PIB Summaries 02 February 2024

Contents:

1. Indian Coast Guard celebrates Raising Day

1. Summary of the Interim Union Budget 2024-25

Indian Coast Guard celebrates Raising Day

Focus: GS III: Security Challenges

Why in News?

The Indian Coast Guard (ICG) celebrated its 48^th Raising Day on February 1, 2024, in New Delhi. The ceremony commemorates its remarkable journey from a modest beginning in 1977 to becoming a formidable force in maritime security. 

About Indian Coast Guard:

• The Indian Coast Guard is a multi-mission organization, conducting round-the-year real-life operations at sea.

• It has a wide range of task capabilities for both surface and air operations.

Functions of ICG:

To protect our ocean and offshore wealth including oil, fish and minerals

• To assist mariners in distress and safeguard life and property at sea

•  To enforce maritime laws with respect to sea, poaching, smuggling and narcotics

• To preserve marine environment and ecology and protect rare species

 To collect scientific data and back-up the Navy during war

• For effective command and control, the Maritime Zones of India are divided into five Coast Guard Regions, namely, North-West, West, East, North-East and Andaman & Nicobar, with the respective Regional Headquarters located at Gandhinagar, Mumbai, Chennai, Kolkata and Port Blair.

Achievements of ICG:

• • • In a strategic move towards a ‘Digital Armed Force,’ the Ministry of Defence and TCIL have entered into a transformative agreement for the Digital Coast Guard (DCG) mission, aligning with the government’s vision for a paperless office.Under the motto “Vayam Rakshamah” (We Protect), the ICG has saved over 11,554 lives since its inception, including 200 lives in the year 2023.
      • Maintaining a 24×7 vigil in the Maritime Zones of India, the ICG deploys multiple ships and aircraft daily, contributing to the nation’s goal of ensuring free and secure seas for sustainable progress in the blue economy and safe maritime transportation.
      • In response to the evolving challenges in maritime security, the ICG has significantly strengthened Maritime Law Enforcement, resulting in the seizure of weapons, contraband, and narcotics worth many crores.
      • Pioneering the ‘Make in India’ and ‘Aatmanirbhar Bharat Abhiyan’ missions, the ICG has inducted numerous indigenous ships, aircraft, and equipment. On the marine environmental front, the ICG, as the Central Coordinating Authority for Oil Spill response in Indian Exclusive Economic Zone (EEZ), has ensured no major oil spill incidents in Indian waters in the past year.The ‘Swachh Sagar, Surakshit Sagar,’ and ‘Puneet Sagar Abhiyan’ campaigns, garnered mass participation of volunteers.
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Summary of the Interim Union Budget 2024-25

Focus: GS-3 Indian Economy

Why in News?

Recently, the Finance Minister of India presented the Interim Union Budget for 2024-2025 in Parliament.

Key points:

• The capital expenditure outlay for the next year is being increased by 11.1 per, which would be 3.4 per cent of the GDP.

• As per the First Advance Estimates of National Income of FY 2023-24, India’s Real GDP is projected to grow at 7.3 per cent.

• The total receipts other than borrowings and the total expenditure for the year 2024-25 are estimated at Rs 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at Rs 26.02 lakh crore.

• The scheme of fifty-year interest free loan for capital expenditure to states will be continued this year with total outlay of Rs1.3 lakh crore.

• The fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP.

• The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 and 11.75 lakh crore respectively.

• It stressed on the significance of social Justice and aims for the upliftment of the poor, women, youth, farmers as its highest priority.

• During 2014-23, the FDI inflow has witnessed significant growth and it has almost doubled when compared to the inflow during 2005-14.

• Over the last 10 years the direct tax collections have more than trebled. However, no changes were made in the tax rates.