Current Affairs 5 July 2019 – Today | GK

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1.Government hikes Minimum Support Price of Kharif crops:

  • In a major boost to the farmers’ income, the Cabinet Committee on Economic Affairs has approved the increase in the Minimum Support Prices, MSP for all Kharif crops for 2019-20 Season.
  • Briefing reporters in New Delhi after the cabinet meeting, Agriculture Minister Narendra Singh Tomar said, the move will lead to increased investment and production through assured remunerative prices to the farmers.
  • He said the MSP of paddy has been increased by 65 rupees per quintal, Jowar by 120 rupees and Ragi by 253 rupees per quintal. He said the MSP of Tur has been raised by 125 rupees, Moong by 75 rupees and Urad pulses raised by 100 rupees per quintal.
  • The Minister said, the MSPs of soybeans increased by 311 rupees, sunflower by 262 rupees and sesamum by 236 rupees per quintal which is a major step towards increasing the income of farmers.
  • The increase in MSP for Kharif Crops for 2019-20 season is in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average Cost of production, which was announced in the last budget 2018-19.

2. Eight core sectors growth Report in May:

  • The eight core sectors in the country have recorded a growth of 5.1 percent in May on the back of healthy output in steel and electricity. These sectors are coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity.
  • They had grown by 4.1 percent in May last year. According to a Commerce and Industry Ministry statement, Steel output increased by 19.9 percent, while electricity grew by 7.2 percent during the month under review.
  • The growth rate for the eight key sectors for April 2019 has been revised upward to 6.3 percent from 2.6 percent reported earlier mainly due to upward revisions in production of coal, crude oil, steel, cement, and electricity.
  • After the revised numbers, the growth rate would be highest in the last ten months. Last time it was in July 2018, when these sectors grew by 7.8 percent.

3. New Space India Ltd. incorporated as a new commercial arm of D/o Space:

  • Public Sector Enterprise viz. New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space to tap the benefits of the Research & Development carried out by ISRO.
  • The Company will spearhead commercialization of various space products including the production of launch vehicles, transfer to technologies and marketing of space products. The Minister said that “India has emerged as a major space power with the technology and ability to launch satellites and other space products at globally low cost. Time has come to harness this ability commercially”.
  • The Budget Estimates for the Department of Space for FY 2019-20 is Rs 12,473.26 crore as compared to the RE of Rs 11,200 crore in FY 2018-19.

4.Doordarshan  channel for start-ups:

  • Presenting the Union Budget 2019-20 in Parliament, The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman said Government proposes to start a channel within the DD bouquet of channels exclusively for start-ups. And also the channel will serve as a platform for promoting start-ups, discussing issues affecting their growth, matchmaking with venture capitalists and funding and tax planning. This channel will be designed and executed by start-ups themselves.
  • The condition for carrying forward and set off of losses in cases of eligible start-ups is proposed to be relaxed enabling them to carry forward their losses on the satisfaction of any one of the two conditions – continuity of 51% shareholding/voting power of continuity of 100% of original shareholders.
  • Further, the provision which allows exemption of capital gains from the sale of residential property on investment of net consideration in equity shares of eligible start-up shall be extended by 2 years.
  • The benefit will be available for sale of residential property on or before 31st March 2021.  The condition of minimum holding of 50% of share capital or voting rights in the start-up is proposed to be relaxed to 25%.  The condition restricting the transfer of new asset being computer or computer software is also proposed to be relaxed from the current 5 years to 3 years.

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