Parliament Archives

Budget 2024: FM Sitharaman To Table Economic Survey In…

21 July 2024
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New Delhi: India’s Finance Minister Nirmala Sitharaman will table the Economic Survey in Parliament on Monday, July 22, a day before she unveils the Union Budget for a record seventh time. The upcoming budget aims to address unemployment and other ongoing issues in the country.

Continuing the trend of the last few years, the 2024 Union Budget will be delivered in a paperless format. Notably, the Budget for the Union Territory of Jammu and Kashmir for 2024 will be presented on July 23, 2024.

Here are 10 Key Highlights of the Economic Survey And Budget 2024 You Need to Know

1. The Economic Survey is made by the Economic Division of the Department of Economic Affairs in the Ministry of Finance.

2. The first Economic Survey started in 1950-51 and was part of the budget documents. In the 1960s, it was separated from the budget documents and presented the day before the Union Budget.

3. In 2022, the theme of the Economic Survey was ‘Agile Approach,’ focusing on India’s economic response to the Covid-19 pandemic.

4. In 2023, the theme was ‘Recovery Complete’ as the economy was recovering during the Russia-Ukraine war and trying to return to pre-Covid conditions.

5. This year’s Budget will be Prime Minister Narendra Modi-led government’s first major policy announcement after winning a third term in the Lok Sabha elections.

6. Finance Minister Nirmala Sitharaman will break the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as Finance Minister. She has also surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.

7. The Reserve Bank of India recently increased the GDP forecast for the current year 2024-25 to 7.2% from 7% earlier. Strong domestic demand has driven the economy to a growth rate of over 7% in recent years.

8. The International Monetary Fund (IMF) has raised India’s growth forecast for 2024 from 6.8% to 7%, keeping the country as the fastest-growing in emerging markets and developing economies.

9. For 2023-24, the government set the fiscal deficit target at 5.9% of GDP, later revised to 5.8%.

10. India is expected to become the world’s third-largest economy with a GDP of USD 5 trillion in the next three years. By 2030, India could become a USD 7 trillion economy. (With Inputs From ANI)

Science & Environment

Explained: Why are bears being killed by the government…

17 July 2024
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In an emergency meeting of the Parliament, Romania has passed a law that authorizes the culling of 481 bears, in an attempt to curb the overpopulation of bears. This decision comes in the light of a report by local media about the death of a 19 year old female tourist, who was attacked and killed by a bear when she was hiking with her boyfriend. The woman was hiking on a popular trail in Romania’s Carpathian Mountains.After the reports came out, Prime Minister Marcel Ciolacu arranged for an emergency meeting and called back legislators from their summer recess.
Who are these bears and what are their characteristics?
The Romanian Brown Bear or Urusus Arctos are one of the most fascinating animals on this planet. These creatures can stand on two legs, walk on the sole of their feet and pick things with their hands like we humans do. These bears are Europe’s biggest carnivore but are incredibly fast and run at a speed of 30 mph. Romanian Bears communicate with their own kind through scratch marks left on the trees, smell and sound of each other.
Romania is home to more than 60% of the Brown Bears in Europe. In the Carpathian Mountains, it is said, these Brown Bears are in the numbers of more than 6000. These bears are usually wary of humans and attack only when they feel threatened.
What is culling?
Culling is a process of selective or targeted killing of certain animals, who are being a threat to human population or the increase in their population is somehow disturbing the balance between humans and wildlife.
History of Bear culling in Romania
The Brown Bears of Romania, who made Carpathian Mountains their home, are suffering because of loss of habitat. Illegal logging in the mountains drives the bears away from the forests. The change in behavior in these bears are largely as a result of deforestation, growth of human settlement, the agricultural infrastructure in the mountains and agricultural interventions.
Due to the rapid change in environment, these bears have been forced to stray into human settlements.
Earlier this year, the Romanian Government stated that Bears have killed 26 people and severely injured 274 others over the last 20 years. The change in laws is shocking as this decision to cull 481 bears is more than double the number last year when park rangers were allowed to cull 220 bears in a bid to curb their numbers.
Reactions to this decision of the government
Environmentalists around the world have criticized this decision. They believe that killing bears will not change the situation at all until their habitat is protected actively and human activities are minimized in the mountains. Talking to the AFP agency World Wildlife Fund (WWF) biologist Calin Ardelean said, “the law solves absolutely nothing”.
In the recent years bear sightings in the towns have become normal and the government is unable to take strict measures to protect both the citizens and animals from each other.

Science & Environment

Chartered Accountants Day 2024: Why is July 1 Celebrated…

30 June 2024
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Published By: Nibandh Vinod

Last Updated: June 30, 2024, 17:00 IST

The Institute of Chartered Accountants of India (ICAI) was established on July 1, 1949. (Image: Shutterstock)

National Chartered Accountants Day is observed to honour the role of CAs in the country’s economic prosperity.

The National Chartered Accountants (CA) Day is observed annually on July 1. CA Day celebrates the foundation of the Institute of Chartered Accountants of India (ICAI). This year’s celebrations mark the 76th anniversary of the ICAI’s foundation by an Act of Parliament.

What is the Institute of Chartered Accountants of India (ICAI)?

The ICAI is a statutory body formed by an Act of Parliament, the Chartered Accountants Act of 1949, to regulate the profession of Chartered Accountancy in the country. The institute is overseen administratively by the Ministry of Corporate Affairs.

The ICAI is India’s only licencing and regulatory body for financial audits and the accounting profession. The National Financial Reporting Authority (NFRA) and all other accounting and finance organisations must implement the accounting standards guidelines released by ICAI.

Chartered Accountants Day 2024: Why Is July 1 Celebrated As CA Day?

Before independence, the British Government in India kept accounts under the Companies Act. Subsequently, the British Government created a diploma programme in accounting for auditors. After completing this course, students were eligible to work as auditors all over India.

Later in 1930, it was determined that the Government of India should keep a register named the Register of Accountants. Under that arrangement, everyone whose name appeared in the registry was referred to be a Registered Accountant.

However, due to a lack of effective norms and regulations, the accounting profession was perceived to be mostly unregulated. To address this, an expert committee was established in 1948 to investigate the situation. This expert committee advised that a separate autonomous accounting society be founded to regulate the profession. The Chartered Accountants Act was passed by the Indian government in 1949, after the advice.

After much wait and discussion, the Institute of Chartered Accountants of India was established on July 1, 1949.

National Chartered Accountants Day 2024: Significance

The day is set aside to commemorate the role of accountants in the country’s financial progress. Chartered accountants work in all aspects of business and finance, such as auditing, taxation, and financial and general management.

National Chartered Accountants Day 2024: How To Celebrate

Companies celebrate CA Day by giving their accountants presents, throwing an office party, or indulging in other activities. Some firms even provide discounts to their loyal clients on this day.

National Chartered Accountants Day 2024: Quotes

“Chartered Accountants are partners in nation building”. – A P J Abdul Kalam.
“The signature of a Chartered Accountant is more important than the signature of the Prime Minister”. – Narendra Modi.
“CA is not just a qualification, it’s the pride and dignity of my life”. – Kumar Mangalam Birla.
“I decided to do CA in case cricket didn’t work out. After opening my first book I doubled my efforts in Cricket”. – Rahul Dravid.

Nibandh Vinod

Nibandh Vinod is a seasoned journalist with expertise in covering events, festivals and driving SEO content for News18.com. A tech-savvy person, Niban…Read More

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