Current Affairs for Engineering Service Exam
- National and International Issues on
- Economic Development
- Social Development
- Industrial Development
- Energy and Environment
- Information and Communication Technology
- General Knowledge
Topic 1:Economic development
Highlights Of Interim Budget 2019-20
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance.
- 12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN.Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19
- Outlay for Rashtriya Gokul mission increased to Rs 750 crore
- Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow resources
- New separate Department of Fisheries for welfare of 1.5 crore fishermen
- 2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.
- Interest subvention of 2% during disaster will now be provided for the entire period of reschedulement of loan
- Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers
- Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month
- 22nd AIIMS to be setup in Haryana
Direct Tax proposals
- Income upto Rs. 5 lakh exempted from Income Tax
- More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers
- Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
- TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits
- Existing rates of income tax to continue
- Tax exempted on notional rent on a second self-occupied house
- Housing and real estate sector to get boost-
- TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000
- Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.
- Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act
- Tax exemption period on notional rent, on unsold inventories, extended from one year to two years
- Fiscal deficit pegged at 3.4% of GDP for 2019-20
- Target of 3% of fiscal deficit to be achieved by 2020-21.
- Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago
Poor and Backward Classes
- 25% additional seats in educational institutions to meet the 10% reservation for the poor
- Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages
- All willing households to be provided electricity connections by March 2019
- Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE
- Arunachal Pradesh came on the air map recently
- Meghalaya, Tripura and Mizoram came on India’s rail map for the first time
- Container cargo movement through improved navigation capacity of the Brahmaputra
- A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-Nomadic tribes.
- New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi nomadic tribes
- Defence budget to cross Rs 3,00,000 crore for the first time ever
- Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
- Overall capital expenditure programme to be of Rs. 1,58,658 crore
- Operating Ratio expected to improve from 98.4% in 2017-18
- to 96.2% in 2018-19 (RE) and
- to 95% in 2019- 20 (BE)
- Indian filmmakers to get access to Single window clearance as well for ease of shooting films
- Regulatory provisions to rely more on self-declaration
- To introduce anti-camcording provisions in the Cinematograph Act to control piracy
MSME and Traders
- 2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
- Atleast 3% of the 25% sourcing for the Government undertakings will be from women owned SMEs
- Renewed Focus on Internal trade ; DIPP renamed to Department for Promotion of Industries and Internal trade
- The Government to make 1 lakh villages into Digital Villages over next five years
- New National Artificial Intelligence portal to support National Program on Artificial Intelligence
Key message in the Interim Budget 2019-20
- Moving towards realizing a ‘New India’ by 2022 –
- Clean and healthy India with universal access to toilets, water and electricity to all
- An India where Farmers’ income would have doubled
- Ample opportunities to youth and women to fulfil their dreams
- An India free from terrorism, communalism, casteism, corruption and nepotism
Vision for the next Decade
- Foundation for India’s growth and development laid in the past 5 years
- Poised to become a Five Trillion Dollar Economy in the next five years
- Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter
Ten dimensions of Vision for India of 2030
India would be a modern, technology driven, high growth, equitable and transparent society.
- To build physical as well as social infrastructure and to provide ease of living
- To create a Digital India, digitize government processes with leaders from youth
- Making India pollution free by leading transport revolution with Electric Vehicles and focus on Renewables
- Expanding rural industrialisation using modern digital technologies to generate massive employment
- Clean Rivers, safe drinking water to all Indians and efficient use of water through micro-irrigation
- Besides scaling up of Sagarmala, Coastline and Ocean waters powering India’s development and growth
- Aim at our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World and placing an Indian astronaut into space by 2022
- Making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way
- A healthy India via Ayushman Bharat with women having equal rights and concern for their safety and empowerment
- Transforming India into a Minimum Government Maximum Governance nation with pro-active and responsible bureaucracy
Read more at: PIB
Aber- the new digital currency
The central banks of the United Arab Emirates (UAE) and Saudi Arabia have launched a common digital currency called ‘Aber’.
- It will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.
- The use of the currency will be restricted to a limited number of banks in each state.
- In case that no technical obstacles are encountered, economic and legal requirements for future uses will be considered.
- It has the potential to transform financial services.
- It promotes financial inclusion, engenders trust in a cashless economy, and makes cross-border financial transactions safer, faster and more cost-efficient.
Read more at: The National
RBI lifts curbs on three PSBs
The Reserve Bank of India (RBI) has decided to allow three public sector banks — Bank of India, Bank of Maharashtra and Oriental Bank of Commerce — to exit the Prompt Corrective Action (PCA) framework following capital infusion by the government and a decline in net non-performing asset ratio.
- These banks have provided a written commitment that they would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis.
- The government has assured that the capital requirements of these banks will be duly factored in while making bank-wise allocations during the current financial year.
- It will boost credit growth.
What is PCA?
To ensure that banks don’t go bust, RBI has put in place some trigger points to assess, monitor, control and take corrective actions on banks which are weak and troubled. The process or mechanism under which such actions are taken is known as Prompt Corrective Action, or PCA.
Read more at: The Hindu
Topic 2 : Environment
Giant cavity in Antarctic glacier
NASA scientists have discovered a gigantic cavity, almost 300 metres tall, growing at the bottom of the Thwaites Glacier in West Antarctica.
- The size of a cavity under a glacier plays an important role in melting. As more heat and water get under the glacier, it melts faster.
- Thwaites Glacier is currently responsible for about 4% of global sea level rise.
- It indicating rapid decay of the ice sheet
- Acceleration in global sea levels due to climate change.
- It will affect the biodiversity and weather phenomenon.
Read more at: The Hindu