HIMACHAL PRADESH
Himachal Pradesh registers 25% growth in revenue receipts in December
Himachal Pradesh has registered 25% growth in revenue receipts under all heads of the excise and taxation department for the month of December 2020 as compared to the corresponding period in 2019.
Total revenue receipts in December were Rs 772 crore against Rs 619 crore during the same period of 2019. This continues the positive trend witnessed in the past four months. The revenue receipts of the department grew at 15% in August, 10% in September, 37% in October and 9% in November.
A significant increase of 45% in revenue receipts of VAT, 29% in revenue receipts of excise and 16% in revenue receipts of the state GST have been registered in December 2020.
INTERNATIONAL
India becomes co-chair of Asia Protected Areas Partnership (APAP), a regional forum to conserve wildlife
India has been chosen as the co-chair of the IUCN-supported Asia Protected Areas Partnership (APAP) for a period of three years till November 2023.
The APAP is chaired by IUCN (International Union for Conservation of Nature) Asia and co-chaired by an APAP nation member on a rotational basis.
India will replace South Korea ,which held the post for 3 years until November, 2020.
As a co-chair, India would be responsible to assist other Asian countries in managing their protected areas.
Bajaj becomes world’s most valuable two-wheeler company
Bajaj Auto has become the first two-wheeler company across the globe to cross a market capitalisation of ₹1-lakh crore (around $13.6 billion).
The statement from Bajaj Auto claims that this market valuation is considerably higher than all other domestic two-wheeler companies.
The company’s share closed at ₹3,479 giving it a market capitalisation ₹1,00,670.76 crore.
The company claims that it has achieved this milestone as it celebrates the 75th year of its operations.
World Bank Released Global Economic Prospects Report
According to the report, the Indian economy will contract by 9.6% in 2020-21. The Indian economy will recover by 5.4% in 2021-22. India’s economic contraction will be mainly attributed to the sharp decline in household spending and private investment.
The informal sector accounts for four-fifths of the country’s employment, is severely affected. On the other hand, the world economy will grow by 4% in 2021. Services and manufacturing are gaining momentum. According to the World Bank, India is facing its first technological decline.
When GDP exceeds the quarter’s negative growth for two consecutive quarters, it is called a period of a technical recession. In India, the gross domestic product for the April to June quarter fell by 23.9%.
In the July and September quarters, the GDP growth rate contracted by 7.5%. This clearly shows that India’s GDP growth has experienced negative growth for two consecutive quarters. Therefore, India is in a period of technological decline.
According to data from the Indian Economic Monitoring Center, during the covid-19 pandemic, more than 500,000 salaried people lost their jobs.
NATIONAL
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