1. Agriculture Ministry signs MoU to develop national level digital extension platform
Tags: National Economy/Finance
The Ministry of Agriculture and Farmers Welfare signed an MoU in New Delhi on 6 February with Digital Green under a public-private partnership framework to build a national-level digital extension platform.
An overview of the news
The platform will operate a digital library having material available in different languages and in different formats which will be helpful to the extension functionaries.
Through this material will also be available to the farmers. The proposed digital platform will make the extension system more effective.
Through this, skill development of the network of people associated with the areas of fisheries, agriculture, horticulture, animal husbandry and rural livelihood mission will also be done through certified online courses.
Through this, farmers will be linked to the strong base of the digital agricultural environment being created by the government.
Digital Green
It is an award winning social enterprise.
It is leveraging modern technology to help small and marginal farmers increase their productivity and income, strengthen their agency, and build community-level resilience.
It was founded by Rikin Gandhi, a technocrat and a social development enthusiast.
It is working with the State Governments in Bihar, Jharkhand, Odisha, Andhra Pradesh and Telangana.
It is serving more than 25 lakh farmers and has increased the capacity of more than 4000 front line workers.
2. Government approves conversion of Rs 16,133 crore interest dues of Vodafone Idea into equity
Tags: Economy/Finance National News
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The government has approved the conversion of debt-ridden Vodafone Idea's interest dues of over Rs 16,133 crore into equity.
An overview of the news
The government said Aditya Birla Group, one of the promoters, has committed to bring in additional funds.
With this conversion, the government is expected to become the largest shareholder in the loss-making telecom company with 33.14 per cent stake.
Vodafone Idea will issue equity shares at a face value of Rs 10 each to the government.
This relief for the company comes as part of the reform package announced by the government in September 2021.
Merger of Vodafone and Idea
Kumar Mangalam Birla's telecom company Idea Cellular agreed to merge with Vodafone in March 2017.
According to the latest data published by telecom regulator TRAI, the company has 243 million mobile subscribers, with a market share of 21.33 per cent.
It is the only telecom operator that is yet to place purchase orders for equipment for 5G services and is struggling to clear dues to its vendors.
Largest mobile subscriber companies in India
Reliance Jio is a leading wireless telecom company with more than 411 million customers across India.
Bharti Airtel (21.5 crore), Vodafone Idea (12.2 crore) are in second and third place respectively.
Vodafone Idea
It is a joint venture of Vodafone (United Kingdom) and Aditya Birla Group.
It has the third largest mobile telecommunication network in India.
Headquarters: Gandhinagar, Gujarat
Corporate Headquarters: Mumbai
Chairman: Ravinder Takkar
Chief Executive Officer: Akshay Moondra
3. IIT Madras to get Rs 242 cr grant for research on Lab Grown Diamonds
Tags: Economy/Finance National News
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The Indian Institute of Technology Madras will be provided a grant of Rs 242 crore over a period of five years to carry out research on Lab Grown Diamonds (LGD).
An overview of the news
It will encourage indigenous production of LGD seeds, machines and reduce import dependence.
The research will focus on indigenization of the LGD manufacturing process.
Presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman said that "Laboratory grown diamonds (LGD) is a technology and innovation-driven emerging sector with high employment potential.
The government has proposed to cut duty on import of 'seeds', used as raw material for lab-grown diamonds.
About Lab-Grown Diamonds
Lab-grown diamonds are diamonds that are produced using specific technology that mimics the geological processes that grow natural diamonds.
These eco-friendly diamonds have optically and chemically similar properties to natural diamonds.
LGDs are chemically, physically and optically similar to natural diamonds and thus it is difficult to identify "lab-grown" diamonds.
Significance of LGDs
LGD is often used for industrial purposes, in machines and equipment.
Their hardness and added strength make them ideal for use as cutters.
Additionally, pure synthetic diamond has high thermal conductivity, but negligible electrical conductivity.
As the Earth's natural diamond reserves dwindle, LGDs are slowly replacing the precious stones in the jewellery industry.
Like natural diamonds, LGDs go through the same processes of polishing and cutting that are required to provide diamonds their distinctive lustre.
4. Government e-Marketplace achieves a Gross Merchandise Value of Rs 1.5 Lakh Crores
Tags: Economy/Finance National News
As of 1 February 2023, the Government e-Marketplace (GeM) has achieved Rs 1.5 lakh crore of Gross Merchandise Value (GMV) in FY23 alone.
An overview of the news
GeM is well positioned to cross its annual target of Rs 1.75 lakh crore.
GeM has crossed a gross business value of Rs 3 lakh crore since inception with the support of its stakeholders.
The total number of transactions on GeM has crossed 1.3 crore.
GeM has over 66,000 government buyer organisations and over 58 lakh sellers and service providers.
GeM portal features over 11,000 product categories with more than 29 lakh listed products.
About Government-e-Marketplace (GeM) platform
Launch - 9 August 2016
Purpose - to bring transparency and efficiency in the government buying process
Nodal Ministry - Ministry of Commerce and Industry
GeM works on inclusion, transparency and efficiency.
Who registered on GeM - Artisans, weavers, SHGs, startups, women entrepreneurs & MSMEs are registered on GeM
The portal is open for - all government buyers, Central and State Ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc
Private buyers cannot buy on the platform but private people can sell products to government bodies by the portal.
5. Cooperation Ministry signs MoU to enable Primary Agricultural Credit Societies
Tags: Economy/Finance
A Memorandum of Understanding (MoU) was signed on February 2 to enable Primary Agricultural Credit Societies (PACS) and provide services by Common Service Centers (CSC).
An overview of the news
The MoU was signed between the Ministry of Cooperation, Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited in New Delhi.
The MoU was signed in the presence of Union Minister for Home Affairs and Cooperation, Amit Shah and Union Minister for Electronics and Information Technology, Ashwini Vaishnav.
This will help in taking forward the concept of Common Service Centers easily to the smallest unit of the country.
This agreement will enhance the business activities of PACS and help them to become a self-sustaining economic entity.
Primary Agricultural Cooperative Societies (PACS)
These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.
It works at the gram Panchayat and village level.
The first Primary Agricultural Credit Society (PACS) was set up in 1904.
PACS are registered under the Co-operative Societies Act and regulated by RBI.
Objectives of PACS
Raise capital for the purpose of making loans
Supporting members' essential activities
Collect deposits from members with the goal of improving their savings habit
Arrange for the supply and development of improved breeds of livestock to the members
Supply agricultural inputs and services to members at reasonable prices
6. Union Budget 2023: Unity Malls to be set up in states
Tags: Economy/Finance National News
Finance Minister Nirmala Sitharaman announced in the budget that states would be encouraged to set up "Unity Malls" in their capitals and most prominent tourist centres.
What is a unity mall?
The main objective behind setting up Unity Mall is to promote ODOP (One District, One Product) of the states.
These products may be depicted as having a Geographical Indication tag. Other handicraft products will also be sold in these malls.
The Center will also request the states to sell such products from other states as well.
Currently, there is a Unity Mall operating near the Statue of Unity at Ekta Nagar in Kevadia, Gujarat.
What is ODOP?
One District, One Product (ODOP) is a government initiative aimed at making regional products more accessible by providing capital to producers.
Under the scheme, the state identifies the main product for a district, and then provides assistance for its processing, storage and marketing.
These products can be perishable agricultural products, grain-based products or food products such as mangoes, potatoes, meat and fish.
What is GI?
Geographical Indication (GI) tags are usually given to well-known products coming from a particular region.
These products also include agricultural products, manufactured goods or other food items including prepared dishes.
Basically it is like branding a particular product.
For example, the GI tag for Darjeeling tea has been given to Darjeeling.
7. Budget 2023-24
Tags: Economy/Finance
8. Startup-20's two-day inception meeting begins in Hyderabad
Tags: Economy/Finance National News
A two-day inception meeting of the Startup-20, the new engagement group of G-20 initiated by India, has begun in Hyderabad on 28 January.
An overview of the news
Union Tourism Minister G Kishan Reddy, G-20 Sherpa Amitabh Kant, Startup-20 President Chintan Vaishnav, JS Ashish Sinha from G-20 Secretariat and around 180 delegates from G-20 participated.
As part of India's G20 presidency, a number of meetings and events will be held at various places across the country.
It will provide a common platform to startups from G20 member countries to discuss a range of issues related to their establishment and operations.
It aims to bridge the knowledge gap in the startup ecosystem economies of the member countries.
This will help the government to make startup friendly policies.
About Startup -20
Startup 20 is an important working group in the context of the need to generate more entrepreneurs for a growing economy.
Startup 20 is based on three distinct pillars which include Foundations and Alliances, Finance and Inclusivity and Sustainability.
The main objective of Startup 20 is to create a conducive environment for startups by increasing synergy between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders.
With its rich background of culture of innovation, Hyderabad is an ideal location for the inception ceremony of Startup 20 of G20 group.
Startup 20 activities will include five events including Inception Meet, Summit and three other intervention events in different parts of India.
Startup 20 Summit will be held in Gurugram from 3rd July.
9. Coal India Ltd to Launch M-Sand Projects in a Big Way
Tags: Economy/Finance National News
With a focus on cost-effective and high-quality sand production, Coal India Limited's subsidiaries will commission five M-Sand (sand) plants by 2024.
An overview of the news
Sand is classified as a "minor mineral" under the Mines and Minerals (Development and Regulation) Act, 1957.
Administrative control of minor minerals rests with the state governments and is regulated through state specific rules.
Due to high demand, regular supply and complete ban on sand mining to protect the river ecosystem during monsoon, it has become very necessary to find an alternative to river sand.
The 'Sand Mining Framework' (2018) prepared by the Ministry of Mines envisages alternative sources of sand obtained in the form of sand (M-Sand) manufactured from crushed rock fines (crusher dust) from overburden (OB) of coal mines .
During 'opencast mining', the top soil and rocks are removed as waste and the broken rock (overburden or OB) is dumped in the dump to extract the coal.
What is M-sand?
It is a form of artificial sand, which is made by crushing hard stones, mainly rocks or granite, into fine particles, which are then washed and pulverized.
It is widely used as a substitute for river sand for construction purposes, mostly in the production of concrete and mortar mixes.
Advantages of M-sand
Using manufactured sand is more economical than using natural sand, as it can be produced in large quantities at a lower cost.
This sand can have a uniform grain size, which can be beneficial for construction projects that require a specific type of sand.
The use of manufactured sand reduces the need for mining natural sand. The mining of natural sand has negative environmental impacts.
Its use can help reduce the amount of water needed for construction projects, as it does not need to be washed before use.
Manufactured sand is more granular and has a rougher surface, making it more practical for construction projects.
10. Employees’ Provident Fund Organisation (EPFO) launches “Nidhi Aapke Nikat 2.0”
Tags: Economy/Finance National News
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Employees’ Provident Fund Organisation (EPFO) launched “Nidhi Aapke Nikat 2.0”- A District Outreach Program for expanding its presence in more than 685 districts of the country on 27 January.
An overview of the news
It was e-launched by Arti Ahuja, Secretary (Ministry of Labour & Employment) from the EPFO Headquarters, in the presence of Central Provident Fund Commissioner (CPFC) and officers of EPFO.
It is a massive district outreach program in all the districts of the country through Nidhi Aapke Nikat program.
The objective of this program is to reach all the districts of the country on the same day i.e. 27th of every month. EPFO has organised camps in 685 districts of the country.
About EPFO
Employees Provident Fund Organisation (EPFO) is a statutory organisation set up under the Union ministry of Labour and Employment was set up in 1951 by an Ordinance issued by the President.
Later Parliament passed the Employees' Provident Funds Scheme, act 1952.
It is the country’s largest social security organisation.
EPFO assists the Central Board of Trustees in the administration of a provident fund scheme, pension scheme and an insurance scheme for the registered establishments in India.
