Friday Factly 5 February 2021
- February 21, 2021
- Posted by: admin1
- Category: Friday Factly
- The Survey called for increasing the public healthcare spending from 1 percent of GDP to 2.5-3 per cent so that out-of-pocket expenditure (OOPE) reduces from the current 65 percent to 35 percent.
- Around 74percent of outpatient care and 65 percent of hospitalization care is provided through private sector in urban India.
- As per Economic survey 2020-21, India’s gross expenditure on R&D at 0.65 per cent of GDP is much lower than that of the top 10 economies (1.5-3 per cent of GDP) primarily because of the disproportionately lower contribution from the business sector
- The private sector in the country needs to increase spends from 37 per cent to 68 per cent.
- Gender divide in employment
- Comprising just about a fourth of the country’s total estimated 51.82 crore labour force, women lag far behind their male counterparts. (Survey)
- T&D losses
- India’s T&D losses are more than 20% which is more than global average. (Economic survey 2020-21).
- India’s government health expenditure (GHE) has been historically low and lamented, standing at 0.96% in 2018, ranking India 165th out of 187 countries (The World Bank).
- Insurance sector: FDI up from 49% to 74% and allows for foreign ownership and control.
- Budget proposes BAD BANK to which a big chunk of ₹ 899, 803 crores (as on March 2020) of NPA is supposed to be transferred. NPA is supposed to spike to 13.5% of advances by September 2021 from 7.5% in September 2020.
- A glide path to fiscal deficit to 4.5% of GDP by 2025-26. It is estimated at 6.8% of GDP in 2021-22 (for 2020-21 it shot up to 9.5% of GDP from budget estimate of 3.5%).
- Accepted the 15th Finance Commission recommendation of transfer of 41% net Union tax to the states and 1% to the UT of J&K and Ladakh.
- Gross tax revenue to rise by 16.7% on the back of rise in direct taxes (22%). Income tax return filing saw increase to 6.48 crore from 3.31 crore in 2014.
- Net borrowing to come down: From 12.73 lakh crores to 9.77 lakh crores. Fiscal deficit to be financed from higher market borrowings, disinvestments, indirect taxes receipts.
- The food subsidy for this fiscal was budgeted at ₹ 1,15,569.68 crore, which has now been pegged at a massive ₹ 4,22,618.14 crore in the revised estimate (RE). Likewise, the RE of the fertilizer subsidy for 2020-21, at ₹ 133,947.30 crore, is much higher than the BE of ₹ 71,309 crore. (Combined together they account for 35% jump in fiscal deficit this fiscal.). One of the reasons is the government clearing dues of fertilizer industry in one shot.
- Promoting digital transactions: Exemption from tax audit limit doubled to ₹ 10 crore turnover for firms doing most of their business through digital modes
- 18% higher allocation to MGNREGA.
- Total education budget has been slashed by 6% in this budget.
- Defence capital outlay up by 19% to promote indigenization.
- Disinvestment target of ₹ 1.75 lakh this fiscal.
Internet and Broadband penetration
- The Internet and broadband penetration both in urban and rural areas has grown at a rapid pace and the number of subscribers (both broadband and narrowband put together) stood at 776.45 million at the end of September 2020 as compared to 636.73 million in March 2019.
- The average monthly wireless data consumption per subscriber had risen to 12.2 GB in June 2020 from 9.1 GB in March 2019.
Food processing sector:
- In the last five years ending 2018-19, with the sector registering an annual growth of nearly 10 per cent as compared to 3.12 per cent in agriculture and 8.25 per cent in manufacturing at 2011-12 prices
- It called for a revision in central issue price, which remained at ₹2 and ₹3 per kg for wheat and rice respectively since 2013. According to the Survey, the economic cost of wheat has increased from ₹1,908.32 per quintal in 2013-14 to ₹2,683.84 in 2020-21 while that of rice has increased from ₹2,615.51 per quintal in 2013-14 to ₹3,723.76 in 2020-21.
- Economic year estimated 7.7% contraction in economy for year 2020-21.
- The total fleet strength of Indian carriers increased to 713 as of November 2020, compared to 669 as of March 2020 bucks COVID distress trend. (Economic survey 2020-21)
- Over 60 per cent of the domestic steel demand is generated from construction sectors like real estate and roads.
- While India’s year-on-year merchandise export from April-December (2020-21) fell by 15.5%, the agriculture received a 9.8% growth aided by bumper crops as a result of good rain and extended winter and rise in global Agri prices. (Ministry of commerce)
- As per the report submitted to the NCBC by the Department of Personnel and Training on July 24, 2020, OBC representation is 16.51 % in group-A central government services, 13.38 % in group-B, 21.25 % in group-C (excluding safaikarmacharis) and 17.72 % in group-C (safaikarmacharis).
- India’s road construction hit new record of 30 KM per day.
- 3%Growthin credit to medium industries, compared to 2.5 percent a year ago. (RBI)
- As per the records of the Uttarakhand forest department, 62 people died and 286 were injured in man-animal conflicts in 2020
- The budget allocation for agriculture research and education has constantly declined from 0.31 per cent of the gross value added of agriculture and allied activities in 2011-12 to 0.24 per cent now.
- A recent UN Development Programme (UNDP) poll—the first such ever—found that 64% of the respondents across the globe saw climate change as a global emergency.
- Punjab saw 44% rise in stubble burning despite it accounting for 46% of the fund for checking this by the Centre.