2 February 2024 : PIB Summary for UPSC
PIB Summary for UPSC
2-February -2024
1. Rajya Sabha Chairman, Shri Jagdeep Dhankhar reconstituted the panel of Vice-Chairpersons
| Topic: GS2 – Indian Polity – Parliament Crucial for understanding Rajya Sabha functioning & parliamentary procedure for UPSC exams. |
| Context |
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Additional information on this news:
- Vice-President and Chairman Rajya Sabha, Shri Jagdeep Dhankhar, reconstituted the panel of Vice-Chairpersons with eight members.
- Newly appointed Vice-Chairpersons:
- Shrimati Ramilaben Becharbhai Bara
- Shrimati Seema Dwivedi
- Amee Yajnik
- Shrimati Mausam Noor
- Shri Kanakamedala Ravindra Kumar
- Shri Prabhakar Reddy Vemireddy
- Manoj Kumar Jha
- Gen. (Dr.) D. P. Vats (Retd.)
| Panel of Vice-Chairpersons in Rajya Sabha |
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2. SUMMARY OF THE INTERIM UNION BUDGET 2024-25.
| Topic: GS3 – Indian Economy – Government Budgeting. Crucial for UPSC as it covers India’s economic projections, fiscal policies, developmental initiatives, and key reforms in governance. |
| Context |
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Additional information on this news:
Key Points from India’s Interim Union Budget 2024-2025
Economic Projections:
- Real GDP projected to grow at3% in FY 2023-24.
- Fiscal deficit in 2024-25 estimated at1% of GDP.
- FDI inflow during 2014-23 was USD 596 billion, twice the inflow during 2005-14.
Capital Expenditure and Fiscal Policy:
- Capital expenditure outlay increased by 11.1% to Rs 11,11,111 crore, 4% of GDP.
- Fiscal deficit target set at 5.1% of GDP in 2024-25.
- No change proposed in tax rates in the interim budget.
Government Priorities:
- Emphasis on upliftment of ‘Garib’ (poor), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Anndata’ (farmer).
- A corpus of Rs 1 lakh crore established for a fifty-year interest-free loan for youth.
- Sustained foreign investment encouraged with bilateral investment treaties.
Development Approach:
- Government working towards all-round, all-pervasive, and all-inclusive development.
- Goal to make India ‘Viksit Bharat’ by 2047.
Special Initiatives and Schemes:
- Continuation of the scheme of fifty-year interest-free loans for capital expenditure to states.
- High-powered committee to address challenges arising from fast population growth.
- Golden era for tech-savvy youth with a corpus of Rs 1 lakh crore for a fifty-year interest-free loan.
Infrastructure and Sectoral Focus:
- Three major economic railway corridor programs for energy, mineral, and cement.
- PM Awas Yojana (Grameen) close to achieving the target of three crore houses.
- Rooftop solarization to enable one crore households to obtain up to 300 units free electricity monthly.
Taxation and Economic Reforms:
- No proposed changes in tax rates.
- Extension of tax benefits for Start-Ups and investments made by sovereign wealth or pension funds.
- Withdrawal of outstanding direct tax demands up to Rs 25,000 for FY 2009-10 and up to Rs 10,000 for FY 2010-11 to 2014-15.
Economic Transformation:
- Direct tax collections trebled in the last 10 years.
- GST has reduced the compliance burden on trade and industry.
- Focus on improving ease of living and ease of doing business.
White Paper on Indian Economy:
- Government to lay a white paper on the Indian economy, analyzing the period till 2014 and the current scenario.
| PYQ: One of the intended Objectives of Union Budget 2017-18 is to ‘transform, energize and clean India’. Analyse the measures proposed in the Budget 2017-18 to achieve the objectives. (UPSC CSE (M) GS-3 2017) (250 words/15m) |
| Practice Question: Discuss the key economic projections, fiscal policies, and developmental priorities outlined in India’s Interim Union Budget 2024-2025. (150 words/10 m) |
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