Current Affairs - Budget 2024-25

• GK & Current Affairs Study Notes - August 2024

Budget Overview

• The budget was presented by the Finance Minister, Nirmala Sitharaman.
• Nirmala Sitharaman has presented the budget 7 times.
• Morarji Desai presented the budget 10 times.
• The word "budget" comes from the French word "bougette", meaning "leather bag".
• The annual financial statement is in the constitution under article 112.
• The word "budget" is not mentioned in the constitution.
• The first budget was presented on November 26, 1947, by R.K. Shetty.

Budget 2024-25 Theme and Priorities

• The theme of the 2024-25 budget includes skilling, employment, MSME (Micro, Small & Medium Enterprises), and the middle class.
• There are four castes/segments: poor, women, youth and farmers.
• Nine priorities are in this year's budget.
• The total size of the budget is 48.21 lakh crore.

New Tax Regime

• For income 0-2 lakh per month per year.
• (3-7 lakh) => 5% tax paid.
• (7-10 lakh) => 10% tax paid.
• (10-12 lakh) => 15% tax paid.
• (12-15 lakh) => 20% tax paid.
• More than 15 lakh => 30% tax paid.
• Angel tax has been removed for startups.

Corporate Tax

• Corporate tax paid on foreign companies has been reduced from 40% to 35%.

Government Receipts

• Government of India receipts:
  • Borrowings & liabilities: 27%.
  • Income tax: 19%.
  • GST: 18%.
  • Corporate tax: 17%.

Government Expenditures

• Indian government expenditures:
  • State share of tax and duties: 21%.
  • Interest payment: 19%.
  • Central sector schemes: 16%.
  • Finance commission: 9%.

Budget Presentation

• The budget is presented in dok salha.
• It was paperless budget in 2021-2022.
• Total fiscal deficit is 4.9%.
• The Department of Economic Affairs of Finance ministry presents budget.
• Chief Economic Advisor: V. Anantha Nageshwaran.
• Chief Financial Advisor: RBI (Reserve Bank of India).
• Governor of RBI: Shaki Kant Das.

T20 World Cup

• T20 World Cup started in 2007.
• India won in 2007 & 2024.
• Runner-up in 2024: South Africa.
• Player of Series award: Jaspreet Bumrah.
• Player of the final match: Virat Kohli.

IPL 2024

• Runs from June 2024 to June 29, 2024.
• Total teams: 10.
• Total matches: 55.
• 17th edition.
• First IPL played in 2008 (winner was Rajasthan Royals).
• 2024 IPL was the 17th edition.
• Kolkata Knight Riders won this year.
• Runner-up: Sunrisers Hyderabad this year.
• Most successful teams: CSK (Chennai Super Kings) & Mumbai Indians (5 times).
• KKR captain: Shreyas Iyer.
• Purple cap (most wickets): Harshal Patel.
• Orange cap (most runs): Virat Kohli.
• Total matches won: 74.
• Started March 26th, ended May 26th.

July - Month Current Affairs

• Important Days

Important Dates - July

• July 1st National Doctors Day & GST Day.
  • Theme: Healing hands and caring hearts.
• July 11th World Population Day.
  • Theme: Leave no one behind, count everyone.
• July 18th Nelson Mandela Day.
• July 22nd Flag adopts National Flag Day.
• July 26th Vijay Kargil Diwas.
• July 29th International Tiger Day.
  • Tiger state: Madhya Pradesh (largest).
• June 25th Samvidhan Hatya Divas.
  • Emergency day implemented from 1975-1977.

One Liner News

• First CNG powered bike (ward): Freedom Bajaj.
• World Miss AL: Kenya (Suleiman Leyli), Morocco.
• World Largest Ramayan Temple: India (Bihar continuing).
• PM of Nepal recently elected (4th time continuing): K.P. Sharma.
• Capital of Nepal: Kathmandu.
  • Nepalese Rupees.
• 10 Kirti Chakra, 26 Shaurya Chakra (Gallantry, Peace).
• Gallantry War: Param Veer Chakra.
• Peace: Kirti Chakra.
  • Ashok Chakra.
  • Shaurya Chakra.

Awards

• Civilian Awards: Bharat Ratna, Padma Vibhushan, Padma Bhushan, & Padma Shree.
• Iran President: Ebrahim Raisi (Aeroplane crash death) Pezeshkian will be replacing him.
• Tehran (Capital) => Rial (Currency).
• Kuwaiti Dinar (Highest currency).

India's Most Valued Celebrity (2023)

• Virat Kohli
• Ranveer Singh
• Shah Rukh Khan