PUNJAB
Punjab records highest GST collection in January this fiscal year
With the collection of over Rs 1,185 crore as goods and services tax (GST) in January – the highest in a month in the 2020-21 fiscal year — the Punjab government has been able to achieve growth in GST collection continuously for the fifth month since September last year.
These are indicators of economic recovery, but due to the impact of the Covid-19 pandemic the Punjab government only managed to collect 17.89% less GST revenue this fiscal compared to 2019-20 till January 31.
Punjab’s net GST collection remained at Rs 9,067 crore till January 31 this year compared with Rs 11,042 crore as on January 31, 2020. Even the state’s January GST collection (Rs 1,185crore) is lower than Rs 1,194 crore collected in January 2020. As the Punjab government had set the annual GST collection target of Rs 15,858 crore in 2020-21, it had been able to collect Rs 9,067 crore till January 31, which comes to 57% collection.
Punjab has recorded a growth of over 21% in the collection of value-added tax (VAT) in January this year (Rs 531 crore) against the collection of Rs 436 crore in January last year. The overall VAT growth of this fiscal year reached 10% as against the last year. The state government has succeeded in collection of Rs 4,875 crore VAT this year till January 31 against Rs 4,429 crore collected till January last year.
INTERNATIONAL
Nepal decides to award hydropower project to India’s Satluj Jal Vidyut Nigam
Nepal has decided to award the contract for construction of 679 megawatt Lower Arun Hydropower Project to India’s Satluj Jal Vidyut Nigam (SJVN). ‘‘
The project was awarded to the SJVN under the Build, Own, Operate and Transfer (BOOT) delivery method. ‘‘
Similar to the Arun III hydel project, which will provide 21 per cent free power to Nepal during the concession period, the developer of the Lower Arun hydel project should also prioritise providing certain percent of power free of cost. ‘‘
The developer will hand over the ownership of the project to the government of Nepal after 20 years of commercial operation.
India ranks 10th in EIU’s Asia-Pacific Personalised Health Index
India has been ranked 10th among 11 Asia Pacific countries in a newly-launched ‘Asia-Pacific Personalised Health Index’ by The Economist Intelligence Unit (EIU). ‘‘
The index aims to measure the progress of each of the 11 countries towards adopting personalised healthcare, enabling the right care to be made available to the right person at the right time. ‘‘
Overall, Singapore has topped the index. It is followed by Taiwan (2nd), Japan (3rd) and Australia (4th). ‘‘
Indonesia was the last ranked country at 11th in the index.
NATIONAL
Indian Coast Guard celebrates its 45th Raising Day on 01 February
The Indian Coast Guard celebrated its 45th Raising Day on 01 February 2021.
The Indian Coast Guard (ICG) through its tireless pursuits of excellence has established itself as a reliable force that responds with alacrity to situations impinging on the Security of the Coastline, Safety of the Seafaring Community and Coastal Populace.
As the fourth largest Coast Guard in the world, Indian Coast Guard has played a significant role in securing the Indian Coasts and enforcing regulations within the Maritime Zones of India.
On an average, the Coast Guard saves one precious life every second day at sea.
From a modest beginning with just 7 surface platforms in 1978, ICG has grown into a formidable force with 156 ships and 62 aircraft in its inventory and is likely to achieve targeted force levels of 200 surface platforms and 80 aircraft by 2025.
National Marine Turtle Action Plan by Union Ministry
The Union Minister for Environment, Forests and Climate Change issued the “National Marine Turtle Action Plan” and also issued the Marine Mega Fauna Stranding Guidelines.
These documents contain methods to not only promote inter-departmental protection actions, but also guide the government, civil society and all relevant stakeholders to strengthen coordination and protection in response to cases of stranding, entanglement, injury or death of marine mammals and also conservation of Marine Turtles.
These two documents focus on the actions that should be taken when dealing with stranded animals on the shore, animals stranded or entangled at sea or on ships, to improve coordination, reduce threats to marine species and their habitats, and restore degraded habitats. Promote people’s participation, advance scientific research and the exchange of information about marine mammals and turtles and their habitats.
NSO released Revised Estimates of Economic Growth
The National Statistical Office (NSO) released revised estimates of Gross Domestic Product (GDP) data on January 29, 2020. This data has been revised for the 2017-18 to 2019-20 fiscal year.
The first revised estimate shows a 4% increase in GDP in the 2019-20 fiscal year. This is 20 basis points lower than the 4.2% growth in provisional estimate released in 2020.
This highlights that GDP is expected to shrink by 7.7% in 2020-21 and will grow to 7.8%.
The second revised estimate of GPD for 2018-19 is 6.5%, while the third revised estimate of 2017-18 GDP is 6.8%.
Previously, GDP growth in 2018-19 and 2017-18 was 6.1% and 7%, respectively.
In addition, the revised estimates for 2019-20 have reduced the growth of the primary and secondary sectors. However, it expects a positive growth trajectory in the tertiary sector.
The Gross Value Added (GVA) of the secondary sector shrank by 1.1% in 2019-20, while the GVA of the tertiary sector will increase by 7.2% in the revised estimate.
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