UPSC Prelims Bits For Today (August 16, 2022)

”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.

Yuan Wang

Why In News?

On August 13, Sri Lanka approved the arrival of a Chinese satellite-tracking vessel to its Chinese-funded Hambantota port.

About Yuan Wang

• Yuan Wang 5 was described by the Sri Lankan government as a “scientific research ship”.
• The BRISL (Belt & Road Initiative Sri Lanka), a Colombo-based organisation studying China’s ambitious connectivity project, was the first to draw attention to the visit in a Twitter post late July.
• It said that the Yuan Wang 5 will conduct “satellite control and research tracking in the northwestern part of the Indian Ocean Region” through August and September.
• Vessels of the Yuan Wang class are said to be used for tracking and supporting satellite as well as intercontinental ballistic missiles by the People’s Liberation Army Strategic Support Force.

National Institute of Public Finance and Policy (NIPFP)

Why in News?

A study of 18 major States’ budgets by the National Institute of Public Finance and Policy (NIPFP) shows that although they have factored in slower growth this year, the States aim to reduce revenue spending by 0.13% of Gross State Domestic Product (GSDP) and increase capex by 0.24% of GSDP.

About NIPFP

• The National Institute of Public Finance and Policy (NIPFP) is a centre for research in public economics and policies. Founded in 1976, the institute undertakes research, policy advocacy and capacity building in areas related to public economics.
• One of the major mandates of the institute is to assist the Central, State and Local governments in formulating and reforming public policies by providing an analytical base.
• The institute was set up as an autonomous society, at the joint initiative of the Ministry of Finance, Planning Commission, several State governments and distinguished academicians.
• It is registered under the Societies Registration Act, 1860.

Atal Pension Yojana (APY) account opening rule 2022

 Why in News?

The terms and conditions for becoming an APY account have been changed by the Government.

About APY New Rule

• Named after former Prime Minister of India Atal Bihari Vajpayee, the scheme provides a minimum guaranteed pension of Rs 1000 to Rs 5000 per month to subscribers after they attain 60 years of age.
• The pension amount depends on the contribution made by subscribers. However, the account will not be open for subscription for everyone soon.
• According to the new rule, individuals who file their Income Tax Returns or pay tax will not be allowed to open APY accounts from October 1, 2022.

Who can join APY?

Currently, Indian citizens aged 18-40 are eligible to join Atal Pension Yojana. You can subscribe to the scheme through the bank or post office branches where you have your savings bank account. According to official data, the total number of APY subscribers at the end of March 2022 was 4.01 crore.

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