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Thu Feb 1, 2024
The Khelo India Youth Games 2024 have commenced in Tamil Nadu, showcasing the nation's budding sporting talent in a jubilant display of skill, determination, and sportsmanship. Boasting a participation of over 5,600 athletes from across the country, this sixth installment of KIYG is set to be a remarkable event, spanning from January 19 to 31. Spread across four lively cities – Chennai, Madurai, Trichy, and Coimbatore – the games underscore India's dedication to fostering sports at the grassroots level. More than just a platform for athletic competition, the Khelo India Youth Games 2024 is a celebration of India's varied and rich sporting culture. Maharashtra successfully retained their Khelo India Youth Games championship by securing the top position in the medal standings. They clinched a total of 57 gold medals, 48 silver medals, and 53 bronze medals, marking their fourth KIYG title.
NSIL, the commercial subsidiary of ISRO, and the French firm Arianespace have inked a Memorandum of Understanding (MoU) to establish a durable partnership. The agreement outlines collaboration between NSIL/ISRO's heavy lift launch vehicle LVM-3 and Arianespace's Ariane-6 to cater to the global launch service market. This collaboration aims to meet the increasing demand for launching heavier communication or earth observation satellites, as well as satellites for mega-constellations.
The Punjab government has launched the 'Sadak Surakhya Force' (SSF) as a strategic initiative to diminish road fatalities. Chief Minister Bhagwant Singh Mann inaugurated 144 high-tech vehicles in Jalandhar to mark the commencement of SSF operations. AIG traffic Gaganjit Singh will lead the force, comprising over 1,200 police jawans. These vehicles are equipped with specialized tools designed for detecting instances of drunken driving and overspeeding. In a move to promote community involvement, individuals across the state can register complaints with SSF by dialing the helpline number 112.
Finance Minister Nirmala Sitharaman is currently delivering the Union Budget 2024 in Parliament. Notably, this budget is an interim one, preceding the Lok Sabha Elections. This marks Sitharaman's sixth Union Budget, and the comprehensive budget will be presented by the incoming government post the elections. An interim budget, functioning as a short-term financial plan, requests Parliament's approval for an advance grant. This is to address the government's crucial expenditure for the initial four months of the upcoming financial year. Stay tuned for further updates on the budget proceedings.
Addressing the enormity of the responsibility to fix the economy since 2014, Finance Minister Nirmala Sitharaman reflects on the government's success, driven by the principle of "Nation First." She asserts that the challenges of those years have been surmounted, and the economy is now on a trajectory of robust and sustained growth, comparing current figures with the pre-Modi government era.
Highlighting the need to evaluate the economic landscape in 2014 versus the present to understand past mismanagement, Sitharaman announces the government's intention to present a white paper on the matter to the House.
She concludes her speech by expressing confidence that the goal of a developed India, driven by good intentions, true dedication, and hard work, will be realized in the coming years. Sitharaman commends the Interim Budget to the House.
In a bid to enhance taxpayer services, Sitharaman acknowledges a significant number of petty or disputed direct tax demands, some dating back to 1962, causing distress to taxpayers. She proposes the withdrawal of outstanding direct tax demands up to Rs. 25,000 for years up to 2009-10 and Rs. 10,000 for the period from 2010 to 2015. This measure is expected to benefit 1 crore taxpayers.
Maintaining the convention of not altering taxation rates, including direct and indirect taxes, and import duties, Sitharaman announces the continuity of existing tax rates. However, she notes the expiration of certain tax exemptions for startups and IFSC units on March 31, 2023, proposing an extension until March 31, 2025.
Sitharaman emphasizes the positive impact of the Goods and Services Tax (GST) in unifying the tax system, reducing the compliance burden on trade and industry. Citing a recent survey, she states that 94% of industry leaders view the transition to GST as largely positive. The Finance Minister highlights the benefits for states and consumers, including lower logistics costs and reduced prices.
Acknowledging the support of taxpayers, Sitharaman details previous changes in tax provisions. Under the new tax scheme, there is no liability for those earning up to Rs. 7 lakh a year. The threshold for presumptive taxation for retail businesses has increased from Rs. 2 crore to Rs. 3 crore. Corporate tax rates were lowered from 30% to 22% for existing companies and 15% for certain new manufacturing industries. Filing tax returns has been streamlined, with the average processing time reduced from 93 days in 2013-14 to just 10 days, facilitating faster refunds.
· Hemant Soren, CM of Jharkhand, was arrested by the Enforcement Directorate (ED) on charges of money laundering related to a ₹600 crore land scam.
· Soren's arrest came after he evaded seven summons for questioning by the ED and was anticipating arrest.
· Champai Soren, Transport Minister and a veteran leader of the ruling Jharkhand Mukti Morcha, is set to take over as the new CM of Jharkhand.
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