew of household goods and services.
Capital Gains Tax
It is a tax on the gains that ensue when an asset is sold for a price higher than what it was bought for.
Ad Valorem Tax
This is charged as a percentage of the value of a good or service, not at a specific rate per unit.
Advance Pricing Agreement (APA)
It is an agreement between a taxpaying entity and the taxman that indicates how the former will price transactions with its associates.
Fiscal Policy
It is what a Government does to influence the course of an economy through decisions on taxes and spending.
Monetary Policy
It is what a central bank does to influence the course of an economy through decisions on money supply and interest rate.
Direct Tax
A tax such as the income-tax, which has to be borne by the person it or entity it is imposed on.
Indirect Tax
A tax on goods and services, typically, levied on an entity but paid by another.
Direct Taxes Code (DTC)
India’s likely replacement to the long-standing Income Tax Act, the Direct Taxes Code is meant to make direct tax laws simpler and more efficient.
Goods and Services Tax (GST)
Proposed to be rolled out in India from April 1, 2016, the GST seeks to make the indirect tax structure simpler and efficient by replacing a slew of levies such as octroi, central sales tax, State sales tax, entry tax and so on.
External Commercial Borrowing (ECB)
ECBs refer to commercial loans with a minimum three-year maturity that can be raised from lenders from overseas where interest rates are lower than in India.
Fiscal Consolidation
The term refers to the things a Government does to maintain good fiscal health — cut debt and wasteful expenditure and improve revenue opportunities.
Current Account Deficit
It is a trade measure that shows the value of a country’s imports of goods and services to be higher than the value of its exports
With Finance Minister Arun Jaitley getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for a long speech. And a part of this long speech involves terms that aren’t used in daily conversation. Here is a ready reckoner for some of these terms.
Disinvestment Receipts
The term refers to the money raised by the Government through disinvestment, or the sale of its equity stake in companies it owns.
Fiscal Responsibility and Budget Management Act
The Act is an attempt to make the Government adhere to a phased plan to reduce fiscal deficit, which denotes an excess of expenditure over revenue.
Dividend Distribution Tax
This is a tax levied on companies that pay out dividends to its shareholders, i.e. share a portion of earnings with them.
Venture Capital Funds
These are funds that invest in startups, a financially riskier proposition than investing in established companies.
Securities Transaction Tax
It is a tax on all transactions done over the stock exchanges involving securities such as shares, derivatives, and equity-linked mutual funds.
Wholesale Price Index (WPI)
It is a measure of inflation, or price change, arrived at after regularly measuring the prices of a slew of wholesale goods.
Consumer Price Index (CPI)
It is a measure of inflation, or price change, arrived at after regularly measuring the prices of a slew of household goods and services.
Capital Gains Tax
It is a tax on the gains that ensue when an asset is sold for a price higher than what it was bought for.
Ad Valorem Tax
This is charged as a percentage of the value of a good or service, not at a specific rate per unit.
Advance Pricing Agreement (APA)
It is an agreement between a taxpaying entity and the taxman that indicates how the former will price transactions with its associates.
Fiscal Policy
It is what a Government does to influence the course of an economy through decisions on taxes and spending.
Monetary Policy
It is what a central bank does to influence the course of an economy through decisions on money supply and interest rate.
Direct Tax
A tax such as the income-tax, which has to be borne by the person it or entity it is imposed on.
Indirect Tax
A tax on goods and services, typically, levied on an entity but paid by another.
Direct Taxes Code (DTC)
India’s likely replacement to the long-standing Income Tax Act, the Direct Taxes Code is meant to make direct tax laws simpler and more efficient.
Goods and Services Tax (GST)
Proposed to be rolled out in India from April 1, 2016, the GST seeks to make the indirect tax structure simpler and efficient by replacing a slew of levies such as octroi, central sales tax, State sales tax, entry tax and so on.
External Commercial Borrowing (ECB)
ECBs refer to commercial loans with a minimum three-year maturity that can be raised from lenders from overseas where interest rates are lower than in India.
Fiscal Consolidation
The term refers to the things a Government does to maintain good fiscal health — cut debt and wasteful expenditure and improve revenue opportunities.
Current Account Deficit
It is a trade measure that shows the value of a country’s imports of goods and services to be higher than the value of its exports
Highlights of Union Budget 2018-2019
#KARPATHUIAS
Top Developments
1. No changes in personal income tax slabs.
2. Salaried tax payers to get a standard deduction of Rs.40,000 in lieu of transport allowance and "other medical expenses"
3. ₹2,000 crore fund for development of agri markets
4. All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for any medical insurance.
5. For critical illnesses, the deduction has been increased to ₹1,00,000.
6. Free power connections to 4 crore homes under the Saubhagya Yojana
7. 8 crore free gas connection for poor women through Ujjwala Yojana
8. Govt. to implement Minimum Support Price for all crops; It is hiked to 1.5 times of production costs
9. Govt to contribute 12% of wages of new employees for all sectors.
10. New flagship National Health Protection Scheme, providing a health insurance cover of ₹5 lakh per family per year announced
11. Railway capex for the year 2018-19 set at ₹1.48 lakh crore
12. Disinvestment target for this year set at ₹80,000 crore
13. Automatic revision of emoluments Parliamentarians every five years, pegged to inflation
#KARPATHUIAS
Top Developments
1. No changes in personal income tax slabs.
2. Salaried tax payers to get a standard deduction of Rs.40,000 in lieu of transport allowance and "other medical expenses"
3. ₹2,000 crore fund for development of agri markets
4. All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for any medical insurance.
5. For critical illnesses, the deduction has been increased to ₹1,00,000.
6. Free power connections to 4 crore homes under the Saubhagya Yojana
7. 8 crore free gas connection for poor women through Ujjwala Yojana
8. Govt. to implement Minimum Support Price for all crops; It is hiked to 1.5 times of production costs
9. Govt to contribute 12% of wages of new employees for all sectors.
10. New flagship National Health Protection Scheme, providing a health insurance cover of ₹5 lakh per family per year announced
11. Railway capex for the year 2018-19 set at ₹1.48 lakh crore
12. Disinvestment target for this year set at ₹80,000 crore
13. Automatic revision of emoluments Parliamentarians every five years, pegged to inflation
Budget 2018: Jaitley announces ‘world’s largest healthcare programme’
@UPSC_18
Finance Minister Arun Jaitley on Thursday announced two new initiatives under the Ayushman Bharat Program in the Union Budget 2018.
Under the programme, Mr. Jaitley announced a new Flagship National Health Protection Scheme, providing health insurance cover of ₹5 lakh per family per year. The Scheme will cover 10 crore vulnerable families, with approximately 50 crore beneficiaries.
“We are slowly progressing towards universal health coverage,” Mr. Jaitley said in his speech, adding that the Scheme will be the “world’s largest healthcare programme”.
Mr. Jaitley also announced the creation of Health and Wellness centres, which will “bring healthcare closer to home”. These centres, 1.5 lakh in number, will provide free essential drugs and diagnostic services.
Rs. 1200 crores have been allocated for this.
Milind Kothari, Managing Partner, Head-Tax and Regulatory services, BDO India said, “The announcement in the area of healthcare is clearly path-breaking for the sheer size, coverage and the amount committed per family. This ushers India firmly in the next generation of social security as India moves aggressively towards a progressive developing economy.”
@UPSC_18
Finance Minister Arun Jaitley on Thursday announced two new initiatives under the Ayushman Bharat Program in the Union Budget 2018.
Under the programme, Mr. Jaitley announced a new Flagship National Health Protection Scheme, providing health insurance cover of ₹5 lakh per family per year. The Scheme will cover 10 crore vulnerable families, with approximately 50 crore beneficiaries.
“We are slowly progressing towards universal health coverage,” Mr. Jaitley said in his speech, adding that the Scheme will be the “world’s largest healthcare programme”.
Mr. Jaitley also announced the creation of Health and Wellness centres, which will “bring healthcare closer to home”. These centres, 1.5 lakh in number, will provide free essential drugs and diagnostic services.
Rs. 1200 crores have been allocated for this.
Milind Kothari, Managing Partner, Head-Tax and Regulatory services, BDO India said, “The announcement in the area of healthcare is clearly path-breaking for the sheer size, coverage and the amount committed per family. This ushers India firmly in the next generation of social security as India moves aggressively towards a progressive developing economy.”
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Union Budget 2018-19:
Will you be appearing for Banking, Insurance and other Government Job Examinations in 2018? Then to score in General Awareness section it is very important for you to get updates on The Union Budget 2018-19. This will be the last full Union Budget to be presented by Finance Minister Arun Jaitley in the session of Parliament and it will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime affected by implementing the Goods and Services Tax (GST) last year.
Candidates who will be appearing for Syndicate Bank PO, Canara Bank PO, SBI Clerk 2018 Exams and all other Competitive Exam should carefully read the Budget Analysis because there is a high possibility that you might face questions from this year's Union Budget in the General Awareness Section. The highlights and analysis of budget are not only important for exam point of view but also this can help you to prepare for the interview of this year's government job recruitment process.
The Budget, to be the last for this government in view of the general elections due in the first half of 2019, may have two main components: The first part deals with new schemes and outlays for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes. With the implementation of single tax regime GST, this year's budget is believed to take into account only those items that still remain outside the purview of GST. It is highly expected that 2018-19 budget could contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST. For the rest, you'll have to watch this space for the review of Union Budget 2018-19.
We will be covering The Union Budget from Examination's Point of View to help you remember all the important points in a simple and easy manner.
Budget 2018 Takeaways-
* As per the FM in the Union Budget, India is expected to become the fifth largest economy very soon.
* The Growth rate is expected between 7.2-7.5% in the second half of 2017-18.
* Exports are expected to grow 15% in 2018.
* As per the FM, India is a Rs2.5 trillion economy.
* MSP to increase at least 1.5 times that of production cost.
* Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.
* The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
* Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley.
* MSP for Kharif cost will be 1.5 times the cost of production.
* As per the FM, APMCs will be linked with ENAM.
* The government will develop 22,000 Gramin agricultural markets.
* The cluster-model approach will be adopted for agricultural production.
* Allocation in food production sector doubled to Rs 1400 crore.
* Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates Rs500 crore for this.
* Agricultural corpus worth Rs 2000 crore will be set up. 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018.
* A fund for the fishery, aquaculture development and animal husbandry will be set up with a total corpus to be Rs 10,000 crore. We will also allocate Rs 1290 crore for a bamboo mission, as it is green gold.
* In all, we are providing Rs 10 lakh crore to Rs 11 lakh crore as [...]
credit for agricultural activities.
* Jaitley proposes to increase the target of providing free LPG connections to 8 crore to poor women.
* Ujjwala Yojana, the free LPG connection scheme expanded to eight crore households.
* Six crore toilets have been built already, and in the next year, two crore additional toilets will be constructed.
* The government will provide 4 crore electricity connections to the poor under Saubhagya Yojana.
* Kisan credit card to be extended to fisheries,animal husbandry farmers.
* The government will establish a dedicated affordable housing fund.
* Loans to
Will you be appearing for Banking, Insurance and other Government Job Examinations in 2018? Then to score in General Awareness section it is very important for you to get updates on The Union Budget 2018-19. This will be the last full Union Budget to be presented by Finance Minister Arun Jaitley in the session of Parliament and it will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime affected by implementing the Goods and Services Tax (GST) last year.
Candidates who will be appearing for Syndicate Bank PO, Canara Bank PO, SBI Clerk 2018 Exams and all other Competitive Exam should carefully read the Budget Analysis because there is a high possibility that you might face questions from this year's Union Budget in the General Awareness Section. The highlights and analysis of budget are not only important for exam point of view but also this can help you to prepare for the interview of this year's government job recruitment process.
The Budget, to be the last for this government in view of the general elections due in the first half of 2019, may have two main components: The first part deals with new schemes and outlays for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes. With the implementation of single tax regime GST, this year's budget is believed to take into account only those items that still remain outside the purview of GST. It is highly expected that 2018-19 budget could contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST. For the rest, you'll have to watch this space for the review of Union Budget 2018-19.
We will be covering The Union Budget from Examination's Point of View to help you remember all the important points in a simple and easy manner.
Budget 2018 Takeaways-
* As per the FM in the Union Budget, India is expected to become the fifth largest economy very soon.
* The Growth rate is expected between 7.2-7.5% in the second half of 2017-18.
* Exports are expected to grow 15% in 2018.
* As per the FM, India is a Rs2.5 trillion economy.
* MSP to increase at least 1.5 times that of production cost.
* Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.
* The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
* Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley.
* MSP for Kharif cost will be 1.5 times the cost of production.
* As per the FM, APMCs will be linked with ENAM.
* The government will develop 22,000 Gramin agricultural markets.
* The cluster-model approach will be adopted for agricultural production.
* Allocation in food production sector doubled to Rs 1400 crore.
* Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates Rs500 crore for this.
* Agricultural corpus worth Rs 2000 crore will be set up. 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018.
* A fund for the fishery, aquaculture development and animal husbandry will be set up with a total corpus to be Rs 10,000 crore. We will also allocate Rs 1290 crore for a bamboo mission, as it is green gold.
* In all, we are providing Rs 10 lakh crore to Rs 11 lakh crore as [...]
credit for agricultural activities.
* Jaitley proposes to increase the target of providing free LPG connections to 8 crore to poor women.
* Ujjwala Yojana, the free LPG connection scheme expanded to eight crore households.
* Six crore toilets have been built already, and in the next year, two crore additional toilets will be constructed.
* The government will provide 4 crore electricity connections to the poor under Saubhagya Yojana.
* Kisan credit card to be extended to fisheries,animal husbandry farmers.
* The government will establish a dedicated affordable housing fund.
* Loans to