1. 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
2. India to become $26 trillion economy by 2047: EY report
Tags: Reports Economy/Finance
An EY report states that the Indian economy is likely to reach $26 trillion by the year 2047, which will also be the 100th year of India's independence.
An overview of the news
The report also pointed out that the country's per capita income would cross $15,000, making it among the top developed economies.
The report also pointed out that despite maintaining a steady but modest growth rate of 6% per annum, India would still be able to become a $26 trillion economy by 2047–48, with per capita income six times higher than current levels.
According to the report certain factors have contributed to bring India to a position of high and sustainable growth.
These include accelerated pace of economic reforms in critical areas such as social inclusion, financial inclusion, fiscal, physical and digital infrastructure.
This has ultimately resulted in increased global competitiveness of Indian businesses and entrepreneurs.
An area with major potential is services exports which are set to grow by 14% over the past two decades to reach $254.5 billion in 2021-22.
Other enabling areas include 'digitalisation'.
Government’s efforts
Government's focus on increasing the country's digital infrastructure
Efforts towards e-governance
A strong digital payment ecosystem
Introduction of digital services in almost all domains
Large telecom subscriber base of 1.2 billion
837 million internet users, etc.
Focus Areas
macroeconomic stability,
more energy independence,
ease of doing business,
power sector reform
What is EY report?
Launched in 2011, EY Reporting is EY Global Assurance’s insights hub.
It provides thought leadership on the issues global companies face in communicating corporate performance.
3. Jammu and Kashmir becomes the first Indian Union Territory to completely shift to e-governance mode
Tags: National News
Jammu and Kashmir has become the first Union Territory of India to go completely digital.
Presently all government and administrative services in Jammu and Kashmir are being provided digitally only.
Jammu and Kashmir is also emerging as a model of digital government in the country with a transparent and accountable governance system.
Purpose of Line to Online
The main objective of making government services online is to make people online.
Through this, citizens can avail government services digitally without going to government office.
With the digitization of government offices, now government offices will be in the pocket of the citizens. With this, citizens can take advantage of any government service anywhere and anytime without going to any office.
Jammu and Kashmir
Jammu and Kashmir was a state of India till August 2019, which was bifurcated on 31 August 2019 to form two union territories named Jammu and Kashmir and Ladakh.
Capital- Srinagar (May–October), Jammu (November–April)
Lieutenant Governor - Manoj Sinha
Legislative Council - 36 seats
Legislative Assembly - 89 seats
4. Think-20 group meeting concludes in Bhopal
Tags: Summits National News
A two-day meeting of the Think-20 group was organised under the G-20 on 16-17 January 2023 in Bhopal, Madhya Pradesh. Think-20 was launched by Madhya Pradesh Chief Minister Shivraj Singh Chouhan.
An Overview of the news
Under the Think-20 grouping of the G-20, the overarching theme of the meeting is "Global Good Governance with an Environment-Friendly Lifestyle, Moral Values and Well-Being".
A program of two plenary sessions and round table meetings was organised on the topics to be taken up in Think-20.
In the first plenary session, the topic 'Role of Triangular Cooperation in Localization of SDGs' was discussed, while in the second plenary session, the topic 'New Complementaries in Trade and Value Chains' was discussed.
Along with this, a round table meeting was also organised on 'Global South and Global Governance for Life'.
After the conclusion of the meeting on January 17, the representatives of the G20 countries visited the world-famous tourist destination Sanchi in Raisen district of Madhya Pradesh.
5. Amit Shah released a book titled 'Revolutionaries - The Other Story of How India Won Its Freedom'
Tags: Books and Authors
On 11 January 2023, Home Minister Amit Shah released a book titled 'Revolutionaries - The Other Story of How India Won Its Freedom' at a function in New Delhi. This book contains the discussion of India's freedom struggle.
An Overview of the news
The author of this book is economist Sanjeev Sanyal, who is also a member of the Prime Minister's Economic Advisory Council.
Formerly a best selling author, Sanjeev Sanyal has served in the financial sector for almost two decades.
Sanjeev Sanyal has been the Global Strategic and Managing Director of Deutsche Bank till 2015.
Some popular books of 2022 and their authors
Fearless Governance - Kiran Bedi
Ambedkar: A Life Book - Shashi Tharoor
The Corbett Papers - Akshay Shah and Stephen Alter
Place Called Home - Preeti Shenoy
The Struggle for Police Reforms in India - Prakash Singh
Tomb And Sand - Geetanjali Shree
The Great Tech Game - Anirudh Suri
6. Kerala declared first State to enable digital banking service
Tags: State News
On 7 January 2023, Kerala Chief Minister Pinarayi Vijayan announced that Kerala has become the first state in the country where the banking sector has now gone completely digital.
An Overview of the news
Kerala is the first state in the country to digitise at least one savings and current account in all districts.
It is noteworthy in this context that in the year 2021, Thrissur in Kerala became the first district to implement full digital banking. After this, Kottayam district of the state also implemented a full digital banking system.
Encouraged by all these, under the leadership of Reserve Bank of India and State Level Bankers Committee, the work of complete banking digitization was carried forward and it has been successfully implemented in the entire state.
Congratulating the residents of the state for this achievement achieved by Kerala, the Chief Minister said that this has been possible due to social intervention through local self-governance institutions as well as infrastructure development and technological advances in the banking sector.
The state chief minister also said in his address that the state government's ambitious 'Kerala Fiber Optic Network' project, which is almost complete, will bridge the digital divide. With this, every person in the state will be able to get a similar network.
Kerala Fiber Optic Network (K-FON) Project
K-FON will ensure internet facility for all in the state and a 17,155 km long optic fibre cable network has been laid. Once it is completed, the internet will be available to all in the state at affordable rates or free of cost.
It is noteworthy in this context that Kerala has recently received three 'Digital India' awards for progress in the digital sector.
7. 1st All India Annual State Ministers Conference on Water
Tags: Summits National News
1st All India Annual State Ministers Conference on Water to be held in Bhopal, Madhya Pradesh on 5th & 6th January, 2023.
Important facts
The Government is deliberating on the preparation of the Action Plan and Vision Document of India@2047.
Water Vision@2047 is part of PM’s India@2047 plan.
Thematic sessions will be organised at the conference to focus on water security, water use efficiency, water governance, water infrastructure and water quality.
Ministers of State for Water Resources, Public Health Engineering Department (PHED) and Irrigation of all States/Union Territories of the country will participate.
The participants will have to prepare a blueprint of Water Vision @ 2047 and prepare a road map to overcome the water problems of the country.
Objectives of the conference
To collect inputs for India@2047 and 5P vision from various water stakeholders of the states as water is a state subject.
Improving engagement and partnership with states and sharing of initiatives and schemes of the Ministry of Jal Shakti.
5 thematic sessions of the conference
Water Security in Water Deficit, Water Surplus and Hilly Regions
Water Use Efficiency including Reuse of Waste Water/ Grey Water
Water Governance
Climate Change Resilient Water Infrastructure, and
Water Quality
Union Minister of Jal Shakti - Gajendra Singh Shekhawat
8. President Murmu inaugurates Samvidhan Udyan in Jaipur
Tags: State News
The President of India, Droupadi Murmu inaugurated Samvidhan Udyan, Mayur Stambh, National Flag Post, statues of Mahatma Gandhi and Maharana Pratap at Raj Bhavan, Jaipur on January 3, 2023.
Important facts
On the occasion, she virtually inaugurated the Transmission System for Solar Power Sectors in Rajasthan and laid the foundation stone of the 1000 MW Bikaner Solar Power Project of SJVN Limited.
The President said that women are continuously moving forward from Panchayat to Parliament House on their own.
He said that it is a record to have more than 100 women in the Parliament of the country for the first time.
The President said that the framers of our Constitution crafted a comprehensive Constitution with sensitivity to each and every section of the society and awareness of each level of democracy and each aspect of governance.
9. RBI launches Utkarsh 2.0 for the period 2023-2025
Tags: National Economy/Finance
The Reserve Bank of India (RBI) Governor Shaktikanta Das on 30 December 2022 launched the second phase of the central bank’s medium term strategy for strengthening regulatory and supervisory mechanisms called Utkarsh 2.0.
The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. It became a medium-term strategy document guiding the Bank’s progress towards realization of the identified milestones.
Utkarsh 2.0 like the Utkarsh 2022 has six Vision statements as well as Core Purpose, Values, and Mission statements. Collectively, they create a strategic guiding path.
The Vision in Utkarsh 2.0 that will guide the Reserve Bank of India over the period 2023-25 are:
- Excellence in performance of its statutory and other functions,
- Strengthened trust of citizens and Institutions in the RBI;
- Enhanced relevance and significance in national and global roles; • Transparent, accountable and ethics-driven internal governance;
- Best-in-class and environment-friendly digital and physical infrastructure; and
- Innovative, dynamic and skilled human resources.
Reserve Bank of India (RBI)
Reserve Bank of India was set up under the Reserve Bank of India act 1934. It started functioning from 1 April 1935.
It was nationalized in 1949 and now the government of India is the owner of RBI.
It has the power to regulate Banks under the Banking Regulation Act 1949.
It has the power to regulate the Non-Banking Financial Company (NBFC) under the RBI act 1934.
RBI is also the regulator of the digital payment system under the Payment and settlement act 2007.
Headquarters of RBI: Mumbai
Governor of RBI : Shaktikanta Das
10. Union Home Minister Amit Shah launches the “Prahari app” of the Border Security Force
Tags: National Defence Science and Technology
The Union Home and Cooperation Minister Amit Shah launched the Mobile App ‘Prahari’ of the Border Security Force (BSF) in New Delhi on 29 December 2022. Union Minister of State for Home Affairs Nityanand Rai, Director General of BSF Pankaj Kumar Singh were amongst those dignitaries present on the occasion.
Usefulness of the Prahari’ app
Amit Shah said that the BSF ‘Prahari’ app is a great example of Proactive Governance. “Now jawans can get personal information and information related to accommodation, Ayushmann-CAPF and leaves on their mobiles. Be it GPF, Bio Data or grievance redressal on “Centralized Public Grievance Redress and Monitoring System” (CP-GRAMS) or information on various welfare schemes, now Jawans can get all this information through the app and this app will also connect them with the portal of the Ministry of Home Affairs.”
The Union Home Minister also said that a “BSF Drone/UAV and Cyber Forensic Lab” has been set up in Noida, Uttar Pradesh through which captured drones of Pakistan have been thoroughly mapped for their linkages and locations across the border. These drones are used to bring narcotics and arms and ammunition to spread terrorism in India.
The Border Security Force was raised on 1 December 1965 after the India-Pakistan war of 1965. It is a border force which is deployed along the International border with Bangladesh and Pakistan.
BSF is also known as the nation’s ’first line of defence'. It comes under the Union Ministry of Home Affairs.
