daily current affairs 03 February 2024. India- UAE

Daily Current Affairs 03 February 2024. India-UAE, Blue Economy 2.0

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Here are the topics covered for  03 Feb 2024:

GS-2: India-UAE

GS-3: Blue Economy 2.0,Interim Budget, Environmental Regulatory Bodies

Facts For Prelims: Lakhpati Didi Scheme, Digital Detox



  • The Indian Union Cabinet has approved the ratification of the Bilateral Investment Treaty (BIT) with the UAE to improve the confidence of investors to increase foreign investments.

What is BIT?

  • A Bilateral Investment Treaty (BIT) is a reciprocal agreement safeguarding investments between two countries.
  • The BIT with the UAE aims to boost investments, particularly in sectors like real estate and renewable energy.
  • UAE ranks fourth as an investor in India for FY23, reflecting strengthened economic ties.
  • The treaty ensures mutual protection for investments made in both India and the UAE.

India’s BIT

  • From 1991 to 2015, India signed Bilateral Investment Treaties (BITs) with 83 countries based on the Model BIT text of 1993.
  • In response to a surge in international arbitration cases under existing BITs, a new Model BIT text was adopted by the Union Cabinet in 2015.
  • Notices of Termination were issued to 77 countries based on the 1993 Model as of September 2021.
  • The Model text of 2015 is now used for (re)negotiations of BITs and investment chapters of FTAs/Economic Partnership Agreements.


Blue Economy 2.0


  • The recent Interim Budget emphasized on promoting climate resilient activities for a \’blue economy\’ for sustainable growth.

About Blue Economy

  • The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods, and job creation while preserving the health of the ocean ecosystem.
  • Pillars of the blue economy include fisheries, aquaculture, maritime transport, renewable energy from the sea, coastal tourism, and marine biotechnology.

Difference Between Blue Economy 1.0 and 2.0


Blue Economy 1.0 Blue Economy 2.0
Resource Exploitation Sustainable Resource Use
Traditional industries, oil & gas Innovation, sustainability
Emphasis on economic growth Balance economy, environment, society
Challenge of environmental damage, resource depletion The challenge of transition, technology, equity, and cooperation

Interim Budget


  • The Union Finance Minister recently unveiled the Union Budget for the upcoming fiscal year (2024-25) in Parliament.

Key Takeaways in the Budget

  • The Union Budget for the fiscal year 2024-25 has increased to ₹11.1 lakh crore, constituting 3.4% of the GDP.
  • Capital expenditure (excluding grants in aid) represents 23.31% of the total expenditure.
  • The estimated total expenditure for 2024-25 is ₹47.66 lakh crore, showing a 6.1% rise from the revised estimates of the previous fiscal year.
  • The budget estimates a fiscal deficit of 5.1%, a decrease from the revised estimates of 5.8% in the last fiscal year.

Taxation Reform

  • Direct tax collections have tripled in the last decade, accompanied by a 2.4 times increase in return filers.
  • Tax rates have been reduced and rationalized, with no tax liability for income up to Rs 7 lakh under the new tax scheme.
  • Introduction of Faceless Assessment and Appeal for enhanced efficiency and transparency.
  • GST has unified the indirect tax regime, alleviating compliance burdens.
  • 94% of industry leaders view the GST transition positively, with 80% reporting supply chain optimization.
  • The GST tax base has more than doubled, and the average monthly gross GST collection is nearly Rs 1.66 lakh crore.
  • States have benefited from SGST revenue, exhibiting higher tax buoyancy post-GST.
  • Customs: Import release time was significantly reduced at various ports and cargo complexes.

About Interim Budget

  • An interim budget is a temporary presentation by the government during an election year when a full budget may be impacted by potential executive changes post-election.
  • Also referred to as a \’Vote on Account,\’ it lacks constitutional provision.
  • Annual budgets, presented on February 1st, provide a comprehensive plan for the fiscal year, encompassing revenue, expenditures, and policy announcements.
  • Interim budgets serve to fund essential government operations until the new government unveils its complete budget after elections.
  • They prioritize sustaining ongoing schemes and vital public services during the transitional period.

Environmental Regulatory Bodies


  • The Supreme Court has issued new guidelines for Environmental Regulatory Bodies to ensure the effective functioning of environmental bodies to uphold the Environmental Rule of Law.

New Guidelines

  • Clearly define the composition and service conditions of the bodies and their members.
  • Establish a reliable and transparent source of finances.
  • Clearly demarcate the mandate and role of the entities.
  • Notify rules, regulations, and guidelines in regional languages, whenever feasible.
  • Conduct regular and systematic audits of the functioning.
  • Specify norms for public hearings, the decision-making process, etc.

Central Empowered Committee (CEC)

  • Initially formed as an ad hoc body following the Supreme Court\’s order in TN Godavarman vs Union of India (1996).
  • In September 2023, the Union Ministry of Environment, Forest, and Climate Change (MoEFCC) officially recognized CEC as a permanent statutory body under the Environment (Protection) Act, of 1986.
  • Primary functions include monitoring the implementation of Supreme Court orders related to environmental issues.
  • Its jurisdiction extends across the entire nation.


Facts For Prelims

Lakhpati Didi Scheme

  • Launched in December 2023, this initiative aims to financially empower women in rural areas and promote their entrepreneurial spirit. 
  • The key features include targeting women members of existing or newly formed Self-Help Groups (SHGs) in rural areas, with participants required to be active SHG members. 
  • Necessary documents include a domicile certificate, Aadhar card, ration card, proof of income, and bank details. 
  • The initiative provides interest-free loans of Rs. 5 lakh per SHG for initiating or expanding income-generating activities. 
  • It also includes skill development programs tailored to local needs and market potential, along with efforts to connect SHGs with markets through fairs, exhibitions, and digital platforms.

Digital Detox

  • Karnataka Government, in collaboration with All India Game Developers Forum (AIGDF) and NIMHANS, announced the Digital Detox Initiative.
  • Digital Detox refers to a deliberate reduction in the time spent online on electronic devices such as mobiles and laptops.
  • The initiative aims to promote responsible gaming through awareness, Digital Detox centers for personalized guidance, and community connection via workshops.
  • The need for Digital Detox is driven by mental health challenges, decreasing attention spans, and strained real-world connections resulting from overdependence on technology.


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