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What to Read in Indian Express for UPSC Exam

25Dec
2022

NEP creating futuristic education system in the country says Modi (Page no. 8) (GS Paper 2, Education)

Prime Minister Narendra Modi said the new generation, growing up in a better education system under the National Education Policy (NEP), would naturally grow to be “ideal citizens”.

The Prime Minister, who was virtually addressing the 75th year celebrations of Shree Swaminarayan Gurukul in Rajkot, said,

These ideal citizens, in 2047, when the country celebrates 100 years of its independence, will realise the dream of India as a developed nation, and the efforts of Swaminarayan Gurukul in this will be very important.

When the country became independent, it was our responsibility to revive India’s great talents in the field of education, its grandeur and its pride, but because of the ‘slave mentality’, governments did not move in that direction.

In some ways, they even went in the opposite direction. In these circumstances, our saints and acharyas took up this responsibility towards the country, adding that the “blessings and support of the saints” would be very important in the next 25 years of the country’s journey.

Talking about the educational reforms announced by his government under NEP 2020, the Prime Minister said, “Since 2014, there has been a 65 per cent rise in the number of medical colleges.

Under the new education policy, the country is, for the first time, preparing an education system that is forward-looking and futuristic.

Praising Swaminarayan Gurukul as an “ideal example”, he said Dharmajivandasji Swami founded the institution soon after Independence with a vision that “combined spiritualism with modernism, tradition with culture and was inclusive”. He said knowledge has been the highest purpose of life in India. “While other countries were known by their regimes or their royalty, India was known for its gurukuls.”

Citing the example of ancient universities of Nalanda and Takshashila, Modi said, “The diversity and cultural prosperity we see in every fabric of India was a result of its tradition of research and discovery and this laid the foundation of our civilization.”

 

Economy

Unlinked PAN – Aadhaar to be inoperative from April 2023 IT Dept (Page no. 15)

(GS Paper 3, Economy)

In a recent announcement by the Income Tax Department said that the Personal Account Numbers (PANs) that are not linked to Aadhaar by March 31, 2023, will become Inoperative from April 1.

As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before March 31, 2023. From April 1, 2023, the unlinked PAN shall become inoperative," the Income Tax department said in a public advisory.

Aadhaar card is issued to every Indian citizen, which has a unique 12-digit number assigned by Unique Identification Authority (UIDAI).

It is an identification number that facilitates access to the cardholder's records from the government database, including contact information and biometric data.

Aadhaar registration is open to every Indian, regardless of age or gender and the enrollment process is cost-free. Once a person enrolls, the database retains their information forever. Aadhaar numbers are unique to each individual.

With much criticism directed against the courts with regard to judicial appointments, there may be reasons for preserving the Collegium system as it stands today

The income tax division must be notified if you have a PAN and are eligible for an Aadhaar number or already have one. The PAN-Aadhar linking will help you do this and if failed the PAN will become inoperative.

 

SIP outflows: Investors redeem over `22,000 crore in 3months (Page no. 15)

(GS Paper 3, Economy)

Contrary to the general perception, systematic investment plans (SIP) of mutual funds have witnessed outflows of over Rs 22,000 crore in the last three months with almost half of it coming in the month of November.

While the monthly SIP inflows have been touching record highs in the last three months, the pace of redemption has also accelerated, if unpublished data compiled by the Association of Mutual Funds in India (AMFI) — but available with mutual funds — is any indication.

Between September and November, though the total SIP contribution was Rs 39,323.47 crore, redemption was to the tune of Rs 22,169.46 crore, indicating that investors cashed out amid the volatility in the market. This means only Rs 17,154 crore was the net investment in SIPs during the three-month period.

Of the total redemption, more than 50 per cent of the money was pulled out by retail investors from SIPs in November, as per the data available with the mutual fund companies. When contacted by The Indian Express, AMFI chief NS Venkatesh was not available for comments.

In November, while the SIPs contribution was Rs 13,306.49 crore, retail investors pulled out Rs 10,049.95 crore from their SIP accounts. In September and October, redemptions were Rs 6,577.63 crore and Rs 5,541.88 crore, respectively.

Everybody’s investment attained a new high after a long wait. Due to this, some people decided to take money out. Total assets under management of SIP schemes were Rs 683,852 crore as of November 2022.

Of the Rs 22,169.46 crore, the highest redemptions were seen in the equity or growth schemes. Retail investors pulled out Rs 19,303.05 crore alone from the equity scheme.

This was followed by the hybrid scheme, which witnessed redemption of Rs 1,360.8 crore between September and November.

The monthly data available on the website of Association of Mutual Funds in India only shows the gross investment through SIP route and it does not take into account the redemptions in a particular month.

Higher demand for money during the festive seasons in September and October also led to redemption, market participants said. On November 30, 2022, the BSE Sensex surged over 500 points or 1 per cent in trade to surpass the 63,300 level.

The index hit a record high for the fifth session in a row at 63,303.01 before closing at 63,099.65. “The November rally in the stock markets prompted some investors to book profits from the SIP schemes.