11-02-23 Daily-Punjab-PPSC Current Affairs

The central government has released a total of Rs 14,602 crore during this financial year to debt-ridden Punjab government on account of tax from divisible pool to help accelerate the states . Neighbouring Haryana has got Rs 8,832 crore and Rs 6,707 crore had been disbursed to Himachal Pradesh till February.

Sharing details about support extended to states for capital expenditure in the Lok Sabha during thebudget session of Parliament, Union finance ministerNirmala Sitharamanrevealed that Punjab got a total of Rs 73,500-crore tax devolution from the central government since 2017-18. The central government cleared the entire provisional goods and service tax (GST) compensation dues of states and Union Territories (UTs) for 2020-21 financial year and up to May 31, 2022, the minister added.

However, as per the UnionBudgetestimates for the 2023-24 financial year, Punjab is likely to get Rs 18,457 crore from the central government as its share of 1.8% from the net proceeds of central taxes and duties. This includes Rs 5,968 crore from central GST, Rs 5,907 crore out of collected corporation tax, Rs 5,747 crore out ofIncome tax, Rs 585 crore from customs duty, Rs 245 crore of excise duty, and Rs 3 crore out of collected service tax.

The Punjab government would also receive a total of Rs 8,274 crore during the 2022-23 financial year from the central government in 12 equated monthly instalments of Rs 689 crore as post-devolution Revenue Deficit grant as recommended by the 15th Finance Commission. The grant is released to states as per the recommendations of the successive finance commissions to meet the gap in revenue accounts of the states post devolution. Due to poor fiscal Health, the Punjab government has been dependent on central funds to a large extent.

Affirming that the union Budget astutely balancesthe requirement of development imperatives within the limits of fiscal prudence, Finance Minister Nirmala Sitharaman said the new tax regime, which offers a rebate on annual income of up to Rs 7 lakh, will leave higher disposable income in the hands of people.

Sitharaman hailed the government’s economic policies during the reply to the Budget 2023 debate in Lok Sabha and asserted despite of global slowdown India is still the fastest-growing major economy.

The government chose capex route to revive the economy as it has a great multiplier effect, she added.

The finance minister said the new tax regime announced in the Budget is “very attractive” as the tax exemption limit has been hiked to Rs 3 lakh, from Rs 2.5 lakh earlier. Besides, a standard deduction of Rs 50,000 too has been allowed under the scheme.

This new tax regime will benefit the majority of middle-class taxpayers, she said, adding that the rebate has been provided on an income of up to Rs 7 lakh.

The Indian Institute of Technology (IIT) Kanpur has developed an energy-efficient compressed air-based pipeline system for transporting coal and Minerals, offering round-the-clock monitoring with considerable in time and costs.

An energy efficient pipeline system for evacuating coal, which accounts for almost 75 per cent of Indias power consumption, will not only save transportation time, but also reduce dust pollution at the mining sites and loading points.

The system is designed to transport coal or slurry from one point to another with compressed air as its energy source. The robot travels at around 120 km an hour and can transport the loaded block to the designated receiving or unloading sub-section continuously.

The country’s first solid waste-to-hydrogenplant will be set up inPuneat a cost of over Rs 430 crore.

The plant will be set up by sustainability solutions provider The Green Billions Ltd (TGBL), who has entered into a 30-year-long agreement withPuneMunicipal Corporation (PMC).

The company will invest Rs 350 crore in setting up the plant and an additional Rs 82 crore will be spent to construct the Storage Facility and support.

The project aims to demonstrate the technological and financial feasibility of waste to hydrogen generation.

Russian state news agencies reported that India received arms worth around $13 billion from Russia in the past five years. Moreover, New Delhi has further placed orders with Moscow for weapons and military equipment exceeding $10 billion.

India accounts for around 20 percent of Moscows current order book and is the worlds biggest buyer of Russian arms. While New Delhi has not openly condemned Russias invasion of Ukraine, Indian Prime Minister Narendra Modi has called for dialogue and diplomacy to solve the conflict.