Key Announcements Of Union Budget 2019-20:
- PAN and Aadhaar will become interchangeable. One can use your Aadhaar number to file I-T Returns soon
- Rs 5 lakh minimum limit announced for taxpayers.
- 3% surcharge hike on an income of Rs 2 crore and 7% on Rs 5 crore and above
- Corporate tax with turnover of up to Rs 400 crore slashed to 25 per cent from a current rate of 30 per cent
- MDR charges waived on cashless payment
- Fiscal deficit in FY 19 at 3.3% of the GDP
- GST rate on electric vehicles lowered to 5%
- Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India
- Rs 1 lakh loan to be provided for SHG women members under Mudra Scheme
- Additional income tax deduction of Rs 1.5 lakh on interest on loans taken to purchase electric vehicles
- Additional deduction of Rs 5 lakh on loans up to March 31 2020 for buying affordable houses, giving Rs 7 lakh benefit to home buyers.
- To provide Aadhaar cards for NRIs with Indian passports, after their arrival in India, with no waiting period.
- Rs 20 coin coming up
- Regulation of HFCs (Housing Finance Cos) to move to RBI from National Housing Bank
- Excise duty on fuel hiked by Rs 1
- To resolve the angel tax issue, startups will not be subject to any scrutiny in respect to valuation. Funds raised by startups will not require any scrutiny by the I-T department.
- TDS of 2% on cash withdrawals exceeding Rs 1 crore in a year from bank accounts, to discourage business payments in cash.
- Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021
- Rs 70,000 crore in recapitalisation for public sector banks
- Rs 1.05 lakh crore disinvestment target for the year.
- TV channel to be launched for promoting startups and to help matchmaking for funds
- Rs 50 lakh crores proposed for Railway infrastructure
- By 2022, the 75th year of Independence, every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking facility
- The pension benefit will be extended to 3 crore retail traders under PM Karam Yogi Maan Dhan Scheme. It requires only Aadhaar numbers and bank accounts
- Rs 1 crore worth of loans proposed to MSMEs
- 2% interest subvention for GST-registered MSME on fresh or incremental loans
- Investment by FIIs and FDIs in debt securities in infrastructure debt funds to be allowed. Minimum public shareholding in listed companies can be increased from 25% to 35%
- Global Investors Meet to happen in India
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Anti Poverty & Employment Generation Programmes
As per the estimation by the Tendulkar Committee the number of Below Poverty Line (BPL) declined to 21.9% of the population in 2011-12 from 29.8% in 2009-10 and 37.2% in 2004-05. The Global Multidimensional Poverty Index-2018 released by the UN noted that 271 million people moved out of poverty between 2005/06 and 2015/16 in India. The poverty rate in the country has nearly halved, falling from 55% to 28% over the ten-year period.Still a big part of the population in india is living Below the Povert Line. As per Tendulkar Committee this estimation is around 21.9% of the total population of the country.
Anti poverty measures and Employment Generating programmes are:
1. Integrated Rural Development Programme (IRDP):The Integrated Rural Development Programme (IRDP), which was introduced in 1978-79 and universalized from 2nd October, 1980, aimed at providing assistance to the rural poor in the form of subsidy and bank credit for productive employment opportunities through successive plan periods. On 1st April, 1999, the IRDP and allied programmes were merged into a single programme known as Swarnajayanti Gram Swarozgar Yojana (SGSY). The SGSY emphasizes on organizing the rural poor into self-help groups, capacity-building, planning of activity clusters, infrastructure support, technology, credit and marketing linkages.
2. Jawahar Rozgar Yojana/Jawahar Gram Samriddhi Yojana:Under the Wage Employment Programmes, the National Rural Employment Programme (NREP) and Rural Landless Employment Guarantee Programme (RLEGP) were started in Sixth and Seventh Plans. The NREP and RLEGP were merged in April 1989 under Jawahar Rozgar Yojana (JRY). The JRY was meant to generate meaningful employment opportunities for the unemployed and underemployed in rural areas through the creation of economic infrastructure and community and social assets. The JRY was revamped from 1st April, 1999, as Jawahar Gram Samriddhi Yojana (JGSY). It now became a programme for the creation of rural economic infrastructure with employment generation as the secondary objective.
3. Rural Housing – Indira Awaas Yojana:The Indira Awaas Yojana (LAY) programme aims at providing free housing to Below Poverty Line (BPL) families in rural areas and main targets would be the households of SC/STs. It was first merged with the Jawahar Rozgar Yojana (JRY) in 1989 and in 1996 it broke away from JRY into a separate housing scheme for the rural poor.
4. Food for Work Programme:The Food for Work Programme was started in 2000-01 as a component of EAS full form??. It was first launched in eight drought-affected states of Chhattisgarh, Gujarat, Himachal Pradesh, Madhya Pradesh, Orissa, Rajasthan, Maharashtra and Uttaranchal. It aims at enhancing food security through wage employment. Food grains are supplied to states free of cost, however, the supply of food grains from the Food Corporation of India (FCI) godowns has been slow.
5. Sampoorna Gramin Rozgar Yojana (SGRY):The JGSY, EAS and Food for Work Programme were revamped and merged under the new Sampoorna Gramin Rozgar Yojana (SGRY) Scheme from 1st September, 2001. The main objective of the scheme continues to be the generation of wage employment, creation of durable economic infrastructure in rural areas and provision of food and nutrition security for the poor.
6. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) 2005:It was launched on February 2, 2005. The Act provides 100 days assured employment every year to every rural household. One-third of the proposed jobs would be reserved for women. The central government will also establish National Employment Guarantee Funds. Similarly, state governments will establish State Employment Guarantee Funds for implementation of the scheme. Under the programme, if an applicant is not provided employment within 15 days s/he will be entitled to a daily unemployment allowance.
Salient features of MGNREGA are:I. Right based frameworkII. Time bound guarantee of employmentIII. Labour intensive workIV. Women empowermentV. Transparency and accountabilityVI. Adequate funding by central government
7. National Food for Work Programme:It was launched on November 14, 2004 in 150 most backward districts of the country. The objective of the programme was to provide additional resources available under Sampoorna Grameen Rojgar Yojna. This was 100% centrally funded programme. Now this programme has been subsumed in the MGNREGA from Feb 2, 2006.
8. National Rural Livelihood Mission: Ajeevika (2011)It is the skill and placement initiative of Ministry of Rural development. It is a part of National Rural Livelihood Mission (NRLM)–the mission for poverty reduction is called Ajeevika (2011). It evolves out the need to diversify the needs of the rural poor and provide them jobs with regular income on monthly basis. Self Help groups are formed at the village level to help the needy.
9. Pradhan Mantri Kaushal Vikas Yojna:The cabinet on March 21, 2015 cleared the scheme to provide skill training to 1.4 million youth with an overall outlay of Rs. 1120 crore. This plan is implemented with the help of Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation. It will focus on fresh entrant to the labour market, especially labour market and class X and XII dropouts.
10. National Heritage Development and Augmentation Yojna (HRIDAY):HRIDAY scheme was launched (21 Jan. 2015) to preserve and rejuvenate the rich cultural heritage of the country. This Rs. 500 crore programme was launched by Urban Development Ministry in New Delhi. Initially it is launched in 12 cities: Amritsar, Varanasi, Gaya, Puri, Ajmer, Mathura, Dwarka, Badami, Velankanni, Kanchipuram, Warangal and Amarvati. These programmes played/are playing a very crucial role in the development of the all sections of the society so that the concept of holistic development can be ensured in the real sense.
WHAT SHOULD BE READ FROM THE ECONOMIC SURVEY?
The answer is really simple. Go through your ESI and FM syllabus and identify the topics which have a current/factual/data orientation and date pertaining to which can be found in the Survey.
The list of such topics is as follows:
Measurement of growth: National Income and per capita income Poverty Alleviation and Employment Generation in India Sustainable Development and Environmental issues Industrial and Labour Policy Monetary and Fiscal Policy Balance of Payments Export-Import Policy WTO Demographic Trends Urbanization and Migration Gender Issues Social Justice : Positive Discrimination in favor of the under privileged Human Development Social Sectors in India Health and Education The Union Budget – Direct and Indirect taxes; Non-tax sources of Revenue GST Thirteenth Finance Commission and GST, Finance Commission Fiscal Policy Fiscal Responsibility and Budget Management Act (FRBM), Inflation: Definition, trends, estimates, consequences, and remedies (control): WPI, CPI – components and trends. Latest trends, latest data, latest committees, latest terms and phrases, etc related to all the above topics can be found in the Survey.
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Purchasing Power Parity (PPP)
It states that the exchange rate of a currency with another (currency) is in equilibrium when their domestic purchasing power are equivalent at that exchange rate.
It means that a good should cost same in India and USA after considering the exchange rate of Indian Rupee (INR) and US Dollar (USD).
Suppose, the current exchange rate of Indian rupee to US Dollar is Rs. 60 perUSD (i.e., 1 USD = Rs. 60). Now suppose a laptop costs Rs. 60,000 in India.
According to the PPP theory, the laptop should cost USD (60,000 / 60) = USD 1,000 (considering the current exchange rate of these two currencies) to maintain parity in purchasing power of these two currencies.
But, it may happen that the actual market price of the laptop in USA is USD 800 (say) (equivalent to Rs. 48,000 in India). Therefore, there is an advantage of buying the laptop in USA at much less price than India (Rs. 12,000 less) (it means that the purchasing power is not in parity between these two currencies)
Indian consumers will go to the exchange office and sell their INR and buy USD, and then buy the laptop from USA. It will cause the Indian currency less valuablethan the US dollar.
The demand of laptop sold in India will decrease (since high price), and the priceof laptop will go down. In contrast, the demand of laptop in USA will increase, and the price will rise accordingly.
These factors will cause the exchange rate (of the currencies) and the prices (of laptops) to change such that there is purchasing power parity in both the currencies.
PPP theory tells us that the price differences between countries are not sustainable in the long run, as market forces will equalize prices between the countries and change the exchange rates accordingly.
(Relate the above example with companies that can buy goods in much less price from foreign countries and sell in much less price in India than its counterparts. For this reason, there are several laws or restrictions on imports and a provision of levying customs duty, etc.)
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::IMPORTANT MANAGEMENT TOPIC FOR RBI 2019 MAINS EXAM::Roles of a Manager in an Organisation
A manager occupies different positions in an organisation. He plays different roles depending upon the situation. The Henry Mintzberg in his book ‘The Nature of Managerial Work’ describes the ten roles of a manager in an organisation which are broadly divided into three categories:
In their interpersonal roles, manager act as figurehead, lead, and interact with members of the organisation, within the department or outside the department.
A manager is the symbolic head of a firm. Every manager has to perform various regular duties which are of legal or social nature.
In the leader role, every manager must motivate and encourage his employees. He must try to align the needs of individuals with the goals of organisation
Every manager must maintain a network of outside contacts that can provide information useful for the organisation
In their informational roles, managers seek information from others, provide information to others, and provide information to people outside the organisation, in the capacity of representative of the organisation
A manager receives a wide variety of information and utilizes such information appropriately.
A manager transmits some of the privileged information directly to the members of the organisation who otherwise has no access to it. Through meeting, e-mail, circular, notice, office order etc. a manager acts as disseminator of information particularly to subordinates.
A manager transmits information about the organisation to various outside stakeholders. These stakeholders can be government officials, labour unions, customers, suppliers etc. The information can be organization’s plans, policies, actions, and results; serves as expert on organization’s industry.
In their decisional roles, managers take proactive actions, sort out differences in opinion amicably, allocate resources to various departments in optimum way, and negotiate implementation of new projects.
In this role the manager searches for innovative opportunities to bring about positive change in organisation.
In this role, the manager works to seek solutions of various unanticipated problems. He is responsible for corrective action when organization faces important, unexpected disturbances
In this role, the manager divides the work and delegate authority among his subordinates.
A manager is responsible for representing the organization at major negotiations. He may have to negotiate with union leaders for a strike issue, negotiate with workers for addressing their grievances and so on.