UPSC GK Capsule: Budget 2024 to UPI Going Global, Top Events of The Week

From UPSC Civil Services to SSC recruitment exams, from college admissions to group discussions, general knowledge questions mark a significant part of almost every exam. For candidates preparing to crack an exam or those who need to get their news in a compact form, News18 offers a weekly column – GK Capsule. While we provide you a weekly news wrap, to get more information on a specific topic or an exam, reach out at @news18dotcom.

The Union Public Service Commission (UPSC) examination is renowned for its comprehensive evaluation of candidates aspiring to become civil servants in India. For the current year, the UPSC Civil Service Prelims exam is scheduled for May 26, with the Mains exam set to take place from September 20 onwards. To excel in the UPSC Civil Service Exam, candidates need a robust grasp of static general knowledge about India. The syllabus encompasses diverse subjects, including geography, history, economics, technology, and the environment.

We have compiled a list of this week’s major news stories to assist candidates in preparing for upcoming recruitment exams:

Interim Budget 2024: Semiconductors

The Union government has reaffirmed its commitment with a significant allocation of Rs 6,903 crore in the Interim Budget for 2024–2025. The announcement forms a crucial part of the government’s sustained efforts to position India among nations excelling in semiconductor technology. The groundwork for this renewed focus was established through a Rs 76,000 crore incentive scheme introduced in December 2021.

Tax Benefits For Startups:

On February 1, the Centre announced that tax breaks for startups and investments by sovereign wealth and pension funds would be extended until March 2025, providing relief to the startup ecosystem. Certain tax breaks for startups and investments by sovereign wealth or pension funds, as well as a tax exemption on certain incomes for some International Financial Services Centre (IFSC) units, are set to expire on March 31, 2024. “To provide continuity, I propose to extend the date to 31.3.2025,” Finance Minister Nirmala Sitharaman said while presenting the Interim Budget recently.

Gyanvapi Mosque Basement:

On January 31, the Varanasi Court ruled that petitioners from the Hindu side are permitted to perform puja in the ‘Vyas Tekhana’ or basement portion of the Gyanvapi mosque premises. The order, issued by Judge A K Vishvesh, directs the district magistrate to make necessary arrangements within seven days. Counsel Madan Mohan Yadav confirmed that the Kashi Vishwanath Trust will facilitate the prayers. Describing it as a “turning point” and a “historic verdict,” Vishnu Shankar Jain, one of the advocates representing the Hindu side, shared his perspective on the decision.

Interim Education Budget 2024:

Finance Minister Nirmala Sitharaman announced during her Interim Budget 2024 speech that more medical colleges will be established, and a committee will be formed to investigate this possibility. Apart from medical colleges, Nirmala Sitharaman stated that there are plans for the “upgradation of aanganwadi centres” in the education sector. According to the minister, the Skill India Mission has trained approximately 1.4 crore youth, and 3000 new ITIs have been established. There have also been several new IITs and IIMs established.

UPI Goes Global:

India formally launched the UPI at Paris’ iconic Eiffel Tower, describing it as fulfilling Prime Minister Narendra Modi’s vision of taking UPI global. The move comes after India and France signed a digital payments agreement in July 2023 that allows India’s unified payments interface to be used for retail payments in the European nation, making it the first country on the continent to do so. In 2016, the National Payments Corporation of India (NPCI) developed the Unified Payments Interface (UPI), an Indian instant payment system.