Today in History (February 04th,2008)
Every year on February 4th, people around the globe observe World Cancer Day. This day is dedicated to increasing public knowledge about cancer, its prevention, early detection, and treatment. It’s spearheaded by the Union for International Cancer Control (UICC) with the aim to fulfill the objectives set out in the World Cancer Declaration of 2008.
Summary of Today’s News
Union Budget Summary 2025 Part 2
Investment as the 3rd engine:
Investing in People:
Saksham Anganwadi and Poshan 2.0:
• Provides nutritional support to more than 8 crore children, 1 crore pregnant women and lactating mothers all over the country.
• The cost norms for the nutritional support will be enhanced appropriately.
Atal Tinkering Labs:
• 50,000 Atal Tinkering Labs will be set up in Government schools in next 5 years to cultivate the spirit of curiosity and innovation.
Broadband Connectivity:
• Broadband connectivity will be provided to all Government secondary schools and primary health centres in rural areas under the Bharatnet project.
Bharatiya Bhasha Pustak Scheme:
• It provides digital-form Indian language books for school and higher education.
• Aim: To help students understand their subjects better.
• National Centres of Excellence for Skilling:
• 5 National Centres of Excellence for skilling will be set up with global expertise and partnerships.
• Aim: To equip our youth with the skills required for “Make for India, Make for the World” manufacturing.
Expansion of Capacity in IITs:
• Total number of students in 23 IITs has increased 100 per cent from 65,000 to 1.35 lakh in the past 10 years.
• Centre of Excellence in AI for Education:
• 3 Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities were announced in 2023.
• Now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of 500 crore.
Day Care Cancer Centres in all District Hospitals:
• Government will facilitate setting up of Day Care Cancer Centres in all district hospitals in the next 3 years.
• 200 Centres will be established in 2025-26.
PM SVANidhi:
• Scheme has benefitted more than 68 lakh street vendors.
• The scheme will be revamped with enhanced loans from banks, UPI linked credit cards with 30,000 Rupee limits.
Social Security Scheme for Welfare of Online Platform Workers:
• Government will arrange for their identity cards and registration on the e-Shram portal.
• They will be provided healthcare under PM Jan Arogya Yojana.
Investing in the Economy:
Support to States for Infrastructure:
• An outlay of 1.5 lakh crore is proposed for the 50-year interest free loans to states for capital expenditure
Asset Monetization Plan 2025-30:
• The second Plan for 2025-30 will be launched to plough back capital of 10 lakh crore in new projects.
Jal Jeevan Mission:
• 15 crore households representing 80 per cent of India’s rural population have been provided access to potable tap water connections.
• To achieve 100 per cent coverage the extension of the Mission until 2028 with an enhanced total outlay.
• The Mission’s focus will be on the quality of infrastructure and O&M of rural piped water supply schemes through “Jan Bhagidhari”.
Urban Challenge Fund:
• The Government will set up an Urban Challenge Fund of 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’.
• Fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs.
• An allocation of 10,000 crore is proposed for 2025-26.
Nuclear Energy Mission for Viksit Bharat:
• Development of at least 100 GW of nuclear energy by 2047 is essential for our energy transition efforts.
• A Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) with an outlay of 20,000 crore will be set up.
• At least 5 indigenously developed SMRs will be operationalized by 2033.
• Maritime Development Fund:
• A Maritime Development Fund with a corpus of 25,000 crore will be set up.
• This will have up to 49 per cent contribution by the Government, and the balance will be mobilized from ports and private sector.
UDAN – Regional Connectivity Scheme:
• A modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the next 10 years.
• The scheme will also support helipads and smaller airports in hilly, aspirational, and North East region districts.
Western Koshi Canal Project in Mithilanchal:
• Financial support will be provided for the Western Koshi Canal ERM Project benefitting a large number of farmers cultivating over 50,000 hectares.
SWAMIH Fund 2:
• Under the Special Window for Affordable and Mid-Income Housing (SWAMIH) 50,000 dwelling units in stressed housing projects have been completed.
• Another 40,000 units will be completed in 2025
• SWAMIH Fund 2 will be established as a blended finance facility with contribution from the Government, banks and private investors.
• This fund of 15,000 crore will aim for expeditious completion of another 1 lakh units.
Tourism for employment-led growth:
• Top 50 tourist destination sites in the country will be developed in partnership with states through a challenge mode.
• There will be a special focus on destinations related to the life and times of Lord Buddha.
Investing in Innovation:
• Research, Development and Innovation:
• To implement private sector driven Research, Development and Innovation initiative 20,000 crores has been allocated.
• PM Research Fellowship:
• Over the next five years, the government will offer 10,000 fellowships for technological research at IITs and IISc, with increased financial support.
Gene Bank for Crops Germplasm:
• The 2nd Gene Bank with 10 lakh germplasm lines will be set up for future food and nutritional security.
• India’s first gene bank was set up in 1996 by the Indian Council of Agricultural Research-National Bureau of Plant Genetic Resources (ICAR-NBPGR) in New Delhi.
Gyan Bharatam Mission:
• The Gyan Bharatam Mission will survey, document, and conserve over 1 crore manuscripts in collaboration with academic institutions, museums, libraries, and private collectors.
Exports as the 4th engine:
Export Promotion Mission:
• Government will set up an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance.
• It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures.
BharatTradeNet:
• A digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade will be set-up as a unified platform for trade documentation and financing solutions.
Global Capability Centres:
• A national framework will be formulated for emerging tier 2 cities.
• This will suggest 16 measures for enhancing availability of talent and infrastructure, building byelaw reforms, and mechanisms for collaboration with industry.
Reforms as the Fuel:
Tax Reforms:
• Tax department commitment: “Trust First, Scrutinize Later”
Financial Sector Reforms and Development:
• FDI in Insurance Sector: The FDI limit for the insurance sector will be raised from 74 to 100 per cent.
• This enhanced limit will be available for those companies which invest the entire premium in India.
• Credit Enhancement Facility by NaBFID: NaBFID will set up a ‘Partial Credit Enhancement Facility’ for corporate bonds for infrastructure.
• National Bank for Financing Infrastructure and Development (NaBFID) is a financial institution in India that supports the country’s infrastructure sector. It was established in 2021 by an Act of Parliament.
• Grameen Credit Score: Public Sector Banks will develop ‘Grameen Credit Score’ framework to serve the credit needs of SHG members and people in rural areas.
• KYC Simplification: The revamped Central KYC Registry will be rolled out in 2025
• Aim: To implement the simplifying the KYC process.
Regulatory Reforms:
• To develop this modern, flexible, people-friendly, and trust-based regulatory framework appropriate for the twenty-first century 4 measures proposed:
• A High-Level Committee for Regulatory Reforms will be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions.
• An Investment Friendliness Index of States will be launched in 2025 to further the spirit of competitive cooperative federalism.
• Under the Financial Stability and Development Council, a mechanism will be set up to evaluate impact of the current financial regulations and subsidiary instructions.
• Government will now bring up the Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws.
Fiscal Policy:
Fiscal Consolidation:
