Monday 25 March 2013
Navneet Kaur Dhillon Crowned Pond’s Femina Miss India 2013
Navneet Kaur Dhillon was crowned Pond’s Femina Miss India 2013 on 24 March 2013 in the grand finale of 50th edition of the beauty pageant in Mumbai. 20-year-old Navneet Kaur belongs to Punjab and is a media student at present. Navneet Kaur was also given the title Miss Glowing Skin.Sobhita Dhulipala and Zoya Afroz were the first and second runners-up respectively. The trio of Navneet Kaur, Sobhita Dhulipala and Zoya Afroz were selected from a total of 23 finalists.
The winner of Femina Miss India will now go for international contest Miss Universe. The first and second runners-up will compete in Miss World and Miss Asia Pacific respectively.
The judges of the ceremony were choreographer Shiamak Dawar, filmmaker Karan Johar, actors John Abraham, Chitrangda Singh and Asin Thottumkal, cricketer Yuvraj Singh and fashion designer Ritu Kumar.
Auditions for the beauty pageant were held in Chandigarh, Delhi, Indore, Kolkata, Pune, Goa and Bangalore.
The semi-finalists were Gail Nicole Da Silva, Navneet Kaur Dhillon, Vijaya Sharma, Zoya Afroz, Apurva Lonkar, Sagarika Chhetri, Srishti Rana, Swati Kain, Anukriti Gusain and Sobhita Dhulipala.
Karan Johar crowned Sobhita Dhulipala as Femina Miss Itimes Digital Diva. She also received 1 Lakh Rupees.
Monday 11 March 2013
World Bank estimated a growth of over 6 percent for the Indian Economy during 2013-14
World Bank Chief Jim Young Kim, who is on a three-day visit to India asserted that India is estimated to have grown 5 percent in the current fiscal and the growth rate is likely to improve to 6.1-6.7 percent in 2013-14.
The Indian economy, like any other economy, is subject to global slowdown. It has effect here and at the same time, the export market has started doing better.
On the positive node, it also had be seen that share of India in global economy almost doubled in five years between 2005 and 2010.
Kim is on his first visit to India after taking over as President of World Bank Group in July 2012.
Wednesday 6 March 2013
India Proposed Hydrocarbon Pipeline from Kazakhstan
India in the month of March 2013 proposed the idea of a hydrocarbon pipeline with Kazakhstan that is intended to bring fuel through a five-nation route.
The concept of the pipeline, unveiled could be in future extended to Russia.Officials said currently most hydrocarbon pipelines from Central Asia are on an east-west axis. This pipeline will, like TAPI, be on a north-south axis, providing a new route to South Asia for hydrocarbons extracted from Central Asia.
Significance of the Proposed Pipeline
• The proposed pipeline would cover about 1500 kms (no study has yet been done), thus making it longer than the planned Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline which will serve as the role model.
• It will head from the former Silk Road caravanserai city of Shymkent, known today for oil refining, and enter Uzbekistan.
• From there it will go to Afghanistan and then follow the route to be taken by the TAPI pipeline into India via Pakistan.
• It has the potential to be extended to Russia resolving the headache of transportation that has vexed Indian energy security managers when they scout for hydrocarbon collaboration with Moscow.
India and Kazakhstan also plan to cooperate closely in Afghanistan where New Delhi’s aid model has been appreciated by the Central Asian countries all of whom have a vital stake in stabilising the country.
The concept of the pipeline, unveiled could be in future extended to Russia.Officials said currently most hydrocarbon pipelines from Central Asia are on an east-west axis. This pipeline will, like TAPI, be on a north-south axis, providing a new route to South Asia for hydrocarbons extracted from Central Asia.
Significance of the Proposed Pipeline
• The proposed pipeline would cover about 1500 kms (no study has yet been done), thus making it longer than the planned Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline which will serve as the role model.
• It will head from the former Silk Road caravanserai city of Shymkent, known today for oil refining, and enter Uzbekistan.
• From there it will go to Afghanistan and then follow the route to be taken by the TAPI pipeline into India via Pakistan.
• It has the potential to be extended to Russia resolving the headache of transportation that has vexed Indian energy security managers when they scout for hydrocarbon collaboration with Moscow.
India and Kazakhstan also plan to cooperate closely in Afghanistan where New Delhi’s aid model has been appreciated by the Central Asian countries all of whom have a vital stake in stabilising the country.
Electronics Project Proposal System e-PPS launched by Kapil Sibal
Union Minister Kapil Sibal on 6 March 2013 launched the Electronics Project Proposal System (e-PPS), developed by the Department of Electronics and Information Technology, through the Centre for Development of Advanced Computing (C-DAC) during a round table discussion with Academia, Industry and R&D Organisation. The e-PPS system will initially start as a pilot project. What is Electronic Project Proposal System (e-PPS)
It is a web based system in form of solution to fund the R&D projects, which will start from online submission of the project proposal for funds and will monitor as well as manage the funded projects.
Processes Supported by the e-PPS System
• Online submission of project proposals
• Evaluation of proposals by experts
• Project recommendations
• Project Monitoring
Impact of the e-PPS System
• It will replace existing manual system of project funding in which the project investigators submit hard copies of R&D proposals, which are presented to a Working Group and based on the recommendations of the Working Group the proposals are further processed
• The system would create a One-Go-Dash-Board to monitor the projects from its initiation to completion
• Will ease the processing time of the proposal and dissemination of the project information
Tuesday 5 March 2013
India-United Kingdom Summit 2013: Issues Discussed and Agreed Upon
The India-UK Summit talks took place on 19 February 2013 in New Delhi during the official visit of British Prime Minister, David Cameron to India. The British Prime Minister was accompanied with his Ministerial colleagues as well as delegation which included largest British trade delegation ever to visit India, i.e., the university Vice Chancellors, leaders of the UK-India CEO Forum and members of Parliament.
In the official visit, the progress which was made between the two countries since previous Summit in 2010, was reviewed and discussed. The issues which were discussed included:
Economic Growth and Cooperation
It was found that the trade between India and UK grew at a positive pace since last Summit in 2010. The average growth of the trade in 2010 and 2011 was 23 percent. However, in 2012, the economic climate remained tougher. It was decided that trade and investment between the two countries would be increased.
Two-way investment between India and UK since 2010 Summit was also reviewed. It was found that UK was 3rd largest investor in India now and India, on the other hand, was 5th largest investor in UK.
It was also additionally found that signature of an Amending Protocol of their Double Taxation Avoidance Convention (DTAC) in October 2012 provided tax stability to residents of the two countries. It also led to flow of investment, services as well as technology.
During the visit, the leaders also had a meeting with the members of the UK-India CEO forum. During the meeting, recommendations in context with advance manufacturing and R&D, education and skills, healthcare, and infrastructure and energy were taken.
The EU-India negotiations were discussed as well. It was found that Free Trade Agreement would help in generation of jobs as well as growth of the two countries.
UK extended co-operation with India for development of a new Bengaluru-Mumbai Economic Corridor (BMEC).
During the visit, it was also found that co-investment made by both countries in supporting joint research activities increased from 1 million pounds in 2009 to more than 100 million pounds in 2013.
It was agreed by the leaders of both the nations that energy security challenge would be faced in a co-operative manner.
India and UK during the visit of the UK PM agreed to discuss between relevant agencies working in the field of petroleum conservation in the two countries. It was decided that the two countries would promote joint cooperation through activities where exchanging technology and knowledge would lead to fuel conservation.
It was agreed to encourage Indian Public Sector Undertakings and UK oil and gas companies for exploring possibilities of upstream oil and gas sector investment in India, the UK and in third countries. The issue of cyber security was also discussed.
The two nations also agreed to work towards security of nuclear weapons. It was agreed that regular consultations on disarmament and non-proliferation issues would be held.
UK Prime Minister David Cameron committed to facilitate India with cutting edge British technology, civil and military, in accordance with the international obligations.
International security matters such as conflict in Syria and Iran’s nuclear programme were also discussed during the visit. Both the nations agreed to deepen the existing India-UK strategic consultations on developments in West Asia / Middle East.
Establishing a new Joint Working Group was also agreed upon. This was done for regular bilateral dialogue on peace, security and development in Afghanistan.
Other discussions and dialogues
The two nations considered the results of India-UK Education Forum meeting which took place on 30 January 2013 in London.
In the official visit, the progress which was made between the two countries since previous Summit in 2010, was reviewed and discussed. The issues which were discussed included:
Economic Growth and Cooperation
It was found that the trade between India and UK grew at a positive pace since last Summit in 2010. The average growth of the trade in 2010 and 2011 was 23 percent. However, in 2012, the economic climate remained tougher. It was decided that trade and investment between the two countries would be increased.
Two-way investment between India and UK since 2010 Summit was also reviewed. It was found that UK was 3rd largest investor in India now and India, on the other hand, was 5th largest investor in UK.
It was also additionally found that signature of an Amending Protocol of their Double Taxation Avoidance Convention (DTAC) in October 2012 provided tax stability to residents of the two countries. It also led to flow of investment, services as well as technology.
During the visit, the leaders also had a meeting with the members of the UK-India CEO forum. During the meeting, recommendations in context with advance manufacturing and R&D, education and skills, healthcare, and infrastructure and energy were taken.
The EU-India negotiations were discussed as well. It was found that Free Trade Agreement would help in generation of jobs as well as growth of the two countries.
UK extended co-operation with India for development of a new Bengaluru-Mumbai Economic Corridor (BMEC).
During the visit, it was also found that co-investment made by both countries in supporting joint research activities increased from 1 million pounds in 2009 to more than 100 million pounds in 2013.
It was agreed by the leaders of both the nations that energy security challenge would be faced in a co-operative manner.
India and UK during the visit of the UK PM agreed to discuss between relevant agencies working in the field of petroleum conservation in the two countries. It was decided that the two countries would promote joint cooperation through activities where exchanging technology and knowledge would lead to fuel conservation.
It was agreed to encourage Indian Public Sector Undertakings and UK oil and gas companies for exploring possibilities of upstream oil and gas sector investment in India, the UK and in third countries. The issue of cyber security was also discussed.
The two nations also agreed to work towards security of nuclear weapons. It was agreed that regular consultations on disarmament and non-proliferation issues would be held.
UK Prime Minister David Cameron committed to facilitate India with cutting edge British technology, civil and military, in accordance with the international obligations.
International security matters such as conflict in Syria and Iran’s nuclear programme were also discussed during the visit. Both the nations agreed to deepen the existing India-UK strategic consultations on developments in West Asia / Middle East.
Establishing a new Joint Working Group was also agreed upon. This was done for regular bilateral dialogue on peace, security and development in Afghanistan.
Other discussions and dialogues
The two nations considered the results of India-UK Education Forum meeting which took place on 30 January 2013 in London.
India welcomed the British Council’s programme for providing digital English language materials for Indian learners.
Both India and UK affirmed welcoming legitimate travellers, including students, tourists, visitors, business people or qualified workers.
- See more at: http://www.jagranjosh.com/current-affairs/indiaunited-kingdom-summit-2013-issues-discussed-and-agreed-upon-1362385847-1#sthash.PluuYidb.dpufBoth India and UK affirmed welcoming legitimate travellers, including students, tourists, visitors, business people or qualified workers.
Monday 4 March 2013
Union Budget 2013-14: List of Commodities on which Taxes Increased or Decreased -
Union Finance Minister P Chidambaram on 28 February 2013 tabled the Union budget in the Lok Sabha of Parliament for the financial year 2013-14.
P. Chidambaram presented his 8th Union Budget. The union Budget of 2013-14 emphasized fast track economic growth with due importance on infrastructure development, skill development, employment generation and funding for social schemes.
In the Union Budget 2013-14, the prices of various commodities and products dwindled. While some of the products witnessed a rise in the price because of an increase in the customs duty, others saw a decline. Prices of some other products, on the other hand remained unaltered because of no change in the customs duty.
An increase in the Customs Duty was announced on following products:
Set-Top Boxes: In order to encourage domestic production of Set Top Boxes, as well as for value addition, the Finance Minister announced the doubling of customs duty on them. Now the duty will be increased from 5% to 10%.
High-End Luxury Cars, Motorcycles, Yachts: The customs duty on imported luxury goods such as high-end motor vehicles, motorcycles, yachts and similar vehicles was increased. In the case of such motor vehicles, the duty was increased from 75% to 100%; on motorcycles with engine capacity of 800 cc or more the duty now will be 75% instead of 60%. Similarly, the duty on yachts and similar vessels was increased from 10% to 25%.
SUVs: The Finance Minister also proposed a 3% increase in the excise duty on SUVs so that the duty on them will go up from 27% to 30%. However, such an increase will not apply to SUVs registered as taxis.
Tobacco-Products: The Finance Minister has proposed to increase the specific excise duty on cigarettes by about 18%. Similar increases are also proposed on cigars, cheroots and cigarillos.
Raw Silk: The duty on raw silk has also been increased from 5% to 15% so as to give a measure of protection to domestic sericulture.
Mobile phones: Expensive mobile phones i.e. mobile phones which are priced at more than Rs. 2000 will also have to bear higher excise duty of 6%. However, mobile phones which are not more than Rs. 2000 will continue to be levied a concessional excise duty of only 1%.
Air-Conditioned Restaurants: All air conditioned restaurants will be brought under the service tax net. At present service tax does not apply to those air conditioned restaurants which do not serve liquor. But now the Finance Minister proposed the uniformity of service tax for the two.
Concessions in customs duty announced:
Duty on certain machinery for manufacture of leather and leather goods reduced: The Union Finance Minister proposed to reduce the duty on specified machinery for manufacture of leather and leather goods, including footwear, by 2.5%. Now the duty on such machinery will be 5% instead of 7.5%.
Duty on pre-forms of precious and semi-precious stones drastically cut: To encourage exports, P. Chidambaram also announced in the Budget 2013-14, a drastic reduction in the duty on pre-forms of precious and semi-precious stones from 10% to a mere 2%.
De-oiled rice bran oil cake: He also announced a total withdrawal of export duty on de-oiled rice bran oil cake.
Handmade carpets and textile floor coverings of coir or jute: The Finance Minister proposed to totally withdraw excise duty from handmade carpets and textile floor coverings of coir or jute.
Other products and services made cheaper are: Handmade carpets, electric and hybrid vehicles, leather and leather goods including footwear, precious and semi-precious stones, rice bran oil cake, readymade garments, textile floor coverings of coir or jute, duty free gold limit increased to 50000 in case of male passenger and 100000 in case of a female passenger, imported cheaper hazel nuts and dehulled oat grain, sabudana (tapioca sago) and truck chasis. - See more at: http://www.jagranjosh.com/current-affairs/union-budget-201314-list-of-commodities-on-which-taxes-increased-or-decreased-1362122124-1#sthash.Cx1CVl1f.dpuf
P. Chidambaram presented his 8th Union Budget. The union Budget of 2013-14 emphasized fast track economic growth with due importance on infrastructure development, skill development, employment generation and funding for social schemes.
In the Union Budget 2013-14, the prices of various commodities and products dwindled. While some of the products witnessed a rise in the price because of an increase in the customs duty, others saw a decline. Prices of some other products, on the other hand remained unaltered because of no change in the customs duty.
An increase in the Customs Duty was announced on following products:
Set-Top Boxes: In order to encourage domestic production of Set Top Boxes, as well as for value addition, the Finance Minister announced the doubling of customs duty on them. Now the duty will be increased from 5% to 10%.
High-End Luxury Cars, Motorcycles, Yachts: The customs duty on imported luxury goods such as high-end motor vehicles, motorcycles, yachts and similar vehicles was increased. In the case of such motor vehicles, the duty was increased from 75% to 100%; on motorcycles with engine capacity of 800 cc or more the duty now will be 75% instead of 60%. Similarly, the duty on yachts and similar vessels was increased from 10% to 25%.
SUVs: The Finance Minister also proposed a 3% increase in the excise duty on SUVs so that the duty on them will go up from 27% to 30%. However, such an increase will not apply to SUVs registered as taxis.
Tobacco-Products: The Finance Minister has proposed to increase the specific excise duty on cigarettes by about 18%. Similar increases are also proposed on cigars, cheroots and cigarillos.
Raw Silk: The duty on raw silk has also been increased from 5% to 15% so as to give a measure of protection to domestic sericulture.
Mobile phones: Expensive mobile phones i.e. mobile phones which are priced at more than Rs. 2000 will also have to bear higher excise duty of 6%. However, mobile phones which are not more than Rs. 2000 will continue to be levied a concessional excise duty of only 1%.
Air-Conditioned Restaurants: All air conditioned restaurants will be brought under the service tax net. At present service tax does not apply to those air conditioned restaurants which do not serve liquor. But now the Finance Minister proposed the uniformity of service tax for the two.
Concessions in customs duty announced:
Duty on certain machinery for manufacture of leather and leather goods reduced: The Union Finance Minister proposed to reduce the duty on specified machinery for manufacture of leather and leather goods, including footwear, by 2.5%. Now the duty on such machinery will be 5% instead of 7.5%.
Duty on pre-forms of precious and semi-precious stones drastically cut: To encourage exports, P. Chidambaram also announced in the Budget 2013-14, a drastic reduction in the duty on pre-forms of precious and semi-precious stones from 10% to a mere 2%.
De-oiled rice bran oil cake: He also announced a total withdrawal of export duty on de-oiled rice bran oil cake.
Handmade carpets and textile floor coverings of coir or jute: The Finance Minister proposed to totally withdraw excise duty from handmade carpets and textile floor coverings of coir or jute.
Other products and services made cheaper are: Handmade carpets, electric and hybrid vehicles, leather and leather goods including footwear, precious and semi-precious stones, rice bran oil cake, readymade garments, textile floor coverings of coir or jute, duty free gold limit increased to 50000 in case of male passenger and 100000 in case of a female passenger, imported cheaper hazel nuts and dehulled oat grain, sabudana (tapioca sago) and truck chasis. - See more at: http://www.jagranjosh.com/current-affairs/union-budget-201314-list-of-commodities-on-which-taxes-increased-or-decreased-1362122124-1#sthash.Cx1CVl1f.dpuf
Union Budget 2013-14: Allocation to Rural Development, Agriculture and Food Security
Allocation to Rural Development, Agriculture and Food Security
A total of 80194 crore Rupees was allocated for Rural Development Ministry, an increase by 46 percent in 2013-14 fiscal year.
Pradhan Mantri Gram Sadak Yojana
Pradhan Mantri Gram Sadak Yojana (PMGSY)-II was proposed for the benefit of those states which have substantially fulfilled the objectives of PMGSY. The beneficiary states will be Rajasthan, Punjab, Maharashtra, Karnataka, Haryana and Andhra Pradesh.
Allocation of funds to Ministry of Agriculture
The Ministry of Agriculture got an increase of 22 percent over revised estimates for 2012-2013. The budget allocation to the Ministry of Agriculture was 27049 crore Rupees. 500 crore Rupees was allocated for initiating the programme on crop diversification.
Pilot Programme on Nutri-Farms
Apart from this, the pilot programme on Nutri-Farms will be started for the purpose of introduction of new crop varieties which are rich in micro-nutrients like iron-rich bajra. A total of 200 crore Rupees would be facilitated for starting this pilot programme.
Support to Farmer Producer Organizations
The Budget will also support the Farmer Producer Organizations (FPO), which also includes Farmer Producer Companies (FPC) that have emerged as the aggregators of farm produce. This will link the farmers directly to the markets.
Agricultural Credit
Agricultural credit for 2012-13, which was 575000 crore Rupees was increased. A target of 700000 crore farm credit was fixed for 2013-14 fiscal year.
Interest Subvention Scheme
The Interest Subvention Scheme for short-term crop loans would be continued for loans by the Cooperative Banks, RRBs, public sector banks and will also be expanded to private scheduled commercial banks. Under this scheme, any farmer who pays back the loan on time would get credit at 4 percent annually.
National Livestock Mission
Apart from this, 307 crore Rupees was set aside for National Livestock Mission in order to attract investment and enhance livestock productivity. A sub-mission of this National Livestock Mission was also started for increasing the availability of feed and fodder.
The Union Finance Minister announced the possibility of National Food Security Bill to be passed by the Parliament and 10000 crore Rupees was set aside for incremental cost which would occur under the Act. - See more at: http://www.jagranjosh.com/current-affairs/union-budget-201314-allocation-to-rural-development-agriculture-and-food-security-1362132636-1#sthash.vDkVzl8B.dpuf
Union Budget 2013-14: Allocation of Funds to Industrial Sector -
Plans for seven new cities
Plans for seven new cities were finalized for industrial corridors and work on two new smart industrial cities at Dholera (Gujarat) and Shendra Bidkin (Maharashtra) will begin during 2013-14 financial year. Also, an all-inclusive plan was under preparation for Chennai Bengaluru industrial corridor. Preparatory work for next corridor - Bengaluru Mumbai industrial corridor was started.
Two new ports to be established in West Bengal and Andhra Pradesh
The plan for establishing two new ports in Sagar (West Bengal) and in Andhra Pradesh was under way. Apart from this, a new outer harbour will be developed in the VOC port at Thoothukkudi (Tamil Nadu) through PPP at an estimated cost of 7500 crore Rupees.
Power transmission system
A power transmission system was also planned to be constructed from Srinagar to Leh. An amount of 226 crore Rupees was provided in 2013-14 financial year for this.
The oil and gas exploration policy
It was decided in the Union Budget 2013-14 that the oil and gas exploration policy shall be reviewed to move from profit sharing to revenue sharing contracts. The Finance Minister announced that the policy for encouraging the exploration as well as production of shale gas will be announced. The natural gas pricing policy will be reviewed and uncertainties regarding pricing will be removed.
Support to Micro, Small and Medium Enterprises (MSMEs)
In order to facilitate assistance to the Micro, Small and Medium Enterprises (MSMEs), the refinancing capability of SIDBI was proposed to be enhanced from 5000 crore Rupees to 10000 crore Rupees. Additionally, it was proposed that SIDBI would be provided an amount of 500 crore Rupees for setting up the Credit Guarantee Fund for factoring.
Apparel Parks to be set up
It was also proposed that apparel parks shall be set up within the Integrated Textile Parks. These apparel parks will house the apparel manufacturing units. A scheme called Integrated Processing Developing Scheme was initiated to address to environmental concerns of the textile industry. Term loans as well as the working capital to handloom sector will be made available at the concessional interest of 6 percent. This in turn will forward the benefit to 1.5 lakh weavers as well as 1800 primary co-operative societies. - See more at: http://www.jagranjosh.com/current-affairs/union-budget-201314-allocation-of-funds-to-industrial-sector-1362195589-1#sthash.oKkumwEX.dpuf
Union Budget 2013-14: Allocation of Funds to the Social Sector -
In the Union Budget 2013-14, which was tabled in the Lok Sabha on 28 February 2013 by the Union Finance Minister P. Chidambaram, announcements were made for the social sector, with focus primarily on women, poor and youth. The Finance Minister laid emphasis on the safety and security of the women and declared that various initiatives were underway as well as many more were taken by the government along with the non-governmental organisations.
Various Schemes and Proposals Announced for the Social Sector are as follows:
Eligibility conditions of life insurance policies for persons suffering from disabilities and certain ailments relaxed
The Union Budget 2013-14 proposed relaxation in the eligibility conditions of Life Insurance Policies for persons suffering from disability or certain ailment. The Finance Minister proposed an increase in the permissible premium rate from 10 percent to 15 percent. The relaxation will be made available on or after 1 April 2013.
Government planned to evolve new criteria for determining backwardness
The Union Government declared that human development indicators should be considered for determining backwardness. The Finance Minister proposed to evolve new criteria such as per capita income and other HDIs and reflect them in future planning and devolution of funds. The Finance Minister termed the Backward Regions Grant Fund as a vital source of gap funding and therefore proposed to allocate 11500 crores Rupees in 2013-14 along with another sum of 1000 crore Rupees for Wing Extremism (LWE) affected districts.
Youth to be targeted and motivated
The Union Finance Minister announced that the Union Government will release funds through National Rural Livelihood Mission and the National Urban Livelihood Mission to achieve the target of skilling 50 million people in the Twelfth Plan period including 9 million in 2013-14. P. Chidambaram announced that 5 percent of the Border Area Development Programme Fund, 10 percent of the Special Central Assistance to the Scheduled Castes sub-plan and the Tribal sub-plan and some other funds will also be used for skill development.
Empowerment, safety and security of women; Nirbhaya Fund of 1000 crore Rupees announced
The Finance Minister proposed setting-up of Nirbhaya Fund of 1000 crore Rupees. The minister announced that Ministry of Women and Child Development along with other concerned ministries will work upon the structure, scope and the application of the Fund.
Direct benefit transfer scheme to be rolled out throughout the country
The Union Government announced rolling out Direct Benefit Transfer Scheme throughout the country. The Finance Minister announced that around 11 lakh beneficiaries received the benefits directly into their bank accounts. The Finance Minister also announced that the Government would make sure that digitised beneficiaries lists are available and that bank account is opened for each beneficiary.
Scholarships announced for students belonging to SC/ST/OBC/ minorities and girl children
The Union Finance Minister allocated 37330 crore Rupees to the Ministry of Health and Family Welfare in the Union Budget 2013-14. Out of this allocation, new National Health Mission which is a combination of the rural mission and the proposed urban mission, will be allocated 21239 crore Rupees, an increase of 24.3 percent over the Revised Estimate.
For the purpose of medical education, training and research, the Union Finance Minister proposed to allocate 4727 crore Rupees. The National Programme for the Health Care of Elderly was implemented in 100 selected districts of 21 States. Eight regional geriatric centres were funded for development of dedicated geriatric departments with a fund of 150 crore Rupees.
Various Schemes and Proposals Announced for the Social Sector are as follows:
Eligibility conditions of life insurance policies for persons suffering from disabilities and certain ailments relaxed
The Union Budget 2013-14 proposed relaxation in the eligibility conditions of Life Insurance Policies for persons suffering from disability or certain ailment. The Finance Minister proposed an increase in the permissible premium rate from 10 percent to 15 percent. The relaxation will be made available on or after 1 April 2013.
Government planned to evolve new criteria for determining backwardness
The Union Government declared that human development indicators should be considered for determining backwardness. The Finance Minister proposed to evolve new criteria such as per capita income and other HDIs and reflect them in future planning and devolution of funds. The Finance Minister termed the Backward Regions Grant Fund as a vital source of gap funding and therefore proposed to allocate 11500 crores Rupees in 2013-14 along with another sum of 1000 crore Rupees for Wing Extremism (LWE) affected districts.
Youth to be targeted and motivated
The Union Finance Minister announced that the Union Government will release funds through National Rural Livelihood Mission and the National Urban Livelihood Mission to achieve the target of skilling 50 million people in the Twelfth Plan period including 9 million in 2013-14. P. Chidambaram announced that 5 percent of the Border Area Development Programme Fund, 10 percent of the Special Central Assistance to the Scheduled Castes sub-plan and the Tribal sub-plan and some other funds will also be used for skill development.
Empowerment, safety and security of women; Nirbhaya Fund of 1000 crore Rupees announced
The Finance Minister proposed setting-up of Nirbhaya Fund of 1000 crore Rupees. The minister announced that Ministry of Women and Child Development along with other concerned ministries will work upon the structure, scope and the application of the Fund.
Direct benefit transfer scheme to be rolled out throughout the country
The Union Government announced rolling out Direct Benefit Transfer Scheme throughout the country. The Finance Minister announced that around 11 lakh beneficiaries received the benefits directly into their bank accounts. The Finance Minister also announced that the Government would make sure that digitised beneficiaries lists are available and that bank account is opened for each beneficiary.
Scholarships announced for students belonging to SC/ST/OBC/ minorities and girl children
The Union Finance Minister allocated 37330 crore Rupees to the Ministry of Health and Family Welfare in the Union Budget 2013-14. Out of this allocation, new National Health Mission which is a combination of the rural mission and the proposed urban mission, will be allocated 21239 crore Rupees, an increase of 24.3 percent over the Revised Estimate.
For the purpose of medical education, training and research, the Union Finance Minister proposed to allocate 4727 crore Rupees. The National Programme for the Health Care of Elderly was implemented in 100 selected districts of 21 States. Eight regional geriatric centres were funded for development of dedicated geriatric departments with a fund of 150 crore Rupees.
The Union Finance Minister also proposed to allocate 5284 crore Rupees to the scholarships planned for students belonging to Scheduled Castes, Scheduled Tribes, Other Backward Classes and Minorities, and girl children, in 2013-14. The Mid-day Meal Scheme will be allocated 13215 crore Rupees.
Maternal and child malnutrition to be tackled in mission mode
The Finance Minister also announced 17700 crore Rupees in 2013-14 for the Integrated Child Development Scheme (ICDS). P. Chidambaram underlined that the main focus would remain on early childhood care and education. For the purpose of maternal and child malnutrition, the Finance Minister announced that the multi-sectoral proramme that was announced in 2012-13 would be implemented in 100 districts during 2013-14 with an allocation of 300 crore Rupees.
New measures for welfare of SC/ST, women and minorities
The Finance Minister allocated 41561 crore Rupees to the scheduled castes sub plan and 24598 crore Rupees to tribal sub plan. The gender budget had 97134 crore Rupees and the child budget was given 77236 crore Rupees in 2013-14.
Maternal and child malnutrition to be tackled in mission mode
The Finance Minister also announced 17700 crore Rupees in 2013-14 for the Integrated Child Development Scheme (ICDS). P. Chidambaram underlined that the main focus would remain on early childhood care and education. For the purpose of maternal and child malnutrition, the Finance Minister announced that the multi-sectoral proramme that was announced in 2012-13 would be implemented in 100 districts during 2013-14 with an allocation of 300 crore Rupees.
New measures for welfare of SC/ST, women and minorities
The Finance Minister allocated 41561 crore Rupees to the scheduled castes sub plan and 24598 crore Rupees to tribal sub plan. The gender budget had 97134 crore Rupees and the child budget was given 77236 crore Rupees in 2013-14.
Apart from this, the Ministry of Women and Child Development was asked to prepare schemes for addressing concerns of women, especially single women and widows and for this an amount of 200 crore Rupees was allocated. 3511 crore Rupees was allocated to the Ministry of Minority Affairs.
- See more at: http://www.jagranjosh.com/current-affairs/union-budget-201314-allocation-of-funds-to-the-social-sector-1362202070-1#sthash.DPQG5uet.dpufUnion Budget 2013-14: Tax Proposals at a Glance
The Union Finance Minister announced tax proposals while tabling the Union Budget 2013-14 in the Lok Sabha on 28 February 2013. The tax proposals as announced by the Union Finance Minister are as follows:
Relief for taxpayers in the bracket of 2 lakh Rupees to 5 lakh Rupees tax credit of 2000 Rupees to every person with total income up to 5 lakh Rupees
The Union Budget 2013-14 proposed a relief of 2000 Rupees to every person with a total income up to 5 lakh Rupees in the financial year. He announced that the income slabs which were introduced in 2012-13 financial year were same and that there was no provision of revising the slabs or the rates, apart from some relief to the taxpayers in the first bracket of 2 lakh Rupees to 5 lakh Rupees.
Relief for taxpayers in the bracket of 2 lakh Rupees to 5 lakh Rupees tax credit of 2000 Rupees to every person with total income up to 5 lakh Rupees
The Union Budget 2013-14 proposed a relief of 2000 Rupees to every person with a total income up to 5 lakh Rupees in the financial year. He announced that the income slabs which were introduced in 2012-13 financial year were same and that there was no provision of revising the slabs or the rates, apart from some relief to the taxpayers in the first bracket of 2 lakh Rupees to 5 lakh Rupees.
INCOME In RUPEES
|
WORKING MEN
|
WORKING WOMEN
|
SENIOR CITIZENS
| |||
Old Tax
|
New Tax
|
Old Tax
|
New Tax
|
Old Tax
|
New Tax
| |
2 Lakh
|
0
|
0
|
0
|
0
|
0
|
0
|
5 Lakh
|
30900
|
28840
|
30900
|
28840
|
25750
|
23690
|
8 Lakh
|
92700
|
92700
|
92700
|
92700
|
87550
|
87550
|
10 Lakh
|
133900
|
133900
|
133900
|
133900
|
128750
|
128750
|
25 Lakh
|
597400
|
597400
|
597400
|
597400
|
592250
|
592250
|
50 Lakh
|
1369900
|
1369900
|
1369900
|
1369900
|
1364750
|
1364750
|
100 Lakh
|
2914900
|
2914900
|
2914900
|
2914900
|
2909750
|
2909750
|
110 Lakh
|
3223900
|
3546290
|
3223900
|
3546290
|
3218750
|
3540625
|
Surcharge of 10 percent on persons with taxable income exceeding 1 crore rupees
The Union Budget 2013-14 proposed a surcharge of 10 percent on persons whose taxable income exceeded 1 crore Rupees every year. This tax proposal would be applicable to individuals, HUFs (Hindu Undivided Families), firms and entities with the same tax status. The Finance Minister also proposed to increase the surcharge from 5 percent to 10 percent on the domestic companies whose taxable income exceeded 10 crore Rupees every year. In case of the foreign companies, there would be an increase of surcharge from 2 percent to 5 percent.
In other cases like tax on distributed income or dividend distribution tax, the present surcharge of 5 percent was increased to 10 percent. This additional surcharge would be imposed only for 2013-14 fiscal year.
Additional deduction of interest up to 1 lakh rupees on home loan for first home buyer
In the Union Budget 2013-14, it was proposed that the additional tax benefit would be facilitated to first- home buyers who would take the loan for an amount that does not exceed 25 lakh Rupees. There would be an additional deduction interest of 1 lakh Rupees.
TDS at the rate of 1 percent applied on the value of transfer of immovable property exceeding 50 lakh Rupees
The Union Budget 2013-14 proposed levying TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeded 50 lakh Rupees. Agricultural land was exempted.
Securities Transaction Tax (STT) reduced
The Union Budget 2013-14 proposed reducing rates of Securities Transaction Tax (STT) in respect of certain transactions. P. Chidambaram proposed the following reductions in the rates of STT:
• Equity futures: From 0.017 to 0.01 per cent
• MF/ETF redemptions at fund counters: From 0.25 to 0.001 percent
• MF/ETF purchase/sale on exchanges: From 0.1 to 0.001 percent, only on the seller
Commodities Transaction Tax (CTT) introduced in a limited way; agricultural commodities will be exempted
In the Union Budget 2013-14, Commodities Transaction Tax (CTT) was introduced in a limited way. The Finance Minister announced levying CTT on non-agricultural commodities future contracts at the same rate as on equity futures that is at 0.01 percent of the price of the trade. Agricultural commodities were exempted.
Tax administration reforms commission to be set up
In the Union Finance 2013-14, setting up Tax Administration Reforms Commission (TARC) was proposed. The proposed commission shall be responsible for reviewing the application of tax policies and tax laws. Periodic reports will be submitted by TARC and the suggestions will be implemented for strengthening the capacity of the tax system.
Clarity in tax laws, stable tax regime, non-adversarial tax administration, dispute resolution and independent judiciary – the theme of tax proposals
The major theme of the tax proposals was based on following parameters:
• Clarity in tax laws
• Stable tax regime
• Non-Adversarial tax administration
• Fair mechanism for dispute resolution
• An independent judiciary
Securitisation trust to be exempted from income tax
The Union Budget 2013-14 proposed to exempt the Securitisation Trust from Income Tax. This will help the financial institutions to securitise their assets through a special purpose vehicle. The tax will be levied at the time of distribution of income by the Securitisation Trust at the rate of 30 percent in case of companies and 25 percent in the case of an individual or HUF. No tax shall be levied on the income received by the investors from the Securitisation Trust.
India-United Kingdom Summit 2013: Issues Discussed and Agreed Upon
The India-UK Summit talks took place on 19 February 2013 in New Delhi during the official visit of British Prime Minister, David Cameron to India. The British Prime Minister was accompanied with his Ministerial colleagues as well as delegation which included largest British trade delegation ever to visit India, i.e., the university Vice Chancellors, leaders of the UK-India CEO Forum and members of Parliament.
In the official visit, the progress which was made between the two countries since previous Summit in 2010, was reviewed and discussed. The issues which were discussed included:
Economic Growth and Cooperation
It was found that the trade between India and UK grew at a positive pace since last Summit in 2010. The average growth of the trade in 2010 and 2011 was 23 percent. However, in 2012, the economic climate remained tougher. It was decided that trade and investment between the two countries would be increased.
Two-way investment between India and UK since 2010 Summit was also reviewed. It was found that UK was 3rd largest investor in India now and India, on the other hand, was 5th largest investor in UK.
It was also additionally found that signature of an Amending Protocol of their Double Taxation Avoidance Convention (DTAC) in October 2012 provided tax stability to residents of the two countries. It also led to flow of investment, services as well as technology.
During the visit, the leaders also had a meeting with the members of the UK-India CEO forum. During the meeting, recommendations in context with advance manufacturing and R&D, education and skills, healthcare, and infrastructure and energy were taken.
The EU-India negotiations were discussed as well. It was found that Free Trade Agreement would help in generation of jobs as well as growth of the two countries.
UK extended co-operation with India for development of a new Bengaluru-Mumbai Economic Corridor (BMEC).
During the visit, it was also found that co-investment made by both countries in supporting joint research activities increased from 1 million pounds in 2009 to more than 100 million pounds in 2013.
It was agreed by the leaders of both the nations that energy security challenge would be faced in a co-operative manner.
India and UK during the visit of the UK PM agreed to discuss between relevant agencies working in the field of petroleum conservation in the two countries. It was decided that the two countries would promote joint cooperation through activities where exchanging technology and knowledge would lead to fuel conservation.
It was agreed to encourage Indian Public Sector Undertakings and UK oil and gas companies for exploring possibilities of upstream oil and gas sector investment in India, the UK and in third countries. The issue of cyber security was also discussed.
The two nations also agreed to work towards security of nuclear weapons. It was agreed that regular consultations on disarmament and non-proliferation issues would be held.
UK Prime Minister David Cameron committed to facilitate India with cutting edge British technology, civil and military, in accordance with the international obligations.
International security matters such as conflict in Syria and Iran’s nuclear programme were also discussed during the visit. Both the nations agreed to deepen the existing India-UK strategic consultations on developments in West Asia / Middle East.
Establishing a new Joint Working Group was also agreed upon. This was done for regular bilateral dialogue on peace, security and development in Afghanistan.
Other discussions and dialogues
The two nations considered the results of India-UK Education Forum meeting which took place on 30 January 2013 in London.
In the official visit, the progress which was made between the two countries since previous Summit in 2010, was reviewed and discussed. The issues which were discussed included:
Economic Growth and Cooperation
It was found that the trade between India and UK grew at a positive pace since last Summit in 2010. The average growth of the trade in 2010 and 2011 was 23 percent. However, in 2012, the economic climate remained tougher. It was decided that trade and investment between the two countries would be increased.
Two-way investment between India and UK since 2010 Summit was also reviewed. It was found that UK was 3rd largest investor in India now and India, on the other hand, was 5th largest investor in UK.
It was also additionally found that signature of an Amending Protocol of their Double Taxation Avoidance Convention (DTAC) in October 2012 provided tax stability to residents of the two countries. It also led to flow of investment, services as well as technology.
During the visit, the leaders also had a meeting with the members of the UK-India CEO forum. During the meeting, recommendations in context with advance manufacturing and R&D, education and skills, healthcare, and infrastructure and energy were taken.
The EU-India negotiations were discussed as well. It was found that Free Trade Agreement would help in generation of jobs as well as growth of the two countries.
UK extended co-operation with India for development of a new Bengaluru-Mumbai Economic Corridor (BMEC).
During the visit, it was also found that co-investment made by both countries in supporting joint research activities increased from 1 million pounds in 2009 to more than 100 million pounds in 2013.
It was agreed by the leaders of both the nations that energy security challenge would be faced in a co-operative manner.
India and UK during the visit of the UK PM agreed to discuss between relevant agencies working in the field of petroleum conservation in the two countries. It was decided that the two countries would promote joint cooperation through activities where exchanging technology and knowledge would lead to fuel conservation.
It was agreed to encourage Indian Public Sector Undertakings and UK oil and gas companies for exploring possibilities of upstream oil and gas sector investment in India, the UK and in third countries. The issue of cyber security was also discussed.
The two nations also agreed to work towards security of nuclear weapons. It was agreed that regular consultations on disarmament and non-proliferation issues would be held.
UK Prime Minister David Cameron committed to facilitate India with cutting edge British technology, civil and military, in accordance with the international obligations.
International security matters such as conflict in Syria and Iran’s nuclear programme were also discussed during the visit. Both the nations agreed to deepen the existing India-UK strategic consultations on developments in West Asia / Middle East.
Establishing a new Joint Working Group was also agreed upon. This was done for regular bilateral dialogue on peace, security and development in Afghanistan.
Other discussions and dialogues
The two nations considered the results of India-UK Education Forum meeting which took place on 30 January 2013 in London.
India welcomed the British Council’s programme for providing digital English language materials for Indian learners.
Both India and UK affirmed welcoming legitimate travellers, including students, tourists, visitors, business people or qualified workers.
- See more at: http://www.jagranjosh.com/current-affairs/indiaunited-kingdom-summit-2013-issues-discussed-and-agreed-upon-1362385847-1#sthash.PluuYidb.dpufBoth India and UK affirmed welcoming legitimate travellers, including students, tourists, visitors, business people or qualified workers.
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