UPSC CURRENT AFFAIRS – 24 July 2024 covers important current affairs of the day, their backward linkages, their relevance for Prelims exam and MCQs on main articles
InstaLinks : Insta Links help you think beyond the current affairs issue and help you think multidimensionally to develop depth in your understanding of these issues. These linkages provided in this ‘hint’ format help you frame possible questions in your mind that might arise(or an examiner might imagine) from each current event. InstaLinks also connect every issue to their static or theoretical background.
Table of Contents
GS Paper 3: (UPSC CURRENT AFFAIRS – 24 July 2024)
-
Union Budget 2024-25 Highlights
Reports in News
-
World’s Forests 2024 Report
-
Report “The strategic role of data centers in empowering India’s digital revolution” Released
Facts for Prelims (FFP)
-
Vishnupad and Mahabodhi temples
-
CULTURAL MAPPING OF VILLAGES
-
Global Capability Centres (GCCs)
-
Greenium
-
Curiosity rover
-
NovA – ‘NuMI Off-axis 𝜈e Appearance’
-
Lactic acid bacterium
-
Dark oxygen
UPSC CURRENT AFFAIRS – 24 July 2024
GS Paper 2:
Union Budget 2024-25 Highlights
Syllabus:
Source: PIB
What is Budget?
The Union Budget is the annual financial statement of the Indian government, presented by the Finance Minister on February 1st. It consists of the Revenue Budget and Capital Budget, covering expected income and expenditures. The budget includes macroeconomic details in Part A and taxation proposals in Part B, presented as a Money Bill defined in Article 110 of the Constitution. After independence, India’s first Budget was presented in 1947 by Finance Minister RK Shanmukham Chetty.
Article 112 of the Indian Constitution mandates the Union Budget as the government’s estimated receipts and expenditures.
Key Budget documents include:
- Annual Financial Statement (Article 112)
- Demands for Grants (Article 113)
- Finance Bill (Article 110)
- Fiscal Policy Statements mandated under the FRBM Act, 2003, including
- The Macro-Economic Framework Statement and
- The Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement.
Objectives of budget:
The Union Budget focuses on objectives such as stimulating economic growth, promoting social justice and equality, ensuring effective resource allocation, and maintaining fiscal stability.
Stages of Budget presentation:
| Stage | Description |
| President’s Address | Joint address by the President of India to both Houses of Parliament, outlining government policy priorities, achievements, and legislative agenda. |
| Economic Survey Presentation | Prepared by the Economics Division of the Department of Economic Affairs under the Chief Economic Advisor’s guidance. Tabled in Lok Sabha a day before the Union Budget presentation. |
| Railway Budget (Till 2016) | Presented separately until 2016, merged with the General Budget in 2017. |
| Union Budget Presentation | Presented by the Finance Minister on February 1st. |
| General Budget Discussion | After the Budget presentation, discussed in both Houses of Parliament. Allows critique and debate on the Budget. |
| Voting on Demands for Grants | Parliament approves Demand for Grants for ministries and departments, authorizing proposed expenditures. |
| The passing of Finance Bill | Finance Bill, containing taxation proposals, passed by both Houses of Parliament and enacted. The budget comes into effect after Presidential assent. |
Union Budget 2024-25 Highlights
| Aspect | Details |
| Economic Growth | India’s economic growth remains strong despite global uncertainties. |
| Focus | Focus is on 4 major castes, namely ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’ (Farmer) (similar to Interim Budget) |
| Budget Theme | The budget focuses on employment, skilling, MSMEs, and the middle class. |
| Budget Estimates 2024-25 | Total receipts other than borrowings: 32.07 lakh crore |
| Total expenditure: 48.21 lakh crore | |
| Net tax receipt: 25.83 lakh crore | |
| Fiscal deficit: 4.9 per cent of GDP | |
| Government aims to reach a deficit below 4.5 per cent next year | |
| Inflation is low and stable, moving towards the 4% target; core inflation is at 3.1%. | |
  |
|
| Nine Budget Priorities in pursuit of ‘Viksit Bharat’
|
|
| Priority 1: Productivity and resilience in Agriculture | An allocation of ₹1.52 lakh crore has been made for agriculture and allied sectors. This includes the release of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops for cultivation by farmers. |
| Natural Farming: In the next two years, 1 crore farmers across the country will be initiated into natural farming with certification and branding. | |
| Bio-input Centres: 10,000 need-based bio-input resource centres will be established to support natural farming. | |
| Digital Public Infrastructure: To further enhance agricultural efficiency, Digital Public Infrastructure (DPI) for Agriculture will be implemented, covering farmers and their lands within three years.. | |
 |
|
| Priority 2: Employment & Skilling | Package of PM’s five schemes for Employment and Skilling |
| Prime Minister’s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period. This year, ₹1.48 lakh crore is allocated for education, employment, and skilling. | |
| Scheme A – First Timers: One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO | |
| Scheme B – Job Creation in manufacturing: Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment | |
| Scheme C – Support to employers: Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee | |
| New centrally sponsored scheme for Skilling: 20 lakh youth to be skilled over a 5-year period.; 1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements. | |
| New Scheme for Internship in 500 Top Companies to 1 crore youth in 5 years | |
| To facilitate higher participation of women in the workforce, working women hostels and crèches will be established in collaboration with industry. | |
| Women-specific skilling programmes will be organized, and market access for women Self-Help Group (SHG) enterprises will be promoted | |
| Priority 3: Inclusive Human Resource Development and Social Justice | Purvodaya Initiative: Develop a plan for the eastern region, including Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh, focusing on human resource development, infrastructure, and economic opportunities to drive Viksit Bharat. |
| Develop industrial node at Gaya along the Amritsar-Kolkata Industrial Corridor. Launch power projects, including a 2400 MW power plant at Pirpainti (Bhagalpur, Bihar), with a total investment of ₹21,400 crore | |
| Andhra Pradesh Reorganization Act: Special financial support of ₹15,000 crore through multilateral development agencies | |
| Develop industrial nodes at Kopparthy along the Vishakhapatnam-Chennai Industrial Corridor and at Orvakal along the Hyderabad-Bengaluru Industrial Corridor | |
| Pradhan Mantri Janjatiya Unnat Gram Abhiyan: Improve socio-economic conditions of tribal families in 63,000 villages, benefiting 5 crore people | |
| Bank Branches in North-Eastern Region: Establish 100 branches of India Post Payment Bank | |
| Priority 4: Manufacturing & Services | Credit Guarantee Scheme for MSMEs in the Manufacturing Sector: A scheme providing collateral-free credit guarantees for term loans to MSMEs for machinery and equipment purchases. |
| Credit Support to MSMEs during Stress Period: A new mechanism to ensure continued bank credit support to MSMEs during periods of financial stress. | |
| Mudra Loans: Increase the limit of Mudra loans under the ‘Tarun’ category to ₹20 lakh from ₹10 lakh for those with successful repayment histories. | |
| Enhanced Scope for Mandatory Onboarding in TReDS: Reduce the turnover threshold for mandatory onboarding on the TReDS platform from ₹500 crore to ₹250 crore. | |
| MSME Units for Food Irradiation, Quality & Safety Testing: Provide financial support to establish 50 multi-product food irradiation units in the MSME sector. | |
| E-Commerce Export Hubs: Set up E-Commerce Export Hubs through public-private partnerships to help MSMEs and traditional artisans sell products internationally. | |
| Digital Public Infrastructure (DPI) Applications: Develop DPI applications for credit, e-commerce, education, health, law and justice, logistics, MSME, service delivery, and urban governance. | |
| Priority 5: Urban Development | Transit Oriented Development: Develop and finance Transit Oriented Development plans for 14 large cities with populations over 30 lakh. |
| Urban Housing: Invest ₹10 lakh crore, including central assistance of ₹2.2 lakh crore over the next 5 years, under PM Awas Yojana Urban 2.0 to address housing needs of 1 crore urban poor and middle-class families. | |
| Street Markets: Launch a new scheme to support the development of 100 weekly ‘haats’ or street food hubs annually for the next 5 years in select cities. (building on the success of PM SVANidhi Scheme in transforming the lives of street vendors) | |
| Priority 6: Energy Security | Energy Transition: Introduce a policy document on ‘Energy Transition Pathways’ to balance employment, growth, and environmental sustainability. |
| Pumped Storage Policy: Develop a policy to promote pumped storage projects for electricity storage. | |
| Research and Development of Small and Modular Nuclear Reactors: Partner with the private sector to research and develop Bharat Small Modular Reactors and newer nuclear technologies | |
| Advanced Ultra Super Critical Thermal Power Plants: Propose a joint venture between NTPC and BHEL to establish an 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology | |
| Roadmap for ‘Hard to Abate’ Industries: Implement regulations to transition ‘hard to abate’ industries from the ‘Perform, Achieve and Trade’ mode to the ‘Indian Carbon Market’ mode | |
| PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications | |
| Priority 7: Infrastructure | Central Government Infrastructure Investment: Allocate ₹11,11,111 crore (3.4% of GDP) for capital expenditure. |
| State Governments Infrastructure Investment: Provide ₹1.5 lakh crore in long-term interest-free loans for state infrastructure projects. | |
| Pradhan Mantri Gram Sadak Yojana (PMGSY): Launch Phase IV to ensure all-weather connectivity for 25,000 rural habitations. | |
| Irrigation and Flood Mitigation: Offer ₹11,500 crore for projects like the Kosi-Mechi intra-state link and assist states like Assam, Himachal Pradesh, Uttarakhand, and Sikkim with flood and landslide management. | |
| Tourism: Develop Vishnupad Temple Corridor, Mahabodhi Temple Corridor, Rajgir, and assist in enhancing temples, monuments, wildlife sanctuaries, natural landscapes, and beaches in Odisha. | |
| Priority 8: Innovation, Research & Development | Anusandhan National Research Fund: Operationalize fund for basic research and prototype development. |
| Financing Pool: Establish a ₹1 lakh crore pool to support private sector-driven research and innovation at a commercial scale. | |
| Space Economy: Create a ₹1,000 crore venture capital fund to expand the space economy fivefold over the next 10 years. | |
| Priority 9: Next Generation Reforms | Rural Land Related Actions: Implement Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands; Digitize cadastral maps and survey map sub-divisions based on current ownership; Establish a land registry and link it to the farmers registry. |
| Urban Land Related Actions: Digitize land records in urban areas using GIS mapping. | |
| Services to Labour: Integrate the e-shram portal with other platforms for a one-stop solution; Develop open architecture databases to keep up with labour market changes and skill requirements. | |
| NPS Vatsalya: Introduce NPS-Vatsalya for contributions by parents and guardians for minors. | |
Railway Budget at a Glance:
Other Important Infographics about Trends in this budget:
Indirect taxes:
New Tax Slabs:
UPSC CURRENT AFFAIRS – 24 July 2024 Reports in News
Reports in News
| Reports | Description |
| World’s Forests 2024 Report | By Food and Agriculture Organization (FAO) |
| The theme for this year is “Accelerating forest solutions through innovation.” Key highlights include a decrease in the deforestation rate to 10.2 million hectares per year in 2015-2020 from 15.8 million hectares per year in 1990-2000, with India ranking 3rd for average annual net gain in forest area from 2010-2020. | |
| Non-timber forest products support the livelihoods of about 275 million people in India. | |
| There is a pressing need for innovation in the forest sector to address climate change stress through resilient forest and land management strategies against wildfires and pests. | |
| Innovations Enhancing Forest Potential: | |
| Technological: Remote sensing and cloud computing improve forest management by generating high-quality data (e.g., NASA and ESA’s Landsat and Copernicus programs). | |
| Social, Policy, and Institutional: Engaging women, youth, and Indigenous People through dynamic innovations (e.g., India’s Joint Forest Management Programme mandates 1/3rd female representation on committees). | |
| Financial: Innovations to enhance the value of standing forests and boost restoration efforts (e.g., SCRIPT – Soft Commodity Risk Platform). | |
| Report “The strategic role of data centers in empowering India’s digital revolution” Released | A joint report by ASSOCHAM and PwC highlights the role of data centres in advancing India’s digital landscape. |
| Data centres are secure spaces housing computing and networking equipment for data collection, storage, processing, and distribution. Data centres facilitate data localisation by enhancing storage capabilities. | |
| Indians are projected to consume the most data globally by 2028 | |
| Recommendations include improving regulatory compliance, increasing R&D investments to reduce power consumption, and creating data centre ecosystems in Tier 2 cities. |
UPSC CURRENT AFFAIRS – 23 July 2024 Facts for Prelims (FFP):
Vishnupad and Mahabodhi temples
Source: IE
Context: Finance Minister announced during the Union Budget speech that corridor projects will be built for the Vishnupad Temple in Gaya and the Mahabodhi Temple in Bodh Gaya, Bihar.
- These projects aim to transform the temples into world-class pilgrim and tourist destinations, similar to the Kashi Vishwanath Temple Corridor.
Vishnupad Temple:
- Dedicated to Lord Vishnu, this temple features a 40cm-long footprint believed to be Lord Vishnu’s.
- Built in 1787 by Queen Ahilyabai Holkar, it stands about 100 feet tall with 44 pillars and is located on the banks of the Falgu River.
- It is significant during pitra paksh, a period for rituals to remember ancestors.
Mahabodhi Temple:
- A UNESCO World Heritage Site, this temple marks the location where Gautam Buddha attained enlightenment under the Mahabodhi Tree.
- Originally built by Emperor Ashoka in the 3rd century B.C., the present structure dates back to the 5th-6th centuries and is one of the earliest brick Buddhist temples.
CULTURAL MAPPING OF VILLAGES
Source: PIB
Context: The Government of India, under the Ministry of Culture, has launched the National Mission on Cultural Mapping (NMCM).
The project aims to:
- Raise awareness about cultural heritage and its role in development and identity.
- Map 6.5 lakh villages, including their geographical, demographic profiles, and cultural assets.
- Create National Registers of Artists and Art practices.
- Develop a web portal and mobile app to serve as a National Cultural Work Place (NCWP).
- The project targets all inhabited villages listed in the 2011 Census, including those in Bihar.
- The data is accessible on the Mera Gaon Meri Dharohar Web Portal (https://mgmd.gov.in/) and can be utilized by various ministries and government organizations to protect and promote village cultures, traditions, and art forms.
Global Capability Centres (GCCs)
Source: Financial Express
Context: Global Capability Centres (GCCs) have become a crucial component of India’s economic landscape, contributing over 1% to the nation’s GDP and significantly boosting services exports.
- In FY24, ‘other business services’ provided by GCCs accounted for 26% of services exports, second only to IT services at 48%.
- These centres employ around 3.2 million professionals, including engineers and scientists, with significant contributions in engineering, research, and development (ER&D), business process management (BPM), and IT services.
- GCCs are increasingly establishing operations in tier-II cities due to cost advantages and fresh talent pools.
Government initiatives like ‘Digital India’ and supportive state policies in Karnataka, Telangana, and Tamil Nadu have facilitated the establishment and expansion of GCCs, particularly in sectors like automotive, electric vehicles, electronics, pharmaceuticals, and life sciences.
Greenium
Source: Business Line
Context: India’s sovereign green bonds, have not received significant green premiums from private investors, affecting the financing of green transition projects, according to the Economic Survey.
- Despite India’s green bond framework being well-rated, there is more capital potential than actual capital flow for energy transition in emerging markets.
- The Survey highlights the need for developed countries to provide more accessible, affordable financial resources in line with UNFCCC and Paris Agreement objectives.
Greenium is defined as the difference in yield between thematic bonds and ordinary bonds of a similar maturity, based on the logic that investors are willing to pay extra for a bond with a sustainable impact.
Curiosity rover
Source: Hindustan Times
Context: The NASA Curiosity rover made a remarkable discovery on Mars by accidentally cracking open a rock and revealing yellowish-green crystals of pure sulfur, a first on the red planet.
- The discovery of pure sulfur, typically formed through volcanic processes or hydrothermal vents on Earth, has puzzled scientists.
- The sulfur rocks, revealed through the rover’s fortuitous crushing of a rock, exhibited a crystalline texture and color, a stark contrast to Mars’ usual orange landscape.
- This discovery echoes a similar find by NASA’s Spirit rover, which unearthed pure silica in 2007, hinting at past hot springs on Mars.
About Sulfur:
| Appearance | Yellow crystalline solid at room temperature |
| Natural Occurrence | Found in minerals, ores, and as part of various biological compounds; occurs naturally in volcanic regions |
| Biological Role | Essential for amino acids (cysteine and methionine), vitamins, and coenzymes; vital for cellular processes |
| Industrial Uses | Used in the production of sulfuric acid, fertilizers, petroleum refining, and as a fungicide |
| Compounds | Forms various compounds such as sulfur dioxide (SO₂), sulfur trioxide (SO₃), and hydrogen sulfide (H₂S) |
| Physical Properties | Insoluble in water, soluble in carbon disulfide, and has a melting point of 115.21°C |
| Health Impact | Can be toxic in high concentrations; sulfur compounds can cause respiratory issues and irritation |
NovA – ‘NuMI Off-axis 𝜈e Appearance’
Source: TH
Context: New data from the NOvA experiment, which studies neutrinos, has deepened the mystery surrounding these subatomic particles’ mass.
- Neutrinos, abundant yet difficult to study due to their rare interactions with matter, have puzzled scientists for decades.
- Initially thought to be massless, it was later discovered in the 1990s that neutrinos do have mass, challenging the existing Standard Model of particle physics.
- The NOvA experiment aims to determine the mass hierarchy of neutrinos, which could reveal key insights into the universe’s evolution.
This research is part of a global effort to understand neutrinos better, involving numerous international experiments.
Lactic acid bacterium
Source: DST
Context: Scientists have discovered a new strain of lactic acid bacterium, MCC0200, with significant potential as a probiotic beyond the dairy industry.
- Genetic analysis of MCC0200 revealed its ability to survive gastrointestinal conditions, adhere to intestinal surfaces, and promote gut health.
- The strain shows resilience against gastric juices and bile acids and possesses genes aiding acid tolerance and bile resistance.
- MCC0200 can adhere to mucosal surfaces, auto-aggregate, and co-aggregate with pathogenic bacteria, enhancing gut colonization and immune function.
- It also demonstrates antioxidative properties and can produce essential vitamins like folate.
- MCC0200 has cholesterol-lowering capabilities, which could benefit cardiovascular health.
- This strain’s diverse probiotic attributes and safety profile make it a promising candidate for food and pharmaceutical applications.
Dark oxygen
Source: BBC
Context: Scientists have discovered “dark oxygen” being produced in the deep ocean by metallic nodules on the seafloor, challenging the belief that oxygen production requires sunlight.
What is “Dark Oxygen”?
“Dark oxygen” is oxygen produced in the deep ocean, independent of sunlight, by metallic nodules on the seafloor.
How is it being produced?
These naturally occurring metallic nodules act like batteries, generating electric currents that split seawater (H2O) into hydrogen and oxygen.
Applications:
- Support for Deep-Sea Life: Provides oxygen for marine organisms in deep-sea environments.
- Potential Extraterrestrial Insights: Suggests similar oxygen production could occur on other planets and moons, possibly supporting life.
Concerns:
- Environmental Impact: Deep-sea mining for these nodules could disrupt oxygen production and harm marine life.
- Ecosystem Destruction: Mining activities may destroy unknown and poorly understood deep-sea ecosystems.
- Regulatory Oversight: Ensuring environmentally friendly mining practices is crucial to mitigate damage.
UPSC CURRENT AFFAIRS – 24 July 2024 [PDF]
Follow us on our Official TELEGRAM Channel HERE
Subscribe to Our Official YouTube Channel HERE
Please subscribe to Our podcast channel HERE
Official Facebook Page HERE
Twitter Account HERE
Instagram Account HERE
LinkedIn: HERE
