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02 FEBRUARY 2022 DAILY CURRENT AFFAIRS | UPSC CDS CAPF AFCAT NDA SSB

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Written by NDI EDITOR

Feb 02 2022

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02 FEBRUARY 2022 DAILY CURRENT AFFAIRS | UPSC CDS CAPF AFCAT NDA SSB
1. ENERGY TRANSITION AND CLIMATE ACTION
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • Additional allocation of Rs. 19,500 crore for Production Linked Incentive for manufacture of high efficiency solar modules to meet the goal of 280 GW of installed solar power by 2030.

  • Five to seven per cent biomass pellets to be co-fired in thermal power plants:
    • CO2 savings of 38 MMT annually,

    • Extra income to farmers and job opportunities to locals,

    • Help avoid stubble burning in agriculture fields.
  • Four pilot projects to be set up for coal gasification and conversion of coal into chemicals for the industry

  • Financial support to farmers belonging to Scheduled Castes and Scheduled Tribes, who want to take up agro-forestry.

Source : Indian Budget

2. FISCAL POLICY
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

Fiscal Management

  • Budget Estimates 2021-22: Rs. 34.83 lakh crore

  • Revised Estimates 2021-22: Rs. 37.70 lakh crore

  • Total expenditure in 2022-23 estimated at Rs. 39.45 lakh crore

  • Total receipts other than borrowings in 2022-23 estimated at Rs. 22.84 lakh crore

  • Fiscal deficit in current year: 6.9% of GDP (against 6.8% in Budget Estimates)

  • Fiscal deficit in 2022-23 estimated at 6.4% of GDP

Providing Greater Fiscal Space to States

  • Enhanced outlay for ‘Scheme for Financial Assistance to States for Capital Investment’:

  • From Rs. 10,000 crore in Budget Estimates to Rs. 15,000 crore in Revised Estimates for current year

  • Allocation of 1 lakh crore in 2022-23 to assist the states in catalysing overall investments in the economy: fifty-year interest free loans, over and above normal borrowings

  • In 2022-23, States will be allowed a fiscal deficit of 4% of GSDP, of which 0.5% will be tied to power sector reforms 
Source : Indian Budget

3. MONETARY SECTOR
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

Banking

  • 100 per cent of 1.5 lakh post offices to come on the core banking system.

  • Scheduled Commercial Banks to set up 75 Digital Banking Units (DBUs) in 75 districts.

Digital Rupee

  • Introduction of Digital Rupee by the Reserve Bank of India starting 2022-23.

Mobilising Resources

  • Data Centres and Energy Storage Systems to be given infrastructure status.

  • Venture Capital and Private Equity invested more than Rs. 5.5 lakh crore last year facilitating one of the largest start-up and growth ecosystem. Measures to be taken to help scale up this investment.

  • Blended funds to be promoted for sunrise sectors.

  • Sovereign Green Bonds to be issued for mobilizing resources for green infrastructure.
Source : Indian Budget

4. INDUSTRY
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

Accelerated Corporate Exit

  • Centre for Processing Accelerated Corporate Exit (C-PACE) to be established for speedy winding-up of companies.

AVGC Promotion Task Force

  • An animation, visual effects, gaming, and comic (AVGC) promotion task force to be set-up to realize the potential of this sector.

Telecom Sector

  • Scheme for design-led manufacturing to be launched to build a strong ecosystem for 5G as part of the Production Linked Incentive Scheme.

Export Promotion

  • Special Economic Zones Act to be replaced with a new legislation to enable States to become partners in ‘Development of Enterprise and Service Hubs’.

MSME

  • Udyam, e-shram, NCS and ASEEM portals to be interlinked.

  • 130 lakh MSMEs provided additional credit under Emergency Credit Linked Guarantee Scheme (ECLGS)

  • ECLGS to be extended up to March 2023.

  • Guarantee cover under ECLGS to be expanded by Rs 50000 Crore to total cover of Rs 5 Lakh Crore.

  • Rs 2 lakh Crore additional credit for Micro and Small Enterprises to be facilitated under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE).

  • Raising and Accelerating MSME performance (RAMP) programme with outlay of Rs 6000 Crore to be rolled out.
Source : Indian Budget

5. RURAL & URBAN INFRASTRUCTURE
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

Har Ghar, Nal Se Jal

  • 60,000 crore allocated to cover 3.8 crore households in 2022-23 under Har Ghar, Nal se Jal.

Housing for All

  • 48,000 crore allocated for completion of 80 lakh houses in 2022-23 under PM Awas Yojana.

Prime Minister’s Development Initiative for North-East Region (PM-DevINE)

  • New scheme PM-DevINE launched to fund infrastructure and social development projects in the North-East.

  • An initial allocation of Rs. 1,500 crore made to enable livelihood activities for youth and women under the scheme.

Urban Planning

  • Modernization of building byelaws, Town Planning Schemes (TPS), and Transit Oriented Development (TOD) will be implemented.

  • Battery swapping policy to be brought out for setting up charging stations at scale in urban areas.

Land Records Management

  • Unique Land Parcel Identification Number for IT-based management of land records. 
Source : Indian Budget

6. HEALTH
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • An open platform for National Digital Health Ecosystem to be rolled out.

  • ‘National Tele Mental Health Programme’ for quality mental health counselling and care services to be launched.

  • A network of 23 tele-mental health centres of excellence will be set up, with NIMHANS being the nodal centre and International Institute of Information Technology-Bangalore (IIITB) providing technology support.

Saksham Anganwadi

  • Integrated benefits to women and children through Mission Shakti, Mission Vatsalya, Saksham Anganwadi and Poshan 2.0.

  • Two lakh anganwadis to be upgraded to Saksham Anganwadis.
Source : Indian Budget

7. AGRICULTURE
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • 2.37 lakh crore direct payment to 1.63 crore farmers for procurement of wheat and paddy.

  • Chemical free Natural farming to be promoted throughout the county. Initial focus is on farmer’s lands in 5 Km wide corridors along river Ganga.

  • NABARD to facilitate fund with blended capital to finance startups for agriculture & rural enterprise.

  • ‘Kisan Drones’ for crop assessment, digitization of land records, spraying of insecticides and nutrients.

Ken Betwa project

  • 1400 crore outlay for implementation of the Ken – Betwa link project.

  • 08 lakh hectares of farmers’ lands to receive irrigation benefits by Ken-Betwa link project.
Source : Indian Budget

8. EDUCATION
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • ‘One class-One TV channel’ programme of PM eVIDYA to be expanded to 200 TV channels.

  • Virtual labs and skilling e-labs to be set up to promote critical thinking skills and simulated learning environment.

  • High-quality e-content will be developed for delivery through Digital Teachers.

  • Digital University for world-class quality universal education with personalised learning experience to be established.

Skill Development

  • Digital Ecosystem for Skilling and Livelihood (DESH-Stack e-portal) will be launched to empower citizens to skill, reskill or upskill through on-line training.

  • Startups will be promoted to facilitate ‘Drone Shakti’ and for Drone-As-A-Service (DrAAS).
Source : Indian Budget

9. PM GATISHKATI NATIONAL MASTER PLAN
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • The seven engines that drive PM GatiShakti are Roads, Railways, Airports, Ports, Mass Transport, Waterways and Logistics Infrastructure.

  • The scope of PM GatiShakti National Master Plan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency.

  • The projects pertaining to these 7 engines in the National Infrastructure Pipeline will be aligned with PM GatiShakti framework.

Road Transport

  • National Highways Network to be expanded by 25000 Km in 2022-23.

  • Rs 20000 Crore to be mobilized for National Highways Network expansion.

Multimodal Logistics Parks

  • Contracts to be awarded through PPP mode in 2022-23 for implementation of Multimodal Logistics Parks at four locations.

Railways

  • One Station One Product concept to help local businesses & supply chains.

  • 2000 Km of railway network to be brought under Kavach, the indigenous world class technology and capacity augmentation in 2022-23.

  • 400 new generation Vande Bharat Trains to be manufactured during the next three years.

  • 100 PM GatiShakti Cargo terminals for multimodal logistics to be developed during the next three years.

Parvatmala

  • National Ropeways Development Program, Parvatmala to be taken up on PPP mode.

  • Contracts to be awarded in 2022-23 for 8 ropeway projects of 60 Km length.
Source : Indian Budget

10. UNION BUDGET 2022-23
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament.

The key highlights of the budget are as follows:

  • India’s economic growth estimated at 9.2% to be the highest among all large economies.

  • 60 lakh new jobs to be created under the productivity linked incentive scheme in 14 sectors.

  • PLI Schemes have the potential to create an additional production of Rs 30 lakh crore.

Entering Amrit Kaal, the 25 year long lead up to India @100, the budget provides impetus for growth along four priorities:

  • PM GatiShakti

  • Inclusive Development

  • Productivity Enhancement & Investment, Sunrise opportunities, Energy Transition, and Climate Action.

  • Financing of investments

Source : Indian Budget


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Written by NDI EDITOR

National Defence Institute's Editor

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