1. Union Budget 2024: FM lays down nine priorities of Budget
2. India stuns China in Bangladesh, wins Rights to Operate Terminal of Mongla port
3. Indian soldier killed in line of duty as Army foils infiltration bid in Jammu’s Poonch
4. Supreme Court rules out re-exam for NEET-UG 2024 after no systemic breach found
5. India ‘reopens’ embassy in Libya after five years

What Else

1. Pakistan ‘seeks’ rescheduling of $15bln Chinese loan
2. Ukraine’s foreign minister arrives in China to discuss ‘fair peace’
3. Pak PM Shehbaz backs Beijing Declaration for Palestinian interim unity govt
4. China rolls out strict new measures for government sector to protect state secrets
5. Nepal, China mountaineering agencies agree to enhance rescue capabilities

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Union Budget 2024: FM lays down nine priorities of Budget

• On Budget priorities, the Finance Minister said that in the interim Budget the govt promised to present a detailed roadmap for the pursuit of Viksit Bharat.
• Budget envisages sustained efforts on the following 9 priorities — agriculture, employment and skilling, inclusive HRD and social justice, manufacturing and services, urban development, emergency security, infra, innovation R&D, next-gen reforms.
• New employment-linked incentives for employees; ₹1.48 lakh crore allocation for education, employment, skill: The major focus of the entire budget this year was on job creation and how to ease the process of embracing more people into an organised workforce.
• Given this, Min announced 3 schemes under employment-linked incentives and said the govt will allocate Rs 2 lakh crore for job creation over the next 5 years.
• The Finance Minister announced a DBT of 1 month’s salary in 3 instalments of up to Rs 15k to first-time employees registered in EPFO.
• Job creation in manufacturing sector: The govt will also create jobs in the manufacturing sector by providing incentives, as per Sitharaman’s speech.
• The manufacturing incentives will be provided directly to both employees and employers as per their EPFO contribution in the first four years of employment.
• Support of Employers: Under this scheme, the govt will provide reimbursement to employers up to 3,000/month for 2 years towards their EPFO contribution for each additional employee.
• All major schemes for farmers see an increase in allocation: Minister allocated about ₹ 1.50 lakh crore to the agriculture sector. Almost all major schemes for farmers see an increase in allocation compared to previous budgets.
• However, the fertilisers subsidy is down by about ₹1 lakh crore when compared to the actual expenditure in 2022-23.
• To address the price rise, the Fin Min has also provided ₹10,000 crore to the price stabilization fund. In the last budget, the allocation was just ₹10 lakh.
• ₹10 lakh crore investment into scheme for urban housing: To address the housing needs of urban poor and middle-class families, the Minister has announced an investment of ₹10 lakh crore under the PM Awas Yojana-Urban 2.0, including the Central assistance of ₹2.2 lakh crore in the next five years. (here)
• Govt grants Rs 15,000 crore to Andhra Pradesh: FM Sitharaman said that Andhra Pradesh will be given $17,92,135.50 for developing its capital.
• In the pre-budget meeting, Andhra Pradesh Chief Minister N Chandrababu Naidu had asked for a grant of Rs 15,000 crore to carry out the construction and development of Amaravati as the state’s only capital.
• Bihar gets road connectivity, and industrial corridor: The finance minister announced an industrial corridor through the state of Bihar. (here)
• India’s budget sees increased allocation for Nepal, Sri Lanka, Seychelles: The Indian govt’s budget allocation for the MEA in the fiscal year 2024-2025 has marked increased allocations to Nepal, Sri Lanka, and Seychelles, with a drop in support for other neighboring countries.
• The increase is dependent on the needs and requirements of each country, intended for infrastructure support and development projects.
• Nepal stands out as a significant beneficiary with an allocation of Rs 700 crore, marking a substantial increase of Rs 150 crore from the previous year.
• Sri Lanka has also seen a noteworthy increase in its allocation, with Rs 245 crore earmarked for FY 2024-25, up by Rs 95 crore from last year’s allocation of Rs 150 crore.
• This rise comes as Sri Lanka continues to navigate economic recovery, and India’s support is seen as crucial in these efforts.
• Seychelles has received an additional Rs 30 crore, bringing its total allocation to Rs 40 crore from the previous financial year’s Rs 10 crore.
• This increase, although modest, signals India’s continued interest in strengthening ties with the Indian Ocean region.
• Steady Allocations: Afghanistan and the Maldives have not seen any changes in their allocations, remaining at Rs 200 crore and Rs 400 crore, respectively.
• The Maldives also saw a significant increase in the revised budget for FY 2023-24, rising to Rs 770.90 crore, indicating ongoing support for its major infrastructure projects.
• Decreased Allocations: Bhutan’s allocation has decreased by Rs 332.02 crore, and similarly, Myanmar’s budget has been reduced by Rs 150 crore to Rs 250 crore.
• Bangladesh has seen its allocation drop by Rs 80 crore to Rs 120 crore.
• Strategic Continuity:The Chabahar port project in Iran continues to receive a steady allocation of Rs 100 crore, unchanged for the past three years. (here)
• Defense budget: Highest allocation ever, 30% boost to BRO and more: Minister allocating $74.29 bn to the defense sector.
• This is $60 mn more than what was announced in the Feb interim budget.
• Defence Minister Rajnath Singh hailed the budget as the “highest allocation” ever given to the defense sector, making up almost 13% of the total union budget.
• Of the total amount, $20.5 bn has been earmarked as the capital budget.
• Out of these $20.5 bn, $12.5 bn will be utilized for procurement from domestic firms.
• 30% budget boost to BRO: Another significant part of the defense budget is that a 30% boost has been awarded to the BRO under the capital head.
• Support to defense startups: $62 mn has been allocated to the iDEX scheme, which backs and promotes technological solutions from startups.
• Notably, despite a significant increase, India’s defense budget is still below 2% of the country’s GDP.
• Additionally, $913 million has been allocated to the Indian Coast Guard and $2.85 billion to the Defence Research and Development Organisation. (here)
• Congress slams BJP govt, says budget speech more focused on posturing than action: The INC has slammed the BJP-led govt over its latest budget and claimed that the Modi 3.0 govt’s budget speech was “more focused on posturing than action”. (here)

India stuns China in Bangladesh, wins Rights to Operate Terminal of Mongla port

• In a major strategic victory over China, India has secured operational rights of a terminal of Bangladesh’s Mongla port in the Indian Ocean.
• Expert-it will give a major boost to India’s maritime race to gain quasi-control of foreign ports, especially in its neighborhood where China has sought to expand its influence.
• The details of the deal are not out yet.
• It’s India’s third successful bid to run overseas ports in the last years, after Chabahar in Iran and Sittwe in Myanmar.
• The terminal at the Mongla port will be managed by Indian Port Global Limited (IPGL).
• The IOR is key to fulfilling the objectives of China’s Maritime Silk Road initiative.
• From Gwadar in Pakistan to Djibouti in East Africa, China has made substantial investments in ports, a sector where India remains a lightweight.
• For instance, none of the Indian ports feature in the world’s top 10 ports based on container traffic while China has six ports on the list. (here)

Indian soldier killed in line of duty as Army foils infiltration bid in Jammu’s Poonch

• An Indian Army soldier was KIA early on Tue as security forces thwarted an infiltration attempt by Pak-sponsored terrorists from across the LoC in the Poonch district of J&K
• The encounter took place around 3 am in the Battal Sector, according to Lt Colonel Suneel Bartwal, the Army’s Public Relations Officer in Jammu.
• “Alert troops foiled an infiltration bid by effectively engaging infiltrating terrorists with effective fire,” Lt Colonel Bartwal stated.
• During the intense gunfight in the Krishna Ghati area, a soldier was injured.
• Sources cited by the media said that the injured soldier was taken to a hospital but he succumbed to the injuries. (here)

Supreme Court rules out re-exam for NEET-UG 2024 after no systemic breach found

• Supreme Court on Tue said that it found no systemic breach in the sanctity of the 2024 NEET-UG medical entrance exam conducted two months ago.
• SC said that there is no material to show that the results of the exam are “vitiated entirely and that there was a systemic breach in its sanctity”.
• The court also ruled out a re-test for the 2024 NEET-UG exam.
• Before the SC order, the Central Bureau of Investigation confirmed that the paper leak in the NEET-UG case had indeed occurred in Jharkhand’s Hazaribagh.
• This is the first time that the central agency officially claimed since it took over the investigation into the case in June.
• Over 400,000 students will now lose four marks after the apex court’s ruling on Tue that only one correct answer from a set of four answers will be valid. (here)

India ‘reopens’ embassy in Libya after five years

• After a gap of 5 years, India has “reopened” its embassy in Tripoli, Libya’s foreign ministry led by its Govt of National Unity announced in a statement.
• The development marks a significant step in enhancing diplomatic relations between the two nations.
• The first Indian diplomat has reached the country after a gap of several years.
• Dr Mohd. Aleem has been appointed as the Charge d’Affaires (CdA) at the reopened Indian Embassy in Tripoli.
• Previously, Dr Aleem served as the Under Secretary in the MEA’s West Asia & North Africa Division (WANA).
• According to a statement from the GNU, the embassy’s reopening is viewed as an “important step” for the ties between the two countries.
• The Indian embassy in Tripoli has been closed since April 2019 due to the deteriorating security situation in Libya.
• Earlier this year, Libya’s Deputy Minister for Political Affairs, Mohamed Khalil Issa, visited India and met with key MEA officials, including MoS V Muraleedharan. (here)
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 [Neighborhood]

Pakistan ‘seeks’ rescheduling of $15bln Chinese loan

• (sources) Finance Minister Aurangzeb will embark on a visit to China starting Tue, as Pakistan is seeking a rescheduling of a $15bln loan from Beijing
• As per details, a joint working group will be established between Pakistan and China to facilitate the loan rescheduling.
• Additionally, discussions will address China’s energy circular debt, which currently amounts to Rs 480 billion.
• The Finance Minister will also engage in talks regarding the Panda Bond.
• Pakistan aims to secure a $250 million Panda Bond during this visit.
• Earlier this year, China rolled over a $2 billion loan to Pakistan.
• The $2 billion loan was due in March and was extended for one year.
• Beijing had communicated the decision to Islamabad, it added. (here)

Ukraine’s foreign minister arrives in China to discuss ‘fair peace’

• Ukraine’s FM arrived in China on Tue for talks with FM Wang Yi on ways to achieve a “fair peace” in the war with Russia and also to discuss bilateral relations, he said.
• Dmytro Kuleba’s visit is the first by a high-ranking Ukrainian official since Russia’s full-scale Feb 2022 invasion, which China, the world’s 2^nd-largest economy, has not publicly condemned.
• Kuleba said he would hold “extensive, detailed, substantive negotiations” with his Chinese counterpart, but did not say when the talks would happen.
• He said earlier his trip would continue until Thu.
• “We must avoid competition between peace plans. It is very important that Kyiv and Beijing conduct a direct dialogue,” he wrote in a statement on Instagram. (here)

Pak PM Shehbaz backs Beijing Declaration for Palestinian interim unity govt

• PM Shehbaz Sharif welcomed the Beijing Declaration on Tue, an agreement among prominent Palestinian groups to unify and create an interim unity govt.
• In a statement on his official X account, the prime minister praised the People’s Republic of China for this significant diplomatic achievement.
• Emphasizing the importance of unity among Palestinian factions, he underscored the need for a unified and influential voice advocating peace, justice, and statehood. (here)

Nepal, China mountaineering agencies agree to enhance rescue capabilities

• Nepal Mountaineering Association aiming to enhance rescue efforts in the high mountains of Nepal and China, has entered into a landmark cooperation with China’s Xizang Autonomous Region.
• During his recent visit to Tibet to participate in the 4^th Trans-Himalayan forum in Nyingchi City, NMA President Nima Nuru Sherpa proposed and agreed to establish a high-altitude mountain rescue mechanism.
• An MoU has been signed between the NMA and Tibet (TAR) Sports Federation, the latter being responsible for mountaineering in China.
• This is the first high-level MoU signing by the NMA with a foreign country or organization.
• Sherpa expressed optimism that this MoU will be a milestone in improving rescue operations in the mountainous region.
• According to the MoU, the Chinese side will send their mountaineers to Nepal for advanced training. (here)

China rolls out strict new measures for government sector to protect state secrets

• China has rolled out a new set of regulations designed to better protect sensitive information, including tighter screening of govt officials who work with state secrets.
• The rules, published on Mon, cover the implementation of the Law on Guarding State Secrets, which has just had its biggest revision in a decade, greatly expanding its scope and depth.
• They are also meant as a guide to officials working in China’s vast govt sector.
• The changes come as Beijing sees potential vulnerabilities in foreign competitors being able to obtain data on China – ranging from political and economic statistics to environmental information.
• The 74 articles in the regulations address the dozen-plus new provisions in the revised state secrets law, which took effect in May.
• Under the regulations, heads of govt departments with the authority to determine state secrets will be responsible for defining them.
• Those officials are required to draw up a “list of state secrets” within their respective areas of responsibility and receive special training on how to identify and protect secrets.
• All central CPC organs and governmental bodies must also set up an office responsible for securing secrets, to be staffed by officials exclusively tasked with overseeing state secrets. (here)

Imran Khan holds the line, PTI fights back with hunger strike

• As Imran Khan digs in his heels and refuses forensic tests under increasing pressure, the PTI party launched a 3-hour “symbolic hunger strike” outside Parliament on Tue to take a stand against what they allege is a relentless campaign of harassment and victimization.
• The PTI demanded the National Assembly speaker’s intervention over actions against the party and its leaders.
• The protest, led by prominent PTI figures including Asad Qaiser, Barrister Gohar Ali Khan, and Ali Muhammad Khan, saw leaders sitting outside Parliament, voicing their discontent with what they described as ongoing victimization.
• Meanwhile, Imran Khan resisted attempts by the Lahore police to subject him to polygraph, voice matching, and photogrammetry tests.
• “I am under scrutiny by multiple institutions and won’t undergo any tests for now. I’ll give the police time later for these tests,” he declared, rebuffing the Punjab Forensic Science Agency’s experts.
• The first leg of the investigation led by DSP Javed Asif has wrapped up. (here)