The Finance Minister, Nirmala Sitharaman, announced during the Union Budget 2021 presentation that the Government has proposed a “Mega Investment Textiles Parks (MITRA) scheme”.
Highlights
The scheme will enable the textile industry to become globally competitive.
It will help the industries to attract large investments and boost employment generation besides boosting the exports.
The scheme will help in creating a world class infrastructure with plug and play facilities. This in turn will create global champions in exports.
MITRA scheme will be launched in addition to the Production Linked Incentive Scheme (PLI).
Production Linked Incentive (PLI) Scheme
It is a Central Sector scheme. The scheme was notified in April 2020 for the Large-Scale Electronics Manufacturing. This was notified with the objective of providing the financial incentives for domestic manufacturing of goods. The scheme also seeks to attract large investments. It was initially launched for the domestic manufacturing of Mobile Phones and Specified Electronic Components. In the later phase, it was rolled out for the pharmaceutical ingredients and medical devices.
Incentive offered under PLI Scheme
This scheme provides 4% to 6% incentive on incremental to the eligible companies who are manufacturing goods for 5 years period. The companies that are registered in India and involved in the manufacturing of goods are covered under the Target Segments of the scheme. These companies are eligible for the incentives under the scheme.
Textile Industry in India
Textile and apparel industry is the earliest industries in India. It has an inherent and unique strength of incomparable employment potential. This sector is the biggest employer after agriculture. It directly provides employment to 4.5 crore people and 6 crores employments in the allied sectors. India is the second-largest manufacturer of textiles and clothing across the world. It is also the second-largest exporter of textiles and apparel. It has a share of 5% in the global trade.
The Vice President of India, M. Venkaiah Naidu, have inaugurated the Aadi Mahotsav at Dilli Haat in New Delhi.
Highlights
The festival is being organised at Dilli Haat, INA.
It comprises of the display and sale of tribal art & craft, medicine, cuisine and folk performances.
The festival will be participated by some thousand tribal artisans, artists and chefs from across the 20 States of the country.
The tribal communities will provide a glimpse of their rich traditional culture.
The festival is being organised under the Ministry of Tribal Affairs.
Under the ministry, TRIFED has been working to improve the income and livelihoods of the tribal people besides preserving their way of life and traditions.
About Aadi Mahotsav
It is a National Tribal Festival that was inaugurated on February 1, 2020.
The festival will continue till February 15, 2021.
The Aadi Mahotsav is the celebration of the Spirit of Tribal Culture, Crafts, Cuisine and Commerce.
This initiative runs successfully since 2017.
It is an attempt to familiarise the people with the rich and diverse craft, culture of the tribal communities from across the country.
The festival is organised under the theme: “Celebration of the Spirit of Tribal Culture, Cuisine and Commerce”.
Significance
The festival suggests that the ‘adi’ factor is an important about them. Theur way of life is guided by the primal truths, eternal values and natural simplicity. These tribes have managed to retain the natural simplicity. Because of this quality, their arts and crafts a timeless appeal. Thus, this festival is organised in order to channelize and promote their natural skills and provide them a source for livelihood.
Tribal Co-operative Marketing Federation of India (TRIFED)
It is a national level cooperative body that works under the administrative control of Ministry of Tribal Affairs. The body was established in the year 1984 under the co-operative societies act 1984. The body is engaged in empowering the downtrodden tribal community by procuring the tribal art and craft items through its retail outlet called TRIBES INDIA.
The Finance Minister, Nirmala Sitharaman, while presenting the Union Budget 2021 has announced that the government has put forward the proposed to launch a portal to formulate social security scheme for the workers of the India’s gig economy.
Highlights
The framework for the scheme will be formulated by collecting the relevant information on gig workers and the the migrant workers population.
This announcement has been made ahead of the implementation of labour codes.
Social Security scheme for the gig workers will help in increasing the compliance for on-demand companies like e-commerce and ride-hailing firms.
This proposed scheme has potential to kick off the expansion in the human resource management sector for blue-collar workers.
This is the first time across the world that a social security benefits will be extended to the gig and platform workers.
Under the scheme, minimum wages will apply to all categories of workers.
The workers will also be covered by the Employees State Insurance Corporation.
What is Gig Economy?
A gig economy is a free market system where temporary positions are common. In such system the organizations hire the independent workers for short-term commitments. The gig economy includes the work arrangements including the independent contractors, Project-based workers, freelancers, and temporary or part-time hires. It is part of a shifting cultural and business environment including the sharing economy, gift economy and barter economy.
Who makes the gig economy?
The gig economy comprises of the companies, gig workers and consumers. The types of organizations that the gig economy can apply ranges from the technical positions to transportation positions.
Who are blue collar workers?
Blue-collar workers are the working-class person who performs the manual labour. These workers could be skilled or unskilled. These workers are usually involved in the work including the warehousing, manufacturing, excavation, mining, farming, logging, electricity generation, power plant operations, food processing, waste collection and disposal, oil field work, construction, driving, shipping and so on.
The Chief Minister of Punjab, Captain Amarinder Singh, has launched the ‘Har Ghar Pani, Har Ghar Safai’ mission virtually.
Highlights
This mission is the part of the government’s campaign to complete the goal of 100 per cent potable piped water supply in all rural households by March 2022.
Mega Surface Water Supply Scheme
Captain Amarinder Singh also inaugurated one Mega Surface Water Supply Scheme. This scheme has three components:
It covers the 85 villages in the Moga district.
It comprises of 144 new water supply schemes for 172 villages.
It also comprises 121 Arsenic and Iron removal plants.
The scheme will benefit 1.6 lakh residents from across the 155 villages in Amritsar, Tarn Taran, and Gurdaspur districts.
It will help in replacing the groundwater with the surface water supply for drinking.
It also seeks to resolve the problem of besides resolving the problem of arsenic affected habitations.
The scheme is being funded by the World Bank, NABARD, Jal Jeewan Mission of GoI, and State Budget.
Background
The government has spent an average of ₹920 crore annually on water supply and sanitation schemes. As per the data, a total of Rs. 1450 crore had been spent on rural sanitation and rural drinking water supply since March 2017.
Multi-village surface water supply schemes
The government also launched the 10 new large multi-village surface water supply schemes. The scheme costs ₹1,020 Crore. It will cover 1,018 villages comprising of the water quality affected areas in the districts of Patiala, Fatehgarh Sahib, Amritsar, Gurdaspur and Tarn Taran.
Jal Jeevan Mission
The Jal Jeevan Mission was launched on August 15, 2019. The scheme was launched with the objective of providing the safe and adequate drinking water. The scheme seeks to provide tap water to the individual houses by 2024 in rural India. It is based on a community approach to water.
The Tibetan spiritual leader the Dalai Lama have recently launched his new book “The Little Book of Encouragement”. The book comprises of 130 quotes. The book has been edited by Renuka Singh while published by Penguin Random House.
Highlights
The Dalai Lama while launching the book highlighted that, he is one among more than seven billion human beings who are alive today amid the COVID-19 pandemic. So, he has committed to promote the human happiness.
He further highlights that; we think happiness comes from money and power. But little we know the role of the mind or that the key to happiness is inner peace.
He has asked the readers to discuss the thoughts from the books with friends and put these thoughts in day-today life practice.
He further termed the climate change and global warming as very serious issue, apart from the Covid-19 pandemic.
Dalai Lama’s take on Sino-India ties
He wrote on the Sino-India relation that, both India and China have developed a sense of competition in the recent times. The countries have high population and are powerful nations. Yet, they cannot destroy each other and have to live side-by-side. Further, on Tibet issue he suggested the Tibetans to consider the Chinese as brothers and sisters than as enemy.
About Dalai Lama
Dalai Lama title has been given by the Tibetan people to the foremost spiritual leader of the Gelug or “Yellow Hat” school of Tibetan Buddhism. Tenzin Gyatso is the current and 14th Dalai Lama. He lives in India as a refugee. The Dalai Lama id considered to be the successor tulkus. The tulkus are considered to be the incarnations of Avalokiteśvara (a Bodhisattva of Compassion).
Tenzin Gyatso
He is also known as Tenzin Gyatso. He was born on July 6, 1935. He is considered as the living Bodhisattva, an emanation of Avalokiteśvara. He is the current Dalai Lama.
The SpaceX of Elon Musk has recently announced to launch its first all civilian mission to the space.
Highlights
The SpaceX is planning for the launch of Inspiration4 on Falcon 9.
This would be the first all-commercial astronaut mission in the world.
The spacecraft will start orbiting in the fourth quarter of this year.
The mission will be launched from the Launch Complex 39A at the NASA’s Kennedy Space Center in Florida.
About the mission
The mission has been named as Inspiration4.
The name recognises the four-person crew’s mission that inspire the support for St. Jude Children’s Research Hospital.
It also seeks to send a humanitarian message of possibility.
Jude’s multi-billion-dollar expansion aims to accelerate the research advancements and save children worldwide.
The commercial astronaut training will be provided to the Inspiration4 crew on the Falcon 9 launch vehicle by the SpaceX.
They will also be provided training on Dragon spacecraft by the orbital mechanics, zero gravity, operating in microgravity and other stress testing.
This mission will orbit the Earth every 90 minutes along a customized flight path.
Space Exploration Technologies Corp. (SpaceX)
It is an American aerospace manufacturer and space transportation services. SpaceX is headquartered in Hawthorne, California. It was founded in 2002 by Elon Musk. It was founded with the objective of reducing the space transportation costs in order to enable the colonization of Mars. It has developed several launch vehicles, Dragon cargo spacecraft and Starlink satellite constellation. It has also flown humans to the International Space Station on the SpaceX Dragon 2.
SpaceX Dragon
It is also known as Dragon 1 or Cargo Dragon. It is a reusable cargo spacecraft developed by SpaceX. The Dragon 1 spacecraft was launched into orbit by the Falcon 9 launch vehicle so as to resupply the International Space Station (ISS).
Recently, Prime Minister Narendra Modi applauded a girl from Odisha named Bhagyashree in his mann ki baat programme. The girl has mastered the art of creating Pattachitra on various themes using the soft stones. The girl boosted her skill during the lockdowns and created pattachitra art works on unused bottles, electric bulbs and various glass and plastic materials.
About Pattachitra
Pattachitra or Patachitra term generally used for the traditional, cloth-based scroll painting.
The art form is based in the states of Odisha and West Bengal.
The art form is known for the intricate details and the mythological narratives and folktales inscribed in it.
This is an ancient art form in Odisha which is created for ritual use and as souvenirs for pilgrims to temples.
These art forms are a component of an ancient Bengali narrative art.
The literal meaning of the word “Pajtta” is “cloth” and “Chitra” means “picture” in Sanskrit.
The colours used in the Paintings are natural and the paintings are made in old traditional way by Chitrakaras (Odiya Painter).
The painting done on canvas comprising of the rich colourful application, creative motifs, and designs.
Theme of the paintings
The paintings are based on Hindu mythology.
It is highly inspired by Jagannath and Vaishnava sect.
Thus, the theme of Odia painting is kept around Lord Jagannath and the Vaishnava sect.
The subject matter of the paintings are mythological, religious stories and folk lore.
The individual paintings of gods and goddesses are done.
Pattachitra style of painting is the mix of both folk and classical elements. Dress style in the paintings has Mughal influences.
Categories of the paintings
The pattachitra paintings of Odisha is divided into three categories based on the medium namely, Paintings on cloth or ‘Patta Chitra’, Paintings on walls or ‘Bhitti Chitra’ and Paintings on the palm leaf or “Tala Patra Chitra’.
GI Tag
The Geographical indication of Patachitra is registered differently in both the states because style and motif of the paintings in both the state are different. Patachitra of Odisha is registered as Orissa Pattachitra while that of West Bengal is registered as Bengal Patachitra.
Recently, the Maritime body MUI urged the government to take cognisance of ”Neptune Declaration on Seafarer Wellbeing and Crew Change” in order to formulate the Maritime India Vision 2030.
Highlights
The “Maritime India Vision 2030” will be formulated by the Ministry of Ports, Shipping and Waterways of India.
Neptune Declaration
The Neptune Declaration was signed by more than 450 organizations.
The declaration highlights the main actions that are required to be taken in order to resolve the crew change crisis.
The daily lives and wellbeing of seafarers was highly impacted due to COVID-19 pandemic. It led to a humanitarian crisis at sea.
This declaration has mentioned four main actions that is needful to address the crew change crisis:
To recognize the seafarers as the key workers and provide them priority access to Covid-19 vaccines.
To establish and implement the gold standard health protocols which are based on the existing best practice.
To increase the collaboration between the ship operators and charterers so as to facilitate the crew changes.
To ensure the air connectivity between the key maritime hubs for seafarers.
Maritime Union of India (MUI)
The Marine Union of India is the oldest marine office. It represents the Merchant Navy Officers who are its members. The office is affiliated to the International Transport Workers’ Federation (ITF), London, United Kingdome. It has around 700 unions that represents over 4.5 million transport workers from150 countries. The office is also affiliated to the Hind Mazdoor Sabha (HMS), New Delhi. The office work with the primary objective of working for and ensuring the fairness of work and wage conditions for the members. It also has Branch office in Kolkata, Chandigarh, Chennai, Visakhapatnam, and Tuticorin. The office also looks after the implementation of the international regulations such as Maritime Labour Convention (MLC), 2006.
Finance Minister Nirmala Sitharaman highlighted, while presenting the union budget for 2021-2022, that the fiscal deficit in the next financial year is estimated as 6.8 percent of the gross domestic product (GDP).
Highlights
The finance minister highlighted that the fiscal deficit is estimated to increase up to 9.5% in the Financial Year 2020-21.
The rise in the fiscal deficit is the result of the rise in the expenditure amid the ongoing COVID-19 pandemic and the moderation in revenue during the current fiscal year.
The minister further highlighted that the nationwide lockdown has adversely impacted the economic activities. It also resulted in the contraction of the economy by 7.7%.
The government had earlier projected a fiscal deficit of 3.5 years for the present financial year.
Minister further highlighted that the government proposes to bring cut down the fiscal deficit below 4.5% of GDP by the year 2025-26.
In order to curb the same, government is planning to borrow Rs 80,000 crore for rest of the 2 months in current financial year.
Fiscal Deficit
The difference between the total income of the government inclusive of the total taxes & non-debt capital receipts and the total expenditure of the government is called as the fiscal deficit. The situation of fiscal deficit occurs when the government’s expenditure exceeds its income. The fiscal deficit is calculated in both the absolute terms and the percentage of the Gross Domestic Product (GDP) of the country. If the fiscal deficit is recurring that means the government is spending beyond its means. It is calculated by the formula:
“Fiscal Deficit = Total expenditure of the government (capital and revenue expenditure) – Total income of the government (Revenue receipts + recovery of loans + other receipts)”.
Sometimes, a high fiscal deficit can also be good for the economy if the money spent is used for the creation of productive assets such as highways, roads, ports and airports. It will help in boosting the economic growth and ultimately leads to job creation.
How Fiscal Deficit can be minimized?
The fiscal deficit can be minimized by borrowing money. Usually, the borrowing requirements of the government in any financial year is equal to the fiscal deficit of that year.
The Chief Minister of Kerala, Pinarayi Vijayan, inaugurated the “Kerala Looks Ahead” on February 1, 2021.
Highlights
It is a three-day virtual global conclave.
It seeks to lay down the roadmap for long-term development in Kerala.
The roadmap will be laid down by factoring in perspectives from top economists, administrators, industry leaders and planners.
The inaugural session was addressed by industry stalwarts Ratan Tata, Kumar Mangalam Birla, Azim Premji and Anand Mahindra along with the Nobel laureate Amartya Sen.
Nobel winner and economist Joseph Stiglitz and Soumya Swaminathan, who is Chief Scientist with World Health Organisation, will also address the inaugural session.
The conclave was hosted by the Kerala State Planning Board.
The conference seeks to collate suggestions and best practices in order to achieve a paradigm shift in development by building a historic achievement in welfare and invigorating growth.
The conference also helped in learning from the best practices at the national and international levels.
The conference will also help the key sectors with deeper insights to fast-track the transformation of the State into a knowledge economy.
Theme of the conference
The conference covered the nine themes of deliberations. The nine themes include the primary sector such as agriculture, fisheries & animal resources development; higher education including the international academic collaboration; skill development; modern industrial possibilities; tourism; e-governance; local governments; federalism & development financing and information technology.
Kerala State Planning Board
It is an advisory board under the Government of the State of Kerala. The board was constituted in the year 1967. The Chief Minister is the Chairman of the board. It helps the state government in formulating a development plan on the basis of a scientific assessment of the resources such as material, capital and human that are available in the state. The board prepared a comprehensive economic review of the state every year.
The military of Myanmar has taken control of the country and a one-year state of emergency has been announced. Further, State Counsellor Aung San Suu Kyi and other government leaders have been detained.
Why emergency has been announced?
The state emergency was announced because the government was failed in tackling the situation of Covid-19 pandemic.
Further, the military suspected the landslide victory of the Suu Kyi’s party in November 2020 elections.
So, the military took over in the country in accordance with the Article 417 of the Myanmar’s constitution.
Article 417 gives power to the military to take over in times of emergency.
The military had framed the constitution of Myanmar in 2008 and retains power under the charter at the expense of democratic, civilian rule.
Military highlights that, there were millions of irregularities in the voter lists in the November 2020 elections in which Suu Kyi’s party had won 396 out of 476 seats. However, the election commission had rejected the claims of military.
Implications of the military control
Now in Myanmar, telecommunications have been halted. Internet and phone access have also been blocked. Social media accounts of many people have been temporarily suspended. Barbed wire road blocks were set up and the military units have overtaken the government buildings. Further, there is a fear of crackdown on human rights defenders, journalists, and others critics of the military because, even before the military takeover, journalists, free speech advocates and critics of the military have faced legal actions many times.
About Myanmar
It is a country in Southeast Asia which is bordered by Bangladesh and India in the northwest, China in the northeast, Laos and Thailand in the east and southeast while Andaman Sea and the Bay of Bengal in the south and southwest. It is the largest country in Mainland Southeast Asia while it is the 10th largest in Asia by area. The capital city of the country is Naypyidaw. Yangon (Rangoon) is the largest city of Myanmar. Myanmar have border with the Indian States of Mizoram, Manipur, Nagaland and Arunachal Pradesh.
The Finance Minister of India, Nirmala Sitharaman, announced an agricultural infrastructure and development cess (AIDC) on some goods while presenting Union Budget 2021. AIDC was announced to provide support to those sector that has been one bright spot amid the COVID-19 pandemic.
Highlights
AIDC will be applied on a small number of items.
Under the norms, no additional burden will be placed on consumers on most items.
AIDC was announced because there was an immediate need to improve the agricultural infrastructure in order to produce more along with conserving and processing agricultural output efficiently.
This cess would also ensure enhanced remuneration for the farmers.
AIDC on commodities
The finance minister proposed AIDC on various commodities as stated below:
Rs 2.5 per litre on petrol.
Rs 4 per litre on diesel.
5 percent on gold, silver and dore bars.
100 percent on alcoholic beverages.
5 percent on crude palm oil.
20 percent on crude soyabean and sunflower oil.
35 percent on apples.
5 percent on coal, lignite and peat.
5 percent on specified fertilisers.
30 percent on Kabuli chana.
20 percent on Lentil (Mosur).
50 percent on Bengal Gram/Chick Peas.
40 percent on peas.
5 percent on Cotton which are not Carded.
Impact on Consumers
Cess on petrol and diesel will not amount any additional burden on consumers because unbranded petrol was earlier attracting a basic excise duty (BED) of Rs 2.98 apart from a special additional excise duty (SAED) of Rs 12 per litre. The BED and SAED has now been reduced respectively to Rs 1.4 and Rs 11 per litre. Thus, the net consumer will not pay anything extra. Similarly, alcoholic beverages charges 150 per cent BED which now has been cut to 50 per cent. This in addition with the proposed AIDC of 100 per cent will not put any extra burden on consumers.
The 2021-22 Union Budget was presented amid the COVID-19 pandemic on February 1, 2021. Since the 2020 budget, the Indian economy have reduced from 2.24 lakh crore nominal GDP to Rs 1.94 lakh crore. This reduction in the size of the economy was due to the lower revenue growth and higher expenditure in the year 2020 because of coronavirus pandemic. The fiscal deficit for 2021-2022 was estimated to be 6.8% of the GDP.
Highlights
6 PILLARS of the Budget
Health and Wellbeing
Physical & Financial Capital, and Infrastructure
Inclusive Development for Aspirational India
Reinvigorating Human Capital
Innovation and R&D
Minimum Government and Maximum Governance
EXPENDTIURE & DEFICIT
Estimates of Rs. 34.83 lakh crore BE for expenditure in 2021-2022 including Rs. 5.54 lakh crore as capital expenditure, rest is revenue expenditure
The fiscal deficit in BE 2021-2022 is estimated to be 6.8% of GDP.
TAX DISPUTES
Reducing tax Disputes, Simplifying Settlement: Time limit for re-opening cases reduced to 3 years from 6 years. Serious tax evasion cases, with evidence of concealment of income of Rs. 50 lakh or more in a year, to be re-opened only up to 10 years, with approval of the Principal Chief Commissioner
GOLD
Capital market watchdog Securities and Exchange Board of India (SEBI) will be the designated regulator for gold exchanges
DIGITAL ECONOMY
Incentivising Digital Economy: Limit of turnover for tax audit increased to Rs. 10 crores from Rs. 5 crores for entities carrying out 95% transactions digitally
LABOUR WELFARE
Late deposit of employee’s contribution by the employer not to be allowed as deduction to the employer
START-UPS
Eligibility for tax holiday claim for start-ups extended by one more year.
Capital gains exemption for investment in start-ups extended till 31st March, 2022
CUSTOMS DUTY
Customs Duty on some parts of mobiles increased to 2.5% from ‘nil’ rate
Customs Duty reduced uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels
Customs Duty on steel scrap exempted up to 31st March, 2022
Basic Customs Duty (BCD) on caprolactam, nylon chips and nylon fiber & yarn reduced to 5%
Tunnel boring machine to now attract a customs duty of 7.5%; and its parts a duty of 2.5%
Customs duty on cotton increased from nil to 10% and on raw silk and silk yarn from 10% to 15%.
DISINVESTMENT
Rs 1,75,000 crores to be raised from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1
HEALTH
An outlay of Rs. 64,180 crores over 6 years for PM AatmaNirbhar Swasth Bharat Yojana – a new centrally sponsored scheme to be launched, in addition to NHM (National Health Mission)
Rs 35,000 cr allocation for Covid vaccination
URBAN DEVELOPMENT
Jal Jeevan Mission (urban) will be launched with an aim to provide tap water connections to 2.86 crore households
The Swachh Bharat Mission (Urban) 2.0 would be implemented over five years — from 2021 to 2026 — on an outlay of ₹1.41 lakh crore
Two new Metro technologies — MetroLite and MetroNeo — would be used in tier-2 cities and the peripheral parts of tier-1 cities to provide connectivity at a lower cost compared to conventional Metro systems.
VEHICLES
Vehicle scrapping policy to phase out old and unfit vehicles
All vehicles to undergo fitness test in automated fitness centres every 20 years for personal vehicles and every 15 years for commercial vehicles.
MANUFACTURING
1.97 lakh crore in next 5 years for PLI (Production Linked Incentive) scheme in 13 Sectors to create and nurture manufacturing global champions for an AatmaNirbhar Bharat
Under Mega Investment Textiles Parks (MITRA) scheme, 7 Textile Parks to be established over 3 years
INFRASTRUCTURE
20,000 crores allocated to set up and capitalise a Development Financial Institution (DFI) – to act as a provider, enabler and catalyst for infrastructure financing
RAILWAYS
1,10,055 crores allocated of which Rs. 1,07,100 crores are for capital expenditure
In 2021-22, the govt. expects its revenue receipts from the Railways, including passenger, goods, other coaching and sundry other heads, to be about ₹2.17 lakh crore as against ₹1.46 lakh crore in 2020-21 (revised estimate).
GREEN ENERGY
National Hydrogen Mission to be launched to generate hydrogen from green power sources
INSURANCE
Increase the permissible limit for Foreign Direct Investment for insurance companies to 74% from 49% and allow foreign ownership and control with safeguards
BANKING
Stressed Asset Resolution: Asset Reconstruction Company Limited and Asset Management Company to be set up
Recapitalization of PSBs: Rs. 20,000 crores in 2021-22 to further consolidate the financial capacity of PSBs
COMPANY MATTERS
Easing compliance requirement of small companies by revising their definition under Companies Act, 2013 by increasing their thresholds for paid up capital from “not exceeding Rs. 50 Lakh” to “not exceeding Rs. 2 Crore” and turnover from “not exceeding Rs. 2 Crore” to “not exceeding Rs. 20 Cr”.
AGRICULTURE
Agricultural credit target enhanced to Rs. 16.5 lakh crore in 2021-22 – animal husbandry, dairy, and fisheries to be the focus areas
5 major fishing harbours – Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs of economic activity
State-run Agricultural Produce Marketing Committees (APMCs) can now access the ₹1 lakh crore Agriculture Infrastructure Fund (AIF).
PROVIDENT FUND
Income on Provident Fund contributions of more than ₹2.5 lakh a year, usually made on a voluntary basis by employees, to be taxed.
SENIOR CITIZENS
Relief to Senior Citizens: Exemption from filing tax returns for senior citizens over 75 years of age and having only pension and interest income; tax to be deducted by paying bank
R&D
₹50,000 crore earmarked over five years for the creation of a National Research Foundation (NRF) — an umbrella body that is expected to fund research across a range of disciplines, from science and technology to humanities.
EDUCATION
Legislation to be introduced to setup Higher Education Commission of India as an umbrella body with 4 separate vehicles for standard-setting, accreditation, regulation, and funding