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    Indian Economy Current Affairs, important for Competitive Exams.

    Halwa ceremony for the Interim Union Budget 2024, took place at North Block

    The Halwa ceremony, marking the final stage of the Budget preparation process for the Interim Union Budget 2024, took place at North Block on 24th January 2024.

    1. The Finance Ministry performs the customary Halwa ceremony every year before the lock-in process of Budget preparation begins.
    2. Union Finance Minister Nirmala Sitharaman, Minister of State for Finance Dr. Bhagwat Kisanrao Karad, and other senior officials were present during the ceremony.
    3. As part of the ceremony, Ms. Sitharaman took a round of the Budget Press, reviewed preparations, and extended her best wishes to the officials involved.
    4. Similar to the previous three full Union Budgets, the Interim Union Budget 2024 will be delivered in a paperless form.
    5. The Budget documents will be accessible on the Union Budget Mobile App after the completion of the Budget Speech by the Union Finance Minister in Parliament on the 1st of February.

    Q: Halwa ceremony is associated with which of the following events?

    a. Independence Day celebrations
    b. Budget preparation process
    c. National Women’s Day
    d. Republic Day Celebration

    Ans : b. Budget preparation process

    Around 25 crore people have lifted themselves out of poverty in the last nine years : NITI Aayog

    1. According to NITI Aayog, nearly 25 crore people in India have lifted themselves out of poverty in the last nine years.
    2. The discussion paper released by NITI Aayog on 16 January 2024, focuses on Multidimensional Poverty in India from 2005 to 2006, analyzing the decline in poverty rates across various dimensions.
    3. The poverty rate has decreased from over 29 percent to around 11 percent in the mentioned nine-year period.
    4. Uttar Pradesh has witnessed the most significant reduction in poverty among Indian states, with nearly 6 crore people escaping poverty in the last nine years.
    5. Other states showing notable declines in poverty include Bihar, Madhya Pradesh, and Rajasthan.
    6. NITI Aayog predicts that India will achieve single-digit poverty rates this year, marking a substantial accomplishment given that over 50 percent of the population was in poverty around 2005.
    7. The Sustainable Development Goal (SDG) target of halving multidimensional poverty by 2030 is expected to be achieved by India much sooner than the set deadline.
    8. NITI Aayog CEO, B.V.R. Subrahmanyam, emphasized that reducing absolute poverty by half in 8 to 9 years is a remarkable achievement that will showcase India’s progress towards its SDG goals to the world.

    Q: What is the reported decline in poverty rate in India over the last nine years according to NITI Aayog?

    a) 27 percent to around 9 percent
    b) 25 percent to around 17 percent
    c) 29 percent to around 11 percent
    d) 20 percent to around 15 percent

    Answer: 29 percent to around 11 percent

    Q: Who currently serves as the Chief Executive Officer (CEO) of NITI Aayog in India?

    a) Narendra Modi
    b) Amitabh Kant
    c) Arvind Panagariya
    d) B.V.R. Subrahmanyam

    Answer: d) B.V.R. Subrahmanyam

    ONGC starts oil production from its Cluster-2 project in Krishna Godavari basin in Bay of Bengal

    1. The Oil and Natural Gas Corporation (ONGC) has initiated oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal.
    2. The project is situated in the KG-DWN-98/2 block, characterized as a complex and challenging block.
    3. Initial production is expected to be 45 thousand barrels per day and over 10 million standard cubic metres per day of gas.
    4. The project, located offshore the Godavari river delta, is positioned 35 kilometres off the coast of Andhra Pradesh.
    5. Water depths in the project area range from 300 to 3,200 metres.
    6. The discoveries in the KG-DWN-98/2 block are divided into three clusters, with Cluster-2 being the first to be put into production.
    7. The anticipated impact of the project includes adding 7 percent to the current national oil production and 7 percent to national natural gas production.

    Q: Where is the KG-DWN-98/2 block located, where the ONGC starts oil production from Cluster-2 project in January 2024 ?

    a) Arabian Sea
    b) Bay of Bengal
    c) Indian Ocean
    d) Andaman Sea

    Answer: b) Bay of Bengal

    Govt constitutes 16th Finance Commission with Dr Arvind Panagariya as its Chairman

    The Sixteenth Finance Commission has been constituted by the Centre.

    1. Dr. Arvind Panagariya, former NITI Aayog Vice Chairman and current Columbia University Professor, will serve as the Chairman of the 16th Finance Commission.
    2. Ritvik Ranjanam Pandey, an IAS officer, will be the secretary of the Commission.
    3. The Commission’s recommendations will include matters related to the distribution of net proceeds of taxes between the Union and the States, and measures to augment the Consolidated Fund of a State to support Panchayats and Municipalities.
    4. The Commission may review current financing arrangements for Disaster Management initiatives, particularly funds under the Disaster Management Act, 2005, and make appropriate recommendations.
    5. The Finance Commission has been tasked with making its report available by October 31, 2025, covering a five-year period starting from April 1, 2026.

    Q: Who has been appointed as the Chairman of the Sixteenth Finance Commission?

    a) Dr. Arvind Panagariya
    b) Ritvik Ranjanam Pandey
    c) Nirmala Sitharaman
    d) Dr Subramanyam Swami

    Answer: a) Dr. Arvind Panagariya

    Q: What is the role of Ritvik Ranjanam Pandey in the Sixteenth Finance Commission?

    a) Chairman
    b) Secretary
    c) Financial Advisor
    d) Member

    Correct Answer: b) Secretary

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