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Home » THE HINDU,PIB CURRENT NEWS ANALYSIS 9 FEB 2019

THE HINDU,PIB CURRENT NEWS ANALYSIS 9 FEB 2019

Note:  The following Current affairs has been selected from AIR, PIB, PRS, BBC, The Hindu, IDSA (Institute for Defence Studies and Analyses), Live mint, Indian Express, Quora.com, Hindustan Times, Telegraph, The Times , WTO, New Indian express , The Guardian and is highly recommended for UPSC Prelims and Mains Examination

 

News Analysis: 09-02-2019

National News

General Studies-III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

 

Startups to be listed for angel tax exemption

  • The Department for Promotion of Industry and Internal Trade (DPIIT) and the Central Board of Direct Taxes (CBDT) on Friday agreed to compile a list of startups eligible for angel tax exemption, based on their audited financial statements and income tax returns of the previous year. The notification is likely be issued in a couple of days.

  • The government also decided to raise the maximum time limit below which a firm would be deemed eligible for angel tax exemption to 10 years from the earlier seven, a member of the committee set up to look into the issue said, speaking on condition of anonymity.

  • Further, the paid-up share capital threshold below which startups would be eligible for an exemption has been set at ₹25 crore.

  • In cases where the investment exceeds ₹25 crore, the firms would be eligible for exemption if the angel investors can prove a net worth of ₹2 crore or more in the previous financial year. For investments below ₹25 crore, no questions would be asked.

Angel tax is imposed on the excess share capital raised by an unlisted firm, over and above the fair market value of its shares.

Source: The Hindu

 

General Studies-II : Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

 

Government introduces Bill on northeast

  • The government quietly introduced a Constitution Amendment Bill in Rajya Sabha on Wednesday to increase the financial and executive powers of the 10 Autonomous Councils in the Sixth Schedule areas of the northeastern region.

  • The amendment will impact one crore tribal people in Assam, Meghalaya, Tripura and Mizoram.

  • The Bill is one of the legislations announced in the past month in the wake of protests in the region following the passage of the Citizenship Amendment Bill, 2019, in the Lok Sabha.

  • A senior government official said The Constitution (125th Amendment) Bill, 2019 was introduced amid din on February 6 in Rajya Sabha.

Source: The Hindu

 

General Studies-III : Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

 

Growth prop

  • As the RBI cuts the benchmark repo rate, concerns over the fiscal deficit remain

  • Barely four months after the Reserve Bank of India switched its monetary policy stance to one of ‘calibrated tightening’, signalling interest rates were set to trend higher, it has reversed direction.

  • Not only did the RBI’s monetary policy committee unanimously opt to revert to a ‘neutral’ posture, but the rate-setting panel unexpectedly decided, by a 4-2 majority, to cut the benchmark repo rate by 25 basis points, to 6.25%.

  • The MPC’s reasoning has been fairly straightforward. With Consumer Price Index-based inflation having continued to slow and projected to stay well below the medium-term target of 4% till at least the October-December quarter, the MPC saw an opportune moment to pivot to a growth-supportive stance.

  • That there is a need to bolster economic momentum is evident from the RBI’s downward revision of the forecast for growth in the first half of the next fiscal year.

  • The projection has been lowered to a range of 7.2-7.4%, from 7.5% posited in the RBI’s December statement, as moderating global growth and slowing overseas demand add uncertainties to the prevailing domestic imbalances.

  • Specifically, production and import of capital goods, which is a key gauge of investment demand, contracted in November/December and credit flows to industry remain muted.

  • With an overall shortfall of 4% in rabi sowing across various crops, and storage in major reservoirs at just 44% of the full level, the slowdown in farm output growth may, worryingly, end up being more protracted.

  • The less-than-sanguine outlook for the rural economy is also reflected in the high-frequency indicators of the services sector.

  • Data on sales of both motorcycles and tractors in December underscore weakening demand in the hinterland. This weakness in the farm sector is undergirding the unprecedented softness in food prices.

  • The December CPI data showed continuing deflation in food items. While the RBI’s inflation calculus clearly benefits from the ongoing trend in price gains, the MPC is justifiably cognisant of the tenuousness of the assumptions it has made for its forward projections.

  • Importantly, while it has assumed a normal monsoon this year, the central bank acknowledges that any variation in geographic spread or uneven distribution in terms of time could roil the inflation outlook.

  • Inexplicably, however, the RBI’s policy statement fails to make any mention of its hitherto abiding concern about fiscal prudence.

  • With the Interim Budget showing some slippage from the fiscal roadmap and projecting a budget deficit of 3.4% for both the current financial year and the next, the risk of government borrowing crowding out private investment demand remains tangibly real.

  • One must assume that the central bank will resume normal service on providing salutary caution to the government after the coming general election.

Source: The Hindu

 

General Studies-III : Science and Technology- developments and their applications and effects in everyday life Achievements of Indians in science & technology; indigenization of technology and developing new technology.

 

Anti-tank missile ‘Helina’ test-fired

  • India test-fired its helicopter-launched version of one of the most-advanced anti-tank weapons from the Odisha coast on Friday.

  • Helina, the helicopter-launched version of the Nag anti-tank guided missile with a hit range of 7-8 km, was launched from an Army chopper.

 

Source: The Hindu


 

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