Author: News Desk
The recently released economic survey for the fiscal year 2023-24 has highlighted island development as a key focus under the government’s ambitious Amrit Kaal Vision 2047. This initiative aims to harness the potential of major island territories, specifically the Andaman & Nicobar Islands and the Lakshadweep Islands, as part of the broader Maritime India Vision 2030. The survey details a phased strategy to transform these islands into vibrant hubs for tourism and various maritime activities. Central to this effort is the Andaman Lakshadweep Harbour Works, which will play a crucial role in establishing the necessary port infrastructure to meet the…
Airbus Helicopters is set to establish a new production line for the H125 helicopter in India, in collaboration with Tata Advanced Systems Limited (TASL). This facility, which will be the fourth H125 production line globally, is expected to cater to a projected demand of 500 helicopters in India and South Asia over the next 20 years. Location and Facility Details The H125’s final assembly line (FAL) in India will be the first private sector civil helicopter assembly line in the country. The exact location for the facility is still under final assessment. Factors influencing the decision include the location’s appeal…
A substantial allocation of ₹1.28 lakh crore has been earmarked for telecom projects and public sector firms under the telecom ministry, in the Union Budget for the financial year 2024-25. The majority of these funds are designated for BSNL (Bharat Sanchar Nigam Limited) and MTNL (Mahanagar Telephone Nigam Ltd) for technology upgradation and restructuring, with BSNL set to receive ₹82,916 crore for these purposes. The budget document specifies that the total net allocation for this demand amounts to ₹1,28,915.43 crore, including an additional provision of ₹17,000 crore sourced from the Universal Service Obligation Fund. This additional funding will be utilized…
The Karnataka government’s proposal to extend the workday for IT employees to over 12 hours has ignited significant backlash from unions. Concerns have been raised about potential health impacts and job losses. This decision, pending further discussions by the labour minister, could have major implications for the state’s IT industry. Proposed Amendment Details The amendment aims to revise the Karnataka Shops and Commercial Establishments Act, allowing IT/ITeS/BPO employees to work more than 12 hours a day, not exceeding 125 hours in three continuous months. This proposal has drawn widespread criticism from various IT sector unions. Union Concerns The Karnataka State…
UPI-ATM, known as the Interoperable Cardless Cash Withdrawal (ICCW) service, allows customers to conveniently access cash from various participating banks’ ATMs without the need for physical cards. All you need is your smartphone and a UPI app enabled for ATM transactions. NPCI’s Approval and Initial Trials The National Payment Corporation of India (NPCI) has approved UPI-enabled withdrawals, eliminating the need to carry debit cards everywhere. According to a MySmartPrice report, initial tests in Mumbai ATMs showed that cardless withdrawals were more complicated than traditional card processes. However, after a few trials, it was found that withdrawing cash from ATMs via…
Canada has extended invitations to foreign nationals keen on securing permanent residency through the Canadian Experience Class (CEC) program. This initiative by Immigration, Refugees, and Citizenship Canada (IRCC) offers a golden opportunity for skilled workers with Canadian work experience. On July 17, 2024, a staggering 6,300 invitations to apply (ITAs) for permanent residency under the Express Entry draw for the CEC were dispatched. These invitations were valid until July 18, 2024. This marks a significant increase from the previous round on May 31, 2024, which saw 3,000 ITAs sent out. The CEC is specifically designed for skilled workers who have…
Anant Ambani and Radhika Merchant have finally tied the knot in a spectacular wedding celebration that spanned three days and saw the attendance of 14,000 guests from around the globe. The opulent affair, which concluded nearly five months of celebrations, was graced by celebrities from various backgrounds who came to revel in the joyous occasion. The newlyweds received an array of luxurious gifts, showcasing the generosity of their family and high-profile guests. One notable gift came from Jackie Shroff, who presented the couple with plants, symbolizing growth and prosperity. Mukesh and Nita Ambani, Anant’s doting parents, went all out to…
Finance Minister Nirmala Sitharaman has announced reforms to the income tax structure, aimed at benefiting taxpayers across the country. The new tax regime introduces a more streamlined and taxpayer-friendly approach: Income Tax Slabs Under New Scheme: o Up to ₹3 Lakhs: No tax o ₹3 Lakhs to ₹7 Lakhs: 5% o ₹7 Lakhs to ₹10 Lakhs: 10% o ₹10 Lakhs to ₹12 Lakhs: 15% o ₹12 Lakhs to ₹15 Lakhs: 20% o Above ₹15 Lakhs: 30% In addition to these new slabs, the standard deduction limit has been increased from ₹50,000 to ₹75,000. The deduction for family pensions has also been raised from ₹15,000 to ₹25,000. According to the Finance Minister, these…
Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25, outlining a range of reforms and allocations aimed at bolstering India’s economic growth amid global uncertainties. Here’s a comprehensive overview of the key highlights: Economic Outlook and Inflation Finance Minister Nirmala Sitharaman emphasized that despite ongoing global policy uncertainties, India’s economy continues to shine. Inflation remains low and stable, moving towards the 4% target, with core inflation currently at 3.1%. Efforts are underway to ensure adequate supply of perishable goods to stabilize prices. Budget Themes and Priorities The Budget underscores four key themes: the poor (‘Garib’), women (‘Mahilayen’), youth (‘Yuva’), and…
Union Finance Minister Nirmala Sitharaman’s budget for 2024 has been a focal point of attention, marking the first budget of the Modi government’s third term. The budget has introduced various measures aimed at addressing different sectors of the economy, with notable changes in the prices of everyday items and significant allocations for key schemes. Price Reductions Several items will see price reductions due to customs duty concessions. These include: Price Increases Conversely, some items will become more expensive: Major Announcements A significant allocation of ₹2 lakh crore has been made for five key schemes focusing on the middle class and…