Rajasthan

Appearance

Budget 2024-25 Overview

  • Historical Budget Facts:
    • First budget in India: James Wilson (1860).
    • First post-independence budget: K. Shanmukham Chetty.
    • First Republic India budget: John Mathai.
    • Most budgets presented: Morarji Desai (10 times).
    • First female to present budget: Indira Gandhi.
    • First full-time female Finance Minister: Nirmala Sitharaman.
    • Longest budget speech: Nirmala Sitharaman (2020).
    • Nirmala Sitharaman presented the budget for the 8th time on February 1st.
  • Vision for Developed India (Viksit Bharat):
    • Freedom from poverty.
    • 100% schooling.
    • Affordable and accessible healthcare.
    • 100% skilled workforce.
    • 70% female participation in economic activity.
    • India as the "Food Basket of the World."
  • Budget 2024-25 Framework:
    • Destination: Developed India.
    • Guidance: Inclusivity.
    • Fuel: Reforms.
    • Four Engines: Agriculture, MSME, Investment, Export.

Key Initiatives and Policies

  • Agriculture Sector:
    • Prime Minister Dhan Dhanya Krishi Yojana: Aims to increase agricultural productivity, launched in 100 districts, benefiting 1.7 crore farmers.
    • Pulses Self-Sufficiency Mission: A 6-year mission focusing on Toor/Arhar, Urad, and Masoor pulses.
    • Missions for vegetables, fruits, and Shree Ann (millets) also initiated. (2023 was declared the "Year of Millets").
    • Makhana Board: To be established in Bihar.
    • National High-Yield Seed Mission introduced.
    • Cotton Production Mission: A 5-year mission to boost quality cotton production.
    • Kisan Credit Card (KCC) Limit: Increased from ₹3 lakh to ₹5 lakh.
    • Urea Plant: To be established in Namrup, Assam, with a 12.7 lakh metric ton production capacity.
  • MSME Sector:
    • Revised MSME Definitions (Investment / Turnover):
      • Micro: Up to ₹2.5 crore / Up to ₹10 crore.
      • Small: Up to ₹25 crore / Up to ₹100 crore.
      • Medium: Up to ₹125 crore / Up to ₹500 crore.
    • Credit Card for Micro Enterprises: ₹5 lakh limit, accessible via the Udyam Portal.
    • National Manufacturing Mission: To promote "Make in India" in footwear, toys, and food processing industries.
  • Investment & Infrastructure:
    • Atal Tinkering Labs: 500 labs to be set up in government schools over 5 years to promote STEM education and research.
    • Bharatiya Bhasha Pustak Scheme: Digital books in Indian languages for school and higher education.
    • Five National Skill Excellence Centers to be established for "Make for India and Make for the World."
    • AI Promotion in Education: Establishment of an Excellence Center for AI, allocated ₹500 crore.
    • Cancer Care: Cancer medicines made cheaper; one day-care cancer hospital planned for every district hospital within 3 years.
    • Jal Jeevan Mission: Extended until 2028 (initially 2019-2024).
    • Maritime Development Fund: Government to contribute 49%.
    • UDAAN Scheme: 120 new destinations to be explored for air connectivity in the next 10 years.
    • Bihar Projects: Greenfield Airport and the West Kosi Canal Project in Mithilanchal.
    • Gyan Bharatam Mission: Launched for the preservation of over 1 crore manuscripts.
  • Export Sector:
    • India Trade Net Platform: Launched to enhance export supply chain.
  • Reforms:
    • Insurance Sector FDI Limit: Increased from 74% to 100%.

Economic & Financial Data

  • Fiscal Deficit Estimates:
    • FY 2024-25: 4.8% of GDP.
    • FY 2025-26: 4.4% of GDP.
  • Taxation:
    • Tax exempted on 36 life-saving drugs (for rare diseases, cancer).
    • A new Income Tax Bill to replace the 1961 act.
    • Revised Income Tax Slabs:
      • Up to ₹12 lakh: Tax-free.
      • ₹0-4 lakh: 0%
      • ₹4-8 lakh: 5%
      • ₹8-12 lakh: 10%
      • ₹12-16 lakh: 15%
      • ₹16-20 lakh: 20%
      • ₹20-24 lakh: 25%
      • Above ₹24 lakh: 30%
  • Sources of Government Revenue:
    • 1st: Borrowings (24%)
    • 2nd: Income Tax (22%)
    • 3rd: GST (18%)
  • Government Expenditure Priorities:
    • 1st: States' Share in Taxes & Duties (22%)
    • 2nd: Interest Payments (20%)
    • Sectoral Spending: 1st: Defense, 2nd: Rural Development, 3rd: Home Ministry, 4th: Agriculture & Allied Activities.

Recent Current Affairs

  • RBI: Launched UPI TIPS (Target Instant Payment Settlement) Integration to boost India-Eurozone cross-border payments. Bulgaria is the latest country to adopt the Euro.
  • Education: Samsung and UN Global Compact Network of India (UNGCAI) initiated "Digi Ariview" in Tamil Nadu to enhance digital and STEM education in government schools.
  • Agriculture Production (2024-25): Record total crop production of 357.73 Million Tons (up from 251.54 Million Tons in 2015-16).
    • Rice: 150 Million Tons.
    • Wheat: 118 Million Tons.
    • Pulses: 26 Million Tons (India is 1st in production, consumption, and import).
    • Coarse Grains (Millets): 64 Million Tons.
    • Rabi crops mentioned: Wheat, Chickpea, Mustard, Peas, Potato, Lentils.
  • International Collaborations:
    • ACITI Technology Partnership: India, Australia, and Canada launched this Technology and Innovation partnership in Johannesburg, South Africa, focusing on sustainable and net-zero emission technologies. India's net-zero target is 2070.
    • IBSA Meeting: India, Brazil, South Africa (South-South cooperation) also held its meeting in Johannesburg, presided over by South African President Cyril Ramaphosa.
  • Global Projects:
    • China announced plans to launch the world's first floating artificial island by 2028. It will accommodate 238 people, be self-sustaining for four months, and include nuclear-proof bunkers.
    • Largest Islands: Greenland (world), Madagascar (Indian Ocean).
    • "Country of Islands": Indonesia.
    • India's floating national park: Keibul Lamjao, Manipur.
  • Defense: An IAF Tejas jet crashed during the Dubai Air Show at Al Maktoum Airport, resulting in the pilot's death. Tejas is a 4.5G Light Combat Aircraft (LCA) manufactured by HAL, designed to replace the MiG-21. (Another Tejas crashed in Jaisalmer in 2024).
  • Sports:
    • Lakshya Sen won the Australian Open 2025 Men's Singles (Badminton) title in Sydney, his first title of the year. The International Badminton Federation headquarters is in Kuala Lumpur, Malaysia.
    • T20 Women's Blind World Cup: India won its first T20 Women's Blind World Cup, defeating Nepal in the final held in Colombo, Sri Lanka. The Indian team captain was Deepika.
  • Judiciary & Social Justice:
    • The Punjab State SC Commission became the first to establish a separate court room to ensure speedy resolution of cases related to Scheduled Castes.
    • Constitutional articles for commissions: Article 338 (National Commission for SC), Article 338A (National Commission for ST - 89th Amendment, 2003), Article 338B (National Commission for Backward Classes - 102nd Amendment).
  • Conferences:
    • The 26th International Conference of Chief Justices of the World was held in Lucknow, Uttar Pradesh, emphasizing international peace as per Article 51 of the Constitution.
    • The Second Indian Art Festival took place in Secunderabad, Telangana, inaugurated by President Droupadi Murmu.
    • The Sixth International Agronomy Conference was held in New Delhi.
  • Notable Mentions:
    • 12,000-year-old human-faced pillar found in Turkey.
    • India's first electric truck battery swapping station opened in Haryana.
    • Book "Above and Beyond" by Shiv Kumar Mohan.
    • Phosphine molecules (indicating potential for life) discovered on Brown Dwarf Wolf 1130 c by the James Webb Telescope.
    • Palau conducted the world's first live underwater interview.
    • The National Red List Roadmap was unveiled in Abu Dhabi.
    • The Supreme Court allowed judicial officers with 7 years of experience to compete for direct district judge recruitment.
    • Meta Platforms selected Mumbai and Visakhapatnam as landing sites for its "Waterworth" undersea cable project.
    • Kerala became the first state to amend the Wildlife Protection Act, 1972.
    • SPARK 4.0 launched by the AYUSH Ministry.
    • World Mental Health Day: October 10.
    • Nobel Peace Prize 2025: Maria Corina Machado (Venezuelan opposition leader).
    • China inaugurated the world's first dual-tower solar thermal power plant in the Gobi Desert.
    • Patrick Harmonie became the new President of Seychelles.
    • World Migratory Bird Day: October 11.
    • India's first hypersonic missile: Dhwani.
    • International Day for Disaster Risk Reduction: October 13.
    • India's first Semiconductor Innovation Museum: Hyderabad.
    • Filmfare Award for Best Film: Laapataa Ladies.
    • Economics Nobel Prize 2025: Philip, Peter, Zole (likely referring to Dybvig, Diamond, Bernanke).
    • Guru Tegh Bahadur (9th Sikh Guru, "Kavach of India") martyrdom day observed; martyred by Aurangzeb.
    • Seychelles joined the Colombo Security Conclave as a new member.
    • Senkaku Islands dispute between China and Japan.
    • Basmati rice GI protection faces global legal hurdles.
    • Operation Sambhav: Andhra Pradesh.
    • Roger Federer inducted into the Tennis Hall of Fame.
    • HAL developed India's first PSLV rocket.
    • Miss Universe 2025: Fatima Boss (Mexico - as stated by lecturer).
    • World Television Day: November 21.
    • India won 20 medals in the World Boxing Day final.
    • New GI Tags in Uttar Pradesh: Mathura Poshak, Meerut Buggy.
    • Physics Nobel Prize 2025: (Mnemonic given: Bhauji ne Dewar ko Jaan se kyu maara).