DAILY CURRENT AFFAIRS

By admin: March 14, 2023

3 lakh 61 thousand crore rupees loan given to MSMEs under Emergency Credit Line Guarantee Scheme

Tags: Economy/Finance Government Schemes National News

Micro, Small and Medium Enterprises (MSMEs) have so far been given a loan of Rs 3 lakh 61 thousand crore under the Emergency Credit Line Guarantee Scheme (ECLGS).

An overview of the news

• Minister of State for Finance Dr. Bhagwat Kisanrao Karad gave this information in a written reply to a question in the Lok Sabha on March 14.

• He informed that this scheme covers all sectors of the economy.

About Emergency Credit Line Guarantee Scheme

• It was announced as part of the Atma Nirbhar Bharat Package in 2020.

• Its objective is to help businesses including MSMEs to meet their operational liabilities and resume business in view of the distress caused by the COVID-19 crisis.

• It provides 100 percent guarantee to lending institutions for any losses incurred due to non-payment of ECLGS funding by borrowers.

• The scheme is under the operational domain of the Ministry of Finance, Department of Financial Services (DFS).

IREDA gets ‘Infrastructure Finance Company’ status from RBI

Tags: Economy/Finance National News

The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) on 13 March.

An overview of the news

• It was earlier classified as ‘Investment and Credit Company (ICC)’.

• With IFC status, IREDA will be able to take higher exposure in renewable energy financing.

• The IFC status will help the company access a wider investor base to raise funds, resulting in competitive rates for raising funds.

• This will boost investor confidence, enhance brand value and create a positive outlook in the market.

• The awarding of IFC status is recognition of IREDA's 36 years of infrastructure financing and renewable energy development.

• With IFC status, IREDA will contribute to the government's target of 500 GW of non-fossil fuel installed capacity by 2030.

Indian Renewable Energy Development Agency (IREDA) 

• It was incorporated as a Public Limited Company in the year 1987 as a 'Non-Banking Financial Institution'.

• It is a Miniratna (Category 1) type company functioning under the administrative control of 'Ministry of New and Renewable Energy, Government of India.

• Its function is to encourage projects related to new and renewable energy sources and to provide them financial assistance for their development.

• It has been notified as a 'Public Financial Institution' under section 4'A' of the 'Companies Act, 1956'.

• Chairman and Managing Director - Pradip Kumar Das 

High Level Committee approves Rs 1,816.162 crore of additional Central assistance to five States

Tags: Economy/Finance National News

A High Level Committee meeting, chaired by Union Home Minister, Amit Shah on 13 March approved Rs 1,816.162 crore of additional Central assistance to five States.

An overview of the news

• This additional central assistance has been given under the National Disaster Response Fund (NDRF) to five states affected by floods, landslides, cloud bursts during 2022.

• This additional assistance is in addition to the funds released by the Center to the states in the State Disaster Response Fund (SDRF).

• During the financial year 2022-23, the central government has released Rs 15,770.40 crore to 25 states in their SDRF and Rs 502.744 crore to 4 states from NDRF.

Additional central assistance to five states

1. Rs 520.466 crore to Assam

2. Rs 239.31 crore to Himachal Pradesh

3. Rs 941.04 crore to Karnataka

4. Rs 47.326 crore to Meghalaya

5. Rs 68.02 crore to Nagaland

National Disaster Response Fund (NDRF)

• It is a fund managed by the Central Government.

• It is used to meet the expenses of emergency response, relief and rehabilitation for any disaster situation.

• It was earlier called National Disaster Contingency Fund (NCCF).

• In 2005, the Disaster Management Act was enacted and its name was changed to National Disaster Response Fund (NDRF).

• NDRF was established in accordance with Section 46 of the Disaster Management Act, 2005.

• In June 2020, the Finance Ministry approved a proposal to allow individuals and institutions to contribute directly to the NDRF.

State Disaster Response Funds (SDRF)

• It has been constituted under the Disaster Management Act, 2005.

• It was constituted on the recommendations of the 13th Finance Commission.

• It is the primary fund available with the State Governments to meet the expenditure for providing immediate relief for the response to notified disasters.

• The Centre contributes 75% of the SDRF allocation for general category States and Union Territories. 

• The Centre contributes 90% for special category States and Union Territories (northeastern States, Sikkim, Uttarakhand, Himachal Pradesh, Jammu and Kashmir).

• Disaster covered under SDRF are Cyclone, drought, earthquake, fire, flood, tsunami, hailstorm, landslide, avalanche, cloudburst, pest attack, frost and cold waves.

Surekha Yadav becomes Asia's first woman loco pilot to operate Vande Bharat Express

Tags: Person in news

Asia’s first woman loco pilot Surekha Yadav has become the first female to operate the newly-introduced semi-high speed Vande Bharat Express train.

An overview of the news

• She piloted a semi-high speed train between Solapur station and Chhatrapati Shivaji Maharaj Terminus (CSMT) in Mumbai on 13 March.

• The train left Solapur station on March 13 on schedule and reached CSMT five minutes before its scheduled arrival for a journey of over 450 km.

• Yadav set another record in Central Railway by becoming the first woman loco pilot of Vande Bharat Express.

• Surekha Yadav, a resident of Satara in the western Maharashtra region, became India's first woman train driver in 1988.

• She has won many awards at the state and national level for his achievements so far.

• Central Railway has introduced two Vande Bharat Express trains on CSMT-Solapur and CSMT-Sainagar Shirdi route which were flagged off by Prime Minister Narendra Modi on February 10, 2023.

• Mumtaz Kazi, who has the distinction of being Asia's first suburban motor woman, piloted the K99 local, a women's special train running between Chhatrapati Shivaji Maharaj Terminus (CSMT) in Mumbai and Kalyan.

Over 38 crore loans provided since launch of Pradhan Mantri Mudra Yojana

Tags: National Economy/Finance Government Schemes National News

In a written reply to a question in the Lok Sabha on March 14, Minister of State for Finance Dr. Bhagwat Kisanrao Karad said that since the launch of the Pradhan Mantri Mudra Yojana in April 2015, more than 38 crore loans have been disbursed so far.

An overview of the news

• He informed that out of this, more than 26 crore loans have been given to women entrepreneurs.

• About 20 crore loans have been disbursed to SC, ST and OBC borrowers.

• The Ministry of Labor and Employment had conducted a large sample survey at the national level to assess the employment generation under the Pradhan Mantri Mudra Yojana.

• According to the results of the survey, 1 crore 12 lakh net additional employment has been generated in the country from2015 to 2018 by this scheme.

Pradhan Mantri Mudra Yojana

• It was launched on 8 April 2015.

• Under the scheme, the people of the country are given loans up to a maximum of 10 lakhs to start their own small business.

• Any person who wants to further his business can take a loan under this scheme.

• People are issued a Mudra card to avail loans under this scheme.

• The loans are provided through Banks, Non-Banking Financial Companies (NBFCs), Micro Financial Institutions (MFIs), and other financial intermediaries.

• More than64 per cent of the loan accounts opened under the scheme are of women.

Three types of loans under Mudra Yojana

1. Shishu- Loans up to Rs.50,000.

2. Kishor - Loans above Rs.50,000 and less than Rs.5 lakh.

3. Tarun- Loans above Rs.5 lakh and up to Rs.10 lakh.

LIC appoints Tablesh Pandey as managing director

Tags: Person in news

The Life Insurance Corporation of India (LIC) on 14 March announced the appointment of Tablesh Pandey and M Jagannath as Managing Directors of the corporation.

An overview of the news

• Tablesh Pandey will take over from 1 April 2023, M Jagannath will take over from 13 March 2023.

• The two managing directors retiring from the corporation this week are Raj Kumar and BC Patnaik.

• M Jagannath joined LIC as a Direct Recruitment Officer in 1988 and has rich experience in Marketing and has held various important assignments and successfully led large teams.

• He has worked as Senior Divisional Manager in-charge of Ernakulam, Dharwad and Bangalore I Divisions.

• He also served as the Chief Executive Officer and Managing Director of LIC (Lanka) Limited, Colombo, Sri Lanka for a period of 4 years between 2009 and 2013.

• Tablesh Pandey is currently the Executive Director of the LIC.

• Siddhartha Mohanty, who is serving as the Managing Director of LIC, has taken charge of the financial and administrative powers and functions of the Chairman of LIC of India in the interim.

• LIC presently has four managing directors.

India and Sweden sign a MoC to strengthen cooperation & promote research networking

Tags: International News

A Memorandum of Cooperation (MoC) was signed between India and Sweden to strengthen cooperation and promote research networking between research institutions from both countries.

News Overview

• The MoC was signed by Dr. Akhilesh Gupta, Secretary, SERB and Dr. Andreas Gothenburg, Executive Director, STINT.

• Its main objective is to promote opportunities for money mobility in both the countries.

• The MoC aims to encourage academic collaboration through organising various mobility activities, such as exchange programmes, seminars, workshops and conferences.

About Science and Engineering Research Board (SERB)

• Establishment -2009

• Secretary - Dr. Akhilesh Gupta

• Headquarters - New Delhi

About Sweden

• Prime Minister - Mr. Ulf Christerson

• Capital - Stockholm

• Official language - Swedish

• Currency - Swedish Krona

BIS Launches ‘Learning Science via Standards’ Series

Tags: National National News

The Bureau of Indian Standards (BIS) has announced the launch of 'Learning Science through Standards', a unique initiative for students to learn science through standards.

'Learning Science through Standards' initiative

• The initiative focuses on a range of lesson plans aimed at using scientific concepts, principles and rules.

• It helps the students to understand their practical applications in manufacturing, working and testing the quality characteristics of various products as stated in the respective Indian Standards. ,

• The topics of the lesson plans are largely related to products used in daily life and are selected on the basis of their relevance to education as part of the curriculum as well as industrial applications.

• BIS officials and resource personnel will administer the lesson plans to the students for an interactive learning experience.

About Bureau of Indian Standards

• Bureau of Indian Standards is thenational standards body of India under the Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, Government of India.

• Headquarter- Manak Bhawan, Old Delhi

• Director General- Pramod Kumar Tiwari

• Established- 23 December 1986

Uttarakhand govt approves 10 % horizontal reservation for statehood activists in state govt jobs

Tags: State News

In the state cabinet meeting chaired by Chief Minister Pushkar Singh Dhami, the proposal to give 10 percent horizontal reservation in government jobs to the state agitators and their dependents was approved.

An overview of the news

• For the last 12 years, the workers agitating for the formation of the state are not getting the benefit of reservation in government jobs.

• Along with this, it was decided to increase the MLA Area Development Fund from Rs.3.75 crore to Rs.5 crore.

• Uttarakhand was formed in November 2000, before that there were agitations regarding its formation.

• Apart from this, a decision was also taken in the meeting to give Rs 40 lakh instead of Rs 25 lakh to Mahila Mangal Dals consisting of local women working as sports coaches.

• The cabinet also approved the new solar energy policy of the state.

• It also approved the setting up of an Authority on Land Acquisition, Rehabilitation and Resettlement in each district headed by a District Judge or an Additional District Judge.

About Uttarakhand

• location - Northwestern part of the country

• Capital - Dehradun

• Formation - November 9, 2000 as 27th state of India

• Chief Minister - Pushkar Singh Dhami

• Governor -Gurmit Singh

• State Animal    - Alpine Musk Deer

• State Bird - Himalayan Monal

• State Flower - Brahma Kamal

• Districts - 13

G20 Flower Festival begins in New Delhi

Tags: Festivals

From 11 March, the Flower Festival began at Delhi's Connaught Plaza with an aim to showcase the diversity of the G20 participants and invited nations.

News Overview

• It was inaugurated by Union Environment Minister Bhupendra Yadav.

• Themain objective of the festival is to showcase the vibrancy and diversity of the G20 members and guest countries.

• To achieve this objective, the festival will showcase a variety of flowering plants in various colours and arrangements, highlighting the richness of the Indian subcontinent.

• Along with plants, paintings and photographs of flowers from G20 members and invited countries will be displayed.

• The festival provides a unique opportunity to appreciate the beauty and diversity of flora and cultural heritage of the participating countries.

About the G20

• It is an international forum of the world's leading economies established in 1999.

• Its primary objective is to promote international financial stability and sustainable economic growth.

• The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.

Shreya Ghodawat appointed as India's ambassador of 'She Changes Climate'

Tags: Person in news

Climate entrepreneur Shreya Ghodawat appointed as India's ambassador for She Changes Climate on March 13, 2023

News Overview

• In honour of International Women's Day, a global non-profit organisation launched a special initiative called 'Embrace Equity'.

• The initiative aims to amplify women's voices about the effects of climate change.

• The campaign promotes the role of women in accelerating climate change.

• According to UN Women, more than 150 countries have laws that discriminate against women.

International Day of Action for Rivers

Tags: Important Days

International Day of Action for Rivers is celebrated every year onMarch 14 to save the existence of rivers and to make people aware about it.

An overview of the news

• The day is dedicated to saving, celebrating, and creating awareness about the importance of rivers.

• The day tries to focus attention on the unequal access to clean water and pollution caused by human activities.

• This year the 26th International Day of Action for Rivers is being celebrated.

• Many rivers around the world, especially in underdeveloped countries, are contaminated with harmful industrial waste.

• Hence this year the day seeks to emphasize the need for humanity to act as river protectors.

• The theme of 2023 is “Rights of Rivers,” which calls for the designation of rivers as a national treasure.

Background of the day

• The first International Day of Action for Rivers was observed in March 1997.

• In March 1997 in Curitiba, Brazil, participants of the first International Meeting of People Affected by Dams adopted the International Day of Action Against Dams and Rivers, Water and Life.

• In addition, it was decided that the International Day of Action for Rivers would be observed every year on 14 March.