NITI AAYOG

The planning commission which has a legacy of 65 years has replaced by NITI Aayog. The utility and significance of the Planning Commission had been questioned for long. The replacement seems to be more relevant and responsive to the present economic needs and scenario in the country.

EVOLUTION OF NITI AAYOG

The NITI Aayog was formed on January 1, 2015. In Sanskrit, the word “NITI” means morality, behavior, guidance, etc

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Universal Basic Income

What is a Universal Basic Income?
• A universal basic income (UBI) is an unconditional and universal right. It requires that every person should have a right to a basic income to cover their needs, just by virtue of being citizens.
•   The Economic Survey (ES) 2016-17 says the time has come to think of UBI for a number of following reasons
•    Social Justice – An UBI promotes many of the basic values of a society which respects all individuals as free and equal.
•   Poverty Reduction – Conditional in the presence of a well-functioning financial system, a Universal Basic Income may simply be the fastest way of reducing poverty.

Agency – The poor in India have been treated as objects of government policy. An unconditional cash transfer treats them as agents, not subjects.
•  By taking the individual and not the household as the unit of the beneficiary, UBI can also enhance agency, especially of women within households.

•  Administrative Efficiency –  It is a way of ensuring that state welfare transfers are more efficient so that the state can concentrate on other public goods. Continue reading “Universal Basic Income”

Real Estate Act, 2016

Why in news?

  • Central government has cautioned the States of a vacuum arising if necessary institutional mechanisms, as required by the Real Estate Act were not put in place before April 30, 2017.

What is Real Estate Act, 2016?

  • The Act which is envisaged to regulate both commercial and residential real estate projects, seeks to set up a state level regulatory authority called Real Estate Regulatory Authority (RERAs) for regulation and promotion of the real estate sector.
  • The Act makes it mandatory for uploading the details of a Real Estate project on the website of the RERAs. Real estate agents also need to register with the RERAs.
  • The Act also makes it mandatory for the builders to put 70% of the amount collected from buyers in a separate bank account. This must only be used for construction of the project. However, the state government can alter this amount to less than 70%.
  • The Act also seeks to establish fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.

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Key Highlights of Union Budget 2017-18

The Union Budget for the year 2017-18 was presented by the Finance Minister Mr. Arun Jaitley in the Parliament on 1 st February 2017.

AGRICULTRE

  • Agricultural credit during the year 2017-18 is targeted at Rs.10 lakh crores, with 60 days interest waiver.
  • The government intends to double the NABARD fund (for long term irrigation) corpus from Rs. 20,000 crore to Rs. 40,000 crore.
  • A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
  • Dairy processing infrastructure fund will be initially created with a corpus of Rs. 2000 crore.
  • Soil testing: The government will set up mini labs in Krishi Vigyan Kendras for soil testing.

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CLIMATE CHANGE AND SUSTAINABLE DEVELOPMENT

Ø The year 2015 witnessed two landmark international events: the historic climate change agreement under the UNFCCC in Paris in December 2015 and the adoption of the Sustainable Development Goals in September 2015. Continue reading “CLIMATE CHANGE AND SUSTAINABLE DEVELOPMENT”