The Union Budget 2024-25 has removed the Angel Tax to foster a healthier investment climate for startups.
Key Points:
Angel Tax was introduced in 2012 under the Finance Act and targeted unlisted companies receiving investments above their fair market values.
Its abolition reduces compliance burdens and aligns with the Startup India initiative aiming to transform India into a nation of job creators.
This change is effective from April 1, 2025, enhancing India’s appeal as a startup hub.
Revitalization of Religious Sites: Vishnupad and Mahabodhi Temples
Budget initiatives include corridor projects for Vishnupad and Mahabodhi temples to elevate their status as global pilgrimage destinations.
Key Points:
The projects aim to replicate the success of the Kashi Vishwanath Temple Corridor.
Vishnupad Temple, dedicated to Lord Vishnu, features a historic footprint believed to belong to the deity.
Mahabodhi Temple, a UNESCO World Heritage Site, is renowned as the location of Buddha’s enlightenment.
Enhancement of India’s Nuclear Energy Capacity with BSRs
Introduction of Bharat Small Reactors (BSRs) marks a significant policy shift allowing private sector involvement in nuclear energy.
Key Points:
BSRs are an adaptation of India’s Pressurized Heavy Water Reactor technology.
They align with global trends towards Small Modular Reactors (SMRs), known for reduced fuel requirements and safer operational standards.
This initiative aims to boost nuclear energy’s share in India’s energy portfolio, currently at 1.6%.
India-UK Technology Security Initiative (TSI)
Launch of the TSI underlines deepening technological and strategic ties between India and the UK.
Key Points:
The initiative will foster bilateral cooperation in critical and emerging technologies.
It builds on the existing framework of the India-UK Roadmap 2030, aiming to enhance collaborative ventures in sectors like telecoms and semiconductors.
Strategic convergence on defense and security fronts, particularly concerning Indo-Pacific regional dynamics, underscores the initiative’s significance.
Global Food Security and Nutrition Challenges
The 2024 report on the state of food security and nutrition highlights critical global challenges and financial inadequacies in addressing hunger.
Key Points:
The report is a collaborative effort among various UN agencies and stresses the urgent need for increased public and private financing to combat malnutrition and food insecurity.
It introduces a new financing definition aimed at unifying efforts and enhancing accountability.
Current statistics indicate that 1 in 11 people globally faced hunger in 2023, illustrating the severity of the crisis.
Supreme Court Deliberations on Digital Privacy and Housing Rights
The Supreme Court of India addresses significant issues impacting individual rights, including the ‘right to be forgotten’ and housing rights of those residing on railway lands.
Key Points:
The court is examining the balance between infrastructure development and the fundamental right to shelter, particularly concerning unauthorized settlements on railway properties.
Deliberations on digital privacy continue as the court contemplates the extent of the ‘right to be forgotten,’ especially in the context of the new Digital Personal Data Protection Act, 2023.
Key Concepts and Policies
Angel Tax: Previously imposed on startups receiving investments above their market value, aimed at curbing tax evasion and money laundering.
Bharat Small Reactors (BSRs): Adaptation of existing nuclear technologies to enhance energy production with higher safety and efficiency standards.
Startup India Initiative: A government campaign launched in 2016 to support entrepreneurs and cultivate a robust startup ecosystem in India.
Right to Shelter: Recognized under the Indian Constitution, it encompasses the right to a safe and stable home environment.
Right to be Forgotten: Pertains to an individual’s right to have their personal data removed from digital platforms, underlining the broader theme of digital privacy rights.