What are the key highlights of FRBM Act, 2003?
- The Fiscal Responsibility and Budget Management Act (FRBM Act) was enacted in August 2003.
- Aims to introduce transparency in India’s fiscal management systems.
- Objectives:
- To ensure fiscal discipline in government finances
- Inter-generational equity in fiscal management
- Long-term macro-economic stability.
- The act mandated the reduction of the fiscal deficit to 3% of GDP – Initial goal was March 31, 2009 but it has been postponed since 2008
- Now the most recent target is set 3.1% for March 2023.
- The following should be placed along with the Union Budget:
- Medium Term Fiscal Policy Statement
- Macroeconomic Framework Statement
- Fiscal Policy Strategy Statement
Chunauti: Next Generation Start Up Challenge contest
- Ministry of Electronics and Information Technology has launched “Chunauti”- Next Generation Startup Challenge Contest.
- Special focus on Tier-II towns.
- Around 300 start ups working in select areas are to be identified and provided with seed fund up to Rs 25 lakhs.
- GoI will invite startups in the areas of work including Edu Tech, Agri Tech and FinTech solutions for masses, Supply Chain and Logistic management, Infrastructure, Medical Healthcare as well as jobs and skilling.
Association of Renewable Energy Agencies of the States
- On the 6th Foundation Day of AREAS, GoI has launched a website and telephone directory for AREAS.
- AREAS was formed by the Ministry of New and Renewable Energy (MNRE).
- Aim is better coordination, interaction and sharing of best practices among the various state nodal agencies (SNAs) for renewable energy.
- It got registered under Society Registration Act, 1860 on 27th August 2014.
- The Union Minister for NRE is the Patron of the Association and Secretary, MNRE is the ex-officio President of the Association.
- All SNAs are members of the Association.
Rules for administration in the J&K
- Ministry of Home Affairs (MHA) has notified new rules for administration in the Union Territory of Jammu and Kashmir.
- Under these functions of the Lieutenant Governor (LG) and the Council of Ministers are notified.
- Notified under the Section 55 of the J&K Reorganization Act, 2019
- Police, public order, All India Services and anti-corruption, will fall under the executive functions of the LG.
- Chief Minister or the Council of Ministers will have no say in their functioning.
- Proposals or matters which affect or are likely to affect the peace and tranquility of the UT or the interest of any minority community, SC, ST or OBCs “shall essentially be submitted to the Lieutenant Governor through the Chief Secretary.
- In case of difference of opinion between the LG and a Minister, decision of the Lieutenant Governor shall be deemed to have been accepted by the Council of Ministers.
Supreme Court’s Decision on UGC Guidelines
- Based on the recommendations of the R.C. Kuhad Expert Committee, UGC had issued guidelines.
- UGC had directed that final year examinations of Universities must be conducted by September-end in online or offline mode.
- States like Delhi and Maharashtra employed DM Act but UGC objected.
- The SC ruled that the states are empowered under the Disaster Management Act, 2005 (DM Act) to override UGC exam guidelines in order to protect human lives amid the Covid-19 pandemic.
- The powers of the States under the DM Act do not extend to promoting students.
Current COVID19 Situation in India
QUIZ TIME
Which of the following ministries launched Chunauti: Next Generation Start Up Challenge contest?
- Ministry of Electronics and Information
- Ministry of Home Affairs
- MSME
- Ministry of Health
Answer – A
AREAS comes under:
- Ministry of Environment, Forest and Climate Change
- Ministry of Agriculture & Farmers Welfare
- Ministry of Jal Shakti
- Ministry of New and Renewable Energy
Answer – D
Choose the correct statement about new rules for administration of J&K:
- Police, public order will fall under the executive functions of the LG.
- Police, public order will fall under the executive functions of the CoM
- Police, public order will fall under the executive functions of the PMO
- In case of difference of opinion CMs decision shall be deemed to have been accepted.
Answer – A
Question of the Day
What is PM KUSUM?
Answer in next session…
