Budget 2024-25 Highlights

• Budget History (India):
  • First presented by James Wilson in 1860 (considered father of Indian budget).
  • First post-independence budget by K. Shanmukham Chetty.
  • First Republic India budget by John Mathai.
  • Presented most times by Morarji Desai (10 times).
  • First female to present: Indira Gandhi.
  • First full-time female Finance Minister: Nirmala Sitharaman.
  • Longest budget speech: Nirmala Sitharaman (2020).
• Budget Presentation 2024-25:
  • Finance Minister Nirmala Sitharaman presented the budget for the 8th time on February 1.
• Vision of "Vikasit Bharat" (Developed India):
  • Freedom from poverty.
  • 100% schooling.
  • Excellent, affordable, and accessible health facilities.
  • 100% skilled workforce.
  • 70% female participation in economic activity.
  • India as the "Food Basket of the World."
• Budget Journey Components:
  • Destination: Developed India.
  • Guidance: Inclusivity.
  • Fuel: Reforms.
  • Four Engines: Agriculture, MSME, Investment, Exports.

Sector-Specific Initiatives

• Agriculture:
  • PM Dhan Dhanya Krishi Yojana: Launched in 100 districts to increase agricultural productivity, benefiting 1.7 crore farmers.
  • Pulses Self-Reliance Mission: 6-year mission focusing on Toor (Arhar), Urad, and Masoor dals.
  • Missions for vegetables, fruits, and "Shri Ann" (millets) also launched.
  • Makhana Board: To be established in Bihar.
  • National High Yielding Seed Mission: To develop high-yield seeds.
  • Cotton Production Mission: 5-year mission to improve cotton quality and boost the textile industry.
  • Kisan Credit Card (KCC): Limit increased from ₹3 lakh to ₹5 lakh.
  • Urea Plant: To be established in Namrup, Assam, with a production capacity of 12.7 lakh metric tons.
• MSME (Micro, Small, Medium Enterprises):
  • Redefined Categories (based on Investment & Turnover):
    • Micro: Investment up to ₹2.5 crore, Turnover up to ₹10 crore.
    • Small: Investment up to ₹25 crore, Turnover up to ₹100 crore.
    • Medium: Investment up to ₹125 crore, Turnover up to ₹500 crore.
  • Micro-Enterprise Credit Card: ₹5 lakh credit card launched for micro-enterprises via the Udgam Portal.
  • National Manufacturing Mission: To be launched for Footwear, Toys, and Food Processing industries.
• Investment:
  • Atal Tinkering Lab: 500 labs to be established in government schools over the next 5 years to promote science, technology, and research among children.
  • Indian Language Book Scheme: Digital books in Indian languages for school and higher education.
  • National Skill Excellence Centers: Five centers to be established for "Make for India" and "Make for the World."
  • AI Excellence Center: ₹500 crore allocated to promote AI in education.
• Health:
  • Cancer medicines made cheaper.
  • Day Care Cancer Hospitals: To be established in all district hospitals within 3 years for cancer care.
• Infrastructure & Development:
  • Jal Jeevan Mission: Extended until 2028.
  • Maritime Development Fund: Government to contribute 49% of the fund.
  • Udan Scheme: 120 new destinations to be identified and connected over the next 10 years.
  • Bihar Initiatives: Greenfield Airport and West Kosi Canal Project (Mithilanchal region).
• Culture & Heritage:
  • Gyan Bharatam Mission: Launched for the conservation of over 1 crore manuscripts.
• Exports:
  • Bharat Trade Net Platform: Launched to improve supply in exports.
• Insurance Sector:
  • FDI limit increased from 74% to 100%.

Fiscal & Taxation

• Fiscal Deficit:
  • Estimated at 4.8% of GDP for 2024-25.
  • Estimated at 4.4% of GDP for 2025-26.
• Taxation:
  • Tax removed on 36 life-saving drugs (for rare diseases, cancer, serious illnesses).
  • New Income Tax Regime: A new Income Tax Bill to replace the 1961 bill.
  • Tax Slabs (New Regime):
    • Income up to ₹12 lakh: Tax-free.
    • ₹0-4 lakh: 0% tax.
    • ₹4-8 lakh: 5% tax.
    • ₹8-12 lakh: 10% tax.
    • ₹12-16 lakh: 15% tax.
    • ₹16-20 lakh: 20% tax.
    • ₹20-24 lakh: 25% tax.
    • Above ₹24 lakh: 30% tax.
• Sources of Revenue (Rupee Comes From):
  1. Borrowings: 24%
  2. Income Tax: 22%
  3. GST: 18%
• Expenditure (Rupee Goes To):
  1. States' share in taxes and duties: 22%
  2. Interest Payments: 20%
• Top Spending Sectors:
  1. Defense
  2. Rural Development
  3. Home Ministry
  4. Agriculture

Recent Current Affairs

International Affairs

• Thailand Prime Minister Suspension: Thailand's Constitutional Court suspended its Prime Minister (Shinawatra) due to a leaked conversation with Cambodian leader Hun Sen, where she referred to him as "Uncle."
  • Capital: Bangkok, Currency: Baht. Known as "Land of White Elephants."
• Cambodia:
  • Capital: Phnom Penh.
  • Angkor Wat Temple (largest Vishnu temple outside India, UNESCO World Heritage, built by Khmer dynasty).
  • Tonle Sap Lake.
  • Sinbex Exercise: First-time joint military exercise between India and Cambodia held in Pune, Maharashtra.
• At Sea Observer Mission:
  • Launched by Quad countries (India, USA, Australia, Japan) to promote maritime cooperation.
  • A women-led Coast Guard team embarked on the ship "Stainer" for a journey to Guam.
  • Quad concept originated from Shinzo Abe.
  • Malabar exercise is conducted by Quad nations.
  • Quad aims to counterbalance China.
• I2U2 Group: Includes Israel, India, USA, and UAE.
• BRICS Group:
  • Initial members: Brazil, Russia, India, China, South Africa.
  • Concept by Jim O'Neil.
  • First meeting in Yekaterinburg (2009).
  • South Africa joined in 2010.
  • Latest meeting in Kazan, Russia.
  • Five new members added: Egypt, Iran, UAE, Ethiopia, and Indonesia (10th member).
• G7 Group:
  • Members: Germany, France, Japan, USA, Italy, Canada, UK.
  • Recent meeting held in Canada.
• NMDC and Mecon International Offices: Steel and Heavy Industries Minister H.D. Kumaraswamy inaugurated international offices for National Mineral Development Corporation (NMDC) and Mecon in Dubai, UAE.
  • NMDC: Established 1958. India's largest producer and exporter of iron ore, notably from the Bailadila mine in Chhattisgarh.
  • Mecon: Established 1959. Specializes in design engineering.
• ASEAN-India Cruise Dialogue:
  • First-ever dialogue held in Chennai, India.
  • Objective: To promote cruise tourism and connectivity.
  • Hosted on the cruise ship MV Empress.
  • Led by Sarbananda Sonowal, Union Minister of Ports, Shipping, and Waterways.
  • ASEAN: Established 1967 by Bangkok Declaration. Headquarters in Jakarta, Indonesia. Has 11 members, with Timor-Leste being the latest. India is not a member. Recent meeting in Vientiane, Laos.
• Super Kabaddi League: Inaugural edition to be held in Dubai, supported by Uttar Pradesh, featuring 8 franchises.
  • Recent Kabaddi World Cup (England): India won both men's and women's titles, defeating England in both finals.

National & Domestic Issues

• Aero India Show: Asia's largest Aero India Show held in Bengaluru.
• ODI Sixes Record: Rohit Sharma achieved the second-highest number of sixes in ODI history.
• AI Global Conference: The third global conference on Artificial Intelligence (AI) was held in Paris.
• Thaipusam Festival: Celebrated in Tamil Nadu (along with Pongal, Jallikattu).
• Corruption Perception Index: India ranked 96th.
• Mithra Platform: Launched by SEBI (Securities and Exchange Board of India) to track dormant mutual fund folios.
• Maaga + Meaga Concept: Presented by PM Modi, representing "Make America Great Again" + "Make India Great Again," indicating India-USA collaboration.
• Raja Bhalindra Singh Trophy: Awarded to Services for winning the 38th National Games held in Uttarakhand.
• Varun Sagar Lake: Formerly Faysagar Lake, located in Ajmer, Rajasthan.
• First Biobank: Established at Padmaja Naidu Zoological Park in Darjeeling, West Bengal.
• Tamil Poet Thiru Valluvar Statue: Unveiled in the Philippines to mark the 75th anniversary of diplomatic relations.
• Dharma Guardian Exercise: Joint military exercise between India and Japan.
• Debate on Preamble Words: Debate intensified on "Secular" and "Socialist" words in the Preamble, which were added by the 42nd Constitutional Amendment.
  • 42nd Constitutional Amendment (1976):
    • Introduced during Indira Gandhi's tenure, enforced in 1977.
    • Added "Socialist," "Secular," and "Integrity" to the Preamble (only amendment to Preamble).
    • Inserted Part IV-A (Article 51A) for Fundamental Duties (based on Sardar Swaran Singh Committee recommendations).
    • Transferred five subjects (Forest, Wildlife, Weights & Measures, Administration of Justice, Education) from State List to Concurrent List.
    • Added Article 39A (Free Legal Aid) and Article 48A (Environmental Protection).
    • Added Part XIV-A (Tribunals, Articles 323A and 323B).
    • Known as "Mini Constitution."
  • 44th Constitutional Amendment (1978): Removed the Right to Property from Fundamental Rights.
  • 71st Constitutional Amendment (1992): Added Nepali, Manipuri, and Konkani languages to the Constitution.
• Matsya 6000: A submarine part of the Samudrayaan mission, designed for underwater exploration.
• 26th Chief Election Commissioner: Gyanesh Kumar was appointed.
• First Global Capability Center (GCC) Policy: Unveiled in Madhya Pradesh.
• Jal Thul Raksha Abhyas: A coastal military exercise conducted by the Indian Army in Gujarat.
• BBC Indian Sportswoman of the Year: Manu Bhaker was honored.
• New Delhi Chief Minister: Rekha Gupta.
• Time Magazine Woman of the Year: Purnima Devi Barman.
• Majorana First Quantum Processor: Developed by Microsoft.
• First Green Data Center: Foundation laid in Sahibabad, Ghaziabad, Uttar Pradesh, by CM Yogi Adityanath and Dr. Jitendra Singh.
  • To be constructed by Central Electronics Limited (CEL).
  • Uttar Pradesh pledged to develop 20,000 MW of renewable energy capacity by 2027.
  • CEL also previously launched India's first solar cell.
• First Offshore Airport on Man-made Island: To be built in Mumbai.
• Asian Snooker Gold Medal (14th): Won by Pankaj Advani in Doha.
• FBI 9th Director: Kash Patel took oath.
• PM Modi invited as Chief Guest: For Mauritius' National Day celebrations.
• GST 8th Anniversary: Celebrated on July 1st.
  • GST (Goods and Services Tax): An indirect tax applicable on the Concurrent List.
  • Introduced as the 122nd Constitutional Amendment Bill (2016) and enacted as the 101st Constitutional Amendment Act.
  • Recommended by the Vijay Kelkar Committee.
  • Implemented on July 1, 2017, by then Finance Minister Arun Jaitley.
  • Tax slabs: 0%, 5%, 12%, 18%, 28%.
  • Relevant Articles: 246A (taxation) and 279A (GST Council).
  • GST Council is headed by the Union Finance Minister.
  • Latest GST Council meeting held in Jaisalmer, Rajasthan.
  • July 1st also marks National Doctor's Day, SBI Day, and Chartered Accountants' Day.
  • Maharashtra leads in GST collection in India.
• New Major Minerals: Ministry of Mines classified Barites, Feldspar, Quartzite, and Mica as major minerals.
• Late Maya Dhar Raut: Renowned Odissi dancer.
• Anti-Ship Missile Testing: DRDO and Indian Navy successfully tested the National Anti-Ship Missile Short Range (NASM-SR).
• FIFA Football for Schools (F4S) Initiative: Launched in West Bengal by Union Education Minister Dharmendra Pradhan.
  • FIFA: Established 1904, headquartered in Zurich, Switzerland, led by Gianni Infantino.
  • Aims to distribute 10 lakh footballs in schools to promote the sport.
• Asia's First Hyperloop Championship: Held in Chennai.
• ISRO's 100th Mission: Launched using PSLV C58, carrying the NVS-02 navigation satellite.
• India's First Glass Bridge (Bosting Arch Beach): Inaugurated in Tamil Nadu.
• King Cup International Badminton Open 2024: Lakshya Sen won a bronze medal.
• Black-Headed Caterpillar (Opsina Arnnesola) Outbreak: In Karnataka, severely affecting coconut production (predicted 80% drop). The caterpillar disrupts photosynthesis, causing unripe coconuts to fall.
  • New coconut varieties: Kalpa Suvarna and Kalpa Shatabdi.
• Pro Kabaddi League 2024 Winner: Haryana.
• UN International Years 2025: Designated as the Year of Quantum Technology, the Year of Cooperation, and the Year of Peace and Development.
• Bhopal Gas Tragedy Waste Disposal: The disposal of toxic waste from the 1984 Bhopal gas tragedy (Methyl Isocyanate leak) was completed at Pithampur, Madhya Pradesh.
• 33rd Santosh Trophy Winner: Bengal.
• RailOne App: Launched by Railway Minister Ashwini Vaishnaw as a one-stop platform for all passenger services.