BLOGS
Atmanirbhar Bharat Abhiyan
A key part of Prime Minister Narendra Modi’s speech on August 15 was dedicated to Atmanirbhar Bharat Abhiyan. Yet various parts of what he said about the making of “Atmanirbharta” were eerily similar to the language of the now-defunct Planning Commission. “Atmanirbhar” could be interpreted as “self-reliance” or “self-reliance.
What is the difference between self-reliance and self-reliance in policy making?
- When a country wants to be self-sufficient, it essentially wants to produce all the goods and services it needs and does not want to be dependent on the rest of the world. In other words, you want to cut down on all your imports and isolate yourself.
- On the contrary, self-sufficiency generally means that the country wants to have enough resources, usually foreign exchange reserves, to pay for what it wants to import.
- Self-reliance is accepting that no country can be self-sufficient and therefore it is better to become so economically prosperous that the country has enough foreign exchange reserves to pay for what it cannot produce at home or what could be imported from abroad for less.
One of these new ideas?
- Not really. From 1951 to 2014, when Mr. Modi abolished the Planning Commission and replaced it with Niti Aayog, India followed the five-year plans and in each plan document, achieving self-reliance or self-reliance was the one of the main goals.
- Of course, during the first two FYPs (1951 to 1961), the Indian authorities prioritized self-sufficiency, which involved import substitution. But when this policy did not work, the economic planner continued his “self-sufficiency” from the 3rd FYP (1961-1966).
- The idea was always to reduce dependency on the rest of the world, but from that point on, the focus was more on having enough foreign exchange to buy what India needed.
- This would be achieved by increasing exports and reducing imports. With each passing period of the plan, the country adopted increasingly restrictive controls on imports, such as higher import tariffs, massive licenses and permits on who could import what, how much, and for what.
- But these good intentions paved the proverbial road to hell. In reality, this approach only led to the black commercialization of imports, on the one hand, who obtained the license to import and then sold their quota at a higher price in the country, and favored the inefficiency of national industries, on the other side.
- The idea was that India should protect its “infant industries” and allow them to develop before facing competition. To promote their growth, all but “essential” imports had to be discouraged.
- But it created a perverse incentive system in which domestic companies had no reason to become more efficient.
- Of course, the ultimate cost of this approach was borne by ordinary Indians in general because, as consumers, they continued to obtain inferior or bad products while inefficient industrialists prospered. It formalized a system of crony capitalism.
- This trend toward self-sufficiency peaked during the Sixth and Seventh FYP (1980-1990) when import substitution policies and raj permits dominated.
- But over the years, India’s share of world trade exports has declined; Between 1953 and 1990, the share of Indian exports in world trade fell by two-thirds, from an already meager 1.4% to an almost negligible 0.5%.
- Finally, in June 1991, India faced a currency crisis that was barely enough to cover 13-day imports. Today, thanks to liberalization, the Indian economy is about six times larger than in 1991 and we have enough foreign exchange to cover more than 13 months of imports.
- But the fascination with autonomy did not end in 1991 – the mantra continued to dominate FYPs. For instance, the 9th Plan (1997-2002) stated that “self-reliance must remain an important component of (India’s) development policy and strategy”.
- However, it was also becoming clear to planners and policymakers that in a free market economy — as against a “planned” one — it was not possible to control what people buy.
- Yet the plan document stated: “It is the responsibility of the government to create conditions by which such tendencies can be corrected by the agents [that is, individual economic agents like you and me] themselves”.
- The instruction asking the government to “create conditions” so that people do not over-import is noteworthy.
- Also noteworthy is that “Atmanirbharta” as a concept is not at all new. It is as old as India itself and frankly, it is this policy — even more than having a government-dominated planned economy model (China has been dominated by the government but still grew very fast) — that is responsible for keeping Indians poor by not letting the economy grow above the so-called Hindu rate of growth of less than 4% for several decades.
- It is possible to argue that India can make Atmanirbharta — either self-reliance or self-sufficiency — work this time around.
- But, as the brilliant essayist Francis Bacon said, hope is a good breakfast but a bad supper. The government has already restarted resorting to bans and handing out import licences. The justifications are also the same — be vocal for local — or, in other words, protect domestic firms and help them grow.
Atal tunnel inaugurated
Prime Minister Narendra Modi opened the Atal Tunnel in Rohtang on Saturday at an altitude of more than 3,000 meters in Himachal Pradesh. After the inauguration, he said the tunnel would provide new strength to the country’s border infrastructure.
- The 9.02 km long tunnel, built by the Border Roads Organization (BRO), is the longest highway tunnel in the world and connects Manali with the Lahaul-Spiti Valley.
- It provides all-weather connectivity to the Lahaul-Spiti landlocked valley, which remains isolated for nearly six months out of the year, with the Rohtang Pass typically covered in snow between November and April.
- Before the tunnel was built, the Lahaul Valley was closed to vehicular traffic due to poor weather conditions. But thanks to the tunnel, the inhabitants of the valley will benefit from road connectivity throughout the year.
- The tunnel reduces the distance of 46 km between Manali and Leh and the travel time by approximately 4 to 5 hours. It should stimulate tourism and winter sports in the region.
- The tunnel, also important from a military logistics point of view, will provide better connectivity for the armed forces to reach Ladakh.
- In 2019, the Union Cabinet decided to name the tunnel “Atal Tunnel” in honor of former Prime Minister Atal Bihari Vajpayee for his contributions.
- The decision was made in 2000 when he was prime minister. The first stone was laid by the president of the UPA, Sonia Gandhi, on June 28, 2010.
- Modi said in a veiled attack on the UPA governments led by Congress “It was from 2014 that the project took an unprecedented pace. All issues found by the BRO have been resolved. The result was that if the previous works of 300 meters of tunnel were carried out every year, they reached 1,400 meters per year. In six years we have completed the work of 26 years.
- Modi said the delay in completing major infrastructure-related projects, such as the “Atal Tunnel”, would only harm the country’s interests. “The delay is not only causing inconvenience to people, but the country must also bear the loss financially.
- In 2005, the estimated cost of this tunnel was projected at ₹ 950 crore, but due to ongoing delay, the tunnel is now complete after spending more than ₹ 3,200 crore, ”he noted.
- There is a direct relationship between connectivity and the development of the country. “More connectivity means more development. Especially in border areas, the development of connectivity is linked to the security needs of the country. But sadly, the seriousness surrounding the connectivity of border development has never been demonstrated by previous governments due to the lack of strong political will, ”he said.
- In the Himalayan region- be it Himachal Pradesh, Jammu-Kashmir, Kargil, Leh-Ladhak, Uttarakhand, Sikkim, Arunachal Pradesh, dozens of such projects have been completed and work on several other projects is being done,” he added.
At least 150 million children, young people outside the
“After 75 years since Independence Day, the statistics of the literate population have reached 80%. Which means that 20% of the population or around 25 million rupees are still below the primary definition of literacy “,
he said
At least 15 million children and young people are excluded from the country’s formal education system, and about 25 million million of the population do not meet the main definition of literacy, Union Education Minister Dharmendra Pradhan said on Thursday.
He addressed a session on “Job Creation and Entrepreneurship” organized by the Confederation of Indian Industry (CII) at its annual meeting.
If we take into account the number of children and young people aged 3-22 who are enrolled in public, private and charity schools, Anganwadis, higher education institutions and across the entire competency ecosystem, the cumulative figure for all verticals is around 35 crore while the population (of the country) in the particular age group is around 50 crore, said Pradhan.
This means that at least 15 million children and young people are excluded from the formal educational system. We want to integrate them into the educational system, he added.
The education minister said a census conducted after the country’s independence found that 19% of the population was literate at the time.
After 75 years of Independence Day, the literate population statistics have reached 80 percent. Which means that 20% of the population, or about 25 million rupees, is still below the main definition of literacy, he said.
Developing the various provisions of the New National Education Policy (NEP), Pradhan said it was not just a document, but a roadmap for the next 25 years to achieve “certain goals for the 100 years of independence.”
Pradhan, who is also the Minister of Skills Development, said that for the first time, the government has combined education and skills departments. This decision created a new approach to good livelihoods, he said.
AR2770:A massive cluster of sunspots
A massive cluster of sunspots, AR2770, was observed last week, spaceweather.com said using images of the Sun’s surface from NASA’s Solar Dynamics Observatory (SDO). According to the report, this particular group of sunspots has already given off a few minor space flares, causing nothing larger than “minor ionization waves rippling through Earth’s upper atmosphere.”
- Solar flares, when strong enough, can disrupt satellite and radio transmission, and more severe ones can cause “geomagnetic storms” that can damage transformers in power grids.
Sunspots
A sunspot is an area of the sun that appears dark on the surface and is relatively cooler than the surrounding parts. These spots, some up to 50,000 km in diameter, are visible markers of the Sun’s magnetic field, which forms a blanket that protects the solar system from harmful cosmic radiation.
- In the photosphere, the outer surface of the Sun that radiates heat and light; sunspots are the areas where the star’s magnetic field is strongest; about 2,500 times the Earth’s magnetic field.
- Most sunspots appear in groups that have their own magnetic field, the polarity of which is reversed during each solar cycle, which lasts about 11 years.
- In each of these cycles, the number of sunspots increases and decreases.
- The current solar cycle, which began in 2008, is in its “solar minimum” phase, when the number of sunspots and solar flares is at a routine low level.
Why sunspots appear dark
Because sunspots have high magnetic pressures, atmospheric pressure in the surrounding photosphere is lowered, inhibiting the flow of hot gases from the Sun’s interior to the surface.
- For this reason, sunspot temperatures are thousands of degrees cooler than the surrounding photosphere, which has a temperature of 5800 degrees Kelvin.
- Sunspot temperatures are around 3800 degrees Kelvin.
- Because they stop the convective flow of heat and light, sunspots appear dark.
- They usually consist of a dark region called “shadow”, which is surrounded by a lighter region called “penumbra”.
Solar flares and coronal mass ejections
When a sunspot reaches up to 50,000 km in diameter, it can release a large amount of energy that can cause solar flares. Flares are caused by explosions that are triggered due to the twisting, crossing, or rearrangement of magnetic field lines near sunspots.
- Sometimes solar flares are accompanied by coronal mass ejections (CMEs); large bubbles of radiation and particles emitted by the Sun that explode in space at high speed.
- CMEs can trigger an intense light in the Earth’s sky, called the aurora.
- The energy of the solar flare explosion may be equivalent to a trillion “little boy” atomic bombs dropped on Hiroshima and Nagasaki in 1945.
Damage from solar flares
Solar flares can have a major effect on radio communications, Global Positioning System (GPS) connectivity, power grids and satellites. In 1967, a large solar flare almost led to nuclear war during the Cold War, according to a report from space.com.
- In May of the same year, the US Air Force Ballistic Missile Early Warning System radar sites in Alaska, Greenland and the United Kingdom were blocked due to the flare, prompting the American officials wrongly hold the Soviet Union responsible for the radar failures.
- It was only after scientists from the North American Aerospace Defense Command (NORAD) informed U.S. officials about the solar flare that the issue subsided.
- Recently, scientists developed a new model that can successfully predict seven of the largest solar flares since the last solar cycle, out of a set of nine with help from NASA’s Solar Dynamics Observatory.
Apple has started manufacturing its latest phone, the most
Apple has started manufacturing its latest phone, the most affordable iPhone SE, in India. With this, the company now produces four iPhone models in India through its manufacturing partners Foxconn and Wistron.
When did Apple start making phones in India?
- Apple began assembling phones in India with the original iPhone SE in 2017. The phone was already a few years old, but it was still popular in India due to its lower prices.
- In 2018, it also moved the iPhone 6 assembly to India. This was followed by the iPhone 7 in 2019. All of these units were manufactured by Wistron in its Bangalore factory.
- Interestingly, like the SE, iPhone 6s, and iPhone 7, they were a few years old when their production moved to India. For Indian customers, older iPhones have traditionally offered a more affordable entry point to the Apple ecosystem.
- In 2019, Apple partner Foxconn began assembling the iPhone XR at its Chennai factory. This phone was newer and showed how Cupertino had started to take the Indian market more seriously.
- In 2020, the latest iPhone 11 was assembled at the Foxconn factory in Chennai, followed by the now iPhone SE at the Wistron factory in Karnataka. Both are the latest offerings from the company.
- Meanwhile, in 2019, Apple halted production of the original iPhone SE and iPhone 6 in India, with the models running out of sales.
Will production in India reduce prices locally?
- Apple generally has a global pricing strategy and rarely adapts to a local market, even where it produces hardware. There are also other reasons why prices will not be affected by local production.
- For one thing, the phones are only assembled in India and there are almost no local sources for the components. Therefore, the cost of production does not exactly decrease.
- Second, Apple cannot yet meet all the demand for a given model with locally produced units. This means that there will still be imported units in the markets and therefore it would not be possible to sell Made in India units at a lower cost.
- However, for locally assembled models, Apple will likely be able to maintain prices if tariffs like the one affected earlier this year increase.
Is Apple likely to move the mode of production out of China?
- Apple is reportedly looking to get more manufactured goods out of China due to pressure from the Donald Trump administration and the impact of the pandemic.
- But Apple is unlikely to pull out of China entirely given the investment that has gone into establishing its production facilities there. But since units assembled in India are also exported to certain markets, Apple may begin to move some of the production out of China to protect itself from a situation where all of its production is affected.
- In 2019, Apple moved production of its Mac Pro computers to the United States with a $ 1 billion, 3 million square foot campus in Austin, Texas.
- Apple and its manufacturing partners have invested more than $ 200 million to install Mac Pro, according to a statement at the time.
- Interestingly, this week alone, reports have revealed that Taiwan-based Foxconn is among the companies looking to establish their production base in Mexico, primarily for the US market.
- However, it should be noted that Foxconn production is not reserved exclusively for Apple and that the installation could well be for other brands.
- Earlier this month, Young Liu, president of Hon Hai Precision Industry Company, also known as Foxconn, said it is “gradually adding more capacity outside of China”; the proportion is already 30% of its total manufacture.
- “It doesn’t matter if it’s India, Southeast Asia or the Americas, there will be a manufacturing ecosystem in all of them,” Liu said on the conference call, reported by Bloomberg, adding that whether China will continue to play a key role in the empire. manufacturer of Foxconn, the country “the days when the world’s factory is over.”
AP LAWCET 2022 Results Declared
AP LAWCET 2022 Results: Candidates who sat for the AP Common Entrance Test (AP LAWCET 2022) will now be able to check their score on the official website: cets.apsche.gov.in.
AP LAWCET 2022 Results: The Andhra Pradesh State Board of Higher Education (APSCHE) released the AP LAWCET 2022 score today i.e. August 5th. Candidates who have taken the AP Common Entrance Test (AP LAWCET 2022) will now be able to check their score on the official website: cets.apsche.gov.in. This year, the AP LAWCET 2022 exam was successfully conducted on July 13, 2022 from 3:00 p.m. Mr. at 4:30 p.m.
AP LAWCET 2022 Result: How to Check
- Step 1 – Visit APSCHE official website: cets.apsche.gov.in.
- Step 2: Click on the ‘AP LAWCET 2022’ link available on the homepage.
- Step 3: You will be redirected to a new page. Click on the link to see the results or the ranking.
- Step 4: Enter your registration number and your LAWCET venue ticket number and click on “Show result”.
- Step 5: Your result or ranking card will be visible on the screen.
Candidates are advised to check all details mentioned on the scorecard and ranking card to ensure that there are no factual or spelling errors. Candidates who cannot access the official website can also download the “APSCHE myCET” mobile app from the Playstore and view their results in the app.
Andhra Pradesh Common Law Entrance Test, AP LAWCET is an entrance examination which is organized for students who wish to take the 3 or 5 year law courses, LLB in various law schools available in the state of Andhra Pradesh. Sri Padmavati Mahila Visvavidyalayam leads LAWCET on behalf of APSCHE.
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Animal Discoveries 2019 lists
Cnemaspis anandani, a rocky gecko endemic to the Western Ghats; Sphaerotheca magadha, a burrowing frog found in the agricultural fields of Jharkhand; Enoplotrupes (Enoplotrupes) tawangensis, a Tawang dung beetle; Ginger Amomum nagamiense, a variety of wild ginger found in the forest behind Kohina Zoo in Nagaland; and Pteris subeiana, a wild fern found not only in Kerala, but also in Tamil Nadu and Maharashtra; These are just some of the 544 reasons India needs to applaud, with the Zoological Survey of India (ZSI) and Botanical Survey of India (BSI) kicking off the 2019 Animal Discoveries and 2019 Plant Findings on Friday.
- The messages were posted by Babul Supriyo, Union Minister of State, Ministry of Environment, Forests and Climate Change, during an event at the Acharya Jagadish Chandra Bose Indian Botanical Garden in Howrah, West Bengal .
- Animal Discoveries 2019 lists 368 species of fauna as new to science and 116 species as the first records from India. “The publication provides details on 360 new species, four subspecies and four fossil species, as well as 116 species first recorded in India,” said Kailash Chandra, director of ZSI.
- Among the new discoveries, 294 species are invertebrates and 74 are vertebrates.
- Insects outnumbered other groups overall and in vertebrates fish diversity is high with 38 new species and five new records. Dr Chandra said that with the new discoveries and new records, India’s wildlife diversity is 1.02,161 species, which is equivalent to 6.52% of all species in the world.
- The director added that in addition to conventional taxonomy, ZSI has introduced modern methods such as DNA barcode, whole genome sequencing and X-rays for the identification of new species.
- Plant Discoveries 2019 lists 180 new plant species and 73 new records discovered in the country.
- New registrations in a country refer to animal or plant species discovered in other parts of the world and registered for the first time in the country.
“This volume of plant discoveries contains 134 plants with seeds; five ferns and allied ferns; six bryophytes; 18 lichens; 51 mushrooms; 23 algae; and 16 microbes. In 2019, vascular plants contributed 55% of all new discoveries and registrations, while non-vascular plants contributed 45%, ”
said A. A. Mao, director of BSI.
- Dr Mao said that among the new discoveries this year were plants of horticultural value as well as those which can serve as alternative food such as arid, syzygium (wild jamun), impatiens, mushrooms and zinc fibers, among others.
- The number of plant species found in India according to BSI is 50,012 and represents about 12% of all flora species in the world.
- ZSI and BSI have published Animal Finds and Plant Findings since 2007, and this is the thirteenth publication in the series. Analysis of data from the last decade reveals that a total of 2,444 species of wildlife communities have been recently described in India, while the number of plant species described in the same period is around 3,500.
- Most of the new finds were reported from biogeographic hotspots across the country.
- Data provided by BSI indicates that 28% of all plant discoveries in 2018 were made in the Western Ghats in 2019; followed by the eastern Himalayas (21%); the east coast (11%); and the eastern plains (10%).
- The west coast contributed 7% of the total discoveries, while the western Himalayas contributed 6% of the finds.
- “The maximum number of discoveries (of flora) have been made in the state of Kerala, followed by Maharashtra, Tamil Nadu and Arunachal Pradesh,” the BSI publication said.
Amy Coney Barrett used the term “sexual preference&
During her confirmation hearings on Capitol Hill earlier this week, US Supreme Court nominee Amy Coney Barrett sparked considerable outrage when she used the widely denounced term “sexual preference” to discuss LGBTQI rights. .
- Barrett referenced this phrase when asked about the landmark Supreme Court ruling in Obergfell v. Hodges (2015), who overturned the ban on same-sex marriages in all 50 US states.
- Hawaii Democratic Senator Mazie Hirono condemned his choice of words, calling the term “offensive” and “outdated”.
- Meanwhile, Barrett’s comments received widespread backlash on social media, with various members of the LGBTQI community and advocacy groups criticizing her for her callousness.
- In fact, renowned dictionary and reference book publisher Merriam Webster even updated its online definition of the term “sexual preference” after the incident, to indicate its offensive nature.
What was Amy Coney Barrett’s controversial statement?
- On the second day of the Supreme Court election confirmation hearings of President Donald Trump, Amy Coney Barrett, Senator Dianne Feinstein asked if the candidate shared the views of her mentor, Justice Antonin Scalia on interpersonal marriage. of the same sex. Judge Scalia was known to consistently speak out against gay rights, Feinstein noted.
- Feinstein asked if Barrett would also be “a coherent vote to roll back hard-fought freedoms and protections for the LGBT community.” To this, Barrett replied that she “had no agenda,” a phrase Scalia himself used in his own confirmation hearing.
“I want to make it clear that I have never discriminated based on sexual preference and that I would not discriminate based on sexual preference.”
Barret
- Barret’s appointment to the Supreme Court has angered LGBTQI groups and advocates across the country as many fear that her personal ultra-conservative views and legal approach threaten the rights of sexual minorities.
- During the hearing, Barrett declined to tell senators whether he would vote to overturn rulings that provide legal protection for same-sex marriage.
But why is the use of the term “sexual preference” controversial ?
- Members and advocates of the LGBTQI community often find the term “sexual preference” offensive because it implies that sexuality is a choice.
- The phrase suggests that who a person chooses as a romantic or sexual partner is simply based on their personal preferences, which have the potential to change.
- In an article published in 1991, the American Psychological Association (APA) wrote: “The word preference suggests a degree of voluntary choice that is not necessarily informed by lesbians and gay men and that has not been proven in psychological research.”
- “The term ‘sexual preference’ is generally used to suggest that being a lesbian, gay or bisexual is an option and therefore can and should be ‘cured,'” the prominent American LGBTQI alliance GLAAD notes in a guide. reference for the media.
- The idea that sexual minorities can be “cured,” implying that their sexuality is a disease, has long been promoted by right-wing Christian groups in the United States.
- Today, the term “sexual preference” has largely been replaced by “sexual orientation” because it clears up ambiguity and recognizes that sexuality is a key part of a person’s identity.
What was the response to the statement?
- Sen. Mazie Hirono later criticized the candidate for using the “offensive and outdated term.” “It is used by anti-LGBTQ activists to suggest that sexual orientation is a choice. This is not the case, ”said the senator.
- She went on to say that if Barrett truly believed that “sexual orientation is just a preference,” then the LGBTQ community should be “rightly concerned” about whether the judge will uphold their constitutional right to marry if it remains. .
- Apologizing for her comments, Barrett said she had no intention of “harming the LGBTQ community.” “So if I did, I’m really sorry,” he said. “I just wanted to talk about Obergefell’s mandate for same-sex marriage.”
- Barrett’s comments also sparked a widespread reaction on social media. Sharing a video of the incident on Twitter, the Washington DC-based National Center for Women’s Rights wrote: “Not a ‘preference,’ Judge Barrett.
- GLAAD also condemned his comments. “The correct term is sexual orientation. “Sexual preference” is a term anti-LGBTQ activists often use to indicate that sexual orientation is a choice, ”the organization tweeted.
- Soon after, Merriam Webster updated her online definition of the term “sexual preference” to indicate its offensive nature.
- “The term sexual preference, as used to refer to sexual orientation, is considered offensive in its implicit suggestion that a person can choose who they are sexually or romantically attracted to,” it now reads.
- The dictionary editor has since confirmed that the entry was in fact updated due to Barrett’s controversial comments during the Supreme Court confirmation hearing.
All shares & mutual fund purchases will attract a
Effective July 1, all stocks and mutual fund purchases will benefit from a 0.005% stamp tax and any transfer of securities (MF units) will be subject to a 0.015% stamp tax.
- Last year, the government made changes to the stamp tax law by introducing a uniform stamp tax rate on trade in stocks and commodities. While all categories of mutual funds (except ETFs) will attract stamp duty for the first time, stocks purchased by individuals on the stock exchange have been subject to stamp duty at different rates by respective states.
- Although the execution of the same was scheduled for January 9, 2020, it lasted until April 1, 2020, and then again until July 1, 2020.
Here’s a look at what it means
- The stamp duty will apply to all transactions, including stocks, debt securities, commodities, and all categories of mutual fund plans.
- As for mutual funds, it will be applicable to all new purchases, including new monthly purchases in previously registered systematic investment plans.
- It will also apply if investors move from one plan to another and also in case of reinvestment of dividends.
- Transferring units from one demat account to another, including market / off-market transfers, will also attract stamp duty.
The impact on the retail investor’s long-term investments is minimal. Since stamp duty will be charged as a one-time fee, if an investor invests Rs 1 lakh in a mutual fund or stock system and holds it for two years, they will have to pay a fee of only Rs 5.
- In fact it will be slightly lower Because stamp duty is applicable on the net value of the investment, that is, the gross amount of the investment, less than any other deduction, such as transaction costs.
- There is no duty at the time of redemption. However, the impact is greater for investors with a short-term investment horizon, such as banks and companies that invest in liquid, day-to-day mutual fund plans.
- Although the flat rate is only 0.005%, if an investor has an investment horizon of only one month, the annualized cost would increase to 0.06%.
- If the investment horizon is one week, the annualized impact cost would be 0.26% and in a one-day investment horizon, the cost is 1.82%.
- It will also have an impact on the purchase of shares by individuals in various states where the previous rates were lower than the new fixed rate of 0.005%.
During the fiscal year 2019-2020, the mutual fund industry mobilized global funds of more than Rs 188 lakh crore. Much of this amount was in overnight funds or liquid funds.
- A stamp tax of 0.005 percent on this amount equals Rs 940 crore. If the industry continues to raise funds up to Rs 190 lakh crore or more, it will generate revenue of almost Rs 1,000 crore for the government from mutual fund transactions.
- NSE’s annual turnover in fiscal year 2016 was 89.98 lakh crore. A stamp tax of 0.005 percent on this would mean a total tax of almost Rs 450 crore according to the new rates (different previous states applied different stamp taxes on the purchase of shares).
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