CURRENT AFFAIRS 09.02.2024

1. We saved economy from a crisis: Govt

• The Finance Minister laid a white paper on the economy in the Lok Sabha. The white paper outlined that the Manmohan Singh led United Progressive Alliance 10 years in office created an inheritance of loss for the country and the Narendra Modi led NDA government rescued the economy from a state of crisis despair and paralysis.
• The paper sought to make a case that the present government had rejuvenated the economy from UPA’s policy status and misgovernance to infuse it with dynamism and growth and hope in the people.
• A whitepaper is a persuasive, authoritative, in-depth report on a specific topic that presents a problem and provides a solution.

2. Sri Lankan Navy arrests 19 Indian fishermen

• A total of 19 fishermen were arrested by the Sri Lankan Navy.
• While 17 of them belonged to Rameshwaram and Thangachimadam in Tamil Nadu the other two were from Odisha.
• This was perhaps the first time that two persons from Odisha had been arrested along with fishermen from Rameswaram in Palk Bay.
• There have been periodic instances of Indian fishermen being arrested by Sri Lankan authorities for allegedly crossing the International Maritime Boundary Line and fishing in Sri Lankan waters.

3. The paytm payments bank debacle

• The Reserve Bank of India barred paytm subsidiary paytm payments bank limited from obtaining further deposits and top ups in its accounts or wallets from February 29.
• It has disallowed the Paytm subsidiary from accepting further deposits top ups or credit transactions into its operated wallet or accounts from February 29.
• It has also been prohibited from carrying out any banking services bill payments and UPI.
• According to the guidelines of the Reserve Bank of India Payments Bank cannot lend directly. However, the paytm payments bank lended indirectly by providing credit dispensing products from 3rd parties.
• Payments bank comes under a differentiated bank licence since it cannot offer all the services that a commercial bank offers. In particular, a payments bank cannot lend. It can take deposits upto ₹1 lakh per account and it can issue debit cards but not credit cards.

4. What are the regulations with respect to rice prices?

• The Indian government recently made it mandatory for all traders, wholesalers, retailers and millers to declare their respective rice stocks.
• The government has also announced the launch of Bharat rice to bring down rice prices in the market.
• The Union government said that there are ample stocks with the Food Corporation of India and that Kharif crop is good
• The retail price of rice has increased by 14.51% in the last one year.
• The minimum support price for rice has gone up in the last five years and the cost of transport storage are also escalating.
• The Union government announced retail sale of rice at Rs 29 per kg under ‘Bharat Rice’ through three cooperatives. The move is aimed at controlling the rise in rice prices, which have risen by 14.5 per cent in retail and 15.5 per cent in the wholesale markets in the last one year.

5. Centre to scrap free movement regime with Myanmar

• Government has decided to scrap the free movement regime along the Myanmar border for the sake of the country’s internal security and to maintain the demographics of Northeastern states.
• The Home Ministry has recommended the immediate suspension of the regime which allowed tribal people living along the border on both sides to cross with few restrictions.
• Under the free movement regime any member of a hill tribe who is a citizen of either India or Myanmar and who recites within 16 kilometres of the border on either side can cross on the production of a border pass which is usually valid for a year and stay up to two weeks per visit.
• A 1968 notification limited the free movement of people up to 40KM on either side of the border which was further reduced to 16 km in 2004. The provisions were last revised in 2016.
• The Indian Myanmar border passes through the states of Arunachal Pradesh, Nagaland, Manipur and Mizoram.

6. Low budget outlay hurting MGNREGS says House Panel

• A reduced budget at the outset of the financial year for Mahatma Gandhi National Rural Employment Guarantee scheme has cascading effect on various important aspects of the programme and leaves a telling impact on its progress according to the parliamentary standing Committee on rural development.
• According to the committee the allocation should instead be based on the expenditure pattern of the previous years.
• The committee pointed out that the budgetary allocation has been well below the demand made by the rural Development Ministry each year.
• The committee also flagged the delay in dispensing the wages which is supposed to be compensated by a delay allowance as prescribed by the act.
• A year after the Union Budget 2023 cut allocation to Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA) to the lowest in four years, Union Finance Minister Nirmala Sitharaman has increased it this time to ₹86,000 crore in her Budget Estimate (BE) for 2024-25.

ONE LINER

1. India’s first small animal hospital has been inaugurated in Mumbai, inaugurated by TATA Trusts located at Mahalaxmi, Mumbai. Service provided are Pet Healthcare, Veterinary Care, Emergency & Critical Care for Small Animals.