Deficits: Fiscal deficit in 2023-24 is targeted at 5.9% of GDP, lower than the revised estimate of 6.4% in 2021-22.
The revenue deficit in 2023-24 is targeted at 2.9% of GDP, lower than the revised estimate of 4.1% in 2022-23.
Tax Proposals in the New Regime: The number of tax slabs has been reduced from six to five, and income will be taxed at higher levels.
Policy Proposals: The scheme providing 50-year interest-free loans to state governments will also be available in 2023-24, with an outlay of Rs 1.3 lakh crore.
Growth Centres: The scheme will identify and develop local economic drivers and growth centres. These growth centres shall promote social entrepreneurship, skill development for youth and women, traditional knowledge systems, and the “one village-one product” through community-based organisations.
‘Free Coaching and Allied Schemes’ (Naya Savera) aimed to empower students from minority communities to prepare for competitive examinations.
Nayi Udaan Scheme:
The second scheme is the ‘Support for Students Clearing Prelims Conducted by UPSC, SSC, State Public Service Commissions’ (Nayi Udaan) provided financial support for students who had cleared preliminaryexaminations for the mentioned examinations.
Reason:
Two schemes that provided students from minority communities assistance with competitive examinations have been discontinued. They have been discontinued to keep in line with the National Education Policy, 2022 (NEP).
The NEP states that the existing structure of examinations will be reformed to eliminate the need for coaching classes.
Law and Justice
What was the Reason to Extend the Term of the Law Commission?
The Cabinet approved the extension of the 22ndLaw Commission’s term up to August 31, 2024.
UPI PayNow is an instant cross-border person-to-person payment facility.
Biodiversity & Environment
Mining
Draft Amendments to the Offshore Areas Mineral Act, 2002
The draft amendments seek to encourage private participation to explore and mine mineral resources and harness the full potential of these resources.
Environment
Draft Rules for Utilising Crop Residue in Power Generation
The Ministry of Environment, Forest, and Climate Change released the draft Agro Residue Utilisation by Thermal Power Plants Rules, 2023.
The Rules will apply to all thermal power plants which fall within the jurisdiction of the Commission for Air Quality Managementin the National Capital Region and Adjoining Areas (Uttar Pradesh, Haryana, Rajasthan, and Punjab).