Top News Highlights- 12 August 2024

Naming of Undersea Features: Ashoka Seamount, Chandragupta Ridge, and Kalpataru Ridge

• Geographical Importance: The naming of these features enhances India’s maritime prestige and influence in the Indian Ocean, promoting marine research and territorial recognition.
• International Cooperation: This development underscores the collaborative efforts under IHO and UNESCO’s IOC, highlighting India’s commitment to international norms and scientific exploration.
• Strategic Implications: These structures are strategically located along the Southwest Indian Ridge, offering potential for new resources and enhancing oceanic studies.

Amendment to Long Term Capital Gain Tax in Budget 2024-25

• Economic Impact: The proposed amendments aim to streamline tax provisions, potentially affecting real estate and investment decisions.
• Policy Understanding: Aspirants should grasp the implications of indexation benefits and tax rates on long-term capital investments.
• Fiscal Policy Analysis: This change reflects the government’s approach to taxation and asset management, relevant to economic and governance studies.

Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 Scheme

• Social Welfare: Addresses housing shortages, targeting over one crore families with an investment of ₹10 lakh crore.
• Government Initiatives: Reflects the government’s commitment to ‘Housing for All’, crucial for topics on urban development and social schemes.
• Policy Components: Understanding the scheme’s structure, such as beneficiary-led construction and affordable rental housing, is vital for public administration.

Introduction of ‘Grain ATM’ in Odisha

• Innovation in Public Distribution: The ‘Annapurti’ system represents a significant leap in technology use for food security.
• Impact on Society: Ensures 24/7 availability of food grains, enhancing access and reducing logistic challenges.
• Government Collaboration: A joint initiative with the WFP, showcasing effective public-private partnerships.

Banking Laws (Amendment) Bill, 2024

• Regulatory Reforms: Proposes changes to enhance governance and transparency within the banking sector.
• Financial Security: Introduction of measures like successive nomination to protect depositor’s interests.
• Economic Implications: Understanding the impact of these reforms on financial stability and investor confidence.

Disaster Risk Transfer Parametric Insurance Solution (DRTPS) in Nagaland

• Disaster Management: First state initiative to mitigate economic losses from extreme weather through insurance.
• Policy Innovation: Represents a new approach to disaster risk management and financial resilience.
• Government Planning: Supports understanding of state-level initiatives and their alignment with national disaster management strategies.

Key Concepts and Policies

• International Hydrographic Organization (IHO): Focuses on worldwide hydrography and nautical charting.
• Long Term Capital Gain (LTCG): Profit from the sale of an asset held for a specific period, taxed under specific conditions.
• Pradhan Mantri Awas Yojana-Urban (PMAY-U): Aims to provide affordable housing to the urban poor.
• Grain ATM (Annapurti): A technology-driven solution for distributing food grains efficiently.
• Banking Laws Amendment: Enhances governance and protection for depositors in the banking sector.
• Disaster Risk Transfer Parametric Insurance Solution (DRTPS): An insurance framework to reduce losses from disasters through predefined payouts.