Current Affairs - National

The Vivad Se Vishwas Scheme, aimed at settling income tax disputes, has been extended by one month, setting the new deadline to January 31, 2025. This extension allows taxpayers additional time to avail of reduced settlement amounts, especially for those declared by the deadline. The scheme's tiered benefit structure incentivizes earlier declarations and encourages dispute resolution, making it a significant step in reducing litigation in India's tax framework.

The liberalization reforms of 1991, spearheaded by Dr. Manmohan Singh as Finance Minister, marked a turning point in India's economic history. These measures, including deregulation of industries and FDI liberalization, addressed the Balance of Payments crisis and transitioned India towards a market-driven economy. The reforms laid the groundwork for sustained GDP growth, global economic integration, and current policies like GST and digital infrastructure initiatives, making 1991 a landmark year in India's economic development.

The New Drugs and Clinical Trials Rules (NDCTR) were introduced in 2019, enabling the Central Licensing Authority (CLA) to waive local clinical trials for drugs approved in specific regions like the US, UK, and EU. This regulation aimed to expedite access to critical medications, including orphan drugs and pandemic-related treatments. However, the move has raised safety concerns given India’s diverse genetic makeup, emphasizing the importance of localized trials for efficacy validation and patient safety. The rule highlights a significant shift in India's approach to drug approvals and regulatory frameworks.

The Ken-Betwa link national project involves the construction of the Daudhan dam, which is a crucial component of the project. The dam will help in water transfer from the Ken River to the Betwa River, providing irrigation, drinking water, and industrial water to regions in Madhya Pradesh and Uttar Pradesh. The project aims to boost agriculture, provide drinking water to 44 lakh people, and promote tourism in the region.

India’s Deep Ocean Mission captured the first-ever image of an active hydrothermal vent at a depth of 4,500 meters in the Indian Ocean. These vents are significant as they support unique ecosystems and contain valuable minerals such as nickel and cobalt. This achievement is a significant step towards understanding extreme underwater environments and the origins of life.