19th-20th April Important Events By Kandela IAS

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19th-20th April Important Events By Kandela IAS

Changes in Windfall Tax and Export Levy on Diesel in India

Introduction

• The Indian government has made changes in the windfall profit tax and export levy on diesel.
• Windfall profit tax on domestically produced crude oil has been reintroduced.
• The tax on export of diesel has been cut to nil.

Changes in Windfall Profit Tax

• Windfall profit tax on domestically produced crude oil is now ₹6,400 per tonne with effect from April 20, 2023.
• This tax was cut to nil on April 4, 2023, when international oil prices were below $75 per barrel.
• The tax has been reintroduced due to the increase in oil prices following a cut in production announced by OPEC and its allies.
• ICRA expects government collections from this tax to be around ₹15,000 crore for FY24 (April 2023 to March 2024).
• The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks.
• The government’s collection from the special additional excise duty (SAED) is estimated at around ₹40,000 crore in FY2023.

Changes in Export Levy on Diesel

• The tax on export of diesel has been cut to nil from ₹0.50 per litre.
• The tax on overseas shipments of aviation turbine fuel (ATF) remains at nil.
• The export tax on petrol was scrapped in the first review, and that on ATF was done away with at the March 4 review.
• The government levies tax on windfall profits made by oil producers on any price they get above a threshold of $75 per barrel.
• The levy on fuel exports is based on cracks or margins that refiners earn on overseas shipments.

Conclusion

• The Indian government has reintroduced windfall profit tax on domestically produced crude oil due to an increase in oil prices.
• The tax on export of diesel has been cut to nil.
• These changes are reviewed every fortnight based on average oil prices in the previous two weeks.
• The government’s collection from the special additional excise duty is estimated to be around ₹40,000 crore in FY2023.

India to Overtake China as the World’s Most Populous Country by 2023: UN Report

According to the United Nations Population Fund (UNFPA), India is set to overtake China as the world’s most populous country by mid-2023. Here are the key points from the report:

Population Figures:

• India’s population is expected to reach 1.4286 billion (142.86 crore), while China’s is estimated at 1.4257 billion (142.57 crore).
• The United States ranks third, with an estimated population of 340 million (34 crore).
• The world’s population surpassed 8 billion (800 crore) in November 2022.

Population Trends:

• The report suggests that global population trends indicate slower growth and ageing societies, contrary to fears of exploding numbers.
• Only eight countries, including India, are expected to account for half of the projected global population growth by 2050.
• Two-thirds of people currently reside in a country where lifetime fertility corresponds to zero growth.

Population Policy:

• The UNFPA warns against the imposition of family planning targets as a tool for achieving fertility goals, as they can lead to gender-based discrimination and harmful practices.
• The report cautions against population anxieties and calls for a radical rethink on how countries address changing demographics.
• The agency recommends introducing policies with gender equality and rights at their core, such as parental leave programmes, child tax credits, gender equality in the workplace, and universal access to sexual and reproductive health and rights.

Demographic Dividend:

• The report highlights that India has a time-bound opportunity to benefit from its demographic dividend, with close to 50% of its population below the age of 25.
• The UNFPA calls for additional investments in health, education, and quality jobs for young people, including targeted investments in women and girls.

Concerns in India:

• The report suggests that population anxieties have seeped into the general public, despite India’s population growth rate slowing down.
• Some political leaders have called for a two-child norm, and certain states have barred those with more than two children from government jobs.
• The UNFPA warns against such targets, as they can lead to imbalanced sex ratios, preferential treatment for male children, violence against women for giving birth to girls, and coercion of women to have fewer or more children.

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