PIB News Summary by Civil Service Gurukul
December 29, 2024, the Press Information Bureau (PIB) has released several noteworthy updates:

✅Prime Minister's 'Mann Ki Baat' Address

In the 117th episode of 'Mann Ki Baat', Prime Minister Narendra Modi addressed the nation, discussing various national and international issues.

✅Call to Action for India's Creative Industry

The Prime Minister has urged the entertainment and creative sectors to join the WAVES initiative, aiming to showcase India's creative prowess on the global stage.

✅Good Governance Day Observance

On December 25, 2024, the nation observed Good Governance Day, commemorating the birth anniversary of former Prime Minister Atal Bihari Vajpayee. Various events highlighted the government's commitment to transparent and accountable governance.

✅Startup Nation: India's Entrepreneurial Growth

The Ministry of Commerce & Industry released a report titled "Startup Nation: India," detailing the country's emergence as a global hub for entrepreneurship, supported by government initiatives and a robust ecosystem.

✅Rashtraparv Website & Mobile App Launch

Defence Secretary Rajesh Kumar Singh launched the 'Rashtraparv' website and mobile app on Good Governance Day, aiming to enhance public engagement and awareness of national events.

✅EPFO Membership Growth

The Employees' Provident Fund Organisation (EPFO) reported an addition of 13.41 lakh net members in October 2024, indicating positive employment trends.
@civilservicegurukul

✅Interest Equalisation Scheme (IES)
The Interest Equalisation Scheme (IES), launched in 2015, is a game-changing initiative by the Government of India to support exporters with subsidized interest rates on pre-shipment and post-shipment export credit. The scheme offers an interest subsidy of 3% to 5%, with a strong focus on empowering Micro, Small, and Medium Enterprises (MSMEs) engaged in exports.
💡 Key Highlights of the Scheme:
✅ Objective: Reduce the financial burden on exporters and boost global competitiveness.
✅ Beneficiaries: MSMEs and other eligible exporters.
✅ Subsidy Rates: 3% to 5% on export credit interest rates.
✅ Impact: Enables exporters to access affordable credit, improve liquidity, and offer competitive pricing in international markets.
📊 Example:
If an MSME exporter secures export credit at a 9% interest rate, the 3% subsidy under IES reduces the effective rate to 6%. This directly lowers costs, improves financial stability, and enhances market competitiveness.
📘 Civil Service Gurukul – Transforming Aspirants into Achievers 🎓
📢 Join Us:
🔜 @economyupsc
🔜 @civilservicegurukul
📩 Reach Out on Telegram: @csgurukul
✅ UPSC Prelims Multiple Choice Questions
1. The Interest Equalisation Scheme (IES) was introduced to:
a) Support MSMEs in accessing affordable export credit.
b) Promote foreign direct investment in India.
c) Provide interest-free loans to exporters.
d) Subsidize production costs for exporters.
Answer: a) Support MSMEs in accessing affordable export credit.
2. The Interest Equalisation Scheme (IES) provides which of the following benefits?
a) A reduction in export duties.
b) Interest subsidies for pre-shipment and post-shipment credit.
c) Grants for exporters to set up new factories.
d) Tax exemptions for export income.
Answer: b) Interest subsidies for pre-shipment and post-shipment credit.
🌐 Website: www.civilservicegurukul.com
📧 Email: [email protected]

📊 Expenditure Finance Committee (EFC) 📊
The Expenditure Finance Committee (EFC) is a critical body that evaluates proposals involving significant public expenditure, ensuring the efficient allocation of resources and alignment with government priorities.
💡 Key Highlights of EFC:
✅ Role: Evaluates major projects and schemes to ensure alignment with government goals.
✅ Function: Ensures fiscal discipline and transparency in public fund allocation.
✅ Impact: Plays a pivotal role in approving modifications or extensions of schemes such as the Interest Equalisation Scheme (IES), ensuring effective budgetary utilization.
📌 Additional Notes:
The EFC reviews the financial and strategic viability of projects before implementation.
It ensures public funds are used effectively to achieve socio-economic objectives like supporting MSMEs or boosting exports.
Ministries proposing extensions or modifications to large schemes must seek EFC approval for budgetary allocations.
📘 Civil Service Gurukul – Transforming Aspirants into Achievers 🎓
📢 Join Us:
🔜 @economyupsc
🔜 @civilservicegurukul
📩 Reach Out on Telegram: @csgurukul
✅ UPSC Prelims Multiple Choice Questions
1. Which of the following best describes the role of the Expenditure Finance Committee (EFC)?
a) Monitoring the implementation of government schemes.
b) Evaluating proposals involving substantial public expenditure.
c) Formulating policies for economic growth.
d) Allocating funds to state governments for development projects.
Answer: b) Evaluating proposals involving substantial public expenditure.
2. The Expenditure Finance Committee (EFC) is responsible for:
a) Finalizing interest rates for export credit schemes.
b) Assessing financial and strategic viability of projects.
c) Preparing the Union Budget.
d) Allocating subsidies for agricultural exports.
Answer: b) Assessing financial and strategic viability of projects.
🌐 Website: www.civilservicegurukul.com
📧 Email: [email protected]