1. 26th meeting of FSDC held in Mumbai
Tags: place in news Economy/Finance Summits
The Union Finance Minister Nirmala Sitharaman chaired the 26th meeting of the Financial Stability and Development Council (FSDC) in Mumbai on 15 September 2022.
The meeting, which was attended by the chief of various financial sector regulators, discussed important financial issues which can affect the country’s financial sectors and its stability.
IMPORTANT FACTS -
Financial issues discussed :
- It discussed the Early Warning Indicators for the economy and India’s preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems, issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, strengthening cyber security framework in the financial sector,etc.
The meeting was attended by :
- Dr. Bhagwat Kishanrao Karad, Minister of State for Finance ;
- Pankaj Chaudhary, Minister of State for Finance ;
- Dr. T. V. Somanathan, Finance Secretary and Secretary, Department of Expenditure, Ministry of Finance;
- Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance;
- Shri Tarun Bajaj, Secretary, Department of Revenue, Ministry of Finance; Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance;
- Dr. V. Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance;
Head of Financial Sector Regulators :
- Shaktikanta Das, Governor, Reserve Bank of India;
- Ms. Madhabi Puri Buch, Chairperson, Securities and Exchange Board of India;
- Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India;
- Supratim Bandyopadhyay, Chairperson, Pension Fund Regulatory and Development Authority;
- Ravi Mittal, Chairperson, Insolvency and Bankruptcy Board of India, Shri Injeti Srinivas, Chairperson, International Financial Services Centers Authority, and the
- Secretary of the FSDC, Department of Economic Affairs, Ministry of Finance.
Financial Stability and Development Council (FSDC) :
- It was set up on the recommendation of the Raghu Ram Rajan committee on “Financial Sector Reform”.
- FSDC was set up by the Government of India in 2010.
Function of the FSDC :
- The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.
- It also focuses on financial literacy and financial inclusion.
ADDITIONAL INFORMATION -
Sub-Committee of FSDC :
- The FSDC Sub-committee has also been set up under the chairmanship of Governor, RBI.
- All the members of the FSDC are also the members of the Sub-committee.
- All four Deputy Governors of the RBI are also the members of the Sub Committee.
Full Form :
- Financial Stability and Development Council
2. Nirmala Sitharaman releases N K Singh book “Recalibrate: Changing Paradigm”
Tags: Books and Authors
Union Finance Minister Nirmala Sitharaman released the book “Recalibrate: Changing Paradigm” authored by the 15th Finance Commission Chairman N K Singh and Former Agricultural Secretary P K Mishra in New Delhi on 13 September 2022.
The book has been published by Rupa and Co.
IMPORTANT FACTS -
Other books authored by NK Singh :
- The New Bihar: Rekindling Governance and Development
- Not By Reason Alone
- The Politics of Change : A Ringside View
- Portraits Of Power'
About NK Singh :
- Nand Kishore Singh (NK Singh) is a former Indian Administrative Officer.
- He was the chairman of the 15th Finance Commission
3. Sheikh Hasina confers scholarships on descendants of Indian soldiers killed in Bangladesh Liberation War
Tags: International Relations International News
Bangladesh Prime Minister Sheikh Hasina conferred the Bangabandhu Sheikh Mujibur Rahman Student Scholarship at a function in New Delhi on 7 September.
IMPORTANT FACTS -
- This scholarship was awarded for the first time to the descendants of soldiers, officers of the Armed Forces of India who were martyred or grievously injured during the historic liberation war of 1971.
This scholarship was awarded to 100 - 100 students of class 10 and 12 which is a tribute to the Indian heroes who made supreme sacrifice for the country.
The award is named after Hasina's father Bangabandhu Sheikh Mujibur Rahman.
A total of 200 family members of Indian Army personnel have received scholarships.
ADDITIONAL INFORMATION -
Liberation War of 1971 :
In the 1950s, Pakistan was ruled by a military-bureaucratic rule that ruled the entire country (East and West Pakistan) in an undemocratic manner.
The Bengalites had no political representation in this system of governance.
This dominance of West Pakistan was challenged by the Bengalis during the general elections of 1970.
In the general election of 1970, the Awami League of East Pakistan's Sheikh Mujibur Rahman got a clear majority.
West Pakistan was not ready for any leader of East Pakistan to rule the country.
On March 26, 1971, West Pakistan launched Operation Searchlight in East Pakistan.
As a result, lakhs of Bangladeshis had to take refuge in India.
The Pakistani army had to face defeat due to the bravery of the 'Muktiwahini Sena' and Indian soldiers who fought for the independence of Bangladesh.
On 6 December 1971, a new nation Bangladesh was born out of 13 days war with the intervention of India.
4. Haridwar declared best aspirational district in India
Tags: National National News
Haridwar city of Uttarakhand has been declared as the best aspirational district by NITI Aayog on the basis of five parameters.
IMPORTANT FACTS -
- NITI Aayog has ranked Haridwar district first among 112 aspirational districts of the country in the theme of basic infrastructure.
As an award, an additional allocation of three crores will be made to the district.
The aspirational district Haridwar has got the first prize twice before this. In February 2019, the district got the first prize on the theme of Agriculture and Water Resources, while in July 2019, it got the first position in all the sectors.
Aspirational District Program :
The program, launched in January 2018, aims to rapidly and effectively transform some of the most underdeveloped districts of the country.
This scheme has been implemented along with the central and state schemes.
In its successful implementation, central, state level 'in-charge' officers and district collectors play an important role.
The ranking of aspirational districts combines innovative use of data with practical governance, placing the district at the centre of inclusive growth.
Parameters for Best Aspirational District :
It envisages rapid development of selected districts on the basis of a composite index based on five parameters -
Health and Nutrition
Education
Financial Inclusion and Skill Development
Agriculture and Water Resources
Basic Infrastructure
5. Arth Ganga Model
Tags: Government Schemes National News
The Director General of the National Mission for Clean Ganga mentioned the Arth Ganga model during his virtual keynote address to the Stockholm World Water Week 2022 on 26 August.
IMPORTANT FACTS -
About Arth Ganga Model :
PM Modi first introduced the concept of Arth Ganga Model during the first National Ganga Council meeting in Kanpur in 2019.
During the meeting he urged for a shift from Namami Gange (cleaning of Ganga) to the model of Arth Ganga.
Arth Ganga focuses on the sustainable development of the Ganga and its surrounding areas, by focusing on economic activities related to the river.
The Arth Ganga model seeks to use economics to connect people to the river.
The scheme seeks to contribute at least 3% of the GDP from the Ganga basin.
Features of Arth Ganga Model :
Zero Budget Natural Farming - This includes chemical free farming on 10 km on either side of the river and promotion of use of cow dung as manure through Govardhan Yojana.
Monetization and Reuse of Sludge & Wastewater - It envisages reuse of treated water for irrigation, industries and revenue generation for Urban Local Bodies (ULBs).
Creation of livelihood opportunities - For example- ‘Ghat Mein Haat’, promotion of local products, Ayurveda, medicinal plants, capacity building of volunteers like Ganga Praharis.
Increase public participation - To enhance synergy among the stakeholders associated with the river.
Promotion of cultural heritage and tourism - To promote cultural heritage and tourism in and around the Ganga through conduct of boat tours, adventure sports and yoga activities.
Improved water governance - To promote institutional building by empowering local administration for better water administration.
6. Govt launches 2nd phase of Grameen Udyami Project
Tags: Government Schemes National News
National Skill Development Corporation (NSDC) in partnership with Seva Bharti and Yuva Vikas Society on 20 August launched the second phase of Grameen Udyami Project to augment skill training in tribal communities for their inclusive and sustainable growth.
IMPORTANT FACTS -
- The second phase of the pilot project was launched in Ranchi.
The Central Government has sanctioned a budget of 85 thousand crore rupees exclusively for tribal areas.
The initiative aims to provide multi-skilled and functional skills to the youth of India to enable their livelihood.
The Prime Minister has emphasised on inclusion of tribal communities in the workforce, ensuring their holistic development so as to make them self-reliant and integrated into their respective geographical areas.
Grameen Udyami Project :
It has been implemented under the Parliamentary Package Scheme.
It is a unique multi-skill project, funded by NSDC, which aims to train 450 tribal students in Madhya Pradesh and Jharkhand.
The project is being implemented in six states- Maharashtra, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand and Gujarat.
Minister of State Rajiv Chandrashekhar and tribal MPs embodied this concept.
In the first phase of training, candidates from rural and tribal areas of Maharashtra, Rajasthan, Chhattisgarh, Madhya Pradesh and Gujarat were included.
The training under the project :
Electrician & Solar PV Installation Technician
Plumbing & Masonry
2-Wheeler Repair & Maintenance
IT/ITES with e-Governance
Farm Mechanisation
Objectives of the project :
Increase in Rural/Local Economy
Enhance employment opportunities
Reduce forced migration due to lack of local opportunities
Conservation of natural resources
7. Amit Shah e-launched the presence of cooperatives on the Government e Marketplace (GeM) portal
Tags: National News
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Cooperation Minister Amit Shah on 9 August e-launched the onboarding of cooperatives on the Government e-Marketplace (GeM) portal in New Delhi.
Important facts
589 cooperative societies have been selected as eligible for onboarding.
Recently, the Ministry of Cooperation in its advisory made NCUI as the nodal or lead agency to facilitate the presence of cooperatives on GeM, to coordinate with the officials of GeM and to guide the cooperatives in the process of this presence.
NCUI has prepared a list of cooperative societies having turnover/deposit amounting to Rs 100 crore and asked to initiate their onboarding process on GeM.
A helpdesk of the GEM technical team has been set up at NCUI to help the cooperatives in the entire process.
Onboarding of Cooperative Societies/Banks on GeM will be done in a phased manner.
Government e-Market (GeM) portal
GeM is an acronym for One Stop Government e-Market Place hosted by DGS&D ((Directorate General of Supplies & Disposals) where common user goods and services can be procured.
GeM is a dynamic, self-sustaining and user-friendly portal for procurement by government officials.
Public procurement is a very important part of government activity and reform of public procurement is one of the top priorities of the present government.
The Government e-Marketplace originated in January 2016 based on the recommendations of two Groups of Secretaries.
Apart from reforms in DGS&D, they recommended setting up of a dedicated e-market for various goods and services bought or sold by the Government/PSUs.
Subsequently, the Finance Minister in his budget speech for the financial year 2016-17 announced the setting up of a technology driven platform to facilitate procurement of goods and services by various ministries and agencies of the government.
DGS&D with technical support from the National e-Governance Division (Ministry of Electronics & Information Technology) has developed a GeM portal for procurement of both products and services.
The portal was launched on 9 August 2016 by the Minister of Commerce and Industry.
8. PM Narendra Modi to chair NITI Aayog governing council meeting
Tags: National News
Prime Minister Narendra Modi will chair the 7th Governing Council meeting of NITI Aayog at Rashtrapati Bhawan Cultural Centre, New Delhi on 7 August.
PM will pave the way for a new era of collaboration between the Centre and the States.
This will be the first physical meeting of the council after July 2019 and its members will include all chief ministers.
On the 75th anniversary of independence, the states need to be agile, resilient and self-reliant and move towards "Atmanirbhar Bharat" in the spirit of cooperative federalism.
In June this year, a National Conference of Chief Secretaries was held in Dharamsala, which was presided over by the Prime Minister.
The agenda of the meeting
The agenda of the meeting includes crop diversification, achieving self-sufficiency in oilseeds, pulses and agro-communities, implementation of the National Education Policy and urban governance.
The Governing Council meeting will try to finalize a roadmap and result-oriented action plan on each subject.
The meeting will also emphasize the importance of the presidency for India in a federal system and the role of states in highlighting India's progress on the G-20 platform.
Governing Council of NITI Aayog
This includes the Chief Ministers of all the states and the Lieutenant Governors of the Union Territories.
It also includes ex-officio members of NITI Aayog, Vice-Chairman and whole-time members of NITI Aayog.
It presents a platform to discuss inter-sectoral, inter-departmental and federal issues.
About NITI Aayog
It is the premier policy think tank of the Government of India, it provides directional and policy inputs.
It designs strategic and long-term policies.
It also provides relevant technical advice to the Centre, States, and Union Territories.
The Governing Council of NITI Aayog is chaired by the Prime Minister and includes the Chief Ministers of all the States and Union Territories and the Lieutenant Governors of other Union Territories.
It was constituted on January 1, 2015.
NITI stands for National Institution for Transforming India.
The Government of India constituted the NITI Aayog to replace the Planning Commission, which was set up in 1950.
This step was taken to better meet the needs and aspirations of the people.
9. Parliamentary panel reviews Goa’s uniform civil code
Tags: State News
A parliamentary committee reviewed Goa's Uniform Civil Code. Some members of the committee believe that it contains some strange and outdated provisions related to marriage.
Important facts
The Goa Civil Code, applicable to citizens of all religions and origins of the coastal state, is at the centre of discussion amid calls for a uniform civil code across the country.
States like Himachal Pradesh, Uttarakhand and Uttar Pradesh have proposed to implement Uniform Civil Code.
Members of Parliament's Standing Committee on Law Personnel Affairs, headed by Sushil Kumar Modi, had visited Goa in June and reviewed the civil code there.
Goa Civil Code
In 1867, Portugal enacted a Portuguese civil code, and in 1869 it was extended to the overseas provinces of Portugal (which included Goa).
It is considered a Uniform Civil Code.
Generally, the Goa Civil Code is far more gender-justifiable than other laws in the country.
The law does not recognize bigamy or polygamy, including by Muslims.
The law provides for compulsory registration of marriage before a civil authority, ensuring that the wife is an equal heir and entitled to half of the "common property".
The parents have to compulsorily share at least half of the property with their children including daughters.
What is a Uniform Civil Code?
Uniform Civil Code means one law for the whole country, which is applicable to all religious communities in their personal matters like marriage, divorce, inheritance, adoption etc.
Article 44 of the Constitution talks about securing a Uniform Civil Code for every citizen of the country.
Article 44 is one of the Directive Principles of State Policy (DPSP).
Article 37 of the Constitution makes it clear that the DPSP "shall not be enforced by any court"but the principles laid down therein are fundamental in governance.
The Supreme Court for the first time directed the Parliament to frame a uniform civil code in the year 1985 in Shah Bano case.
10. UN Rights Panel Calls To Repeal Hong Kong Security Law Imposed By China
Tags: International News
Experts from the UN Human Rights Committee said on July 27 that Hong Kong's controversial national security law should be repealed as the law is being used to crack down on free expression and dissent.
Important facts
Chinese and Hong Kong officials have used the NSL imposed by Beijing in 2020 to restore stability after the city was destabilized by sometimes violent anti-government and anti-China activities in 2019.
This UN committee, which oversees the implementation of the International Covenant on Civil and Political Rights (ICCPR), released its findings on Hong Kong after periodic review.
The Hong Kong Special Administrative Region is a signatory to the ICCPR but China is not.
This is the first recommendation by an independent UN expert body since 2020.
About Hong Kong
Hong Kong is an autonomous region, and a former British colony in southeast China.
It became a colony of the British Empire in 1842 at the end of the First Opium War.
Sovereignty over the region was returned to China in 1997.
As a Special Administrative Region (SAR), Hong Kong maintains governing power and economic systems that are separate from those of mainland China.
The Sino-British Joint Declaration of 1984 guarantees basic law for 50 years.
About Hong Kong Security Law
Hong Kong was handed back to China by the British government in 1997, but this was done under an agreement.
This agreement is called the 'Basic Law' and it affirms the principle of 'one country, two systems'.
This minor constitution is a product of the 1984 Sino-British Joint Declaration.
Under this, China promised in 1997 that in the coming 50 years it would respect Hong Kong's liberal policies, governance system, an independent judiciary and individual freedoms that no other part of mainland China has.
The Basic Law will expire in the year 2047. Under Article 23, Hong Kong can make its own national security law.
