Daily GK Update: 1st February 2020

Union Budget 2020 themes: Aspirational India, Economic Development, Caring Society

  • Finance minister Nirmala Sitharaman listed out three major themes for Union Budget 2020 on Saturday (February 1). FM Sitharaman said this year’s budget is woven around three prominent things- aspirational India, economic development (for all) and building a caring society that is humane and compassionate.
  • FM Sitharaman presented her second budget under Modi 2.0 government.
  • She further elaborated that under the Aspirational India theme, the budget will cover rural, water and sanitation, and education.
  • This sector comprises agriculture, allied activities, irrigation and rural development.

Source: Business Today

Budget 2020: 2.83 lakh Crore Rupees allocated to Agriculture and Rural Development

  • The Finance Minister Nirmala Sitaraman presented the Budget 2020-21 on February 1, 2020.
  • The Minister has allocated Rs 2.83 lakh crore rupees for the agriculture and rural development sector.
  • It shall also help another 15 lakh farmers solarize their grid connected pump sets.

Source: The World News Monitor

Budget Watch: Why fiscal deficit touching 132% of full year target, puts the Centre in a spot

  • The Economic Survey made out a strong case for the Centre to create additional fiscal headroom to revive growth in the economy. As if on cue, the government’s fiscal deficit upto December shot up to 132 per cent of the budgeted full-year target for FY20 (up from 115 per cent until November).
  • The run rate for the fiscal deficit for the nine months, has been the highest in the last five years, led by significant growth in both revenue and capital expenditure.
  • Fiscal deficit for the April-December period has been 87-144 per cent of full year target, in the previous four years.

Source: Business Line

India-Africa Defence Ministers conclave to be held during DefExpo next week: Defence Secretary

  • Defence Secretary, Dr Ajay Kumar, on Friday said that for the first time during DefExpo, India-Africa Defence Conclave will be held.
  • Fourteen Defence Ministers from the African countries have confirmed participation in this event till now and the number is likely to go up. Kumar briefed the media here on the preparation of the biennial defence exposition, DefExpo 2020, to be held in Uttar Pradesh capital Lucknow between February 5-9, 2020.
  • Defence Ministers of nearly 40 countries have confirmed their participation for the DefExpo20, including Czech Republic, Mexico, South Korea, United Arab Emirates, etc.

Source: Business Standard

Coronavirus: India Bans Export of All Kinds of Respiratory Masks as Demand Soars

  • India on Friday banned exports of all kinds of personal protection equipment, including clothing and masks used to protect people from air borne particles.
  • The move assumes significance as there could be a spurt in demand for such products due to outbreak of deadly coronavirus that has claimed more than 200 lives in China while the number of confirmed cases reached near 10,000.

Source: News18 

Integrate ‘Assemble in India’ into Make in India

  • India should draw a lesson from China’s success in exports, and launch a project to ‘Assemble in India for the world’ that would create 80 million well-paid jobs in the next 10 years, the Economic Survey 2019-20 said on Friday.
  • The survey suggested that with China-US trade tensions at a high, India should step in to seize opportunities in export manufacturing and create well-paid jobs. Adopting such a move will also help India in its aspiration to become a $5-trillion economy, it said.

Source: Livemint