Top News Highlights- 25 July 2024

Union Budget 2024–25: Emphasis on Employment and Skilling

• The Union Budget highlights the government’s focus on employment. The launch of five new schemes under the Prime Minister’s Package aimed at creating opportunities for 4.1 crore youth over five years,.
• Customs duties have been rationalized to support domestic manufacturing and promote export competitiveness.
• Tax revisions under the new regime include reduced TDS rates and adjustments in capital gains tax rates.

Supreme Court’s Stance on GM Mustard

• A split verdict was delivered by the Supreme Court on the environmental release of GM Mustard, emphasizing the need for a national policy on GM crops.
• GM crops have the potential for higher yields and climate adaptability, but concerns about health and environmental impacts remain.

National Industrial Corridor Development Programme

• The budget proposes the development of twelve new industrial parks to boost manufacturing and attract foreign investment.
• These parks aim to enhance productivity and competitiveness through shared infrastructure and are part of a broader strategy to improve industrial infrastructure across the country.

Urban Transformation Strategies

• New strategies for urban development focus on housing, sanitation, and infrastructure, aiming to support the growing urban population, which contributes significantly to the national GDP.
• Initiatives include the expansion of PM Awas Yojana and new plans for transit-oriented development in major cities.

Intergenerational Equity and Technological Advancements

• The UNDP’s Spotlight 2024 Report discusses the need for equitable futures and the recognition of natural rights, highlighting the role of AI and other technologies in bridging development gaps.
• Ethical considerations and multilateral cooperation in areas like space exploration are emphasized as critical to improving global living conditions.

DIGIPIN and Geospatial Governance

• The Department of Posts has introduced DIGIPIN, a digital postal index number system, to improve addressing solutions and facilitate better delivery of services.
• This initiative is expected to enhance the efficiency of logistical operations and public service delivery through a national addressing grid.

Key Concepts and Policies

• Prime Minister’s Package of Schemes: A collection of initiatives focused on employment and skill development to support youth over the next five years.
• Genetically Modified (GM) Crops: Organisms that have had their genetic material altered for improved productivity and resistance to pests and diseases.
• National Industrial Corridor Development Programme (NICDP): A government initiative to develop industrial cities with modern infrastructure to boost manufacturing and economic growth.
• Urban Transformation Strategy: Policies aimed at enhancing the living conditions and infrastructure in urban areas to support economic growth and improve quality of life.