16th October 2023 Current Affairs for UPSC and STATE PSC Exams

16th October 2023 Current Affair: These current affairs updates for October 16, 2023, provide valuable information to aid your preparation for UPSC Current Affairs 2023 and State PSC exams. The news headlines covered in the current affairs for October 16, 2023, include Angel Tax for Startups, Climate Risk in Agriculture, Social Justice in India, and the Periodic Labour Force Survey Annual Report 2022-23.

16th October 2023 Current Affairs for UPSC

1) Angel Tax for Startups, DPIIT Startup, and Tax Exemption

• Angel Tax Overview: Angel tax, or Section 56(2)(viib) of the Income-tax Act, is an income tax at a rate of 30.6% levied on unlisted companies when they issue shares to investors above fair market value.
• Scope Expansion: The Finance Act of 2023 broadened the scope of angel tax, now applying to non-resident investors as well, not just resident investors.
• Fiscal Changes: Recent amendments in the 2023-24 budget brought significant modifications to angel tax rules, impacting startups and investors.
• CBDT Clarifications: The Central Board of Direct Taxes (CBDT) issued clarifications to address concerns raised by startups regarding angel tax and its assessment.

2) Climate Risk in Agriculture, A Water-Centric Strategy to Mitigate Climate Risks in India

• Water Resource Challenges: Highlights India’s limited water resources and the need for efficient water usage in the face of a rising population and urbanization.
• Dual-Focused Water Strategy: Discusses measures like water storage, rational water allocation, and efficiency, along with the financial constraints and the shift to water productivity metrics.
• Call to Action: Advocates for a water-centric approach, incentivizing sustainable farming and adopting an integrated approach considering economic, environmental, and nutritional factors.

3) Social Justice in India, Forging the Path towards Progressive Indian Liberalism

• Caste Census Debate: Examines the controversy surrounding the release of caste survey data in India, with liberals expressing concerns about its implications.
• The Power of Information: Highlights the historical context of liberal thought, emphasizing the importance of information transparency and its role in democracy.
• Mirage of Social Justice: Discusses critics’ reduction of social justice to mere reservation policies and the multifaceted nature of social justice.
• Towards Inclusive Liberalism: Advocates for reimagining liberalism in the Indian context, embracing social justice, and fostering a more inclusive form of liberalism in line with India’s unique historical and social dynamics.

4) Periodic Labour Force Survey Annual Report 2022-23, Download PLFS PDF

The Periodic Labor Force Survey (PLFS) for the period from July 2022 to June 2023 is a significant release in India’s economic landscape, offering insights into the nation’s employment dynamics. While the unemployment rate has declined, concerns about job quality and stagnant monthly earnings since 2017 have arisen.

This analysis explores the essential findings of the PLFS 2022–23 report, focusing on metrics like the unemployment rate (UER), labor force participation rate (LFPR), worker population ratio (WPR), worker distribution, and their impact on India’s economy.

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