Daily Current Affairs for UPSC CSE
Topics Covered
- Small Savings Scheme
- Project NETRA
- Facts for Prelims
1 . Small Savings Scheme
Context : ‘Small savings rates unlikely to be raised for coming quarter’
About Small Savings Schemes
- Small Saving schemes have been always an important source of household savings in India.
- Small savings instruments can be classified under three heads.
- Postal deposits : Under Post Office Deposits we have the savings deposit, recurring deposit and time deposits with 1, 2, 3 and 5 year maturities and the monthly income account.
- Savings certificates: Under Savings Certificates, we have the National Savings Certificate and the Kisan Vikas Patra.
- Social security schemes : In the third head of social security schemes, there is Public Provident Fund, Sukanya Samriddhi Account and Senior Citizens Savings Scheme.
National Small Savings Fund
- A National Small Savings Fund (NSSF) in the Public Account of India has been established in 1999. A new sub sector has been introduced called “National Small Savings Fund” in the list of Major and Minor Heads of Government Accounts.
- All small savings collections are credited to this Fund. Similarly, all withdrawals under small savings schemes by the depositors are made out of the accumulations in this Fund.
- The balance in the Fund is invested in Central and State Government Securities. The investment pattern is as per norms decided from time to time by the Government of India.
- The Fund is administered by the Government of India, Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President under Article 283(1) of the Constitution.
- The objective of NSSF is to de-link small savings transactions from the Consolidated Fund of India and ensure their operation in a transparent and self-sustaining manner.
- Since NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
- As an instrument in the public account, the balances under NSSF are direct liabilities and constitute a part of the outstanding liabilities of the Centre.
- The NSSF flows affect the cash position of the Central Government.
2 . Project NETRA
Context : With space junk posing increasing threat to Indian assets in space, the Indian Space Research Organisation (ISRO) is building up its orbital debris tracking capability by deploying new radars and optical telescopes under the Network for Space Objects Tracking and Analysis (NETRA) project.
About Project NETRA
- NETRA (Network for space object Tracking and Analysis) is an early warning system that would help detect space hazards to Indian satellites
- The project is expected to give India its own capability in space situational awareness (SSA), something that other space powers already have. The SSA is used to predict threats from debris to Indian satellites.
- SSA also serves as a warning system against missile or a space attack against India. According to ISRO, India’s SSA would be the first for low-earth orbits, or LEO.
- Under NETRA, the agency plans on putting up a number of observational facilities, including connected radars, telescopes, data processing units and a control centre.
- Project would help India track space debris, and hence mitigate any unfortunate eventuality.
- Eventual goal for NETRA would be to capture the geostationary orbit, which is reportedly seen at 36,000 kilometres, where communication satellites operate.
- Radars and optical telescopes are vital ground-based facilities for keeping an eye on space objects, including orbital junk
3 . Facts for Prelims
BIMSTEC Charter
- BIMSTEC Charter, which formalizes the grouping into an organization made up of members states that are littoral to, and dependent upon, the Bay of Bengal.
- Under this Charter, the members were expected to meet once in every two years.
- With the Charter, the BIMSTEC now has an international personality. It has an emblem, it has a flag. It has a formally listed purpose and principles that it is going to adhere to
NFDC
- National Film Development Corporation of India is the central agency established to encourage the good cinema movement in the country.
- The primary goal of the NFDC is to plan, promote and organize an integrated and efficient development of the Indian film industry and foster excellence in cinema. Over the years NFDC has provided a wide range of services essential to the growth of Indian cinema.
- The NFDC (and its predecessor the Film Finance Corporation) has so far funded / produced over 300 films. These films, in various Indian languages, have been widely acclaimed and have won many national and international awards.
- The Ministry of Information and Broadcasting, through three different orders transferred the mandate of production of documentaries and short films; organisation of film festivals; and preservation of films to the National Film Development Corporation (NFDC), which functions under the Ministry.
- Stating that the mandate of the Films Division, Directorate of Film Festivals, National Film Archives of India and Children’s Film Society, India had been transferred recently to the NFDC