UPSC Prelims Bits For Today 24 June 2022 | Daily Important Selective Current Affairs For UPSC

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”UPSC Prelims Bits For Today” is every day published in the morning between 11:00 AM to 12:00 Noon and contains selective current affairs articles. ”UPSC Prelims Bits For Today” covers various topics from UPSC Prelims Syllabus and is very helpful and time managing for UPSC Aspirants. The framing of this daily current affairs compilation article is easy to read and understandable also.

In the ”UPSC Prelims Bits For Today” article, we focus on UPSC Preliminary exam-oriented current affairs covering various sections from leading National Newspapers, PIB, and other various official sources.

XIV BRICS Summit 2022

BRICS Summit: Key Points

The BRICS Summit (14th) for the year 2022 is been held on 23-24 June 2022.
Theme: The theme of this year’s summit is: “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”
Participants: Leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa participated in XIV BRICS Summit.

BRICS Summit: Beijing Declaration

Strengthening and Reforming Global Governance

BRICS emphasised on making instruments of global governance more inclusive, representative, responsive, effective, transparent, democratic, objective, action-oriented, solution-oriented, credible and participatory to facilitate greater and more meaningful participation of developing and least developed countries

Working in Solidarity to Combat COVID-19

BRICS countries should be better prepared for COVID-19 and future public health emergencies, and enhance exchanges and cooperation on public health emergency alert, pandemic prevention preparedness and response, and best practices in medical treatment.

Safeguarding Peace and Security

To respect the sovereignty and territorial integrity of all States, stress our commitment to the peaceful resolution of differences and disputes between countries through dialogue and consultation, support all efforts conducive to the peaceful settlement of crises.

Promoting Economic Recovery

Commitment to strengthening intra-BRICS cooperation to intensify the BRICS Partnership on New Industrial Revolution (PartNIR) and collectively create new opportunities for development.

Expediting Implementation of the 2030 Agenda for Sustainable Development

BRICS reaffirm its commitment to the implementation of the 2030 Agenda in all its three dimensions – economic, social and environmental – in a balanced and integrated manner.

Deepening People-to-People Exchanges

BRICS welcomed signing of the Action Plan for the Implementation of the Agreement between the Governments of the BRICS States on cooperation in the Field of Culture (2022-2026).

Institutional Development

BRICS note with satisfaction the progress made in BRICS institutional development and stress that BRICS cooperation needs to embrace changes and keep abreast with the times.

Baba Banda Singh Bahadur

Key Information about Baba Banda Singh Bahadur

Baba Banda Singh Bahadur was a great Sikh warrior and a commander of Khalsa army who defeated the Mughals and freed a large part of North India.
He established the Khalsa rule in Punjab.
Banda Singh Bahadur abolished the Zamindari system, and granted property rights to the tillers of the land.
He was a Noble ruler who introduced the Nanak Shahi coins.
He was captured by Mughal ruler Farrukhsiyar and brought to Delhi and put to death in a most inhuman manner.
This martyrdom took place in Mehrauli where a monument still stands in memory of his martyrdom which is an icon of exemplary courage, bravery and deep-rooted faith in dharma.
He was a great and true disciple of Guru Govind Singh Ji Sahib.

Budget Deficit

Know about Budget Deficit

Budgetary deficit is the sum of revenue account deficit and capital account deficit.
If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit.
Similarly, if the capital disbursements of the government exceed capital receipts, it leads to capital account deficit. Budgetary deficit is usually expressed as a percentage of GDP.

Twin Deficit Problem

What is it?

The twin deficits are the fiscal deficit and the current account deficit. Both have a tendency to increase to levels considered risky for maintenance of macroeconomic stability, and especially the rupee-dollar exchange rate, whenever there are external shocks.
India typically runs a current account deficit. This actually means that India invests in excess of domestic savings. That excess is identical to the value of the current account deficit.
The fiscal deficit is the borrowing the government undertakes to finance expenditure in excess of its non-borrowed receipts. Non-borrowed receipts include capital receipts (loans repaid, assets sold) and current receipts (tax revenues, dividends from state undertakings, interest earnings from past loans made, spectrum usage charges, etc).