HIMACHAL PRADESH

Himachal Pradesh’s growth rate plunges from 7.1% to 5.6%

Chief minister Jai Ram Thakur tabled the Economic Survey (2019-20) report in the Himachal Pradesh Assembly that revealed that as per advance estimates, the rate of growth of Himachal Pradesh for 2019-20 is likely to be about 5.6% which is 1.5% less than last year’s growth rate of 7.1%.

The growth of 5.6% during 2019-2020 is mainly attributed to the Primary Sector (9.3%) and Community and Personal Services Sector (7.7%). The Secondary Sector showed a growth of just 3.9%. Due to the increase in horticulture production by 42.82%, the Primary Sector registered an overall growth of 9.3%.

Gross State Domestic Product (GSDP) at the constant prices is estimated at Rs 1,24,403 crore against Rs 1,17,851 crore in 2018-19. At current prices, the GSDP is likely to be around Rs 1,65,472 crore approximately against Rs 1,53,845 crore during 2018-19.

In 2018-19, the Excise and Taxation Department had collected Rs 6422 crore in taxes under different heads against the target of Rs 5,861 crore which was 9.57% more than the target. While for the financial year 2019-20 against the revenue target of Rs 6869 crore, up to November last year, Rs 4,448 crore has been collected.

Per Capita Income in real terms (at constant 2011-12 prices) for the year 2019-2020 is likely to attain a level of Rs 1,46,268 as compared to Rs 1,39,469 for previous fiscal showing a rise of 4.9%. Per Capita Income at current prices which as per first revised estimates for 2018-19 was Rs 1,83,108 is likely to increase up to Rs 1,95,255 during 2019-2020 showing an increase of about 6.6%.

State’s own taxes increased to 15.69% in 2019-20 (budget estimates) which is estimated at Rs 7,921 crore as against Rs 6,847 crore in 2018-19 (revised estimates) and Rs 7,108 crore in 2017-18 (actual).

State’s non-tax revenue (comprising mainly of interest receipts, power receipts, road transport receipts and other administrative service etc) are estimated at Rs 2,443 crore in 2019-20 (budget estimates), which is 7.24% of total revenue receipts of 2019-20.

According to the budget estimates of 2019-20, the tax revenue (including central taxes) is estimated at Rs 15,319 crore as against Rs 12,277 crore in 2018-19 (revised estimates) which is 24.78% more than the revised estimates of 2018-19, which stands at 9.26% of GSDP.

The share of agriculture and allied sectors in the Gross Value Added (GVA) of the state at current prices has declined from 15.35% in 2014-15 to 12.73% in 2019-20. Share of crops, Share of forestry and logging has also declined from 2014-15 to 2019-20, however share of livestock and share of fishing increased marginally.

The contribution of the tourism sector to the state GDP is about 7 per cent which is quite significant. Industrial sector’s performance in terms of its contribution in GVA has slightly decreased in 2018-19 over 2017-18. The contribution of manufacturing sector in Gross State Value Addition (GSVA) at current prices is increasing every year, as it has increased from 26.69 per cent in the year 2014-15 to 29.79 per cent in the year 2018-19.

The contribution of mining and quarrying sector in GSVA at current prices has increased marginally, as it has increased from 0.33 percent in the year 2014-15 to 0.53 per cent in the year 2018-.

In Himachal Pradesh, inflation has been witnessing moderation since 2014-15. Headline Consumer Price Index-Combined (CPI-C) inflation was 2.5 per cent in 2019-20 as compared to 6.2 per cent in 2014-15. Wholesale Price Index (WPI) inflation has seen an increase between 2015-16 and 2018-19, it fell from 4.7 per cent in 2018-19 to 1.5 per cent during 2019-20.

INTERNATIONAL

Google announces its plans to open Delhi Cloud Region

Google announced its plans to open a Delhi Cloud Region.

This will be the company’s second cloud region in India since it launched one in Mumbai three years ago in 2017.

The new cloud region will expand Google’s existing network which stands at 8 regions in the Asia Pacific and 22 regions globally.

Google cloud regions bring Google Cloud Platform services to global organisations in industries like media and entertainment, retail and manufacturing.

Projected to be launched in 2021, the Delhi cloud region will have three zones to protect against service disruptions.

Two new land ports to be added as entry points for Bangladeshi people

Bangladesh is to add two new land ports for the Bangladeshi citizens travelling to India. It will have the option of two more land port entry points on their visas.

Visitors from Bangladesh to India will be able to enter India from Bhomra, and Akhaura side of Bangladesh will connect Gojadanga and Agartala, respectively, on the Indian side.

Currently, Bangladeshi people can travel to India with a normal visa from only two land ports namely Benapole and Petrpole, apart from the travel by air and rail.

The decision to allow entry into India from the two additional land ports was agreed during the visit of Bangladesh Prime Minister Sheikh Hasina to India in October 2018. The move is now in the process of being implemented.

NATIONAL

Lok Sabha passed 2020 Direct Tax Vivad Se Viswas Bill

Lok Sabha passed the amendment of the Direct Tax Vivad Se Vishwas Bill, 2020, on 4 March. The Bill was introduced in Lok Sabha by the Minister of Finance Nirmala Sitharaman on 5 February 2020.

The amendment will extend the scope to cover litigation pending in various debt recovery tribunals (DRTs). It also provides an opportunity to settle direct tax disputes within the current financial year by waiving interest and penalty on their pending taxes.

The Direct Tax Vivad Se Vishwas Bill provides a method for the resolution of pending tax disputes that are related to income tax and corporation tax that involve Rs.9.32 lakh crore.

It also defines an appellant as the income tax authority, or the person, or both, whose appeal is pending before any appellate forum as on 31 January 2020.

It will cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts (HCs), and the Supreme Court (SC).

JK government launched Student Health Card scheme for school children

Jammu and Kashmir government has launched Student Health Card scheme in Jammu on 5 March. It was launched by Lt. Governor G.C. Murmu at a programme organized by Directorate of Mid Day Meal, School Education Department in association with National Health Mission at Teachers Bhavan Jammu.

The scheme will ensure regular checkups of school-going children.

It is expected that regular health checkup facilities at the school level will ensure the good health of students.

The aim of the scheme will ensure the good health of every school-going children and parents who should be made aware of the benefits of this scheme.

Previously, the government has launched MidDay meal for the needy school-going children so that malnutrition can be prevented.

Chandrayaan-III mission to be launched in first half of 2021

The Union Minister Jitendra Singh announced that ISRO’s Chandrayaan-III would be launched in the first half of 2021. A slight delay might happen in the launching of the third moon mission.

Chandrayaan-III mission was configured based on the lessons learnt from Chandrayaan-II.

The revised configuration is expected to take care of the robustness in design, capacity enhancement for mission flexibility.

It retains the heritage of Chandrayaan-II.

In 2019, Chandrayaan-II spacecraft hard-landed on the lunar surface. The Indian Space Research Organisation (ISRO) had then resolved to launch the project.

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