Current Affairs Reverse Engineering – CARE (19-09-2024)
| News at a Glance |
| Economy: NPS Vatsalya scheme for minors launched |
| Competition Commission introduces independent monitoring agencies for order compliance |
| Internal Security: Government sanctions ₹31,000 crore to fence Myanmar border |
| Science and Technology: Union Cabinet gives nod to Bio-RIDE scheme to support R&D in biotechnology |
| Chandrayaan-4 mission expansion gets Centre’s approval |
| Polity and Governance: Cabinet approves continuation of PM-AASHA to provide better prices to farmers |
NPS Vatsalya scheme for minors launched
Source: The Hindu
UPSC Syllabus Relevance: GS 3 –Economy
Context: NPS Vatslya scheme
Why in News
- Finance Minister Nirmala Sitharaman launched the NPS Vatslya scheme.
What is NPS Vatsalya scheme?
- NPS Vatsalya is an extension of the already existing National Pension Scheme to children.
- It enables parents to open pension accounts for their minor children.
- The scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA) and Permanent Retirement Account Number (PRAN) cards will be issued to newly registered minor subscribers.
- In the last 10 years, NPS has 1.86 crore subscribers with an Asset Under Management (AUM) of ₹13 lakh crore.
- Children below 18 can open an NPS Vatsalya account, which will automatically get converted to a regular NPS account on completion of 18 years.
- Pension will come from the account only after they turn 60.
- NPS has generated 14%, 9.1%, and 8.8% returns for investments in equity, corporate debt and G-Secs, respectively.
Eligibility Criteria
- The child must be under 18
- Both the child and the parent/guardian must be Indian citizens
- All parties must comply with the Know Your Customer (KYC) requirements
How to Apply for the NPS Vatsalya Scheme?
- NPS Vatsalya account can be opened through Points of Presence (POPs) which include major banks, India Post, Pension Funds, etc.
- Parents or guardians must provide necessary documents, including identification for both themselves and the child, to open an account
- Make a minimum initial contribution of ₹1,000, after which families can decide how frequently they want to make further contributions.
Investment choices
- Default Choice: Moderate Life Cycle Fund — LC-50 (50% equity)
- Auto Choice: Guardian can choose Lifecycle Fund — Aggressive: LC-75 (75% equity); Moderate: LC-50 (50% equity); Conservative: LC-25 (25% equity)
- Active Choice: Guardian actively decides allocation of funds across Equity (up to 75%); Corporate Debt (up to 100%); Government Securities (up to 100%); and Alternate Asset (up to 5%)
Withdrawal process
- Following a three-year lock-in period, a maximum of three withdrawals of up to 25% of contributions are allowed for reasons including education, a specific disease, or a handicap
- Upon turning 18 years old, the NPS Vatsalya account will automatically get converted to regular NPS account
- If the amount invested surpasses ₹2.5 lakh at the age of 18, 80% of it is used to purchase an annuity, and the remaining 20% can be taken as a lump payment
- A lump sum withdrawal of the full capital is possible if it is less than or equal to ₹2.5 lakh
- In the event that the contributor passes away, the entire amount will be returned to the appointed guardian.
| CARE MCQ | UPSC PYQ |
Q1. Consider the following statements about the NPS Vatsalya Scheme:
Which of the above statements is/are correct? A) 1 and 2 only B) 1, 3, and 4 only C) 2 and 3 only D) 1, 2, 3 and 4 |
Q. Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct? (2016) 1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers. 2. Only one member of a family can join the scheme. 3. Same amount of pension is guaranteed for the spouse for life after subscriber’s death. Select the correct answer using the code given below.Code:a) 1 only b) 2 and 3 only c) 1 and 3 only d) 1, 2 and 3 Answer: C |
| Answer 1- A
Explanation:
|
Competition Commission introduces independent monitoring agencies for order compliance
Source: The Hindu
UPSC Syllabus Relevance: GS2- Polity and Governance, GS 3- Economy
Context: Competition Commission
Why in news
- Competition Commission can now appoint agencies to monitor the implementation of its orders, with the notification of amended regulations.
Overview
- The Competition Commission of India (CCI) has updated its regulatory framework through the notification of the Competition Commission of India (General) Regulations, 2024.
Key Amendments in the Regulations:
- Appointment of Monitoring Agencies:
- The updated regulations allow the CCI to appoint external agencies to monitor the implementation of its orders. This move aims to ensure compliance with the orders issued by the Commission.
- These agencies can be accounting firms, management consultancies, or any professional organization, including chartered accountants, company secretaries, and cost accountants.
- Scope of Monitoring:
- Agencies can be appointed to oversee the implementation of orders related to various provisions, including:
- Section 31: Orders concerning mergers and acquisitions.
- Section 48A: Orders related to commitments made by entities.
- Section 48B: Orders concerning settlements between parties.
- The appointed agencies are responsible for reporting non-compliance or issues related to the non-implementation of CCI orders.
- Agencies can be appointed to oversee the implementation of orders related to various provisions, including:
- Timeline for Orders:
- The new regulations introduce a timeline of 180 days for passing a final order from the date an interim order is issued. This is intended to expedite the decision-making process and improve efficiency.
- Regulatory Review and Public Consultation:
- The amendments follow a comprehensive review of the regulations after the Competition Act amendments made in April 2023.
- The CCI conducted public consultations to gather feedback and ensure the regulations align with the needs of stakeholders and the broader objective of promoting fair competition.
Objectives of the Amendments:
- Ensure Compliance: By appointing external agencies to monitor implementation, the CCI aims to enhance compliance with its orders and ensure that entities adhere to the regulatory requirements.
- Improve Efficiency: The introduction of a 180-day period for finalizing orders is intended to streamline the process and reduce delays in decision-making.
- Enhance Oversight: The amendments facilitate better oversight and accountability in the enforcement of competition laws, thereby promoting a fair and competitive market environment.
Competition Commission of India (CCI)?
- Competition Commission of India (CCI) is a statutory body of the Government of India responsible for enforcing the Competition Act, 2002, it was duly constituted in March 2009.
- The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002, on the recommendations of the Raghavan committee.
- The Commission consists of one Chairperson and six Members who shall be appointed by the Central Government.
- The commission is a quasi-judicial body which gives opinions to statutory authorities and also deals with other cases. The Chairperson and other Members shall be whole-time Members.
Summary:
- The Competition Commission of India (General) Regulations, 2024 bring significant changes to the regulatory framework by allowing the appointment of monitoring agencies, setting clear timelines for orders, and incorporating feedback from public consultations.
- These measures are designed to improve the effectiveness and efficiency of the CCI in regulating competition and ensuring adherence to its directives.
| CARE MCQ | UPSC PYQ |
Q6. Consider the following statements regarding the Competition Commission of India (General) Regulations, 2024:
Which of the above statements is/are correct? A) 1 and 2 only |
Q. With reference to ‘consumers’ rights/privileges under the provisions of law in India, which of the following statements is/are correct? (2012)
Select the correct answer using the codes given below: (a) 1 only Ans: (c) |
| Answer 6 D
Explanation
|
Government sanctions ₹31,000 crore to fence Myanmar border
Source: The Hindu
UPSC Relevance: GS3- Internal Security
Context: Fencing the Myanmar Border and Ethnic Violence in Manipur
Why in News
- The Union Government has approved a project worth ₹31,000 crore to fence the 1,643-km international border between India and Myanmar.
Overview
- The Union Government has approved a project worth ₹31,000 crore to fence the 1,643-km international border between India and Myanmar.
- This initiative aims to enhance security, especially in light of the ongoing ethnic violence in Manipur.
- The border runs through the northeastern states of Arunachal Pradesh, Nagaland, Manipur, and Mizoram.
- Fencing has become a priority due to security concerns linked to cross-border movement and illegal activities.
Myanmar Border Fencing:
- Total Length: 1,643 km.
- States Covered:
- Arunachal Pradesh: 520 km
- Nagaland: 215 km
- Manipur: 398 km
- Mizoram: 510 km
- Current Status: As of now, 30 km of the border has been fenced, with 10 km near Moreh in Manipur completed. Ongoing work covers an additional 21 km in other parts of Manipur.
Importance of Fencing:
- Security Concerns: The open, porous border with Myanmar has facilitated illegal cross-border movement, trafficking, and insurgent activities, which are seen as aggravating factors in the ongoing ethnic violence.
- Root Cause of Violence: Union Home Minister Amit Shah has identified the unsecured border as a key factor in the ethnic violence in Manipur, particularly between the tribal Kuki-Zo and Meitei communities.
- Cabinet Approval: The Cabinet Committee on Security (CCS) has approved the fencing project and associated road construction along the border at a cost of ₹31,000 crore.
Ethnic Violence in Manipur:
- Conflict Background: Since May 3, 2023, Manipur has witnessed violent clashes between the Kuki-Zo (tribal) and Meitei (non-tribal) communities. The violence has resulted in the deaths of at least 237 people and displacement of over 60,000.
- Displacement and Casualties: Ethnic violence has caused mass displacement and a severe humanitarian crisis in the state.
- Security Forces Deployment: To manage the situation, the government has deployed:
- Two battalions of the Central Reserve Police Force (CRPF).
- 200 companies of other Central Armed Police Forces (CAPF), totaling around 22,000 personnel.
- The Indian Army and Manipur Police are also engaged in maintaining law and order.
Free Movement Regime (FMR):
- The Free Movement Regime allowed local residents living near the border to travel up to 16 km into each other’s territories without documentation. This was scrapped earlier this year due to concerns over security and illegal cross-border activities.
- Dialogue and Peace Efforts: The government is holding continuous dialogues with both the Kuki-Zo and Meitei communities to restore peace and stability in the region.
- The FMR is a mutually agreed arrangement between the two countries that allows tribes living along the border on either side to travel up to 16 km inside the other country without a visa. It was implemented in 2018 as part of the Indian government’s Act East policy.
- Rationale: The partition of the India-Myanmar border traces back to 1826 when British colonial rulers demarcated the boundary without considering the opinions of the local inhabitants. The demarcation has resulted in the division of people who share strong ethnic and familial bonds across the border.
- Significance: In addition to fostering people-to-people interactions, the Free Movement Regime (FMR) was envisioned to boost local trade and business activities. The area has a rich tradition of cross-border commerce facilitated by customs and border haats.
Key Takeaways:
- Strategic Importance of Fencing: The India-Myanmar border fencing is crucial for controlling illegal cross-border activities, which have contributed to ethnic tensions in Manipur. This measure is expected to strengthen security and mitigate the root causes of violence.
- Ethnic Conflict: The violence in Manipur is part of a broader ethnic and communal conflict between tribal and non-tribal communities, and it requires a combination of security, political, and social interventions to resolve.
- Security Forces Role: The massive deployment of central forces highlights the severity of the situation and the central government’s commitment to restoring order.
| CARE MCQ | UPSC PYQ |
Q2. Consider the following statements regarding the fencing of the India-Myanmar border:
Which of the above statements is/are correct? A) 1 only |
Q. In the Mekong-Ganga Cooperation, an initiative of six countries, which of the following is/are not a participant/ participant? (2015)
Select the correct answer using the code given below: (a) 1 only Ans: C |
| Answer 2– A
Explanation:
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Union Cabinet gives nod to Bio-RIDE scheme to support R&D in biotechnology
Source: The Hindu
UPSC Relevance: GS 3 Science and Technology
Context: Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme
Why in News
- The Union Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to support cutting-edge research and development in biotechnology.
Overview
- Recently, the Union Cabinet approved the Bio-RIDE scheme to foster innovation, research, and entrepreneurship in the biotechnology sector.
- This scheme is part of India’s broader mission to strengthen its position in biotechnology and bio-manufacturing while addressing global challenges such as healthcare, agriculture, environmental sustainability, and clean energy.
Scheme Integration and New Component:
- Bio-RIDE merges two pre-existing schemes:
- Biotechnology Research and Development (R&D)
- Industrial and Entrepreneurship Development (I&ED)
- It adds a new feature focused on Bio-manufacturing and Bio-foundry, which aims to position India as a global hub for bio-manufacturing.
Financial Outlay:
- The total financial allocation for Bio-RIDE is ₹9,197 crore.
- This funding will cover the period from 2021-22 to 2025-26, aligning with the 15th Finance Commission recommendations.
Objectives:
- Fostering Innovation: The scheme is designed to promote cutting-edge research in areas such as synthetic biology, bio-pharmaceuticals, bio-energy, and bio-plastics.
- Encouraging Bio-entrepreneurship: By offering seed funding, incubation support, and mentorship, the scheme encourages the creation of startups and bridges the gap between academic research and industrial application.
- Sustainable Practices: A significant focus is on promoting environmentally sustainable practices in bio-manufacturing, which aligns with India’s green goals.
Sectoral Impact:
- Healthcare: The scheme supports innovation in bio-pharmaceuticals, advancing healthcare solutions.
- Agriculture: Biotechnology research under Bio-RIDE can contribute to agricultural innovations, helping tackle food security and sustainability.
- Clean Energy: Research in bio-energy could contribute to India’s push towards cleaner and more sustainable energy sources.
Strategic Importance:
- Global Competitiveness: By combining research, development, and entrepreneurship under one unified scheme, India is positioning itself as a leader in the global biotechnology sector.
- Support for Startups: The focus on nurturing bio-entrepreneurs will boost the biotech startup ecosystem in India, allowing it to grow through government support in funding, incubation, and mentorship.
- Sustainability Goals: The emphasis on environmentally friendly bio-manufacturing practices helps align with India’s commitment to climate goals and its transition to a green economy.
| CARE MCQ | UPSC PYQ |
Q3. Consider the following statements regarding the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme:
Which of the above statements is/are correct? A) 1 only |
Q. Other than resistance to pests, what are the prospects for which genetically engineered plants have been created? (2012)
Select the correct answer using the codes given below: (a) 1 and 2 only (b) 3 and 4 only (c) 1, 2 and 4 only (d) 1, 2, 3 and 4 Ans: (c) |
| Answer 3 B
Explanation
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Chandrayaan-4 mission expansion gets Centre’s approval
Source: The Hindu
UPSC Syllabus Relevance: GS 3 Science and Technology
Context: Chandrayaan-4 mission
Why in News
- Union Cabinet approved expansion of Chandrayaan-4 Mission to include preparatory measures for eventual manned moon mission. It also approved Venus Orbiter Mission.
Expansion of the Chandrayaan-4 Mission:
- The Chandrayaan-4 mission will be a follow-up to India’s previous successful lunar missions (Chandrayaan-1, Chandrayaan-2, and Chandrayaan-3).
- This mission is designed to collect rocks and soil samples from the lunar surface and safely return them to Earth. This marks a significant advancement in India’s space exploration capabilities, as sample return missions require advanced technologies for safe collection and retrieval of lunar materials.
- The Chandrayaan-4 mission is considered a preparatory step for India’s eventual manned moon mission. It will help build crucial technologies and capabilities needed for future human space exploration.
Venus Orbiter Mission:
- The Union Cabinet approved the Venus Orbiter Mission, aimed at exploring Venus, often referred to as Earth’s “twin” due to its size and composition.
- This mission will study the atmosphere, surface, and geological features of Venus, contributing to the global understanding of the planet’s climate and environmental conditions. It is likely to focus on atmospheric studies and volcanic activity, providing insights into both planetary science and climate research.
Development of India’s First Space Station:
- The approval includes the development of India’s first space station, marking a major milestone in the country’s ambition to establish a permanent human presence in space.
- This space station will enable long-duration missions, foster international collaborations, and serve as a platform for scientific research and experiments in low Earth orbit.
NextGen Launch Vehicles:
- The Cabinet also approved the development of NextGen launch vehicles, which are expected to provide enhanced payload capacity and more efficient access to space for India’s future space missions.
- These vehicles will be critical for launching both satellites and larger space exploration missions, including those involving humans and cargo.
Strategic Importance:
- The Chandrayaan-4 mission is crucial in advancing India’s lunar exploration program. Sample return missions are complex and require a high degree of technical precision, placing India among an elite group of nations capable of such endeavors.
- The Venus Orbiter Mission will expand India’s planetary exploration portfolio, building on its past successes with Mars and the Moon. Studying Venus can also offer insights into climate change and planetary atmospheres, important for both science and environmental research.
- The space station initiative reflects India’s growing ambition in space, focusing not just on unmanned missions but also the long-term goal of human spaceflight and sustainable space exploration.
- The NextGen launch vehicles will boost India’s commercial satellite launch capabilities and position ISRO as a competitive player in the global space market.
Future Implications:
- Manned Moon Mission: Chandrayaan-4’s technological advancements will feed into India’s plans for a crewed lunar mission, enabling future astronauts to explore the moon’s surface.
- Space Exploration Leadership: These missions will enhance India’s global standing in space exploration and contribute to scientific understanding of planetary bodies and space environments.
| CARE MCQ | UPSC PYQ | ||||||||
Q4. Match the following space missions with their objectives:
Select the correct answer using the codes given below: A) 1-b, 2-a, 3-c |
Q. Consider the following statements: (2016)
The Mangalyaan launched by ISRO
Which of the statements given above is/are correct? (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 Ans: (c) |
| Answer 4 A
Explanation
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Cabinet approves continuation of PM-AASHA to provide better prices to farmers
Source: The Hindu
UPSC Syllabus Relevance: GS 2- Polity and Governance
Context: Continuation of the PM-AASHA scheme
Why in news
- The government has approved the continuation of the PM-AASHA scheme to provide better prices to farmers and control price volatility of essential commodities for consumers.
Overview
- The PM-AASHA scheme (Pradhan Mantri Annadata Aay Sanrakshan Abhiyan) has been approved for continuation with an allocation of ₹35,000 crore.
- This scheme is designed to provide farmers with remunerative prices for their produce while also managing price volatility of essential commodities for consumers.
Key Components of PM-AASHA:
- Price Support Scheme (PSS):
- Under the PSS, procurement agencies will purchase crops from farmers at Minimum Support Prices (MSP).
- This ensures that farmers get a fair price for their crops and protects them from price crashes in the market.
- Price Stabilisation Fund (PSF):
- The PSF is meant to control price volatility in the market, making essential commodities more affordable for consumers.
- The government can intervene in the market to stabilize prices by releasing or purchasing stocks of these commodities as required.
- Price Deficit Payment Scheme (PDPS):
- This scheme compensates farmers when the market price of a particular crop falls below the MSP.
- Instead of purchasing the crop, the government will pay the difference between the MSP and the market price to the farmers.
- Market Intervention Scheme (MIS):
- MIS is used for perishable and horticultural commodities where immediate intervention is needed to prevent farmers from suffering losses due to price fluctuations.
Significance of PM-AASHA:
- By combining these schemes, PM-AASHA aims to create a comprehensive support mechanism for farmers, ensuring that they receive fair prices for their produce.
- It helps the government manage food supply and pricing for consumers by stabilizing prices of essential commodities in the market.
Financial Outlay:
- The approved outlay for this scheme is ₹35,000 crore, and it will be implemented during the 15th Finance Commission Cycle, which runs up to 2025-26.
| CARE MCQ | UPSC PYQ |
Q 5. Consider the following statements regarding the PM-AASHA scheme:
Which of the above statements is/are correct? A) 1 and 2 only |
Q. With reference to the government’s welfare schemes, consider the following statements. (2002)
1. Under the Antyodaya Anna Yojana, the food grains are available to the poorest of the families at 2 per kg for wheat and 3 per kg for rice. Under the National Old Age Pension Scheme, the 2. old and destitute are provided 75 per month as central pension, in addition to the amount provided by most State Government 3. Government of India has allocated 25 kg food grain per below poverty line family per month, at less than half the economic cost. Which of these statements are correct? (a) 1 and 2 (b) 1 and 3 (c) 2 and 3 (d) 1,2 and 3 Ans. (d) |
| Answer 5 B
Explanation
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