News In Short 1-2-2025

Budget Session

Syllabus: GS3/Economy

Context

• The budget session of the Parliament began on 31st January with President Droupadi Murmu addressing the joint sitting of the two Houses.

About

• The Budget Session will be held from January 31 to April 4 in two phases. 
  • The first part of the Session will end on February 13 and the second phase will begin on March 10.
• FM Nirmala Sitharaman holds the record of presenting the most budget in a row— eight budgets.
• India does not have a fixed parliamentary calendar. By convention, Parliament meets for three sessions in a year. 
  • The longest, the Budget Session, starts towards the end of January, and concludes by the end of April or first week of May.

Union Budget

• The Union Budget of India is referred to as the annual Financial Statement in Article 112 of the Constitution, presented each year by the Finance Minister.
  • It outlines the government’s expected income and spending for the coming year. 
• The budget has to be passed by the House before it can come into effect on April 1, the start of India’s financial year.
• After being presented separately for 92 years, the Railway budget was merged in the Union Budget in 2017 and presented together on the recommendation of the Bibek Debroy Committee.

Facts Related to Union Budget – The first-ever Union Budget of independent India was presented on November 26, 1947, first finance minister R.K. Shanmukham Chetty. – Former Prime Minister Morarji Desai holds the record for presenting the most budgets. 1. He has presented a total of 10 budgets during his tenure as finance minister. – In 2019, Nirmala Sitharaman became the second woman to have presented the budget after Indira Gandhi. 1. She was appointed as India’s first full-time woman finance minister.

Source: TH

Onchocerciasis

Syllabus: GS2/ Health

In News

• The World Health Organization (WHO) declared Niger the first African nation to eliminate onchocerciasis (river blindness) as a public health threat.
• As of now, WHO has verified five countries as onchocerciasis-free: Colombia (2013), Ecuador (2014), Mexico (2015), Guatemala (2016), and Niger (2025)—the first in Africa.

About

• Onchocerciasis, commonly known as river blindness, is a neglected tropical disease (NTD) caused by the parasitic worm Onchocerca volvulus.
• It is transmitted through the bite of infected black flies (Simulium species).
• Symptoms are severe itching, rashes, and skin discoloration.
• In 1987, the introduction of Ivermectin (Mectizan), donated by Merck & Co., is a game-changing treatment.

Source:  DTE

US FDA Approves Suzetrigne

Syllabus: GS2/ Health

In News

• The approval of Suzetrigine as a non-opioid painkiller by the US FDA marks a significant breakthrough in pain management, especially amid the ongoing opioid crisis in the United States.

What is Suzetrigine?

• A non-opioid painkiller developed by Vertex Pharmaceuticals and sold under the brand name Journavx.
• Unlike opioids, which act on the brain’s opioid receptors, Suzetrigine blocks pain signals before they reach the brain, reducing the risk of addiction.

Why is this important?

• The US has been grappling with an opioid epidemic, with 82,000 opioid-related overdose deaths in 2022. Suzetrigine offers an alternative to opioid-based pain relief without the risk of dependence or euphoria.

Source: IE

Financialisation

Syllabus: GS3/Economy

Context

• The Economic Survey 2024-25, has warned that excessive financialisation can hurt the real economy.

About

• It has mentioned financialisation that has resulted in unprecedented levels of public- and private-sector debt in developed economies.
• India should strive to maintain a fine balance between financial-sector development and growth, on the one hand, and financialisation, on the other.

Financialization

• It is the increase in size and importance of a country’s financial sector relative to its overall economy.
  • Financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. 
• This shift typically includes practices like businesses focusing more on financial strategies (like stock buybacks, mergers, and acquisitions) rather than investing in their core products or services.

Impact on Economy

• Short-Term Profit Focus: Companies prioritize shareholder value (e.g., stock buybacks) over long-term investments in growth.
• Wealth Inequality: Wealthier individuals benefit more from financial assets, widening the income gap.
• Losses to Industries: Financial priorities can lead to job losses in manufacturing and traditional sectors.
• Greater Influence of Financial Institutions: Financial institutions gain more power, potentially shaping policies that benefit investors over workers.

Source: TH

Kisan Credit Card Interest Subvention Scheme

Syllabus: GS3/ Agriculture

In News

• In a major step to enhance financial accessibility for farmers, the loan limit under the Kisan Credit Card (KCC) scheme has been increased from ₹3 lakh to ₹5 lakh under the Modified Interest Subvention (MIS) Scheme. 

About Kisan Credit Card (KCC) Scheme

• About: Introduced in 1998 by the National Bank for Agriculture and Rural Development (NABARD) for uniform credit access across banks.
  • Extended in 2004 to cover investment credit for allied and non-farm activities such as: Dairy farming, Poultry, Fisheries, Sericulture, Beekeeping.
  • In 2012 under the T.M. Bhasin Committee simplified the scheme and introduced Electronic Kisan Credit Cards (e-KCC).
• Objectives: Short-term credit for cultivation of crops.
  • Post-harvest expenses to store, process, and transport produce.
  • Produce marketing loans to help farmers sell crops at favorable prices.
  • Consumption needs of farmer households.
• Applicability: Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks and Cooperative Banks.
• Eligibility for KCC: Individual/joint borrowers who are owner-cultivators, Tenant farmers, oral lessees, and sharecroppers,  Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) of tenant farmers and sharecroppers.

Source: TH

Increase in India’s Tiger Territory

Syllabus: GS3/Environment and Conservation

Context

• A new study in Science has found that India’s tiger territory has increased by 30% between 2006-2018.

About

• India’s tiger territory has increased even in areas marked as the world’s most densely populated human settlements setting an example of wildlife-human cooccurrence.
• This comes amid a global wildlife population declining by 73%. 
• The study identifies several areas for potential future expansion of tiger populations, particularly in Chhattisgarh, Odisha and Jharkhand.

Tiger’s Population in India

• Largest Tiger Population: India now hosts the world’s largest tiger population, despite having the highest human density and just 18% of global tiger habitat.
  • In just over a decade, India has doubled its tiger population to more than 3,600, accounting for 75% of the world’s tigers.
• State-wise: The largest tiger population of 785 is in Madhya Pradesh, followed by Karnataka (563) & Uttarakhand (560), and Maharashtra (444).
• Population in reserves: The tiger abundance within the Tiger Reserve is highest in Corbett (260), followed by Bandipur (150), Nagarhole (141), Bandhavgarh (135), Dudhwa (135), Mudumalai (114), Kanha (105), Kaziranga (104), Sundarbans (100), Tadoba (97), Sathyamangalam (85), and Pench-MP (77).

About Tiger – Scientific Name: Panthera tigris – Common Name: Bengal Tiger – Habitat and Distribution: Tigers are widely distributed from the Himalayas to the rainforests of southern Western Ghats and from the dry forests of Rajasthan to the moist forests of north-east India. – Conservation Status: Endangered – Threats:  1. Habitat and loss of prey species 2.Hunting, poaching, and illegal trade 3. Conflict with humans

Source: TOI