3 August 2024, The Hindu
72% of assessees opted for new tax regime in 2023-24
Page 1
GS 3: Indian Economy - Government Budgeting
- Most of India’s personal income taxpayers have moved to the simpler new tax regime in this assessment year, with 72% of those who had filed their returns by the July 31 deadline opting for it, even as the number of Income Tax (I-T) return filings rose 7.5% to hit a record high of almost 7.29 crore.
- “Out of the total ITRs [I-T returns] of 7.28 crore filed for Assessment Year 2024-25, 5.27 crore have been filed in the new tax regime compared to 2.01 crore ITRs filed in the old tax regime,” the Central Board of Direct Taxes (CBDT) said on Friday, terming the increase in number of taxpayers under the new tax regime ‘heartening’.
SC suggests setting up of a ‘neutral panel’ for talks with protesting farmers
Page 4
GS 2: Structure, organisation and functioning of the Executive and the Judiciary
- The Supreme Court on August 2 advised statesmanship and empathy on the part of the government while reaching out to protesting farmers who have blockaded the Shambhu border linking Punjab and Haryana. It also suggested the setting up of a “neutral panel” to negotiate with the farmers.
- A Bench headed by Justice Surya Kant was considering the prospect of opening the boundary in a phased manner to allow free movement for commuters, especially ambulances and senior citizens travelling between the States.
The five guidelines to a Dragon-Elephant tango
Page 6
GS 2: International Relations- India and its neighbourhood
- China and India are close neighbours.
- We learned from each other in ancient times, shared weal and woe in modern times, and have a common cause of rejuvenation today.
- China-India relations have become one of the most important bilateral relations. President Xi Jinping and Prime Minister Narendra Modi attach great importance to China-India relations, and have reached an important consensus that China and India are not rivals or threats to each other, but are partners in cooperation and development opportunities.
- This provides a clear direction for the development of bilateral relations.
- We need to figure out how to implement it. Foreign Minister Wang Yi met with India’s External Affairs Minister S.Jaishankar twice recently, and stressed that China and India should adhere to mutual respect, mutual understanding, mutual trust, mutual accommodation and mutual accomplishment.
An unstated shift in Modi’s economic direction
Page 6
GS 3: Indian Economy and issues relating to planning, mobilisation of resources, growth, development and employment
- “We are nudging industry to use less automation and more labour,” said Finance Secretary T.V. Somanathan in a post-Budget interview.
- He was referring to the Narendra Modi government’s Budget announcement of a new employment linked incentive (ELI) scheme for corporates.
- Under the scheme, companies will be provided a financial incentive for every new employee they hire.
- Dozens of commentators and experts have critiqued it and have questioned the assumption that a company will hire more people, merely for a financial incentive.
- This is a myopic and technocratic analysis that misses a fundamental shift in economic thought.
- The Finance Secretary’s statement symbolises a significant and profound change in the economic policy direction of the Modi government.
- It signals a recognition of the misplaced faith in chasing GDP growth, the big capital-labour skew, and the need for course correction.
Weakest first
Page 6
GS 2: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources
- The jurisprudence of affirmative action has been evolving constantly.
- From a notion of formal equality rooted in a general principle of non-discrimination, it has reached a point where the aim is substantive equality.
- Reservation is no more seen as an exception to the equality norm, but as a deepening of the idea of equality by embracing diversity and accommodation of those suffering from historical and social disabilities.
- The latest Supreme Court judgment allowing States to classify Scheduled Castes (SC) into groups and give preferential treatment to the weaker and more backward among them is in line with this progression.
- By a majority of 6:1, the Court has rejected the idea that the SCs constitute a single homogenous class and that sub-classification will violate the equality rule.
- The verdict dislodges a 2005 Constitution Bench judgment (E.V. Chinnaiah vs A.P.) that had struck down an Andhra Pradesh law classifying SC communities into groups as unconstitutional.
India-U.S. ties testimony to changing world: Jaishankar
Page 8
GS 2: International Relations- Bilateral, regional and global groupings and agreements involving India and/or affecting the Indian interests
- The Indo-U.S. relationship has been one policy that has “not been inconsistent or partisan” whatever the public debate on it is and we are consistently beating market expectations for the last 25 years, External Affairs Minister S. Jaishankar said on Friday while acknowledging that there have been bumps and divergences.
- The comments came against the backdrop of recent friction in the relationship, the latest being Prime Minister Narendra Modi’s visit to Russia last month.
Governor should be a bridge between Centre and State: PM
Page 9
GS 2: issues and challenges pertaining to the federal structure
- Prime Minister Narendra Modi on August 2 urged Governors to serve as an effective bridge between the Centre and the State governments.
- Addressing a two-day Conference of Governors, which was inaugurated by President Droupadi Murmu and is being hosted at Rashtrapati Bhavan, the Prime Minister said that the post of the Governor was an important institution that could play a crucial role in the welfare of the people within the framework of the Constitution, particularly with reference to tribal areas.
India selects 2 crew members for Axiom-4 mission to ISS
Page 10
GS 3: Achievements of Indians in science & technology
- India has shortlisted two astronaut-designates for the upcoming Axiom-4 mission to the International Space Station.
- Indian astronauts Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair have been shortlisted to go to the U.S. to train for the upcoming Axiom-4 mission to the International Space Station (ISS).
- A National Mission Assignment Board has recommended two Gaganyatris (astronauts) as prime and backup Mission Pilot for this mission.
- Group Captain Shukla will be the prime mission pilot and Group Captain Nair will be the back up.
India faces ‘dilemma’ amid rising Iran-Israel tensions over Ismail Haniyeh’s killing
Page 12
GS 2: International Relations- Bilateral, regional and global groupings and agreements involving India and/or affecting the Indian interests
- India’s silence for another day on rising tensions between Iran and Israel over the killing of Hamas leader Ismail Haniyeh reflects its “dilemma” in trying to balance ties with both countries, say experts.
- The assassination of Mr. Haniyeh, the political chief of the group accused of the October 7 terror attacks on Israel, who was also Hamas’ lead negotiator with Israel and other countries on a possible ceasefire deal and hostage release negotiations that have failed to fructify for months, is likely to put a pause on the peace process underway.
- While the Ministry of External Affairs has put out a travel advisory for Indians in Israel and Lebanon, and is likely to update travel advisories for other parts of the region, sources said that there would be no statement on the Haniyeh killing itself.
