Daily GK Update- 1st Feb, 2022

 

NATIONAL UPDATES:

 

1. Union budget 2022 presented by FM Nirmala Sitharaman: Union Finance Minister, Nirmala Sitharaman presented the Union Budget 2022 for the 4th time in a row. She presented the financial statements and tax proposals for the fiscal year 2022-23 (April 2022 to March 2023). A Made in India tablet has replaced the traditional ‘Bahi Khata’.

The Economic Survey 2021-22 was released on 31st January 2022 by the Chief Economic Advisor of India, V Anantha Nageswaran. The government sees the Indian economy growing at 8-8.5 per cent in the financial year 2022-23 (FY23).

Here are the key highlights from the Union Budget 2022-23:

1)      Finance Minister Nirmala Sitharaman, while presenting the Budget, said that the country is expected to grow at 9.27 per cent.

2)      Two parallel tracks for the next 25 years: public investments in infrastructure and a budget that is inclusive and futuristic.

3)      7 focus areas: PM Gati Shakti, Inclusive Development, Productivity Enhancement, Sunrise Opportunities, Energy Transition, Climate Action and Financing of investments.

4)      This Union Budget seeks to lay the foundation & give a blueprint of the economy over ‘Amrit Kal’ of next 25 years – from India at 75 to India at 100.

5)      Production Linked Incentive schemes in 14 sectors with the potential to create 60 lakh new jobs, and the additional new production of Rs 30 lakh crore.

6)      Emergency Credit Line Guarantee Scheme to be extended up to March 2023, guaranteed cover extended by another Rs 50,000 crore. The total cover under the scheme is now Rs 5 lakh crore. An additional amount has been earmarked for the hospitality sector.

7)      Announcement of Ken Betwa river linking project worth Rs 44,605 crore to be beneficial for capital goods players.

8)      5G spectrum auctions to be carried out in calendar 2022 to enable the launch of services within FY22-23.

9)      Effective capital expenditure of the Central government is estimated at Rs 10.68 lakh crore in 2022-23, about 4.1% of GDP.

10)  To facilitate domestic manufacturing of 280 gigawatts of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made.

11)  Digital rupee to be issued using blockchain and other technologies and will be issued by RBI starting 2022-23.

12)  For 2022-23, an allocation of Rs 1 lakh crore has been made to assist the states in catalysing overall investments in the economy. These 50-year interest-free loans are over and above normal borrowings allowed to states. It’ll be used for PM Gati Shakti-related and other productive capital investments of states.

13)  Tax Proposals:

a)      Nirmala Sitharaman announced a new tax rule for taxpayers where a taxpayer can file an updated return on payment of taxes within two years from the end of the relevant assessment year.

b)      Both Centre and States govt employees’ tax deduction limit to be increased from 10% to 14% to help the social security benefits of state government employees and bring them at par with the Central govt employees.

c)       Income from transfer of digital assets (Cryptocurrency) to be charged 30% tax, plus 1% tax on the transaction.

d)      Existing tax benefits for startups, which were offered redemption of taxes for 3 consecutive years, to be extended by 1 more year.

e)      Income from Long Term Capital Gains will be taxed at 15%.

f)        Customs on polished diamonds, gemstones cut to 5%. Simply sawn diamonds will be exempted. To facilitate the export of jewellery through e-commerce, simplified regulations will be in place by June this year.

g)      Deduction for employer contribution to NPS increased to 14% from 10% earlier for State govt employees on par with central govt employees.

h)      Alternate Minimum Tax for cooperative societies to be cut to 15%. The proposal will reduce the surcharge on cooperative societies to be reduced from 12% to 7%, for those whose income is between Rs 1 crore and Rs 10 crore.

i)        Unblended fuel to get an additional duty of 2 rupees per litre from October 2022.

j)        Finance Minister announced a reduction of surcharge on unlisted shares from 28.5 per cent to 23 per cent.

 

14)  Financial inclusion: 100% of 1.5 lakh post offices will come on the core banking system, enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also providing online transfer of funds between post office accounts and bank accounts.

15)  Education sector: States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget & organic farming, modern-day agriculture. One class, one TV channel’ program of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1 to 12.

16)  Indian Railways: PM Gati Shakti plans one of the four pillars of growth. 25,000 km of national highways to be built in 2022-23. 400 new-generation Vande Bharat trains with higher efficiency and better facilities for passengers will be developed in the next three years. Over 2,000 km of the rail network to be brought under the indigenous world-class technology KAWACH, for safety and capacity augmentation.

17)  India’s farmers: Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts.

18)  Infrastructure: PM Awas Yojana: In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas. 60,000 crore allocated for providing access to tap water to 3.8 crore households. In 2022-23, 80 lakh households will be identified for the affordable housing scheme.

19)  Defence: 68% of the capital procurement budget for Defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports.

 

2. Prime Minister Modi launches Pandit Jasraj Cultural Foundation: Prime Minister Narendra Modi has launched the Pandit Jasraj Cultural Foundation on the occasion of the 92nd birth anniversary of the Indian classical vocalist. Prime Minister Modi said that the World is entitled to benefit from Indian music like they have from Yoga. Durga Jasraj and Pandit Shaarang Dev keep alive the glorious legacy of the maestro. Yoga, Indian music has the capacity to stir the depth of the human mind and the world is entitled to be benefited from it.

About the Pandit Jasraj Cultural Foundation: The Pandit Jasraj Cultural Foundation has been founded by Pandit Jasraj’s son Shaarang Dev Pandit, and his daughter, Durga Jasraj. The main objective of the fluctuation is to protect, preserve, develop and promote the National Heritage, Art & Culture of India. Pandit Jasraj’s career spanned over 75 years resulting in national and international fame, respect, and numerous major awards and accolades. He passed away on August 17, 2020, after he suffered from cardiac arrest at his home in New Jersey.

 

3. PM Modi addresses 30th National Commission for Women Foundation Day: Prime Minister Shri Narendra Modi has addressed 30th National Commission for Women Foundation Day programme on January 31, 2022, via video conference. The event was organised to celebrate the achievements of women in different fields. The theme of the programme was ‘She The Change Maker’. The Prime Minister remarked that today, in changing India, the role of women is continuously expanding. Therefore, he said, the expansion of the role of the National Commission for Women is also the need of the hour. All the women’s commissions of the country will also have to increase their scope and give a new direction to the women of their states.

National Commission for Women (NCW): The National Commission for Women (NCW) is the statutory body of the Government of India. NCW was set up on 31 January 1992 under the National Commission for Women Act, 1990. Its basic objective is to advise the government on all policy matters affecting women. The incumbent Chairperson of NCW is Rekha Sharma since 30 November 2018. Its first head was Jayanti Patnaik.

 

4. Indian Coast Guard celebrates its 46th Raising Day 2022: Indian Coast Guard is celebrating its 46th Raising Day on 01 Feb 2022. As the fourth largest Coast Guard in the world, the Indian Coast Guard has played a significant role in securing the Indian Coasts and enforcing regulations in the Maritime Zones of India. The ICG was formally established on February 1, 1977, by the Coast Guard Act, 1978 of the Parliament of India. It operates under the Ministry of Defence.

From a modest beginning with just 07 surface platforms in 1978, ICG has grown into a formidable force with 158 ships and 70 aircraft in its inventory and is likely to achieve targeted force levels of 200 surface platforms and 80 aircraft by 2025. One of the primary duties of the Indian Coast Guard is prevention of smuggling through maritime routes in its area of responsibility. In the last one year, it has seized drugs and contraband worth nearly four thousand crore rupees.

Note: Indian Coast Guard Director-General: Virender Singh Pathania; Indian Coast Guard Founded: 1 February 1977; Indian Coast Guard Headquarters: Ministry of Defence, New Delhi.

 

INTERNATIONAL UPDATES:

 

1. World Interfaith Harmony Week: 1st to 7th February: World Interfaith Harmony Week is an annual event observed during the first week of February (1-7 February), after General Assembly designation in 2010. World Interfaith Harmony Week (WIHW), was conceived to promote cultural peace and nonviolence. The World Interfaith Harmony Week is based on the pioneering work of The Common Word initiative.

This initiative, which started in 2007, called for Muslim and Christian leaders to engage in a dialogue based on two common fundamental religious Commandments; Love of God, and Love of the Neighbour, without nevertheless compromising any of their own religious tenets. The Two commandments are at the heart of the three Monotheistic religions and therefore provide the most solid theological ground possible.

History of the week: World Interfaith Harmony Week (WIHW), conceived to promote culture, peace and nonviolence, was first proposed by King Abdullah II of Jordan at the United Nations in 2010.

 

OTHER UPDATES:

 

SPORTS

 

1. Chennai Super Kings becomes India’s First Unicorn Sports Enterprise: Chennai Super Kings (CSK), has become the country’s first sports Unicorn with its market cap having touched a high of Rs 7,600 crores and its share in the grey market trading in the Rs 210-225 price band. The Mahendra Singh Dhoni-led CSK, which won its fourth IPL title in Dubai last year, now has a market cap more than its parent entity, India Cements. India Cements’ market cap stood at Rs 6,869 crores. Two key reasons which have led CSK’s market cap to go past its parent entity are the team winning its fourth IPL title in Dubai, and two new franchises being added to the upcoming season at record prices.

 

2. Unnati Hooda and Kiran George wins 2022 Odisha Open: Indian teenager Unnati Hooda beat compatriot Smit Toshniwal, 21-18, 21-11, to claim the women’s singles title at the 2022 Odisha Open badminton tournament. The 14-year old Unnati is the youngest Indian to win the tournament. In men’s singles, India’s 21-year-old Kiran George beat Priyanshu Rajawat 21-15, 14-21, 21-18 to emerge as the winner. The 2022 Odisha Open is a BWF Super 100 tournament, organized at the Jawaharlal Nehru Indoor Stadium, Cuttack, Odisha.

 

BANKING AND FINANCE

 

1. RBI imposed restrictions on Indian Mercantile Cooperative Bank Ltd: Reserve Bank of India has imposed several restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow, including a cap of Rs 1 lakh on withdrawals. The restrictions came into force from the closure of business hours on January 28, 2022. RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. The restrictions would remain in force for six months and are subject to review.

The RBI has imposed the above restriction in the exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS). In particular, a sum not exceeding Rs 1 lakh of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, subject to certain conditions.

 

BUSINESS AND ECONOMY

 

1. Tata group acquires Neelachal Ispat Nigam Ltd for Rs 12,100 crore: Tata Group company, Tata Steel Long Products Ltd’s (TSLP) has acquired Odisha-based Neelachal Ispat Nigam Ltd (NINL) for Rs 12,100 crore. Neelachal Ispat Nigam Ltd (NINL) is a steel plant located in Kalinganagar in Odisha and was shut in March 2020 due to continued losses. It has a capacity of 1.1 million tonnes a year. This is the 1st instance of privatisation of a public sector steel manufacturing enterprise in India.

NINL is a joint venture of four central public sector companies — Minerals and Metals Trading Corporation (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Limited (BHEL) and MECON — and Odisha government entities OMC and IPICOL. NINL’s plant has been shut since March 2020. The Odisha government has 32.47 per cent stake in NINL through IPICOL and OMC, whereas the MMTC holds the 49.78 per cent share.

Note: Tata Steel Founded: 25 August 1907, Jamshedpur; Tata Steel CEO: T. V. Narendran (31 Oct 2017–); Tata Steel Founder: Jamsetji Tata; Tata Steel Headquarters: Mumbai.

 

2. NPCI announces UPI safety and awareness week: National Payments Corporation of India (NPCI) and the UPI ecosystem (comprising of leading banks and fintechs) have announced the UPI Safety and Awareness initiative, to create awareness amongst consumers. Under this initiative, NPCI and the UPI ecosystem will observe February 1-7 as ‘UPI Safety and Awareness Week’ and the whole of February as ‘UPI Safety and Awareness Month’.

NPCI has urged users to follow the concept of UPI Safety Shield which mentions 5 tips for safe UPI transactions. With an aim to create awareness amongst consumers, National Payments Corporation of India (NPCI) and the UPI ecosystem have announced the UPI Safety and Awareness initiative.

Under this programme, NPCI urges all the customers to follow the concept of UPI Safety Shield, which the company has derived to educate customers all about UPI payments. The UPI Safety and Awareness initiative will help vulnerable and first-time customers in overcoming their fears of adopting digital payments and guide them to pursue safe payments on the UPI platform.

Note: NPCI Founded: 2008; NPCI Headquarters: Mumbai, Maharashtra; NPCI MD & CEO: Dilip Asbe.

 

AWARDS AND HONOURS

 

1. PR Sreejesh wins World Games Athlete of the Year award 2021: Indian men’s hockey player PR Sreejesh has won the World Games Athlete of the Year award for 2021. He is the second Indian after Rani Rampal to win this award. In 2020, Indian women’s hockey captain Rani Rampal became the first Indian to win the honour for her performances in 2019.

A total of 24 athletes from 17 countries were nominated for the annual awards based on individual or team performance. Alberto Ginés López of Spain and wushu player Michele Giordano of Italy are the runner-ups. In the FIH Stars Awards in October, Sreejesh was named the goalkeeper of the year for 2021.