- Centre released Rs 62,168 crore to AP
- Amid spat over central funds to AP, the Centre announced that it has so far released Rs 62,168.48 crore towards various centrally-sponsored schemes from financial year 2014-15 to 2018-19 (till Feb 1).
- As per information available with the department of expenditure, ministry of finance, Rs 62,168.48 crore has been released to AP under centrally-sponsored schemes from 2014-15 to 2018-19. It said instalments of various central funds are released based on the utilisation certificate received from the state government.
- The central government, after taking a consolidated view in the light of various assurances given in Parliament, recommendations of the 14th Finance Commission and developmental needs of Andhra Pradesh, announced a special assistance measure.
· 2 February: World Wetlands Day
- World Wetlands Day was celebrated on February 2nd with the theme of “Wetlands and Climate Change”. The theme signifies the importance of healthy and intact wetlands to one of the most pressing challenges of our times, climate change. The theme has been chosen to initiate action against the drainage of wetlands.
- The theme Wetlands and Climate Change is aimed at increasing awareness of the importance of wetlands, such as swamps, marshes, mangroves or peatlands, to help us cope with and mitigate global warming.
- World Wetlands Day is celebrated on 2 February 1971 to commemorate the signing of the Convention on Wetlands, called the Ramsar Convention at the Iranian city of Ramsar on the shores of the Caspian Sea. The two-fold objectives of the Ramsar Convention are Conservation and sustainable utilization of wetlands and stop the encroachment and loss of wetlands.
· Union Budget 2019 highlights
ð Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate.
ð Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
ð Tax slabs for those with income over Rs 5 lakh remain unchanged
ð Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.
(It is a fixed amount of deduction – in this case, an amount of Rs 50,000 which can be reduced by salaried taxpayers, from their gross salary.
They are usually deducted from the gross salary and claimed as an exemption.)
- TDS threshold on rental income raised from 8 lakh to 2.4 lakh rupees.
- Gratuity limit increased from 10 lakh to 30 lakh rupees.
- TDS on interest income from deposit in banks and post-offices up to Rs 40,000 against Rs 10,000 earlier.
(TDS is calculated at a rate and is directly related to one’s income level. The govt. has fixed a certain level of income which is not taxable. Any income earned post that level is chargeable and taxable.)
ð Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.
ð Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020.
ð Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
- Two per cent interest subvention on loan of 1 crore for GST registered MSME units.
- Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268
· 10 dimensions of Vision 2030
The 10 dimensions of Vision 2030 listed in the interim budget 2019 are:
Physical & Social Infrastructure
- Building next-generation infrastructure in all sectors comprising roads, railways, seaports, airports and inland waterways together with social infrastructure is the first dimension to provide ease of living.
- Building a “Digital India” that reaches every corner of the economy and every citizen.
Clean & Green India
- An India that drives electric vehicles, with renewables becoming a major source of energy, bringing down import dependence and increasing energy security for our people is the vision of Clean & Green India.
- Expanding of rural industrialization using modern industrial technologies, based on the ‘Make in India’ approach, using grassroot MSMEs and startups across the country.
- Clean Rivers with safe drinking water to all Indians using micro-irrigation techniques is the fifth dimension.
Oceans & Coastline
- Exploitation of the Blue Economy, to ensure better standards and quality of life for a large number of people living in the coastal areas. Exploiting the potential of India’s long coastline for becoming the strength of the economy.
- India becoming the launch-pad of satellites for the World and placing an Indian astronaut into space by 2022 (Project Gaganyaan) is the seventh dimension.
Self-sufficiency in Food Production
- Attaining self-sufficiency in food and improving agricultural productivity with an emphasis on organic food.
- A healthy India, with a distress-free and comprehensive wellness system for all, is the ninth dimension.
Minimum Government, Maximum Governance
- Minimum Government, Maximum Governance with proactive, responsible, friendly bureaucracy and electronic governance is the tenth dimension.
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