Five-point Programme to address Agrarian Distress
What is the issue?
1) Indian farmers are in the state of distress due various uncertainties in agri sector.
2) Such distress can be resolved by a Five-point programme concentrating only on key areas.
What are five major reasons which lead to agrarian distress?
1) Income uncertainty - Agricultural transformation has been very slow in India, therefore, the process of generating higher income from agriculture has also been slow.
2) Poor employment opportunities -In the absence of regular employment in rural areas, the rural population, especially the youth, is migrating to urban areas to explore better avenues.
3) Increased Risks -Risk in agriculture has been increasing over the years, both production and price risks are leading to agrarian distress.
4) Lack of infrastructure -Agri-infrastructure has not developed commensurate with increasing agricultural production.
5) Poor quality of life -Rural India still lacks basic amenities such as sanitation, hygiene, drinking water, drainage, schooling and health care.
What measures had been taken by the government?
1) Union Budgets of FY 2016-17 and 2017-18 were pro-agriculture and implemented many innovative solutions to address agrarian issues.
2) More resources were allocated to agriculture and a number of programmes were initiated to increase irrigated area, improve soil health, promote agro-processing and cover production risk, among other things.
3) All these programmes and schemes function independently of each other, though they cannot completely address the distress faced by the farmers.
How five point programme will address key areas of distress?
1) Increasing incomes- The government has adopted the target of doubling farmers’ incomes by 2020.
2) It will require an aggressive push to improve technologies by strengthening the seed sector and the knowledge dissemination system for crop diversification and proper value chain.
3) Employment generation - Combining raw and processed products like pappads, pickles etc.by promoting agro-advisor and rural transport will be a game changer.
4) Creating non-farm employment in micro, small and medium enterprises and linking them with the large manufacturing sector is required to achieve success.
5) Reducing risk -The Prime Minister’s Agriculture Insurance Scheme is already in place to cover some production losses.
6) Though the scheme is good, the compensation is not enough and does not cover the risk of falling prices.
7) Therefore, the government must consider launching a Prime Minister’s Climate Resilience Scheme that covers both production and price risks and it should also ensure minimum support prices.
8) Developing agri-infrastructure -There is immense scope for high economic and social gains through public-private partnerships (PPPs) in developing agri-infrastructure.
9) The government should constitute a commission to develop the modalities of PPP in rural agri-markets, cold storage, agro-processing, surface irrigation and agricultural extension.
10) Improving quality of rural life -Former President APJ Abdul Kalam had coined the acronym PURA (Provision of Urban Amenities to Rural Areas).
11) The aim is to provideurban infrastructure and services in rural hubs in a bid to create economic opportunities in rural areas.
12) The scheme can be revived to improve the quality of life in rural areas.
Source: Business Standard
What is the issue?
1) Indian farmers are in the state of distress due various uncertainties in agri sector.
2) Such distress can be resolved by a Five-point programme concentrating only on key areas.
What are five major reasons which lead to agrarian distress?
1) Income uncertainty - Agricultural transformation has been very slow in India, therefore, the process of generating higher income from agriculture has also been slow.
2) Poor employment opportunities -In the absence of regular employment in rural areas, the rural population, especially the youth, is migrating to urban areas to explore better avenues.
3) Increased Risks -Risk in agriculture has been increasing over the years, both production and price risks are leading to agrarian distress.
4) Lack of infrastructure -Agri-infrastructure has not developed commensurate with increasing agricultural production.
5) Poor quality of life -Rural India still lacks basic amenities such as sanitation, hygiene, drinking water, drainage, schooling and health care.
What measures had been taken by the government?
1) Union Budgets of FY 2016-17 and 2017-18 were pro-agriculture and implemented many innovative solutions to address agrarian issues.
2) More resources were allocated to agriculture and a number of programmes were initiated to increase irrigated area, improve soil health, promote agro-processing and cover production risk, among other things.
3) All these programmes and schemes function independently of each other, though they cannot completely address the distress faced by the farmers.
How five point programme will address key areas of distress?
1) Increasing incomes- The government has adopted the target of doubling farmers’ incomes by 2020.
2) It will require an aggressive push to improve technologies by strengthening the seed sector and the knowledge dissemination system for crop diversification and proper value chain.
3) Employment generation - Combining raw and processed products like pappads, pickles etc.by promoting agro-advisor and rural transport will be a game changer.
4) Creating non-farm employment in micro, small and medium enterprises and linking them with the large manufacturing sector is required to achieve success.
5) Reducing risk -The Prime Minister’s Agriculture Insurance Scheme is already in place to cover some production losses.
6) Though the scheme is good, the compensation is not enough and does not cover the risk of falling prices.
7) Therefore, the government must consider launching a Prime Minister’s Climate Resilience Scheme that covers both production and price risks and it should also ensure minimum support prices.
8) Developing agri-infrastructure -There is immense scope for high economic and social gains through public-private partnerships (PPPs) in developing agri-infrastructure.
9) The government should constitute a commission to develop the modalities of PPP in rural agri-markets, cold storage, agro-processing, surface irrigation and agricultural extension.
10) Improving quality of rural life -Former President APJ Abdul Kalam had coined the acronym PURA (Provision of Urban Amenities to Rural Areas).
11) The aim is to provideurban infrastructure and services in rural hubs in a bid to create economic opportunities in rural areas.
12) The scheme can be revived to improve the quality of life in rural areas.
Source: Business Standard
Multiple frontiers of Agrarian Distress
Why in news?
@UPSC_18
1) Recently, 184 farmer groups from across states congregated at Delhi to stage a protest walk to highlight their distress.
2) The issue is multi-dimensional and needs a studied and structural approach.
How is the trend in the farm sector?
1) The agriculture sector is characterised by instability in incomes because of various types of risks involved in production, market and prices.
2) “National Commission of Farmers – 2006”, chaired by noted scientist M.S.Swaminathan, had also pointed out some serious stress points in the sector through its reports.
3) The agriculture growth rates have been unsteady in the recent past, at 1.5% in 2012-13, to 5.6% in 2013-14 and (-) 0.2% in 2014-15.
4) These trends reflect the extent of distress and 2017 was also marked by several farmer protests nationwide, with a few turning violent.
What has precipitated this crisis?
1) Small Land Holding - Rising population pressure on land, is central to this crisis, with small and marginal farmers (less than 2 hectares) accounting for 72% of land holdings.
2) The average farm size in India is small, at 1.15 hectare, and since 1970-71, there has been a steady declining trend in land holdings.
3) This predominance of small operational holdings is a major limitation to reaping the benefits of economies of scale.
4) Since small and marginal farmers have little marketable surplus, they are left with low bargaining power and no say over prices.
5) Nature’s challenge - Crop production is always at risk because of pests, diseases and shortage of inputs like seeds, which could result in low yield.
6) Low irrigation coverage, drought, flooding and unseasonal rains and incompetent government relief operations are some other irritant factors.
7) Market Dynamics - The lower than remunerative price in the absence of marketing infrastructure and profiteering by middlemen only adds to the financial distress of farmers.
8) Inconsistent and uncertain policy regulations such as “Agricultural Produce Market Committee (APMC Act)” have only exacerbated the problems.
9) Fluctuations in demand and supply owing to ‘bumper or poor harvest’ and ‘speculation and hoarding’ by traders significantly damage farmer prospects.
10) This is because of their low resilience due to the perishable nature of goods, inability to hold or hedge in surplus-shortage scenarios.
11) Credit Access - Vicious informal credit through moneylenders, and lack of short term and long term formal loans have resulted in chronic indebtedness.
12) Crop insurance against losses has also not yet comprehensively taken root.
What is the way ahead?
1) Currently, farmers have been highlighting the demands for “remunerative price and freedom from debt” through several platforms.
2) These are seen as a safety cushion in their fight against risks of weather and disaster, price, credit, erratic market dynamics and policy uncertainty.
3) While growth in agriculture has slowed down, the costs of farm inputs have increased faster than farm produce prices.
4) As the cost of capital too has increased manifold over the years, agriculture has become largely an unprofitable venture.
5) To increase and ensure stable flow of income to farmers it is vital to manage and reduce the economic risks by analysing, categorising and addressing them.
Source: The Hindu
Why in news?
@UPSC_18
1) Recently, 184 farmer groups from across states congregated at Delhi to stage a protest walk to highlight their distress.
2) The issue is multi-dimensional and needs a studied and structural approach.
How is the trend in the farm sector?
1) The agriculture sector is characterised by instability in incomes because of various types of risks involved in production, market and prices.
2) “National Commission of Farmers – 2006”, chaired by noted scientist M.S.Swaminathan, had also pointed out some serious stress points in the sector through its reports.
3) The agriculture growth rates have been unsteady in the recent past, at 1.5% in 2012-13, to 5.6% in 2013-14 and (-) 0.2% in 2014-15.
4) These trends reflect the extent of distress and 2017 was also marked by several farmer protests nationwide, with a few turning violent.
What has precipitated this crisis?
1) Small Land Holding - Rising population pressure on land, is central to this crisis, with small and marginal farmers (less than 2 hectares) accounting for 72% of land holdings.
2) The average farm size in India is small, at 1.15 hectare, and since 1970-71, there has been a steady declining trend in land holdings.
3) This predominance of small operational holdings is a major limitation to reaping the benefits of economies of scale.
4) Since small and marginal farmers have little marketable surplus, they are left with low bargaining power and no say over prices.
5) Nature’s challenge - Crop production is always at risk because of pests, diseases and shortage of inputs like seeds, which could result in low yield.
6) Low irrigation coverage, drought, flooding and unseasonal rains and incompetent government relief operations are some other irritant factors.
7) Market Dynamics - The lower than remunerative price in the absence of marketing infrastructure and profiteering by middlemen only adds to the financial distress of farmers.
8) Inconsistent and uncertain policy regulations such as “Agricultural Produce Market Committee (APMC Act)” have only exacerbated the problems.
9) Fluctuations in demand and supply owing to ‘bumper or poor harvest’ and ‘speculation and hoarding’ by traders significantly damage farmer prospects.
10) This is because of their low resilience due to the perishable nature of goods, inability to hold or hedge in surplus-shortage scenarios.
11) Credit Access - Vicious informal credit through moneylenders, and lack of short term and long term formal loans have resulted in chronic indebtedness.
12) Crop insurance against losses has also not yet comprehensively taken root.
What is the way ahead?
1) Currently, farmers have been highlighting the demands for “remunerative price and freedom from debt” through several platforms.
2) These are seen as a safety cushion in their fight against risks of weather and disaster, price, credit, erratic market dynamics and policy uncertainty.
3) While growth in agriculture has slowed down, the costs of farm inputs have increased faster than farm produce prices.
4) As the cost of capital too has increased manifold over the years, agriculture has become largely an unprofitable venture.
5) To increase and ensure stable flow of income to farmers it is vital to manage and reduce the economic risks by analysing, categorising and addressing them.
Source: The Hindu
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CURRENT AFFAIRS 2017(JAN TO JULY)
TNPSC current affairs
Why Doctor Rub Someone's Arm before Injecting a Syringe?
@UPSC_18
It's isopropyl alcohol applied with some sort of cotton swab. They do this to kill any germs that might be on your skin and could infect the injection site.
When injecting into a vein, rubbing or patting stimulates blood flow to that area and makes the vessels consequently larger and easier to spot as they expand and bulge against the skin.
@UPSC_18
It's isopropyl alcohol applied with some sort of cotton swab. They do this to kill any germs that might be on your skin and could infect the injection site.
When injecting into a vein, rubbing or patting stimulates blood flow to that area and makes the vessels consequently larger and easier to spot as they expand and bulge against the skin.
Recent FDI reforms
www.youtube.com/c/Karpathuias
#1. Townships, shopping complexes & business centres – all allow up to 100% FDI under the auto route
Conditions on minimum capitalisation & floor area restrictions have now been removed for the construction development sector
#2. India’s defence sector now allows consolidated FDI up to 49% under the automatic route
FDI beyond 49% will now be considered by the Foreign Investment Promotion Board
Govt approval route will be required only when FDI results in a change of ownership pattern
#3. Private sector banks now allow consolidated FDI up to 74%
#4. Up to 100% FDI is now allowed in coffee/rubber/cardamom/palm oil & olive oil plantations via the automatic route
#5. 100% FDI is now allowed via the auto route in duty free shops located and operated in the customs bonded areas
#6. Manufacturers can now sell their products through wholesale and/or retail, including through e-commerce without Government Approval
#7. Foreign Equity caps have now been increased for establishment & operation of satellites, credit information companies, non-scheduled air transport & ground handling services from 74% to 100%
#8. 100% FDI allowed in medical devices
#9. FDI cap increased in insurance & sub-activities from 26% to 49%
#10. FDI up to 49% has been permitted in the Pension Sector
#11. Construction, operation and maintenance of specified activities of Railway sector opened to 100% foreign direct investment under automatic route
#12. FDI policy on Construction Development sector has been liberalised by relaxing the norms pertaining to minimum area, minimum capitalisation and repatriation of funds or exit from the project
To encourage investment in affordable housing, projects committing 30 percent of the total project cost for low cost affordable housing have been exempted from minimum area and capitalisation norms
#13. Investment by NRIs under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents
#14. Composite caps on foreign investments introduced to bring uniformity and simplicity is brought across the sectors in FDI policy
#15. 100% FDI allowed in White Label ATM Operations
www.youtube.com/c/Karpathuias
#1. Townships, shopping complexes & business centres – all allow up to 100% FDI under the auto route
Conditions on minimum capitalisation & floor area restrictions have now been removed for the construction development sector
#2. India’s defence sector now allows consolidated FDI up to 49% under the automatic route
FDI beyond 49% will now be considered by the Foreign Investment Promotion Board
Govt approval route will be required only when FDI results in a change of ownership pattern
#3. Private sector banks now allow consolidated FDI up to 74%
#4. Up to 100% FDI is now allowed in coffee/rubber/cardamom/palm oil & olive oil plantations via the automatic route
#5. 100% FDI is now allowed via the auto route in duty free shops located and operated in the customs bonded areas
#6. Manufacturers can now sell their products through wholesale and/or retail, including through e-commerce without Government Approval
#7. Foreign Equity caps have now been increased for establishment & operation of satellites, credit information companies, non-scheduled air transport & ground handling services from 74% to 100%
#8. 100% FDI allowed in medical devices
#9. FDI cap increased in insurance & sub-activities from 26% to 49%
#10. FDI up to 49% has been permitted in the Pension Sector
#11. Construction, operation and maintenance of specified activities of Railway sector opened to 100% foreign direct investment under automatic route
#12. FDI policy on Construction Development sector has been liberalised by relaxing the norms pertaining to minimum area, minimum capitalisation and repatriation of funds or exit from the project
To encourage investment in affordable housing, projects committing 30 percent of the total project cost for low cost affordable housing have been exempted from minimum area and capitalisation norms
#13. Investment by NRIs under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents
#14. Composite caps on foreign investments introduced to bring uniformity and simplicity is brought across the sectors in FDI policy
#15. 100% FDI allowed in White Label ATM Operations
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Tax buoyancy
It is an indicator to measure efficiency and responsiveness of revenue mobilization in response to growth in the Gross domestic product or National income. A tax is said to be buoyant if the tax revenues increase more than proportionately in response to a rise in national income or output.
It is an indicator to measure efficiency and responsiveness of revenue mobilization in response to growth in the Gross domestic product or National income. A tax is said to be buoyant if the tax revenues increase more than proportionately in response to a rise in national income or output.
Daily Current Affairs One Liner ,
29 December 2017
Environment Ministry Launches Regional Project to Tackle Stubble Burning
Rs 33,700 crore allocated under Swachh Bharat Mission since 2014
India successfully test-fires supersonic interceptor missile
National Children’s Science Congress held in Gujarat
25th N
President inaugurates 100th Indian Economic Association conference
World sweet festival' in Telangana next month
Puducherry to host international sailing event in Jan
78th session of Indian History Congress begins
India's first bitcoin trading app launched
IBBI grants recognition to two registered valuers organistaions .
29 December 2017
Environment Ministry Launches Regional Project to Tackle Stubble Burning
Rs 33,700 crore allocated under Swachh Bharat Mission since 2014
India successfully test-fires supersonic interceptor missile
National Children’s Science Congress held in Gujarat
25th N
President inaugurates 100th Indian Economic Association conference
World sweet festival' in Telangana next month
Puducherry to host international sailing event in Jan
78th session of Indian History Congress begins
India's first bitcoin trading app launched
IBBI grants recognition to two registered valuers organistaions .
FDI routes:
@UPSC_18
#1. Automatic
A foreign company wishing to invest in India doesn’t have to seek prior approval of any body/ agency in India.
It can straight away bring in investments in India & has only to inform the RBI within 1 month of bringing its investment in a certain sector
This route is relatively hassle free due to which more than 55% of total FDI has come through this route
#2. Foreign Investment Promotion Board (FIPB)
It was established in 1992 (just after L-P-G reforms)
Investments upto Rs. 5000 crore from notified sectors have to go through its approval
#3. Cabinet Committee on Economic Affairs (CCEA)
This approves investments above Rs. 5000 crores from notified sectors.
@UPSC_18
#1. Automatic
A foreign company wishing to invest in India doesn’t have to seek prior approval of any body/ agency in India.
It can straight away bring in investments in India & has only to inform the RBI within 1 month of bringing its investment in a certain sector
This route is relatively hassle free due to which more than 55% of total FDI has come through this route
#2. Foreign Investment Promotion Board (FIPB)
It was established in 1992 (just after L-P-G reforms)
Investments upto Rs. 5000 crore from notified sectors have to go through its approval
#3. Cabinet Committee on Economic Affairs (CCEA)
This approves investments above Rs. 5000 crores from notified sectors.
What is the main objective of a Payments Bank?
@UPSC_18
Let us consider an example – You pay salary to your Car driver in cash because he does not have a bank account. Individuals like him generally send money to his family members (who might be residing in his native place, a small village) through known people or he may use Money-order facility to remit the cash. But, more and more people like him are becoming mobile phone savvy. The payments Banks applicants will look to unbanked people like your car driver as low-hanging fruit to harvest as their first customers.(India has around 90 crore mobile users and out of which around 70 crores are active users. The total no of mobile subscribers in rural areas are 38 crores)Don’t get surprised if your neighbourhood supermarket or even your mobile phone can soon be doubled up as a Bank.So, the main objective of Payments Banks is to increase financial inclusion (to get more people into the banking system) by providing Small Savings Accounts, Payment or remittance services to low-income households / labour, small businesses etc.,Payments banks will provide basic banking services to people who currently do not have a bank account, including millions of migrant workers. Almost half of India’s population is unbanked.These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.
@UPSC_18
Let us consider an example – You pay salary to your Car driver in cash because he does not have a bank account. Individuals like him generally send money to his family members (who might be residing in his native place, a small village) through known people or he may use Money-order facility to remit the cash. But, more and more people like him are becoming mobile phone savvy. The payments Banks applicants will look to unbanked people like your car driver as low-hanging fruit to harvest as their first customers.(India has around 90 crore mobile users and out of which around 70 crores are active users. The total no of mobile subscribers in rural areas are 38 crores)Don’t get surprised if your neighbourhood supermarket or even your mobile phone can soon be doubled up as a Bank.So, the main objective of Payments Banks is to increase financial inclusion (to get more people into the banking system) by providing Small Savings Accounts, Payment or remittance services to low-income households / labour, small businesses etc.,Payments banks will provide basic banking services to people who currently do not have a bank account, including millions of migrant workers. Almost half of India’s population is unbanked.These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.
What is thermoregulation and hypothermia?
Thermoregulation is the ability of an organism to keep its body temperature within certain boundaries, even when the surrounding temperature is very different. A thermoconforming organism, by contrast, simply adopts the surrounding temperature as its own body temperature, thus avoiding the need for internal thermoregulation. The internal thermoregulation process is one aspect of homeostasis: a state of dynamic stability in an organism's internal conditions, maintained far from thermal equilibrium with its environment (the study of such processes in zoology has been called physiological ecology). If the body is unable to maintain a normal temperature and it increases significantly above normal, a condition known as hyperthermia occurs. For humans, this occurs when the body is exposed to constant temperatures of approximately 55 °C (131 °F), and with prolonged exposure (longer than a few hours) at this temperature and up to around 75 °C (167 °F) death is almost inevitable. Humans may also experience lethal hyperthermia when the wet bulb temperature is sustained above 35 °C (95 °F) for six hours. The opposite condition, when body temperature decreases below normal levels, is known as hypothermia.
Thermoregulation is the ability of an organism to keep its body temperature within certain boundaries, even when the surrounding temperature is very different. A thermoconforming organism, by contrast, simply adopts the surrounding temperature as its own body temperature, thus avoiding the need for internal thermoregulation. The internal thermoregulation process is one aspect of homeostasis: a state of dynamic stability in an organism's internal conditions, maintained far from thermal equilibrium with its environment (the study of such processes in zoology has been called physiological ecology). If the body is unable to maintain a normal temperature and it increases significantly above normal, a condition known as hyperthermia occurs. For humans, this occurs when the body is exposed to constant temperatures of approximately 55 °C (131 °F), and with prolonged exposure (longer than a few hours) at this temperature and up to around 75 °C (167 °F) death is almost inevitable. Humans may also experience lethal hyperthermia when the wet bulb temperature is sustained above 35 °C (95 °F) for six hours. The opposite condition, when body temperature decreases below normal levels, is known as hypothermia.
Indian Railways launches insurance scheme for passengers travelling on e- ticket
=============∆============
▪️Indian Railways has launched an insurance scheme for passengers travelling on e- ticket. The insurance cover will be upto 10 lakh rupees.
▪️The insurance scheme was launched by Union Railway Minister Suresh Prabhu in New Delhi. For this scheme, Indian Railways has roped in Shriram General Insurance Company, ICICI Lombard and Royal Sundaram General Insurance for providing the insurance cover.
✔️ Key provisions of insurance scheme
▪️Person booking a train ticket through the IRCTC website will be eligible for the travel insurance and it is optional. To avail the facility, train passengers have to pay 92 paisa premium.
▪️The insurance cover will not be applicable for children upto 5 years of age and foreign citizens. The facility will be available only for confirmed and RAC ticket passengers.
▪️The scheme offers travellers or nominees a compensation of 10 lakh Rupees in the event of death or total disabilty, 7.5 lakh Rupees for partial disability.
▪️Besides it will pay upto 2 lakh Rupees for hospitalisation expenses and 10,000 rupees for transportation of mortal remains from the place of a train accident.
=============∆============
▪️Indian Railways has launched an insurance scheme for passengers travelling on e- ticket. The insurance cover will be upto 10 lakh rupees.
▪️The insurance scheme was launched by Union Railway Minister Suresh Prabhu in New Delhi. For this scheme, Indian Railways has roped in Shriram General Insurance Company, ICICI Lombard and Royal Sundaram General Insurance for providing the insurance cover.
✔️ Key provisions of insurance scheme
▪️Person booking a train ticket through the IRCTC website will be eligible for the travel insurance and it is optional. To avail the facility, train passengers have to pay 92 paisa premium.
▪️The insurance cover will not be applicable for children upto 5 years of age and foreign citizens. The facility will be available only for confirmed and RAC ticket passengers.
▪️The scheme offers travellers or nominees a compensation of 10 lakh Rupees in the event of death or total disabilty, 7.5 lakh Rupees for partial disability.
▪️Besides it will pay upto 2 lakh Rupees for hospitalisation expenses and 10,000 rupees for transportation of mortal remains from the place of a train accident.
Parliament passes NABARD (Amendment) Bill, 2017
=========================
▪️Parliament has passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 with the approval of Rajya Sabha. Lok Sabha already had passed the bill in August 2017.
▪️The Bill seeks to amend National Bank for Agriculture and Rural Development (NABARD) Act, 1981. The Act establishes NABARD for providing and regulating facilities like credit for agricultural and industrial development in the rural areas.
✔️ Key Features of the Bill
▪️The Bill allows Union Government to increase capital of NABARD from Rs. 5000 crore to Rs 30,000 crore. Further, it allows Union Government to increase the capital more than Rs 30,000 crore in consultation with the Reserve Bank of India (RBI), if necessary.
▪️The Bill provides that Union Government alone must hold at least 51% capital share of NABARD. Further, it transfers share capital held by RBI valued at Rs. 20 crore to Union Government. Currently RBI holds 0.4% of paid-up capital of NABARD and remaining 99.6% is held by Union government and this causes conflict in RBI’s role as banking regulator and shareholder in NABARD.
▪️The Bill replaces terms ‘small-scale industry’ and ‘industry in tiny and decentralised sector’ with terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’ as defined in MSME Development Act, 2006.
▪️Further, it allows NABARD to provide financial assistance to banks if they provide loans to the MSMEs.
▪️The Bill substitutes references to provisions of the Companies Act, 1956 with references to the Companies Act, 2013. It includes provisions dealing with definition of a government company and qualifications of auditors.
=========================
▪️Parliament has passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 with the approval of Rajya Sabha. Lok Sabha already had passed the bill in August 2017.
▪️The Bill seeks to amend National Bank for Agriculture and Rural Development (NABARD) Act, 1981. The Act establishes NABARD for providing and regulating facilities like credit for agricultural and industrial development in the rural areas.
✔️ Key Features of the Bill
▪️The Bill allows Union Government to increase capital of NABARD from Rs. 5000 crore to Rs 30,000 crore. Further, it allows Union Government to increase the capital more than Rs 30,000 crore in consultation with the Reserve Bank of India (RBI), if necessary.
▪️The Bill provides that Union Government alone must hold at least 51% capital share of NABARD. Further, it transfers share capital held by RBI valued at Rs. 20 crore to Union Government. Currently RBI holds 0.4% of paid-up capital of NABARD and remaining 99.6% is held by Union government and this causes conflict in RBI’s role as banking regulator and shareholder in NABARD.
▪️The Bill replaces terms ‘small-scale industry’ and ‘industry in tiny and decentralised sector’ with terms ‘micro enterprise’, ‘small enterprise’ and ‘medium enterprise’ as defined in MSME Development Act, 2006.
▪️Further, it allows NABARD to provide financial assistance to banks if they provide loans to the MSMEs.
▪️The Bill substitutes references to provisions of the Companies Act, 1956 with references to the Companies Act, 2013. It includes provisions dealing with definition of a government company and qualifications of auditors.
Important World Currencies and Countries
≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡
1. Rupee : India, Nepal, Srilanka, Pakistan, Bhutan
2. Dollar : u.s.a, canada, singapore, ecuador,
australia, honkong, taiwan, newzealand, t&t
3. Euro : france, germany, italy, austria, belgium,
cyprus, netherland, portugal, spain, vatican city
4. Pound : u.k, egypt, sudan 5. rial: iran, qutar, saudi arab, yemen, omen, combodia
6. Dinar : Algeria, iraq, kuwait, tunisia
7. Peso : Phillipines, argentina, chile, cuba, mexico,uruguay
8. Franc : cameroon, switzerland
9. Ruble : Russia, belarus
≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡≡
1. Rupee : India, Nepal, Srilanka, Pakistan, Bhutan
2. Dollar : u.s.a, canada, singapore, ecuador,
australia, honkong, taiwan, newzealand, t&t
3. Euro : france, germany, italy, austria, belgium,
cyprus, netherland, portugal, spain, vatican city
4. Pound : u.k, egypt, sudan 5. rial: iran, qutar, saudi arab, yemen, omen, combodia
6. Dinar : Algeria, iraq, kuwait, tunisia
7. Peso : Phillipines, argentina, chile, cuba, mexico,uruguay
8. Franc : cameroon, switzerland
9. Ruble : Russia, belarus
The Cabinet Committee on Economic Affairs has given its approval for implementation of the Jal Marg Vikas Project (JMVP) for capacity augmentation of navigation on National Waterway-1 (NW-1) at a cost of Rs 5369.18 crore with the technical assistance and investment support of the World Bank. The Project is expected to be completed by March, 2023.
About Jal Marg Vikas Project:
What is it?
The Jal Marg Vikas Project seeks to facilitate plying of vessels with capacity of 1,500-2,000 tonnes in the Haldia- Varanasi stretch of the River Ganga. The major works being taken up under JMVP are development of fairway, Multi-Modal Terminals, strengthening of river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking etc.
NW 1: Ganga-Bhagirathi-Hooghly river system from Allahabad to Haldia was declared as National Waterway No.1.
States covered under NW-1: States: Uttar Pradesh, Bihar, Jharkhand, West Bengal.
Benefits of this project:
Alternative mode of transport that will be environment friendly and cost effective. The project will contribute in bringing down the logistics cost in the country. Mammoth Infrastructure development like multi-modal and inter-modal terminals, Roll on – Roll off (Ro-Ro) facilities, ferry services, navigation aids. Socio-economic impetus; huge employment generation.
www.youtube.com/c/Karpathuias
About Jal Marg Vikas Project:
What is it?
The Jal Marg Vikas Project seeks to facilitate plying of vessels with capacity of 1,500-2,000 tonnes in the Haldia- Varanasi stretch of the River Ganga. The major works being taken up under JMVP are development of fairway, Multi-Modal Terminals, strengthening of river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking etc.
NW 1: Ganga-Bhagirathi-Hooghly river system from Allahabad to Haldia was declared as National Waterway No.1.
States covered under NW-1: States: Uttar Pradesh, Bihar, Jharkhand, West Bengal.
Benefits of this project:
Alternative mode of transport that will be environment friendly and cost effective. The project will contribute in bringing down the logistics cost in the country. Mammoth Infrastructure development like multi-modal and inter-modal terminals, Roll on – Roll off (Ro-Ro) facilities, ferry services, navigation aids. Socio-economic impetus; huge employment generation.
www.youtube.com/c/Karpathuias
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Karpathu IAS
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