2022 is a great year with many plans approved by the Center to improve the lives of people in the country. Agnipath scheme, rupee trade settlement and digital rupee are some of the drastic changes being made by the Government of India towards a better tomorrow.
All these plans received appreciation and opposition, but they were actually drastic and brave decisions by the government.
For example, if we continue to talk about the concept of rupee payment system. Many people believe that it is not a beneficial idea for ordinary people. However, proponents of the idea would argue that it would ease pressure on India’s foreign exchange reserves, while also helping it cope with the rupee’s decline against the US dollar/
Here are some of the most drastic plans for the year:
- Agnipath diagram
- Change NPS rules
- Digital Rupee
- Education industry
- Rupee Payment System
Let’s talk about each of these, one by one:
Agnipath diagram:
The Agnipath scheme aimed to recruit soldiers in the three branches of the armed forces. Introduced by the Center in June 2022, the program aims to recruit around 45,000- 50,000 soldiers annually.
Recruited soldiers will receive intense training for a period of 4 years. However, after the training, only 25% of soldiers will be put into permanent service. The remaining soldiers will have to exit the Agnipath program with Rs. The lump sum amount is 11.71 lakhs. The goal here is to reduce the pension burden on the defense budget, thereby creating a leaner force.
Changes in NPS Rules:
This year, along with many other changes in existing Government schemes, the National Pension System also has a myriad of changes. For example, NPS Tier II subscribers are no longer allowed to use credit card payment facilities for their payments.
Furthermore, the Pension Fund Regulatory and Development Authority (PFRDA) also announced that the withdrawal processing time has been reduced by half. Additionally, the rules regarding filing of a separate form for using NPS funds to purchase annuity plans have also been greatly relaxed.
Digital Rupee:
The present era is the best era for technology to show its great manifestations. The Reserve Bank of India has 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 November and for the retail sector in December.
The central bank has issued the fiat currency e₹-R or digital rupee in digital form. CBDC will be issued with the same denomination as coins and banknotes. They will be distributed by banks.
Initially, the project caters to 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.
Education Sector:
To enhance the country’s education sector, countless measures ranging from the One Class One TV channel to the Digital Ecosystem for Skills and Livelihoods (DESH-Stack web portal), have been announced in Budget 2022. The government also floated the idea of a digital university. This will be designed on a networked hub model. This unique university will provide quality education to students in multiple Indian languages, along with various Information and Communication Technology (ICT) formats.
Rupee Payment System:
The Reserve Bank of India launched a rupee payment system aimed at promoting international trade with a focus on exports from the country. According to a press release by the Reserve Bank of India in July, this step will see traders use Indian rupees instead of dollars and other currencies for international transactions. According to a report, Luxembourg, Cuba, Sudan and Tajikistan are in contact with India to use this mechanism. Russia has begun to use this idea. This step will reduce the traditional burden on the US dollar and thereby boost international trade prospects.
Categories: Optical Illusion
Source: pagasa.edu.vn