The year 2022 was a great year filled with multiple plans approved by the Center to improve the lives of the country’s citizens. Agnipath scheme, rupee trade settlement and digital rupee are some of the drastic changes adopted by the Government of India for a better tomorrow.
All of these plans have attracted appreciation and disapproval, but in reality they were drastic and courageous decisions taken by the government.
For example, if we continue talking about the concept of rupee settlement system. Many would say that it is not a beneficial idea for ordinary citizens. However, supporters of the idea would argue that it will take pressure off India’s foreign exchange reserves, while also helping them cope with a fall in the rupee against the US dollar.
These are some of the most drastic plans of the year:
- Agnipath Scheme
- NPS Rule Changes
- Digital rupee
- The educational sector
- Rupee settlement system
Let’s talk about each of these, one by one:
Agnipath Scheme:
The Agnipath scheme aims to recruit soldiers in all three branches of the armed forces. Introduced by the Center in June 2022, the plan aims to recruit 45,000 to 50,000 soldiers annually.
Recruited soldiers will receive intense training for 4 years. However, after training, only 25 percent of soldiers will be commissioned for permanent service. The rest of the soldiers will have to exit the Agnipath program with Rs. Lump sum of 11.71 lakh. The goal here is to reduce the pension burden on the defense budget, thereby creating a more agile force.
Change in NPS rule:
This year, along with many other changes to existing government schemes, the National Pension System also underwent a host of changes. For example, NPS Tier-II subscribers can no longer use credit card payment services for their payments.
Furthermore, the Pension Fund Regulatory and Development Authority (PFRDA) also made a statement saying that the processing time for fund withdrawal has been reduced by half. Furthermore, the norms relating to submission of a separate form for utilizing NPS funds for the purpose of purchasing annuity plans have also been relaxed considerably.
Digital rupee:
The current era is the best era for technology to show its great manifestations. The Reserve Bank of India declared the central bank digital currency (CBDC) or digital rupee as a pilot project. The project was launched this year for the wholesale sector in the month of November and for the retail sector in the month of December.
The central bank issued the legal tender e ₹-R or the digital rupee in digital form. The CBDC will be issued in the same denominations as coins and banknotes. These will be distributed by the banks.
Initially, the project serves Bengaluru, Bhubaneswar, Mumbai and New Delhi. The banks involved in the first phase of the project are State Bank of India, ICICI Bank, IDFC Bank and Yes Bank.
The Educational Sector:
To improve the country’s education sector, a wide range of measures were announced in Budget 2022, from the One Class One television channel to the digital ecosystem for skills and livelihoods (DESH-Stack e-portal). idea of a Digital University. This will be designed in a networked hub spoke model. The unique university will inculcate quality education to students in various Indian languages along with various formats of information and communications technology (ICT).
Rupee Settlement System:
The Reserve Bank of India proposed a rupee settlement system in order to encourage international trade by focusing on the country’s exports. According to the Reserve Bank of India’s July press release, the move will see merchants using Indian rupees instead of dollars and other currencies for international transactions. According to a report, Luxembourg, Cuba, Sudan and Tajikistan are in touch with India to use the mechanism. Russia has already started using this idea. The move will reduce the burden of US dollar tradition and thus boost international trade prospects.
Categories: Optical Illusion
Source: ptivs2.edu.vn