Morning Brief: Voluntary Universal Pension Scheme In The Works; Maha Kumbh Ends With Final Snan On Mahashivratri; B'desh Student Leader Quits Yunus Govt To Launch New Party; And More

Catch up on the day’s must-read stories with Swarajya's roundup of the morning's headlines.

Voluntary Universal Pension Scheme In The Works

The Union Labour and Employment Ministry is developing a universal pension scheme for all working-age individuals, including salaried employees, gig workers, and the self-employed, to enhance social security. The EPFO is formulating the scheme, which will be voluntary and contributory, with flexible options on how pension payouts are structured. The government has yet to decide whether this scheme will replace existing pension options. With India's elderly population expected to rise from 153 million to 347 million by 2050, ensuring post-retirement financial stability is a key concern. According to UNFPA, 40 per cent of the elderly fall in the poorest wealth category, and one-fifth have no independent income, making them financially dependent on others.

Maha Kumbh Ends With Final Snan On Mahashivratri

Amid chants of 'Har Har Mahadev', lakhs of devotees took a holy snan at the Triveni Sangam on Mahashivratri as the 45-day Maha Kumbh drew to a close. The festival, held once every 12 years, began on January 13 and witnessed grand processions of Naga Sadhus along with three 'Amrit Snans'. With over 64 crore pilgrims attending so far, it has been recorded as the largest spiritual gathering in the world. On the final auspicious snan, devotees started arriving at midnight, with many performing rituals before the designated time. Officials reported that 1.33 crore pilgrims took the holy snan at the Sangam and other ghats on Tuesday alone.

B'desh Student Leader Quits Yunus Govt To Launch New Party

Bangladesh interim government’s information adviser Nahid Islam resigned from Muhammad Yunus’ advisory council on Tuesday, days before the launch of a new political party by July uprising activists. Islam, a key figure in the student-led movement, said his decision was aimed at strengthening the mass uprising and supporting the rise of a new political force. He was one of three movement representatives inducted into the advisory council. The new party is set to be launched on February 28 in Dhaka and will contest the national elections. Islam is expected to take a leading role in the party.

Other Developments

Parliament Panel On ‘One Nation, One Election’ Bills To Meet Today

The Parliamentary committee reviewing the Bills for simultaneous elections will hold its third meeting on Tuesday, with former Chief Justice of India U U Lalit and other legal experts invited to provide suggestions. The panel will hear from Niten Chandra, Secretary of the High-Level Committee on Simultaneous Elections, Justice Ritu Raj Awasthi, Chairperson of the Law Commission, and senior advocate E M Sudarsana Natchiappan. In its last meeting on January 31, the committee discussed procedures for examining the Bills and plans for public consultations, including awareness campaigns for students. Opposition leaders from Congress and Trinamool Congress have opposed the initiative, arguing that the Bills are yet to be passed by Parliament. The committee is also considering launching a website to gather public opinions on the proposal.

RBI Lowers Risk Weights On Bank Loans To NBFCs

The Reserve Bank of India has reversed the higher risk weights imposed on bank loans to non-banking finance companies (NBFCs) in 2023, providing relief to the sector. It has also exempted microfinance loans from the increased risk weight applied to consumer credit. Industry players had long sought this rollback, citing rising borrowing costs. The revised risk weights will take effect from April 1, 2025, while all other risk weight adjustments announced in November 2023 remain unchanged. In 2023, the RBI had raised risk weights on bank exposure to NBFCs by 25 percentage points if their external rating placed them below 100 per cent.

US, Ukraine Finalise Critical Minerals Deal 

US President Donald Trump announced a critical minerals deal with Ukraine, with President Volodymyr Zelenskiy set to visit Washington to sign the agreement. The deal comes as Trump pressures Ukraine to grant access to its rare earth minerals in exchange for past US wartime aid. Seen as key to securing continued US support, the agreement also aims to strengthen Kyiv’s ties with the Trump administration and facilitate a potential ceasefire with Russia. Trump stated that negotiations were nearly complete and hinted at the need for a peacekeeping force in Ukraine if a settlement is reached. The agreement follows tensions between the two leaders, with Trump recently calling Zelenskiy a "dictator" and urging him to make a swift peace deal.

UK Hikes Defence Budget To Appease Trump

Britain announced a major increase in military spending, aiming to reassure President Trump ahead of Prime Minister Keir Starmer’s visit to the White House. Starmer confirmed that defence spending would rise to 2.5 per cent of GDP by 2027 and 3 per cent by 2034, funded by cutting overseas development aid by 40 per cent. The decision will add £13.4 billion ($17 billion) annually to the defence budget over the next three years. While expressing regret over the aid reduction, Starmer insisted that national security must take priority in the current geopolitical climate. The move follows a previous aid cut under Boris Johnson and mirrors the Trump administration’s approach to foreign aid reductions.

Trump Announces $5 Million ‘Gold Card’ Visa

President Donald Trump announced plans to replace the EB-5 investor visa with a “gold card” visa offering a path to citizenship for $5 million. He said the new visa would attract wealthy investors who would contribute to the economy through taxes and job creation. Commerce Secretary Howard Lutnick stated that the “Trump Gold Card” would replace the EB-5 visa within two weeks, raising the investment threshold. The EB-5 program, established in 1990, allowed investors to gain residency by investing about $1 million in businesses employing at least 10 people. According to US government data, around 8,000 people obtained investor visas in the year ending September 30, 2022.

From The States

Stalin Warns Of ‘Language War’

Tamil Nadu Chief Minister MK Stalin reaffirmed his opposition to the “imposition of Hindi,” stating that the state is prepared for another language war if needed. The DMK has consistently opposed the Centre’s three-language policy, insisting on continuing with Tamil and English while accusing the BJP-led government of pushing Hindi. Citing the anti-Hindi agitations of 1965, Stalin asserted that the Centre’s actions were provoking another language conflict. Tamil Nadu BJP president K Annamalai criticized Stalin’s stance, calling it hypocritical and alleging that government school students in the state are denied the chance to learn a third language. He pointed out that CBSE and private school students have access to more language options, unlike those in state-run institutions.

Record Number of Muslims Elected On BJP Ticket In Gujarat

The number of Muslim candidates elected on the BJP ticket in Gujarat’s municipal elections rose from 46 in 2018 to 76 this year. This includes 33 women, with several winners emerging from districts like Patan, Kheda, Panchmahal, and Junagadh, where the BJP had no Muslim representatives last time. Overall, the number of Muslim winners in municipalities increased from 252 to 275. The BJP’s share of Muslim winners grew to 28% from 18% in 2018. The Congress retained the highest share of Muslim winners at 39%, while AAP secured 13 seats.

Follow along for more updates throughout the day.