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Major Highlights Union Budget 2022-23 Join us >> @upscscaleup

Major Highlights Union Budget 2022-23 Join us >> @upscscaleup

According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Join us >> @upscscaleup

OVERALL GLIMPSES : Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

Union Budget 2022-23 Major Highlights Join for more such updates >> @upscscaleup

67th BPSC Prelims is going to be held on 30th of April 2022 All the best 👍 Join for more such updates >> @upscscaleup

📰 News: Banks to transfer 15 NPAs worth ₹50,000 crore to NARCL. • Banks have finalised plans to transfer 15 Non Performing Asset (NPA) accounts worth ₹50,000 crore to the National Asset Reconstruction Company Ltd. (NARCL), or the ‘bad bank’ set up to help resolve the stress by the end of this financial year. • “A total of 38 accounts aggregating to ₹82,845 crore have been identified for transfer to NARCL; however the transfer will happen in a phased manner,” Dinesh Khara, chairman of State Bank of India (SBI) said in a briefing. • “Under Phase I, about 15 accounts, aggregating to ₹50,335 crore, are expected to be transferred in the current financial year, i.e. on or before 31st March 2022,” he said. • He said all requisite approvals, including from the RBI, for setting up NARCL and the India Debt Resolution Company Ltd. (IDRCL) have now been received and that both companies were ready to commence business. • The broad features of the arrangement are that NARCL will acquire and aggregate the identified NPA accounts from the banks, while IDRCL, under the exclusive arrangement will handle the debt resolution process. • The final approval and ownership for the resolution shall lie with NARCL as the principal. • This arrangement will also be in full conformity with the provisions of the SARFAESI Act as well as outsourcing guidelines of the RBI. • NARCL has the mandate to acquire the identified assets on a 15:85, cash: secured receipt (SR) structure. The SRs will be issued in favour of lenders transferring the assets. These SRs will be secured by a Government of India guarantee for their face value. • It does not include accounts that have been classified as fraud. • Initially, it was estimated that ₹2 lakh crore of bad loans would be transferred to the bad bank but since some accounts have been resolved, the figure has come down to about ₹1.5 lakh crore, Mr. Khara said. • What is Bad Bank? - A ‘Bad bank’ is a bank that buys the bad loans of other lenders and financial institutions to help clear their balance sheets. • What is Non Performing Assest (NPA)? - A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.

📰 News (29-01-2022): ■ Philippines inks $375 mn BrahMos missile deal. • Philippines on Friday signed a $374.96-million deal with BrahMos Aerospace Private Ltd. for the supply of shore-based anti-ship variant of the BrahMos supersonic cruise missile. • This is the first export order for the missile, a joint product of India and Russia. • Mr. Lorenzana, Defence Secretary of Philippines said it was an absolute honour to be the first foreign nation to acquire the supersonic cruise missile system. • “As the world’s fastest supersonic cruise missiles, the BrahMos missiles will provide deterrence against any attempt to undermine their sovereignty and sovereign rights, especially in the West Philippine Sea,” he said. • Mr. Lorenzana said the system would provide counter-attack capabilities within the Philippine exclusive economic zone. • Several countries have shown interest in acquiring the BrahMos missile. Discussions are in advanced stages with Indonesia and Thailand. • What is Exclusive Economic Zone (EEZ)? - EEZ is the zone in the sea over which a sovereign nation has certain special rights with respect to the exploration and usage of marine resources. □ About BrahMos missile: • BrahMos is a joint venture between DRDO (Defence Research and Development Organisation) and Russia’s NPO Mashinostroyeniya and the missile derives its name from the Brahmaputra and Moskva rivers. • It is capable of being launched from land, sea, sub-sea and air against surface and sea-based targets and has for long been inducted by the Indian armed forces. • The range of the missile was originally capped at 290 km as per obligations of the Missile Technology Control Regime. Following India’s entry into the club in June 2016, officials said the range would be extended to 450 km and 600 km at a later stage.  ■ Centre appoints Anantha Nageswaran as CEA. • The Centre on Friday appointed V. Anantha Nageswaran as the Chief Economic Advisor. • The CEA is usually responsible for drafting the Economic Survey presented on the eve of the Budget. • The CEA plays a key role in bringing out the Economic Survey, which presents the economic report card of the Government during the year and suggestions on possible reforms. ■ 6% of MSMEs owned by SC entrepreneurs. • Maharashtra tops India’s list in the number of micro, small and medium enterprises (MSME) owned by entrepreneurs from the Scheduled Castes (SC) with as many as 96,805 enterprises. • The proportion of enterprises owned by SC entrepreneurs is the overall national tallu is 6%. • Tamil Nadu with 42,997 enterprises and Rajasthan with 38,517 units occupy the second and third slots, according to the data furnished by the Office of the Development Commissioner in the Union Ministry of MSME exclusively to The Hindu regarding the number of SC-owned enterprises covered under the Udyam system of registration. • The Udyam system of registration, which came into force on July 1, 2020, is a pre-requisite for any MSME (regardless of the social category of ownership) to avail itself of concessions or benefits from the Central and State governments. ■ Wuhan study raises concerns on NeoCov. • A single molecular change in the lab enabled a coronavirus called Neocov to “efficiently infect” human cells using the same pathway that the SARS-CoV-2 uses to infect human cells, researchers from Wuhan University, China said in an report that is yet to be peer-reviewed. • Neocov has so far only been seen in bats and no instances have been reported in people, but NeoCov is closely related to the Middle East respiratory syndrome, a viral disease first identified in Saudi Arabia in 2012. • In their study, Neocov, a coronavirus known to be 85% similar to MERS coronaviruses, infected animal cells. MERS has a mortality rate of around 35%, far more than the coroanviruses. • The Sarscov2 spreads the way it does because it has figured out a way to use the enzyme called human angiotensin convertor 2 (hACE2) to infect cells. • The scientists reported that they have, for the first time, shown NeCov too uses bat ACE2.

A PROPOSAL FOR INDIAN ENVIRONMENTAL SERVICE The Supreme Court asked the Centre whether it was planning a dedicated Indian Environment Service in the national bureaucratic set-up, as recommended by a committee headed by former Cabinet secretary TSR Subramanian in 2014. About Committee The high-level committee was constituted in August 2014 under the chairmanship of TSR Subramanian by the ministry of environment, forests and climate change (MoEF & CC). The committee was formed with an aim to review environmental laws in the country, and to bring them in line with the current requirements. The report, submitted by the committee in 2014, recorded the fact that India had a strong environmental policy and legislative framework but weak implementation has resulted in environmental governance being criticised by conservation experts and the judiciary. Indian Environment Service (IES) The committee suggested constitution of Indian Environment Service (IES) to recruit qualified and skilled human resource in the environment sector. Recommendations • Expert body to evaluate project clearance, in a time bound manner, providing for single-window clearance. •A fast-track procedure for linear projects like roads, railways and projects of national importance. • Adding environmental reconstruction cost to project cost, which has to be recovered from project proponent. • Setting up of National Environment Research institute. Concerns Amending almost all green laws, including environment, forest, wildlife and coastal zone clearances. Report was rejected by Parliamentary standing committee. JOIN >> @upscscaleup