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2 FEB- Current Affairs (PIB and The Hindu)
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Part 2

Ashish Malik is teaching live on Unacademy Plus

Ashish Malik
Verified UPSC Educator@Unacademy Plus, Writer, Poet, Alignment Design engineer, Motivational speaker, YouTuber, Blogger, Counsellor

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  1. Press Information Bureau THE HINDU Ashish Malik's Daily Current Affairs (With MCQs)- 02/02/19 unacademy - AshishMalik-8996


  2. Vision 2030 1. To build physical as well as social infrastructure and to 2. To create a Digital India, digitise government processes with 3. Making India pollution-free by leading transport revolution 4. Expanding rural industrialisation using modern digital 5. Clean up rivers, provide safe drinking water to all Indians provide ease of living leaders from youth. with Electric Vehicles and focus on Renewables. technologies to generate massive employment. and ensure efficient use of water through micro-irrigation


  3. 6. Scale up Sagarmala, develop other inland waterways faster, harness India's long coastline and oceans to power India's development and growth. 7. Aim at our space programme - Gaganyaan, India becoming the launch-pad of satellites for the world and placing an Indian 8. Making India self-sufficient in food, exporting to the world to meet 9. A healthy India via Ayushman Bharat with women having equal 10Transforming India into a 'Minimum Government, Maximum astronaut into space by 2022. global food needs and producing food in the most organic way. rights, ensuring their safety and promoting their empowerment. Governance' nation with pro-active and responsible bureaucracy.


  4. Highlights of the - Interim Budget 2019-20 Un nised workers India Inc. Taxpayers While the tax slabs have been left untouched, Section 87A of the IT Act has been amended to increase the rebate ceiling from 23.5 lakhh Home-owners - The tax on notional With the focus on A new "direct income support" scheme Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) for farmers and individuals, Mantri Shram-yogi proposals aimed at young workers in the unorganised sector 6,000 per year will be provided to farmers having cultivable land up to two hectares - For making more homes available under affordable housing, the benefits under Section 80-IBA of the Income Tax Act are corporate India -Real estate hold unsold inventory the date of project 3,000 can assured monthly pension from the age of 60 on an affordable monthly amount during their working age Individuals with annual income of 5 lakh or less need not pay income tax completion without projects approved till 31 March, 2020 crore farmers likely to 15,000 will be the monthly income Limit for the workers to join the 3 taxpayers may be beneficiaries - Stamp duty to be Levied on 1 instrument relating to 1 transaction and will be collected at the stock exchange rollover of capital gains under Section 54 of the Income Tax Act will be increased from investment in one residential house to two residential houses for a tax payer having capital gains up to 75,0O0 cr allocated for the 18,5O0 crore is the total tax benefit 500 cr has been allocated for the scheme Source 2019-20 of energy supply in the . Those having gross income up to 6.50 lakhs may not pay tax if they make investments in provident funds, specified savings, insurance, etc. crore for direct benefit transfer will be - The monthly amount will vary from 55 to 100 depending upon the within the Estimates of FY 2018-19 2 crore. These measures are expected to boost the realty on incremental loan of 1 crore f r GST-registered SME units


  5. Budget at a Glance INTERIM 2017-18 (Actuals) 2018-19 (BE) 2018-19 (RE) RECEIPTS (in crore) EXPENDITURE 2019-20 (in crore) BE) Revenue Capital Revenue Capital Deficit Trends % of GDP 3.5 3.3 2.2 1.2 0.3 3.4 2.2 1.1 0.2 2018-19 3.4 2.2 1.3 0.2 2019-20 Fiscal Deficit 2.6 Revenue Deficit Effective 1.5 0.4 Revenue Deficit Primary Deficit 19 2017-18 (Actuals) 2018- (Budget Revised Estimates) Estimates) Es


  6. 1. Revenue deficit = Total revenue expenditure-Total revenue receipts. . 2. Fiscal deficit Total expenditure - Total receipts excluding borrowings 3. Primary deficit Fiscal deficit-Interest payments.



  7. INTERIM BUDGET 2019-20 Rupee comes from Rupee goes to I5 Borrowings and Other Corporation Tax Central Sector Schemes Interest Payments Liabilities 21p Income Tax Centrally 18p 19p 17p Sponsored 12 Schemes Defence 9p 8p Non-Debt Capital Receipts Customs 4 p Other Expenditure Subsidies RUPEE RUPEE 8p 9p 2019 Union Excise Duties 8p 5 Pensions 21 p 8p Non-Tax Revenue Goods and Service Tax States' Share of Taxes & Duties inance Commission and Other Transfers


  8. Interim Budget and Vote on Account An Interim Budget is not the same as a 'Vote on Account'. . While a 'Vote on Account, deals only with the expenditure side of the government's budget, an Interim Budget is a complete set of accounts, including both expenditure and receipts An Interim Budget gives the complete financial statement, very similar to a full Budget.


  9. * The vote-on-account is normally valid for two months . As a convention, a vote-on-account is treated as a formal matter and passed by Lok Sabha without discussion o But passing for budget happens only after discussions and voting on demand for grants.


  10. U.S. to pull out of nuclear Treaty The U.S is suspending its obligations under the Intermediate-Range Nuclear Forces (INF) Treaty effective February 2 and will withdraw from the treaty in six months . The 1987 Intermediate-Range Nuclear Forces (INF) Treaty required the United States and the Soviet Union to eliminate and permanently forswear all of their nuclear and conventional ground-launched ballistic and cruise missiles with ranges of 500 to 5,500 kilometers. INF Treaty, the United States and the Soviet Union destroyed a total of 2,692 short-, medium-, and intermediate-range missiles by the treaty's implementation deadline of June 1, 1991


  11. Interesting Facts INF Treaty covers all types of ground-launched cruise and ballistic missiles - whether their payload is conventional or nuclear. Moscow and Washington are prohibited from deploying these missiles anywhere in the world, not just in Europe. However, the treaty applies only to ground-launched systems. Both sides are free to deploy air- and sea- launched missiles within the 500-to-5,500-kilometer range.


  12. MCQs- 02/02/2019 Q.1 ldate Commission, recently in news is related to which of the following? a) 10% Reservation on Economic basis b) Police Reforms c) Welfare of nomadic communities d) Findings of Demonetization impact


  13. Q.2 As announced in Budget 2019-20, a committee is going to be formulated for welfare panel for nomadic, semi-nomadic and de-notified communities under: a) NITI Aayog b) Ministry of Social Justice and Empowerment c) Ministry of Women and Child development d) Ministry of Home Affairs


  14. Vision 2030 1. To build physical as well as social infrastructure and to 2. To create a Digital India, digitise government processes with 3. Making India pollution-free by leading transport revolution 4. Expanding rural industrialisation using modern digital 5. Clean up rivers, provide safe drinking water to all Indians provide ease of living leaders from youth. with Electric Vehicles and focus on Renewables. technologies to generate massive employment. and ensure efficient use of water through micro-irrigation


  15. 6. Scale up Sagarmala, develop other inland waterways faster, harness India's long coastline and oceans to power India's development and growth. 7. Aim at our space programme - Gaganyaan, India becoming the launch-pad of satellites for the world and placing an Indian 8. Making India self-sufficient in food, exporting to the world to meet 9. A healthy India via Ayushman Bharat with women having equal 10Transforming India into a 'Minimum Government, Maximum astronaut into space by 2022. global food needs and producing food in the most organic way. rights, ensuring their safety and promoting their empowerment. Governance' nation with pro-active and responsible bureaucracy.


  16. Q.4 Pradhan Mantri Shram-yogi maandhaarn a new initiative of Budget 2019-20 relates to:- a) Unorganised workers b) Child Labours c) Bonded Labours d) Organised workers


  17. Q.5 Consider the following statements about PM-Kisan scheme 1. It's a direct income support scheme for farmers 2. Rs.6000 per year will be provided to farmers having cultivable land upto 2 hectare Select the correct code: a) 1 only b) 2 only c) Both d) None


  18. Q.5 Consider the following statements about PM-Kisan scheme 1. It's a direct income support scheme for farmers 2. Rs.6000 per year will be provided to farmers having cultivable land upto 2 hectare Select the correct code: a) 1 only b) 2 only c) Both d) None


  19. Q.6 Which of the following is/are not correctly matched? 1. Revenue deficit Total revenue expenditure - Total revenue receipts 2. Fiscal deficit Total expenditure- Interest payments 3. Primary deficit Fiscal deficit - Total receipts excluding borrowings. Code: a) 2 and 3 b) 1 and2 c) 1 and3 d) All are correct


  20. Q.7 Considering the budget breakdown, select the correct statement(s): 1. Allocation for agriculture and defence has been increased 2. There is significant increase in allocation of budget for education and health sector. Code:- a) lonly b) 2only c) Both d) None


  21. Q.8 Arrange the following items in decreasing order of expenditure estimates as per Budget 2019-20 1. State's share of taxes and duties 2. Interest payments 3. Central sector schemes 4. Subsidies Code a) 3-2-1-4 b) 1-2-3-4 c) 2-1-4-3 d) 3-1-2-3


  22. Q.8 Arrange the following items in decreasing order of expenditure estimates as per Budget 2019-20 1. State's share of taxes and duties 2. Interest payments 3. Central sector schemes 4. Subsidies Code a) 3-2-1-4 b) 1-2-3-4 c) 2-1-4-3 d) 3-1-2-3


  23. Q.9 Choose the correct statement(s): 1. Interim Budget deals only with the expenditure side of the government's budget, whereas 'Vote on Account' includes both expenditure and receipts. 2. The vote-on-account is normally valid for two months 3. Vote-on-account is passed by Lok Sabha without discussion, whereas passing for budget happens only after discussions and voting on demand for grants. Code: a) 1 and2 b) 1 and 3 c) 2 and 3 d) 1,2 and3