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Important Current Affairs for CLAT-27th January 2023

Union Budget 2023 Date, Expectations, Income Tax Expectations

Union Budget 2023: On February 1, the Union Budget 2023 for the fiscal year 2023–24 is scheduled to be presented by Union Finance Minister Nirmala Sitharaman.

Union Budget 2023

Union Budget 2023: As Union Budget 2023 approaches, expectations from all sectors regarding what they want from the Union budget are starting to surface. On February 1, the Union Budget 2023 for the fiscal year 2023–24 is scheduled to be presented by Union Finance Minister Nirmala Sitharaman. A higher level of populism is anticipated because this will be the last complete Union Budget before the next election.

Union Budget 2023 Date

The Union Budget 2023–24 is set to be unveiled on February 1. However, the official broadcasters will start broadcasting the Union Budget 2023 presentation live at 11 am. In Union Budget 2023-2024 young professionals will be looking to Finance Minister Nirmala Sitharaman for tax relief and incentives for saving.

Financial Year Union Budget 2023-24

Proposed in Parliament

Proposed By Finance Minister Nirmala Sitharaman

Proposal Date 1 Feb 2023

Launch By Central Government

Who is going to present the Union Budget 2023?

The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1. For the fifth time, Sitharaman will propose the Union budget. The Union budget 2022 speech was introduced by the 2022 Finance Minister and lasted almost 1.5 hours. Her 2 hours and 40 minute 2021 Union budget address set a record for length in Indian history.

Finance Minister Nirmala Sitharaman with Union Budget

Union Budget 2023 Expectations

In Union Budget 2023 a new digital competition law will be proposed by the government fiscal year 2023 Additionally, discussions are ongoing with regard to changes to the 2013 Companies Act and the Insolvency and Bankruptcy Code (IBC). The Competition Act, IBC, and Companies Act are all being implemented by the ministry, and this year is expected to see changes to these laws.

A stronger policy push toward renewable and green energy is anticipated. By 2030, the nation wants to increase its non-fossil fuel capacity by 500 GW. That goal has recently increased by 125 GW with the unveiling of the green hydrogen mission. The government must make every effort to hasten the switch to renewable energy because it is the main force behind and the primary lever in the low-carbon transition.

Priority sector lending should be increased, and non-tariff obstacles should be eliminated, according to the Union budget 2023.

The Indian government may lower tariffs on alcohol, food, and medical services, the UK-India Business Council (UKIBC) hopes. This occurs as the two nations are drafting a free trade agreement (FTA).

Further streamlining of business processes is necessary to enable the expansion of startups.

Union Budget 2023: Halwa ceremony to be held on January 26

Pharma and the healthcare sector want streamlined rules and research-based incentives in Union Budget 2023

In Union Budget 2023, the government should implement steps to encourage innovation and R&D while streamlining rules for the industry, according to pharmaceutical industry associations. Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance (IPA), outlined the sector’s wish list for the upcoming Union Budget 2023. He noted that the domestic pharmaceutical industry is currently worth about $50 billion and aims to increase to about $130 billion by 2030 and $450 billion by 2047.

Union Budget 2023 to maintain social welfare expenditures when the underprivileged consume less, rendering the eco-recovery unsustainable: Ind-Ra

India Ratings and Research stated that the economic recovery has not yet spread and been sustainable because only the creamier strata of society are consuming. It also stated that the FY24 budget is anticipated to continue with social sector spending. On February 1, the Union Budget 2023 for the fiscal year 2023–24 will be presented to parliament. In her final Union budget (Union Budget 2023) as finance minister, Nirmala Sitharaman will emphasize on infrastructure and manufacturing capital expenditures, productivity growth through skill development, fiscal consolidation, and addressing climate change.

India’s Services Exports to Cross the Goal of 300bn $ in this Financial Year

Union Budget 2023 Income Tax Expectations

Income tax in the Union budget 2023: According to Parizad Sirwalla, Finance Minister Nirmala Sitharaman should increase peoples’ discretionary income through modifications to income tax slabs and exemptions. The Partner and Head, Global Mobility Services – Tax, KPMG in India, outlines the top expectations that individual taxpayers have for the Budget 2023 in an interview.

According to a report released, India should take into account reducing the 1% TDS on cryptocurrency trade because the current rate is driving users and capital to platforms in other countries and the black market. According to the research “Impact Assessment of 1% TDS on VDAs” by Chase India and Indus Law, crypto platforms and exchanges must also do customer due diligence in order to identify any potential future risks.

On February 1, Finance Minister Nirmala Sitharaman is scheduled to deliver the Union Budget for 2023–24 before Parliament.

Due to the fact that paid professionals filed about half of their income tax returns (ITRs) in 2022, these people have the highest hopes for the Union Budget 2023–24.

Let’s examine some of the key expectations for Union Budget 2023 from various sector experts since salaried workers are among the taxpayers seeking for relief from the budget the most.

China building dam on Mabja Zangbo river near Indian border

Satellite images show that China is constructing a new dam on the Mabja Zangbo river, geospatial intelligence researcher Damien Symon has claimed.

Satellite images show that China is constructing a new dam on the Mabja Zangbo river, geospatial intelligence researcher Damien Symon has claimed. The dam will be sitting just a few kilometres north of the Indian-Nepali-Chinese border trijunction. Satellite images show work is being done on the Mabja Zangbo river in Tibet’s Burang County since 2021. While the construction of the dam is not complete, it does pose questions regarding China’s hegemony on water supplies downstream in the future.

Location of The Dam:

The new dam is located around 16 km north of the tri-junction and is opposite the Kalapani area of Uttarakhand.

About Mabja Zangbo River:

The Mabja Zangbo river flows downstream into the Ghaghara or Karnali river before eventually meeting the Ganges in India. Mabja Zangbo originates from Mount Kailash, but is not a major tributary of the critically important water of the Karnali. The Karnali river is the second biggest tributary by length of the Ganges, after River Yamuna, and the biggest tributary of the Ganges by volume. The river flows past cities like Ayodhya and Faizabad, where it is known as the legendary Sarayu River, Bahraich, Barabanki, Basti, Deoria, Barhalganj, Gonda, Gorakhpur, Sitapur, Siddharthnagar, Saint Kabir Nagar, Kamhariya, Rajesultanpur and Tanda in Uttar Pradesh among other settlements in Bihar.

How is China aiming at acquiring Hydro Hegemony:

China has built a large number of dams and dikes to control the flow of rivers on the Indus, Brahmaputra and Mekong.

With the occupation of Tibet, China has acquired the starting points for rivers that flow into 18 countries.

China has built several thousand dams, which can cause floods by suddenly releasing water or create droughts by turning off the tap, thus devastating the river’s ecosystem and disrupting normal human life.

China plans to have four dams on the Brahmaputra River which would affect the river’s flows, India had lodged a complaint with China.

Gallantry Awards: President Droupadi Murmu approves 412 Gallantry Awards

Gallantry Awards: President of India, Droupadi Murmu has approved 412 Gallantry awards and other Defence decorations to Armed Forces personnel and others.

Gallantry Awards

President of India, Droupadi Murmu has approved 412 Gallantry awards and other Defence decorations to Armed Forces personnel and others. These include six Kirti Chakras, including four posthumous, and 15 Shaurya Chakras including two posthumous. These include one Bar to Sena Medal (Gallantry), 92 Sena Medals, including four posthumous, one Nao Sena Medal (Gallantry), seven Vayu Sena Medals (Gallantry) and 29 Param Vishisht Seva Medals.

President has also awarded President’s Tatrakshak Medal and Tatrakshak Medal to Indian Coast Guard Personnel for their act of conspicuous gallantry, exceptional devotion to duty and distinguished service.

Kirti Chakra Awardees

Major Shubhang of the Dogra Regiment from Indian Army

Naik Jitendra Singh of the Rajput Regiment from Indian Army

Jammu and Kashmir police constable Rohit Kumar (Posthumous)

Sub Inspector Deepak Bhardwaj (Posthumous)

Head constable Sodhi Narayan (Posthumous)

Head constable Shrawan Kashyap (Posthumous)

Shaurya Chakra Awardees

Major Aditya Bhadauria, Kumaon Regiment, Indian Army

Captain Arun Kumar, Kumaun Regiment, Indian Army

Captain Yudhvir Singh, mechanised infantry, Indian Army

Captain Rakesh TR, Parachute Regiment, Indian Army

Naik Jasbir Singh, Jammu and Kashmir Rifles, Indian Army (Posthumous)

Naik Vikas Choudhary, Jammu and Kashmir Rifles, (Posthumous)

Constable Mudasir Ahmad Sheikh, Jammu and Kashmir Police

Group Captain Yogeshwar Krishnarao Kandalkar, Air Force

Flight Lieutenant Tejpal, Air Force

Squadron leader Sandeep Kumar Jhajhria, Air Force

Corporal Anand Singh, Air Force

Leading aircraftman Sunil Kumar, Air Force

Assistant Commandant Satendra Singh

Deputy Commandant Vikki Kumar Pandey

Constable Vijay Oraon

Bar to Sena Medal (Gallantry)

Major Rakesh Kumar, Indian Army

Nao Sena Medal (Gallantry)

Late CDR Nishant Singh (Posthumous), Navy

Vayu Sena Medal (Gallantry)

Wing Commander Sumedh Ashok Jamkar, Air Force

Squadron leader Krishna Kumar Singh, Air Force

Junior Warrant officer Srikanth Bonam, Air Force

Sergeant Pankaj Kumar Rana, Air Force

Corporal Satendra Kumar, Air Force

Corporal Anthony Mang Kham, Air Force

Leading Aircraftman Ravinder Singh, Air Force

Uttam Yudh Sewa Medal

Lieutenant General Ram Chander Tiwari, Indian Army

Lieutenant General Anindiya Sengupta, Indian Army

Lieutenant General Amardeep Singh Aujla, Indian Army

President’s Tatrakshak Medal (Distinguished Service)

IG Anand Prakash Badola, TM (0248-M)

Tatrakshak Medal (Gallantry)

ComdtDurgesh Chandra Tiwari

Rishi, P/Nvk(R)

Mohit Kumar Yadav, U/Nvk (RP)

Tatrakshak Medal

DIG HimanshuNautiyal

Sant Lal, P/Adh(RO)

International Customs Day 2023 observed on 26th January

International Customs Day 2023: The World Customs Organisation (WCO) marks International Customs Day on 26th January every year. The occasion commemorates the WCO's maiden session held in 1953.

International Customs Day 2023

The World Customs Organisation (WCO) marks International Customs Day on 26th January every year. The occasion commemorates the WCO’s maiden session held in 1953. The day is dedicated to spreading awareness about the role Customs authorities play in the seamless movement of goods across borders and their importance in the cross-border regulatory apparatus. Every year, such authorities of WCO’s member administrations organise events to celebrate International Customs Day.

Customs authorities are essential in facilitating legitimate trade and helping governments levy tariffs and earn revenue from the movement of goods across international borders. These authorities also coordinate to prevent illegal trade in products such as body parts of endangered species like rhino horns, drugs and other prohibited substances.

International Customs Day 2023: Theme

This year, the theme of International Customs Day is ‘Nurturing the next generation: Promoting a culture of knowledge-sharing and professional pride in Customs.’ With this, the aim is to heighten the sense of belonging to the global Customs community.

International Customs Day 2023: Significance

The Customs monitors the inflow and outflow of all kinds of goods, from small personal items to valuable commercial shipments, in any country. In most nations, this authority’s aim is to bridge any potential gaps in monitoring to ensure citizens’ safety and compliance with the law. A smooth and solid Customs management system provides pleasant and secure international interactions for individuals. Customs across the world works towards building a sustainable future by fostering economic, social, and environmental needs in the process.

International Customs Day 2023: History

The WCO, previously known as the Customs Co-operation Council (CCC), was formed in 1952 in Brussels. An intergovernmental body, its primary function was to boost the efficiency and effectiveness of customs administrations. The council held its inaugural session on January 26, 1953. At the time, only 17 member countries participated in the event. The organisation has since grown to have 183 members. It administers around 98 percent of the world trade.

Visakhapatnam Railway Station awarded ‘Green Railway Station Certificate’

Green Railway Station Certification: East Coast Railways‘ Visakhapatnam railway station has received the prestigious ‘Green Railway Station Certification’ with the highest Platinum rating.

East Coast Railways‘ Visakhapatnam railway station

East Coast Railways‘ Visakhapatnam railway station has received the prestigious ‘Green Railway Station Certification’ with the highest Platinum rating. The certificate has been awarded by the Indian Green Building Council (IGBC) for adopting green concepts. It secured 82 out of 100 points in six environmental categories.

The Environment Directorate of Indian Railways, with the support of the IGBC, has developed the Green Railway Station rating system. It addresses national priorities such as water conservation, handling of waste, energy efficiency, reduced use of fossil fuel, lesser dependence on usage of virgin materials and health and well-being of occupants.

Overview of the News

Visakhapatnam secured 82 out of 100 points in six environmental categories.

Visakhapatnam railway station falls under the Waltair division of the East Coast Railway. The railway station has performed well in various categories such as – sustainable facilities, health, hygiene, energy and water efficiency, smart green initiatives, innovation, and development.

Visakhapatnam railway station performed well in categories such as sustainable facilities, health, hygiene, energy and water efficiency, smart green initiatives, innovation and development.

The following steps were undertaken based on Survey and Recommendations of IGBC that conducted the Survey:

Segregation of Waste by Constructing MRF Shed

Setting and Operationalization of 500KLD STP for Station & Colony Water

Setting up of Solar Panels to conserve Power

Well Developed Passenger Amenities

100% fitment of LED Lightings.

This feat has been entirely through team effort of all the departments spearheaded by EnHM WING.

What is Green Railway Station?

The Environment Directorate of Indian Railways (IR) with the support of IGBC has developed the Green Railway Stations Rating System to reduce the adverse environmental impacts due to station operation, and maintenance and enhance the overall experience of the passengers. This is a voluntary and consensus-based program.

The rating system helps to address issues of national priorities such as – water conservation, handling of waste, energy efficiency, reduced use of fossil fuels, lesser dependence on usage of virgin materials, and health and well-being of occupants.

Initially, the ‘Green Railway Stations rating system’ was designed for existing railway stations. However, the stations under redevelopment can also apply for the rating.

Republic Day 2023: First time events in Republic Day Parade

Republic Day 2023: The parade this year is to be extra special with many first-time events scheduled.

First time in Republic Day parade 2023

The 74th Republic Day Parade begins at 10:30 AM from Vijay Chowk and head towards Lal Quila. The Parade ceremony commence with the visit of Prime Minister Narendra Modi to the National War Memorial. He lead the nation in paying solemn tributes to the brave hearts by laying a wreath. After that, the national flag unfurled followed by the national anthem with a 21-gun salute using 105-mm Indian Field Guns.

The parade this year is to be extra special with many first-time events scheduled. As the participants prepare to showcase India’s growing prowess and cultural diversity during the parade on the Kartavya path (formerly known as Rajpath).

There are various events held for the first time in Republic day parade 2023:

For the first time in India’s independent history, the iconic 21-GUns Salute to the President during the parade will use 105 mm Indian Field Guns replacing the British-made 25-Pounder guns. This year, only Made-in-India weapon systems, showcased at the Republic Day parade, keeping with the theme of “Atmanirbhar Bharat”.

For the first time, 12 women riders are participate of the Camel Contingent of the Border Security Force (BSF) and among the 16 marching contingents from the armed forces, Central Para Military Forces, Delhi Police, National Cadet Corps (NCC), NSS along with 19 military pipes and drums bands in the Republic Day parade this year.

A team of “Daredevils” motor cycle riders from Corps of Signals co-led by a woman officer is the part of the parade.  Lieutenant Dimple Bhati from the Corps of Signals, part of the Indian Army’s Daredevils motorcycle team at the Republic Day parade this year. The women officer had been training with the team for the last one year.

The newly-recruited Agniveers also be a part of the parade for the first time.

In a first, the Narcotics Control Bureau (NCB) will display a tableau during the Republic Day parade. ‘Nasha Mukt Bharat’, and a group of people standing in front of it, wearing different costumes of India and holding their arms out, with a banner placed below bearing a line Together We Can Do It,.

Marching down the Kartavya Path for the first time, the combined Band and Marching contingent of the Egyptian Armed Forces, led by Colonel Mahmoud Mohamed Abdel Fattah El Kharasawy. The contingent consist of 144 soldiers, representing the main branches of the Egyptian Armed Forces.

The Indian Navy’s IL-38, showcased during the parade for the first and last time, IL-38 has served Indian Navy for 42 years.

The biggest drone show in India, comprising 3,500 indigenous drones, light up the evening sky over the Raisina hills during Beating the Retreat ceremony on January 29th.

For the first time, a 3-D anamorphic projection, organised during the Beating the Retreat Ceremony on the facade of the North and South Block.

Garud Special Forces of the Indian Air Force are participating for the first time in the Republic Day parade. Squadron Leader Pritam Singh Jaitawat leading the Garud team as part of the IAF contingent.

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