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Rs. 2500 crore investment in Thoothukudi - Signing of agreement with Spanish company
  • Chief Minister M. K. Stalin has gone to Spain on a 10-day tour to attract foreign investments to Tamil Nadu. Following this, he attended the Tamil Nadu Investors First Port of Call (Tamil Nadu Investors First Port of Call) held in Madrid, the capital city of Spain, and spoke about the favorable investment climate and structural facilities in Tamil Nadu and invited them to make industrial investments in Tamil Nadu.
  • Tamil Nadu Government is making various efforts to set up infrastructure facilities like freight transport parks in Tamil Nadu. A separate policy for this sector has also been published by the Government of Tamil Nadu. 
  • In that way, Managing Director Jesper Kanstrup and Director Albert Lorente of Hapag-Lloyd, which is a leading company in the world in setting up cargo terminals and cargo handling parks, met Tamil Nadu Chief Minister M. K. Stalin.
  • In the meeting, the Chief Minister highlighted the investment opportunities in Tamil Nadu and requested them to invest in Tamil Nadu. In this meeting, the company has offered to set up logistics facilities in Tuticorin and various parts of Tamil Nadu with an investment of 2500 crore rupees.
  • The MoU was signed in the presence of the Chief Minister of Tamil Nadu. It is reported that this investment will create employment for 1000 people and lead to the future industrial development of Tamil Nadu.
Union Finance Minister Nirmala Sitharaman presented the Interim Budget in the Lok Sabha of Parliament
  • Union Finance Minister Nirmala Sitharaman presented the Interim Budget in the Lok Sabha today. Since it was an interim budget, he ended his speech at 56 minutes. In this case, important information about which departments have been allocated and how much money has been allocated.
  • Union Finance Minister Nirmala Sitharaman presented the Interim Budget in Lok Sabha today. This is his 6th budget. He read the budget speech for a total of 56 minutes. During this time he made various announcements. Accordingly, he did not make any change in the income tax ceiling. He announced that the old level of income tax ceiling will continue.
  • In this case, the important information about department-wise allocation of funds has been revealed in the budget presented by Nirmala Sitharaman. Accordingly, maximum funds have been allocated to the Central Defense Department (Army). It has been announced that Rs. 6.2 lakh crore will be given to the Union Ministry of Defense.
  • Next to this, emphasis is given to infrastructure. Accordingly, Rs.2.78 lakh crore has been allocated to the Ministry of Road Transport and Highways. 2.55 lakh crore has been given to the Ministry of Railways.
  • Also, Rs 2.13 lakh crore has been allocated to the Ministry of Food and Public Distribution, Rs 2.03 lakh crore to the Union Home Ministry, Rs 1.77 lakh crore to the Ministry of Rural Development and Rs 1.68 lakh crore to the Union Ministry of Chemicals and Fertilizers.
  • Apart from this, Union Finance Minister Nirmala Sitharaman said in the interim budget that Rs.1.37 lakh crore has been allocated to the Union Ministry of Communications and Rs.1.27 lakh crore to the Union Ministry of Agriculture and Farmers' Welfare.
Key Announcements of Budget 2024-2025
  • Under the Prime Minister's Housing Scheme, a target of 2 crore houses has been set in the next 5 years and solar electricity scheme will be implemented in one crore houses. It has been announced in the budget that 300 units of free electricity will be provided to solar roof houses.
  • It has been informed that all Asha workers and Anganwadi workers will be provided life insurance plan.
  • The budget announced that the number of Vande Bharat trains will be increased and 40,000 ordinary coaches will be upgraded to Vande Bharat coaches. It has been reported that the metro service will be extended to some other cities.
  • The budget has said that there will be no change in the income tax ceiling and the current income tax rate will remain in effect. It has also been informed that a fund of Rs 1 lakh crore will be provided to develop research and innovation projects
  • As seafood exports have doubled in the last 10 years, the budget has announced that an integrated marine park will be set up at 2 locations. The budget also said that 517 cities will have micro-airports and 1000 new aircraft will be procured.
  • It has been announced that a vaccine program will be introduced to prevent cervical cancer and 9 to 18-year-old girls will be vaccinated to prevent cervical cancer. It has been informed in the central budget that it has been decided to consolidate the maternity programs operating under different names into a single program and a new app will be introduced to detect nutritional deficiencies.
  • According to the Union Budget, states will be encouraged to undertake comprehensive development of small-scale tourism centers and market them globally, and long-term interest-free loans will be provided to states to finance development in these tourism centers.
GST Tax Revenue for the month of January 2024
  • Union Finance Ministry has announced that 1 lakh 72 thousand crore rupees have been collected as GST tax revenue for the month of January. This is 10 percent more than the Rs 1 lakh 55 thousand 922 crore collected during the same period last year. 
  • This is the second highest monthly collection ever since the GST came into effect. Rs 1 lakh 87 thousand crore was collected in April last year, which is the highest monthly revenue in GST collection.
  • Also in this financial year Rs. 1.70 lakh crore or more this is the third time. From the consolidated GST collection, the GST to the central government is Rs. 43,552 crore and as GST for state governments Rs. 37,257 crore has also been earmarked.
  • The GST revenue for the period from April 2023 to January 2024 is Rs 16 lakh 69 thousand crore. This is 11.6 percent higher than the same period last year. During the same period of the previous year (April 2022-January 2023), the total GST tax was Rs. The collection of 14 lakh 96 thousand crore rupees is noteworthy.
Union Cabinet approves signing of Bilateral Investment Agreement between India and UAE
  • The Union Cabinet meeting chaired by Prime Minister Shri Narendra Modi today approved the signing of a Bilateral Investment Agreement between India and the Government of the United Arab Emirates.
  • The agreement is expected to improve the confidence of investors, especially large investors. As a result, foreign investments and foreign direct investment opportunities are expected to increase, which will have a positive impact on employment generation.
  • This approval will boost investments in India. It will also help achieve the goal of a self-reliant India by promoting domestic production, reducing import dependency and increasing exports.
Union Cabinet approves marketing rate for supply of domestic gas for fertilizer during May 2009 to November 2015
  • Prime Minister Mr. The Union Cabinet chaired by Narendra Modi approved fixing of marketing rate on domestic gas supply to fertilizer industries for the period from May 1, 2009 to November 17, 2015.
  • This approval is a structural reform. The marketing rate is charged from the consumer by the gas marketing company in excess of the cost of gas.
  • The government had earlier in 2015 fixed the marketing rate for supply of domestic gas to urea and gas cooking producers.
  • This approval will provide additional capital to various Fertilizer Factories with domestic gas procured during the period 01.05.2009 to 17.11.2015 based on the prices already offered from 18.11.2015 to the sale rates.
  • In line with the government's vision of a self-reliant India, the approval will encourage increased investment by manufacturers. This investment will lead to self-sufficiency in fertilizer sector. Gas infrastructure will provide a solid facet for future investments in the sector.
Union Cabinet approves extension of fund for development of animal husbandry infrastructure
  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the continuation of the Animal Husbandry Infrastructure Development Fund schemes to be implemented with an allocation of Rs 29,610.25 crore for another three years (up to 2025-26).
  • The scheme will promote investments in dairy processing and diversification of dairy products, meat processing and diversification of produce, animal feed plant, breeding farm, resource management from livestock waste (agricultural waste management) and livestock vaccine, drug manufacturing facilities.
  • The central government will provide interest subsidy of 3 per cent for 8 years including interest deferment of up to 90 per cent on loans from listed banks and National Cooperative Development Corporation, NABARD etc.
  • Individuals, Private Companies, Small, Small and Medium Enterprises, Companies under Clause 8 of the Farmers Producers Companies Act are eligible for this.
  • The central government will provide loan guarantee of up to 25 per cent of the Rs 750 crore loan received from the credit guarantee fund to micro, small and medium enterprises and dairy cooperatives.
  • The scheme will be a platform for direct and indirect employment generation of 35 lakh people through entrepreneurship development. It also aims to create wealth in the livestock sector.
Union Cabinet approves sugar subsidy for Antyodaya Annayojana family cardholders under Public Distribution Scheme
  • The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the extension of sugar subsidy to Antyodaya Anna Yojana family card holders distributed through Public Distribution Scheme for another two years till 31st March 2026.
  • The scheme also provides access to sugar to the poorest people and improves their health by adding energy to their diet. Around 1.89 crore Antyodaya Annayojana family cardholders in the country are expected to benefit through this.
  • The central government is already providing free food grains under the Prime Minister's Poor Food Scheme. 'Bharat Maida', 'Bharat dal, tomatoes and onions at affordable and fair prices' are measures to ensure adequate food supply to people beyond this scheme.
  • About 3 lakh tonnes of bharat dal and around 2.4 lakh tonnes of bharat maida have already been sold. It benefits the common consumer.
  • Thus, the availability of pulses, wheat flour and sugar at subsidized prices ensured food for the common man fulfilling the guarantee of 'food for all, nutrition for all'.
  • With this approval, the government will continue to subsidize the distribution of one kg of sugar per family per month through Fair Price Shops to the Antyodaya Annayojana family cardholders in participating states. The responsibility for procurement and distribution of sugar belongs to the states.
Union Cabinet approves continuation of waiver of state and central taxes and duties on exports of garments, ready-made garments
  • The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the continuation of the scheme of exemption of state and central taxes and duties on exports of garments and ready-made garments till 31st March 2026.
  • Continuing the project for the proposed two years will result in sustainable policy practice. This is essential for long-term business planning. Especially in the textile sector, work orders can be placed in advance for long-term supply.
  • Earlier the Union Cabinet had approved the scheme till 31.03.2020 and subsequently extended it till 31st March 2024, now it has been extended for two more years.
  • This will help increase the export competitiveness of readymade garments. Exemption of state taxes and duties on exports includes transport, power for self-consumption, farm sector, stamp duty on export documents, GST on inputs like pesticides and fertilizers used in raw cotton production, purchases from unregistered vendors, etc.

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