Arun Jaitley Current Affairs

Highlights Budget 2018-19

Union Finance minister Arun Jaitley presented Union Budget 2018 in Parliament. It is last full budget of Narendra Modi Government before 2019 Lok Sabha elections.

Economic Health

  • Economy firmly on course to achieve high growth of 8%.
  • GDP growth at 6.3% in second quarter of 2017-18.
  • Growth in second half likely to remain between 7.2% to 7.5% .
  • Manufacturing, services, and exports sectors are back on good growth path.

Fiscal Management

  • Budget Revised Estimates for Expenditure at Rs.21.57 lakh crore
  • R Fiscal Deficit estimates revised at 3.5% of GDP
  • Central Government’s Debt to GDP ratio to be brought down at 40%

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Tez: Google’s UPI-based digital payment service launched

Tech Giant Google’s Unified Payments Interface (UPI) based digital payment service Tez (meaning fast in Hindi) was launched by Union Finance Minister Arun Jaitley in New Delhi.

With this, Google become latest international giant to enter into India’s fast growing digital payment ecosystem.

Key Facts

Google Tez is standalone payments application, available on Android and iOS. The app can be used to pay for movie tickets, utility bills, and make other transactions online.  It supports several local languages including Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu and will work with 55 banks.

Google has partnered with Axis, HDFC Bank, ICICI, and State Bank of India (SBI) for backend processing. On security front, all transactions on Google Tez app are guarded by Tez Shield to detect fraud, prevent hacking, and verify identity.

Unified Payments Interface (UPI)

UPI is a payments protocol built by government-backed National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It facilitates the instant fund transfer between two bank accounts on the mobile platform using unique virtual address without putting details of card details, net banking, IFSC code, wallet password etc.

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