1. Government of India changed the definition of MSME
- Recently, the Government of India changed the definition of Micro, Small and Medium Enterprises.
- Under the Micro, Small and Medium Enterprises Development Act, 2006, the Government of India had set aside the services and manufacturing sector in the definition of micro, small and medium enterprises. Now a new definition has been given by combining the two, which is based on investment and annual turnover.
- This definition is as follows:
- Micro Enterprises - Investment up to a maximum of 1 crore and annual turnover up to a maximum of 5 crore.
- Small Enterprises - Investment up to a maximum of 10 crore and annual turnover up to a maximum of 50 crore.
- Medium Enterprises - Investment up to 20 crores and annual turnover up to 100 crores.
2. Government gave details of the incentive package under the Atma-Nirbhar Bharat Yojana
- Finance Minister Nirmala Sitharaman gave a detailed account of the stimulus package announced by the Prime Minister.
- Recently, Prime Minister Narendra Modi announced an incentive package of twenty lakh crore rupees under the Atma-Nirbhar Bharat Yojana to make India self-reliant.
- Under this, Mrs. Sitharaman has announced 15 special financial packages worth Rs 6,40,000 crore, which will benefit MSME, power distribution companies, real estate, middle class, taxpayers and others.
- Along with this, the scope of MSME has also been increased, and many small and micro industries have also been included in it.
- To promote the MSME sector, loans worth Rs. 3,00,000 crore will be given without any collateral.
- The loan will be provided with a moratorium of 12 months.
- This loan will benefit 45 lakh small and medium units.
- It has also been announced to link MSMEs with e-market, which will help small and medium enterprises to sell their products.
- Another Rs 20,000 crore package will benefit two lakh units undergoing an economic crisis.
3. Date for filing of income tax returns for the financial year 2019-20 has been extended till 30 November 2020
- Recently, India's Finance Minister Nirmala Sitharaman has extended the date of filing of income tax returns for the financial year 2019-20 till 30 November 2020.
- Apart from this, the Government of India has also cut TDS and TCS rates by 25%.
- With this decision of the government, more than Rs 50,000 crore cash will be available to the common people.
- Tax deducted at source (TDS) and tax collected at source (TCS) are two such taxes levied at the point of origin of income.
- TDS - If the payment exceeds the limit, tax is deducted at the time of payment made by companies and individuals.
- TCS - This tax is paid by the buyer to a seller while purchasing goods.
- Along with this, the date of payment of an additional amount under the Vivad se Vishwas scheme has been extended till 31 December.
4. Foreign Minister Dr. S. Jaishankar interacted with SCO member countries through video conferencing
- Recently Foreign Minister Dr. S. Jaishankar has interacted with SCO member countries by video conference.
- In this conference, Foreign Minister Dr. S. Jaishankar called for the SCO member countries to fight together against the COVID-19 pandemic.
- He also reaffirmed India's strong commitment to its readiness to share information, expertise and best practices.
- Shanghai Cooperation Organization (SCO):
- The Shanghai Cooperation Organization or Shanghai Pact is a Eurasian political, economic and security coalition.
- It is headquartered in Beijing, China.
- It was established on 26 April 1996.
- India and Pakistan joined the SCO as full members on 9 June 2017, at a summit in Astana.
5. Now only indigenous products will be sold in all canteens of Central Armed Police Force
- Recently, the Ministry of Home Affairs has decided that now only indigenous products will be sold in all the canteens of the Central Armed Police Force.
- The decision will come into effect from 1 June 2020 in all CAPF canteens across the country.
- Under this, goods worth about 2800 crore rupees will be purchased.
- This will encourage 50 lakh families of about 10 lakh CAPF personnel to use indigenous products.
- The use of indigenous products is a part of the Atma-Nirbhar Bharat Yojana.
- The Central Armed Police Force (CAPF) consists of 7 forces, such as Central Reserve Police Force, Border Security Force, Indo-Tibetan Border Police (ITBP), Service Selection Board, Central Industrial Security Force, National Security Guards and Assam Rifles.
6. 18th Webinar organized under Watch Apna Desh Webinar Series
- Recently, 18th Webinar was organized under Dekho Apna Desh Webinar Series.
- The title of this Webinar of the Dekho Apna Desh Webinar series of the Ministry of Tourism is “Odisha - India's Best Kept Secret”.
- Under this, the participants were taken on a virtual trip to Odisha.
- The ancient civilization of Odisha, famous temples with Kalinga style of architecture, beautiful beaches with long coastline, arts and handicrafts, culture, popular dance forms such as Odissi and Gotipua, were also mentioned.
- Also, the virtual journey showed panoramic views of Bhitarkanika Wildlife Sanctuary, Udaipur Beach, Manglajodi unique Wetland, Satpada, Chilika Lake, Simlipal National Park, Debrigarh National Park, Hirakud Reservoir, waterfall, Silent Valley – Gorge, Daringbadi nature camp, Tribal heritage, Mahanadi Gorge, etc.
7. V. Vidyavathi appointed as new Director General of Archaeological Survey of India.
- Recently, V. Vidyavathi has been appointed as the new Director-General of the Archaeological Survey of India (ASI).
- Ms. Vidyavathi is a 1991 batch Karnataka cadre IAS officer.
- She will continue to serve as an Additional Secretary in the Government of India.
- Archaeological Survey of India (ASI):
- It is an Indian government agency associated with the Ministry of Culture.
- It is responsible for archaeological research and for the preservation and maintenance of cultural monuments in the country.
- It was founded in 1861 by Alexander Cunningham.
- Its headquarters is located in New Delhi.
8. ICMR issued guidance on the rapid antibody test kit for COVID-19
- Recently ICMR has released guidance on rapid antibody test kits for COVID-19.
- This guidance clearly states that these rapid antibody tests cannot be used to diagnose infection with COVID-19.
- Earlier ICMR had stated that such test kits are to be used for surveillance purposes only.
- According to the new guidance, these tests can be performed on blood, serum, plasma samples, the results of which are available within 30 minutes, while the infection comes positive after 7-10 days of testing.
- In addition, ICMR has also listed antibody test kit manufacturers.
- It also includes Chinese companies Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics, whose license was cancelled last month by the Central Drugs Standard Control Organization (CDSCO).
- The names of these two companies are also among those firms whose test kits have so far been validated at NIV Pune.
9. New Development Bank (NDB) of BRICS provided a billion-dollar loan to India
- Recently, the New development bank of BRICS provided a billion-dollar loan to India to fight COVID-19.
- The series is named Emergency Assistance Program Loan to help India reduce the spread of COVID-19 and to help reduce human, social and economic losses caused by the coronavirus pandemic.
- New Development Bank (NDB):
- The bank is located in Shanghai.
- It was founded by BRICS-Brazil, Russia, India, China, South Africa in 2014 and is led by veteran Indian banker K.V. Kamath.
- The objective of this bank is to raise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
- Also, to complement the existing efforts of multilateral and regional financial institutions for global development.
10. United Nations forecast the world economy to be down by 3.2%
- Recently the United Nations forecast the world economy to shrink by 3.2% due to the COVID-19 pandemic.
- Whereas the United Nations projected a slight increase of 2.5 percent in the world economy in 2020 before the COVID-19 pandemic in January 2020.
- The Mid-Year Report of the U.N. states that the impact of the coronavirus crisis is expected to reduce global economic output by about $ 8.5 trillion over the next two years.
- UN chief economist Elliot Harris said that the global economy has fallen into a virtual state in the second quarter of 2020, due to a large number of restrictions and uncertainties in economic activity.
- United Nations:
- It is an intergovernmental organization.
- It aims to maintain international peace and security.
- Its headquarters is located in New York, United States.
- It was established on 24 October 1945.
- Its official languages are Arabic, Chinese, English, French, Russian and Spanish.
- Antonio Guterres is the Secretary-General of the institution.