Facts in News

Facts in News

Char Dham project (Infrastructure)

Recently, the Ministry of Railways announced that the Final Location Survey (FLS) for Broad Gauge (BG) rail connectivity to Char Dham is near completion.

• The Rail Vikas Nigam Limited, a Public Sector Enterprise under the Ministry of Railways was entrusted to undertake the Final Location Survey (FLS)

Key Points

• Under this project, the Chardham (also known as Chota Char Dham) i.e; Gangotri, Yamunotri, Badrinath, and Kedarnath will be connected by the railway line.
  • Location: Garhwal (Uttarakhand)
• Aim: To promote pilgrimage as well as tourism. 
• Length: 327 km
• Benefits: 
  • The state-of-the-art technology will be put to use to ensure that no harm is caused to the fragile Himalayan ecology. 
  • A large chunk of the budget will be spent on measures to prevent calamities like landslides and conserve the environment.

Image Courtesy: Indian Express

Chardham Road Project

• Administered by: Ministry of Road and Transport
  • Implementation by: Uttarakhand State Public Works Department (PWD), BRO, and the National Highway & Infrastructure Development Corporation Limited (NHIDCL).
  • Length: 889 km
• Construction by: Border Roads Organization (BRO)
  • BRO works under the administrative control of the Ministry of Defence.
  • Established in:1960
• This highway construction has been implemented in Engineering, Procurement and Construction (EPC) mode (under which the project cost is completely borne by the government).

Ayush Clinical Case Repository (ACCR) portal (Health)

The Ministry of Ayush (Ayurveda, Yoga, Naturopathy, Unani, Siddha, Sowa-Rigpa and Homoeopathy) will be going to launch Ayush Clinical Case Repository (ACCR) Portal and Ayush Sanjivani (third version) mobile application. 

Key Features

• ACCR portal will provide access to clinical outcomes in the field of alternative therapy, and further research and analysis.
• This portal will serve as a platform to support both Ayush practitioners and the general public. 
• Aim: To portray the strengths of Ayush systems for the treatment of various disease conditions.
• Ayush Sanjivani App: 
  • The third version of this app will facilitate a significant study and documentation regarding the efficacy of selected Ayush interventions, including Ayush 64 and Kabasura Kudineer medicines in the management of asymptomatic and mild to moderate COVID 19 patients.

Laurence des Cars (Art and Culture)

Recently, Laurence des Cars has become the first woman to be appointed the president of Louvre – the world’s largest art museum in Paris.

Key Points

• Des Cars is known for the restitution of art looted by the Nazis during World War II. 
• Louvre is the home of world-famous Mona Lisa paintings.
  • It is 228 years old and the world’s most visited museum.

Image Courtesy: Louvre

Citizenship by Investment Programme (IR)

Now, the Citizenship by Investment Programme has become a trend among wealthy Indians to settle abroad.

Citizenship by Investment Programme

• Citizenship by Investment or Economic Citizenship is a scheme by which a person becomes a naturalised citizen of another country by investing in that country.
  • The amount of investment varies from country to country.
  • These are often known as golden passport or cash-for-passport programs, offering visa-free travel and possible tax advantages.
  • The concept of the Citizenship by Investment Programme was started in St. Kitts and Nevis.
• While many countries, including India, Australia and Canada etc, offer permanent residency status after a significant contribution to the economy and proof of residency in that country for a number of years.
  • If a foreigner invests an amount from Rs. 10 to Rs. 25 crores in India then he/she will be granted permanent residency status for a period of 10 years initially with multiple entry facility.
  • This scheme will not be applicable to Pakistani citizens or third-country nationals of Pakistani origin.

National Pension System (NPS) and Atal Pension Yojana (APY) (Government Schemes)

Recently, the Pension Fund Regulatory and Development Authority (PFRDA) has mentioned its assets have crossed Rs 6 lakh crore under the National Pension System (NPS) and Atal Pension Yojana (APY).

National Pension System

• It is a voluntary contribution pension system in India, works under the purview of the Pension Fund Regulatory and Development Authority (PFRDA).
• Launched in: 2004
• Eligibility: Citizens of India and NRIs (also OCI cardholders) can invest in the scheme.
• Age Limit: 18-65 years.
• NPS is a quasi-EET (Exempt, Exempt, Taxable) instrument in which only 40% maturity amount is non-taxable.
• Account type: Tier I and Tier II.
  • A subscriber can withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a regular income after retirement.
  • The government didn’t provide any monetary assistance.

Atal Pension Yojana

• This pension scheme was started for the people working in the unorganised sector, administered by Pension Fund Regulatory and Development Authority (PFRDA).
  • Earlier it was known as Swavalamban Yojana.
• Launched in: 2015
• Eligibility: Only Citizens of India.
• Age Limit: 18-40 years.
• This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically.
• Account Type: Single Consolidated Account
  • The subscriber is not allowed to withdraw the money invested prior to the term-end. 
  • In case of the unfortunate demise of the investor, or the investor has a medical condition that withdrawal may be considered.

Pension Fund Regulatory and Development Authority (PFRDA)

• Established in: 2003
• Headquarters: New Delhi
• It is the regulatory authority that works under the Ministry of Finance.
• Objective: To promote, develop and regulate the pension sector in India.
• Composition: Chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the Central Government.

Insurance FDI rules (Indian Economy)

The central government has allowed 74% Foreign Direct Investment (FDI) in Indian insurance companies.

• The measure was first announced in Budget 2021-22.

Key Points

• Currently, insurance penetration in India stood at 3.7% of the GDP compared to the world average of 6.31%.
• Growth in the life insurance sector has slowed to 11-12% currently from 15-20% until fiscal 2020.
• Under the guidelines, an Indian insurance company with 74 per cent foreign equity should have the majority of its directors, key management personnel, and at least one among the chairperson of its Board, its managing director and its chief executive officer; as resident Indian citizens.
• Benefits:
  • Bring down the cost of insurance products in India. 
  • Benefits to small insurance players or the ones where the sponsors don’t have the ability to put in more capital.

R.N. Malhotra Committee

• Set up in 1993 (submitted report in 1994)
• Aim: Make recommendations to make reforms in Indian Insurance Sector.
• Major recommendations:
  • The private sector can be permitted to enter the insurance industry.
  • The foreign companies can be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners.