economic survey 2020 Current Affairs - 2020

Cabinet Approval: India-Iceland MoU in Sustainable Fisheries Development

On February 12, 2020 the Union Cabinet approved the Memorandum of Understanding signed between India and Iceland in the field of fisheries.

Highlights

The countries had signed agreements in September 2019, to develop inland fisheries. According to the agreement, the countries agreed to create facilities of technical experts and scientists in shore areas and deep sea areas. They also agreed on exchange of scientific research literature, scientific experts in the field of fisheries.

The agreement strengthens bilateral cooperation between India and Iceland.

Fisheries in India

According to the Economic Survey 2020, fisheries contribute to 6.58% of India’s GDP along with agriculture and forestry. The export of marine products for the year 2018-19 was 13.92 lakh tonnes. The survey also says that the total fish production of the country stood at 13.42 million tonnes in the year 2018-19. The major fisheries resources of India is spread across the vast coast line. It stands at 2.02 million square km of the Exclusive Economic Zone.

The GoI in 2018-19 allocated Rs 7,522 crores of rupees towards Fisheries and Aquaculture Development Fund (FIDF).

Fiscal Deficit of GoI touched 132% of full year target

On January 31, 2020, the Controller General of Accounts (CGA) released data on fiscal deficit of Government of India. According to the report, the fiscal deficit of India touched 132.4% of the full-year target in December, 2019.

Highlights

The gap between revenue and expenditure is terms as fiscal deficit. According to the CGA data, the fiscal deficit was 9,31,725 crores of rupees. During 2018-19 budget, the fiscal deficit was 112.4%. GoI is trying to reduce the deficit to 7,03,760 crores by the end of March 2020.

Economic Survey on Fiscal Deficit

The Economic Survey that was released recently suggests that the fiscal deficit target of 3.3% of GDP has to be relaxed. It suggests to reduce the deficit to 3% of GDP in 2020-21.

It is to be noted that GoI’s step to reduce corporate taxes in September 2019 was a major hit. Following the step, GoI received a major hit of 1.45 trillion rupees on revenue mobilization.