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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
  • The Vice-President and Rajya Sabha Chairman, Jagdeep Dhankhar, reconstituted an eight-member panel of Vice-Chairpersons, including diverse individuals.
 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
  • Function: Assists the Chairperson and Deputy Chairperson in presiding over Rajya Sabha sessions.
  • Members: Nominated by the Chairperson, usually 8 MPs representing diverse political parties.
  • Role: Maintains order, conducts debates, puts motions to vote, and enforces rules.
  • Significance: Ensures smooth functioning of the Upper House when main presiding officers are absent.

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
  • This article details India’s Interim Union Budget 2024-2025, highlighting economic projections, fiscal policies, developmental priorities, and key reforms.
 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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