Today's Brief 23-26/01/2024
- M.R Mishra
- Jan 26, 2024
- 8 min read
1. GIFT IFSC: Spread over 886 acres on the bank of river Sabarmati is India’s first operational smart city known as GIFT City. This smart city is equipped with state-of-the-art infrastructure to offer a host of cross-border financial services to investors. Both Indian and international banks can set up their units in GIFT City to provide international banking services within the country.
Continue reading to know the full form of GIFT City and its features.
What does GIFT City mean?
The full form of GIFT City is Gujarat International Finance Tec-City. It is a business district comprising commercial and residential spaces, with the commercial spaces used to develop infrastructure to offer global financial services to investors. The business segment of GIFT City includes Offshore Banking, asset management and insurance. Companies involved in capital markets, information technology (IT) services, business process outsourcing, etc., are establishing their units in GIFT City to offer global financial and IT services in the country. GIFT City also hosts multiple International Financial Service Centres (IFSC) that are approved and regulated by the government.
Key Features of GIFT CityThe following are the features offered by GIFT City:
India’s first operational smart cityGIFT City comes with underground utility tunnels to avoid road excavations for future maintenance and renovations. The City Command and Control Centre (C4) uses the Internet of Things (IoT) technology to oversee and manage the city’s infrastructure. The city is also equipped with fully automated district cooling system (DCS) and waste collection system (WCS).
India’s first International Financial Services Centre (IFSC)The city is India’s first IFSC under the Special Economic Zone (SEZ) Act, 2005. The Government of India has approved GIFT City as a multi services SEZ. The country’s various regulatory bodies have permitted financial institutions to set up IFSC units across business sectors in GIFT City. Banks can set up IFSC Banking Units (IBU) to cater to resident and foreign clients.
Tax incentivesUnder IFSC Gift City, both units and investors can benefit from a multitude of tax benefits. Units receive 100% income tax exemption for 10 consecutive years out of 15 years. Also, Goods and services (GST) tax will not be applicable to services. Investors, too, can avail of tax exemptions on specified securities, funds lent to IFSC, transactions under IFSC exchange, etc.
Integrated development67% of GIFT City comprises high-rise landmark buildings with smart offices. Along with commercial spaces, the Gujarat International Finance Tec-City also hosts a dedicated residential zone with affordable housing offerings. Other amenities include a dedicated pedestrian walking and multilevel parking system and enhanced connectivity through mass rapid transit system (MRTS).
Strategic locationThis initiative by the Gujarat Government which is supported by the GOI is strategically located on the banks of the river Sabarmati, between Ahmedabad and Gandhinagar. The former is the state’s business capital while the latter is its political capital. Also, the close proximity to some of the top educational institutions allows for top talent availability.
2. National Voters' Day (NVD)of today, January 26, 2024, the 14th National Voters' Day (NVD) has already passed. It was celebrated on January 25th. However, I'd be happy to share some information about it if you'd like:
Here are some key points about the 14th National Voters' Day:
Date: January 25, 2024
Theme: "Nothing Like Voting, I Vote for Sure"
Significance: Celebrated to mark the foundation day of the Election Commission of India (ECI) on January 25, 1950, and aims to encourage voter awareness and participation in the electoral process.
Celebrations: Held at the national, state, district, constituency, and polling booth levels across India. Activities include oath-taking ceremonies, rallies, workshops, cultural programs, and distribution of awards to young voters.
Guest of Honor: President of India, Droupadi Murmu, graced the national function in New Delhi.
Other highlights:
ECI celebrated its 75th year of service to the nation.
Heads and representatives of election management bodies from several countries participated in the event.
3.Batadrava Than, also known as Bordowa Than, is a significant pilgrimage site for Assamese Vaishnavites located in Nagaon district, Assam, India. Here's what I can tell you about it:
Religious Significance:
Birthplace of Srimanta Sankardeva, a revered 15th-century saint and social reformer who founded the neo-Vaishnavite faith in Assam.
First-ever Namghar or Than constructed by Sankardeva in 1468, making it a historically important site for the religion.
Considered a "Dvitiya Vaikuntha" (second heaven) and holds immense spiritual value for Assamese Vaishnavites.
Key Features:
Sprawling complex covering 16 bigha (approximately 4 hectares) with several structures:
Main Namghar: Dedicated to Sankardeva's teachings and daily prayers.
Doul: A raised platform used for performing the Doul Jatra festival, an important annual celebration.
Sati Radhika Temple: Dedicated to Sankardeva's consort.
Akashi Ganga: A small holy lake considered auspicious by devotees.
Museum of ancient wood sculptures: Housing artifacts from the Than's past.
Tourist Attraction:
Draws visitors from across India and abroad, especially during festivals like Doul Jatra, Janmashtami, and Ras Jatra.
Offers a glimpse into Assamese Vaishnavite culture and traditions.
Surrounded by scenic natural beauty, including paddy fields and lakes.
Additional Information:
Located approximately 16 km from Nagaon city, easily accessible by road.
Accommodation options available in Nagaon and nearby towns.
Dress modestly and respectfully when visiting the Than.
4.A23a is a massive iceberg that recently made news for its journey after being stuck for decades. Here's what you need to know about it:
Origin and Size:
Calved from the Filchner-Ronne Ice Shelf in Antarctica in 1986.
One of the largest icebergs ever recorded:
Area of around 3,900 square kilometers - over twice the size of Greater London!
Estimated volume of roughly 1,100 cubic kilometers.
Mass close to a trillion tonnes!
Recent Movement:
Stuck on the seabed for over 30 years, acting as an "ice island."
Started drifting in 2020 and is now navigating the Antarctic Circumpolar Current.
Recently passed the northern tip of the Antarctic Peninsula and entered the Southern Ocean.
Significance:
Symbol of climate change: Melting ice shelves contribute to rising sea levels.
Study object for scientists: Studying its movement and decay provides valuable insights into ocean currents and ice dynamics.
Potential impact on shipping and ecosystems: Large icebergs can affect shipping routes and marine life.
Current Status:
A23a continues its journey through the Southern Ocean.
Scientists are monitoring its trajectory and potential impacts.
Recent reports highlight the formation of impressive arches and caves within the iceberg as it decays.
5. Parakram Divas, observed on January 23, commemorates the birth anniversary of the freedom fighter Subhas Chandra Bose.
Celebrated annually since 2021, notable events have marked each year. In 2022, a hologram statue of Netaji was revealed at India Gate.
The following year, the 21 largest unnamed islands of Andaman & Nicobar Islands were named after the 21 Param Vir Chakra awardees. Additionally, a model of the National Memorial dedicated to Netaji, intended for Netaji Subhas Chandra Bose Dweep, was unveiled.
The Parakram Diwas 2024 program will feature the launch of 'Bharat Parv' by the Ministry of Tourism. This initiative aims to showcase the nation's diversity through Republic Day Tableaux and cultural exhibits.
Subhas Chandra Bose, often referred to as Netaji (1897-1945), played a prominent role in India's fight for freedom from British rule. His life was characterized by revolutionary zeal, strategic leadership, and a fervent desire for an independent India.
Bose, born in Cuttack, Odisha, in 1897, initially joined the Indian Civil Service but resigned in 1921 to actively participate in nationalist activities, inspired by Gandhi's non-cooperation movement. Rising through the ranks of the Indian National Congress, he became its president in 1938 (Haripura Session).
Diverging from Gandhi's non-violent approach, Bose resigned from Congress in 1939 and formed the All India Forward Bloc. During World War II, he sought international support for India's freedom, revitalizing the Indian National Army (INA)/Azad Hind Fauz. The INA aimed to liberate India from British rule with Japanese assistance, marked by the famous slogan "Chalo Delhi" (March to Delhi).
Despite limited success and defeat during the Battle of Imphal in 1944, Bose's unwavering commitment to independence and unconventional methods inspired millions of Indians. His legacy remains significant, as his image and message of self-reliance and militant resistance fueled the movement for freedom.
6. The Telecommunications Act, 2023 : As per the statement from the Union Minister for Electronics and Information Technology, the Telecommunications Act of 2023 represents a comprehensive set of structural reforms.
Overview:
This legislation aims to revoke the Indian Telegraph Act (1885), Indian Wireless Telegraphy Act (1933), and The Telegraph Wire (Unlawful Possession) Act, 1950. Additionally, it introduces amendments to the Telecom Regulatory Authority of India (TRAI) Act, 1997.
Key Provisions:
1. Assignment of Spectrum: The act mandates spectrum assignment through auctions, except for specific purposes like national security, defense, and weather forecasting, where administrative allocation is permitted.
2. Right of Way: Facility providers can request a right of way over public or private property for telecom infrastructure, provided on a non-discriminatory and non-exclusive basis whenever possible.
3. Digital Bharat Nidhi: Renaming the Universal Service Obligation Fund (USOF) established under the 1885 Act, it is now known as Digital Bharat Nidhi. The fund can be utilized for research and development.
4. Appointments to TRAI: Amendments allow individuals with at least 30 years of professional experience to serve as Chairperson and at least 25 years of experience to serve as members.
5. Protection of Users: The central government may enforce measures like obtaining prior consent for specified messages, creating Do Not Disturb registers, and establishing mechanisms for users to report malware. Telecom service providers must establish online grievance redressal mechanisms.
6. Adjudication Process: An adjudicating officer, at the rank of joint secretary and above, appointed by the Union government, will handle inquiries and issue orders against civil offenses. Appeals against orders can be made to the Designated Appeals Committee and further to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).
7. Legal and Regulatory Framework: The Act aims to establish a legal and regulatory framework for a secure telecom network. It excludes Over The Top (OTT) apps like WhatsApp and Telegram from the definition of telecommunication.
Issues and Concerns:
1. Interception of Communication: The Act allows the interception, monitoring, or blocking of messages on specified grounds, raising concerns about privacy and security.
2. Biometric Verification: The requirement for biometric verification may be disproportionate and could potentially infringe on the fundamental right to privacy.
3. Suspension of Internet Services: The Act empowers the government to take temporary possession of the network without clear definitions, lacking procedural safeguards for powers related to searches.
Way Forward:
Recognizing the telecommunications sector's pivotal role in economic and social development, there is a crucial need for a well-defined legal and regulatory framework. Emphasis should be placed on ensuring a secure and inclusive digital growth, safeguarding users' sensitive information throughout the data processing lifecycle.
7. Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship Mission of Government of India being implemented by Ministry of Housing and Urban Affairs (MoHUA), was launched on 25th June 2015. The Mission addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022, when Nation completes 75 years of its Independence
The Pradhan Mantri Awas Yojana (Urban), often abbreviated as PMAY (U), is a flagship initiative of the Indian government aimed at providing affordable housing to urban dwellers. Launched in June 2015, the primary goal of PMAY (U) is to address the housing needs of the economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) in urban areas.
Key features and components of the Pradhan Mantri Awas Yojana (Urban) include:
1. Objective:
- To ensure that every urban household has access to a safe and sustainable living environment.
- To provide financial assistance to eligible beneficiaries for the construction or enhancement of their houses.
2. Beneficiary Categories:
- Economically Weaker Sections (EWS): Typically, households with an annual income up to ₹3 lakh.
- Low-Income Groups (LIG): Households with an annual income between ₹3 lakh and ₹6 lakh.
- Middle-Income Groups (MIG): Further divided into MIG-I (annual income between ₹6 lakh and ₹12 lakh) and
MIG-II (annual income between ₹12 lakh and ₹18 lakh).
3. Components:
- Credit-Linked Subsidy Scheme (CLSS): Provides interest subsidies on home loans for EWS, LIG, and MIG beneficiaries, making housing loans more affordable.
- Affordable Housing in Partnership (AHP): Promotes partnerships between public and private sectors to develop affordable housing projects.
- Beneficiary-led Construction (BLC): Supports individuals in constructing new houses or enhancing existing ones.
4. Subsidies:
- EWS and LIG beneficiaries are eligible for a substantial interest subsidy on home loans under the CLSS.
- MIG beneficiaries also receive interest subsidies, albeit at a different rate.
5. Eligibility Criteria:
- Beneficiaries must not own a pucca house anywhere in India.
- They should not have availed of any central assistance under housing schemes from the Government of India.
6. Application Process:
- Applications can be submitted through online portals or designated Common Service Centers.
7. Implementation:
- The Ministry of Housing and Urban Affairs oversees the implementation of PMAY (U) in collaboration with state governments and union territories.
8. Progress and Achievements:
- Regular updates on the progress of the scheme, including the number of houses sanctioned, completed, and occupied, are made available to the public.
The Pradhan Mantri Awas Yojana (Urban) plays a crucial role in the government's efforts to promote inclusive and sustainable urban development by addressing the housing needs of various income groups in urban areas.
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