Current Affairs Question - 02 February 2019

Explanation :

• NSC was set up in 2005 following the recommendations of the Rangarajan Commission, which reviewed the Indian Statistical System in 2001. The NSC has four Members besides a Chairperson, each having specialization and experience in specified statistical fields.
• It is an autonomous institution (and does not come under CSO/ NSSO). The main purpose of setting up NSC was to act as a bridge between CSO, NSSO and different state and central government departments in relation to collection of data.
• It is generally said that NSC is not that effective as it is not a statutory body and previously there have been demands to make it a statutory body which would lend it more teeth.

Explanation :

• Interim Budget is a full budget in all practical sense, but is made by the government during the last year of its term with no major policy announcements.
• Vote on Account deals with only the expenditure side of the budget (generally 1/6th of the total budget is allotted) and is normally valid for 2 months, while Interim /Full Budget is valid for 12 months.
• As a matter of Convention, Vote On Account is treated as a formal matter and is passed by Lok Sabha without any discussion; while Full Budget is passed only after elaborate discussion and voting on the demand for grants.

Source: Indian Polity by M Laxmikanth

Explanation :

• As per PM-KISAN Scheme, Rs 6000/year will be credited to farmers having cultivable land less than 2 hectares in 3 equal installments. It will be fully funded by the Government of India which has also allocated Rs. 75,000 crore for 2019-20. It is said to benefit around 12 crore farmers.
• Farmers having cultivable land < 1 hectare are called marginal farmers and farmers having cultivable land ranging from 1 hectare to 2 hectares are called small farmers.

Source: TH

Explanation :

It is a fixed pension scheme for the workers in unorganized sector earning a monthly salary of less than Rs. 15,000. Under this scheme, workers will be provided Rs. 3000 per month after the age of 60.

Contribution under this scheme:

The contribution shall be of Rs. 100 per month for those joining the scheme at the age of 29 and Rs. 55 for those joining the scheme at the age of 18. The government will match the monthly contribution with an equal contribution of its own.

Source: TH, PIB

It is a fixed pension scheme for the workers in unorganized sector earning a monthly salary of less than Rs. 15,000. Under this scheme, workers will be provided Rs. 3000 per month after the age of 60.

Contribution under this scheme:

The contribution shall be of Rs. 100 per month for those joining the scheme at the age of 29 and Rs. 55 for those joining the scheme at the age of 18. The government will match the monthly contribution with an equal contribution of its own.

Source: TH, PIB

Explanation :

The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India is prepared by the Budget Division of Department of Economic Affairs, Ministry of Finance.