Current Context : Recently, Department of Posts released beta version of Digital Postal Index Number  (DIGIPIN) for public comments and expert opinion.

• The Department had collaborated with IIT Hyderabad for developing a National Addressing Grid, named as Digital Postal Index Number (DIGIPIN).

ABOUT DIGIPIN

• Aim : to establish a geo-coded addressing system in India.
• Goal : for ensuring simplified addressing solutions for citizen-centric delivery of public and private services.
• It will act as a strong and robust pillar of Geospatial Governance.

Significance of DIGIPIN: It can be used for logically locating addresses with directional properties built into it.

Current Context : The finance minister recently announced a revision to the model skill loan scheme.

• The revised scheme will now facilitate loans up to Rs 7.5 lakh backed by a guarantee from a government-promoted fund.
• This initiative is expected to benefit 25,000 students annually.

ABOUT SKILL LOAN SCHEME

• Launched in July, 2015.
• It provides financial assistance to students pursuing technical courses offered by training institutes, polytechnics, and similar institutions.
• These courses are conducted by training institutes following the National Skill Qualification Framework (NSQF) and lead to certifications, diplomas, or degrees.
• The Scheme avaliable through banks that are members of the Indian Banks’ Association (IBA) and financial organisations approved by the Reserve Bank of India (RBI).
• Ministry : Ministry of Skill Development and Entrepreneurship

Current Context : The finance minister recently introduced a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya.

• This new scheme is designed to help parents and guardians plan for their children’s future financial needs.

ABOUT NPS VATSALYA SCHEME:

• It is a scheme under the National Pension Scheme (NPS).
• NPS Vatsalya is a scheme for minors in which, a regular contribution is made by parents or guardians.
• The scheme will get converted to regular NPS once the child attains the age of 18.
• The accumulated amount will be transferred to the standard NPS account when the child turns 18.
• The scheme operates similarly to the existing NPS.

NATIONAL PENSION SCHEME

• It is a voluntary pension system for all citizens, including both residents and NRIs between the ages of 18 and 70 years (NPS).
• It is a market-linked contribution scheme that allows Indian citizen to systematically save for their retirement and also derive tax benefits out of it.

Current Context : Recently, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Lok Sabha.

• Budget is presented as per Article 112 of the Constitution, formally known as ‘Annual Financial Statement’.
• The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.

KEY HIGHLIGHTS

• Announcement of Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 Cr youth over a 5-year period with a central outlay of INR 2 Lakh Cr.
• Rationalization of Custom Duties on various sectors to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation.
• Revision of tax rate structure under new tax regime.
• TDS rate reduced on some payments and e-commerce operators.
• Short term gains and Long term gains on financial assets to attract a tax rate of 20% and 12.5%, respectively.
• Development of investment-ready plug-and-play industrial parks with complete infrastructure in or near 100 cities.
• Vivad Se Vishwas Scheme, 2024 proposed for resolution of income tax disputes.
• Corporate tax rate on foreign companies reduced from 40 to 35 %
• Shram Suvidha and Samadhan portals will be revamped to enhance ease of compliance for industry and trade.
• Anusandhan National Research Fund for basic research and prototype development to be operationalised.

Observed annually on 26 July

• Aim : to pay tribute to the bravery of Indian soldiers who made the ultimate sacrifice for the country during the Kargil War of 1999.
• This event marks the conclusion of the Kargil War between India and Pakistan that started in May 1999.
• After the success of Operation Vijay. The Kargil war was ended on 26 July which continued approx 60 days.

Current Context : Recently, Auditions for the cultural events of Minjar Fair-2024 began on Monday.

BACKGROUND OF MINJAR FAIR

• Minjar Mela is celebrated in the Chamba valley of Himachal Pradesh, as a commemoration of the victory of the Raja of Chamba over the ruler of Trigarta (now known as Kangra), in 935 AD.
• It is said that on the return of their victorious king, people greeted him with sherfs of paddy and maize, as gift to symbolize prosperity and happiness.
• This mela is held on the second Sunday of the Shravana month.
• The fair is announced by distribution of Minjar which is a silk tassel worn on some parts of the dress by men and women alike.
• The week long fair begins when the Minjar flag is hoisted in historical Chowgan.
• Minjar fair has been declared as one of the state fairs of Himachal Pradesh.

Current Context : The Government of India, notified the reconstituted NITI (National Institution for Transforming India) Aayog.

It made 15 Union Ministers, including those who are from NDA allies, and four full-time members a part of the government think-tank.

ABOUT NITI AAYOG

• NITI Aayog envisaged as a think tank and advisory body of the government.
• It aims to construct a strong state that will help create a dynamic and strong nation. This helps India emerge as a major economy in the world.
• Established in 2015 to replace the Planning Commission.
• It is a composed of :
  • Chairperson: PRIME MINISTER
  • Vice-Chairperson: To be appointed by Prime-Minister
  • Governing Council
  • Regional Council
  • Ad-hoc Membership
  • Ex-Officio Membership
  • Chief Executive Officer
  • Special Invitees

Current Context : Recently,External Affairs Minister Jaishankar Inaugurates India’s First Overseas Jan Aushadhi Kendra In Mauritius.

ABOUT JAN AUSHADI KENDRA :

• It is a health partnership project.
• Aim : to supply cost-effective, Made-in-India medicines to enhance public healthcare and well-being in Mauritius.
• Additionally, he also inaugurated the Mediclinic project at Grand Bois village in Mauritius.
  • Funded by Indian assistance, the project will provide secondary healthcare for approximately 16,000 people living in the area

Current Context : The Department of Shalya Tantra at All-India Institute of Ayurveda (AIIA) successfully organised the Second National Seminar SAUSHRUTAM Shalya Sangoshti.

• During the live surgical workshops operations carried out on patients of Bhagandar (Fistula-in-ano), Arsha (Hemorrhoids), Pilonidal sinus, Gall bladder stone, hernia etc. using newer technics like VAAFT, Laparoscoly and laser and traditional Shayla methods

ABOUT SUSHRUTA JAYANTI

• Sushruta Jayanti is celebrated every year on 15th July to honour the legendary Sushruta, considered as the father of surgery.
• He was an ancient Indian surgeon from Kashi (around 7th century BC) and is the author of ‘Sushruta Samhita’, a comprehensive textbook on medicine and surgery.
• The Sushruta Samhita is organized into five major sections:
  • Sutrasthana: Primary principles dealing with basic principles of medical sciences and pharmacology;
  • Nidana: It deals with pathological concepts;
  • Sarirasthana: On human anatomy;
  • Chikitsasthanam: On medical and surgical management;

Kalpasthanam: On toxicology.

Current Context : Government has implemented a uniform 5% tax on all imports of aircraft components and engine parts.

Objective : to streamline tax rates for items like aircraft parts, testing equipment, tools, and tool-kits.

• The tax rate which earlier varied between 5% and 28%.
• Recommended by India’s Goods and Services Tax (GST) Council.

ABOUT GST COUNCIL

• GST Council is responsible for making recommendations to the Union and the states on important GST-related issues.
• It was inroduced by 101st Amendment Act of 2016 under Article 279A of the Indian constitution.