World Consumer Rights Day being observed today: 15 March

World Consumer Rights Day is being observed today (15 March 2017) which is an awareness day and theme for this year is 'Building a Digital World Consumers can Trust’.

Several functions are being organized across the country to mark the occassion. Consumer Affairs Minister Ram Vilas Paswan will also preside over a function in New Delhi. The day is an opportunity to promote basic rights of all consumers, demanding that those rights are respected and protected. 

On this day in 1962, President John F Kennedy formally addressed the issue of consumer rights in US congress. He was the first world leader to do so, and the consumer movement now marks that date every year as a means of raising global awareness about consumer rights. 

The first World Consumer Rights Day was observed on 1983, and has since become an important occasion for mobilizing citizen action. In India, besides the World Consumer Rights Day, we observe the National Consumer Day on 24th of December every year.

Maritime Admiralty Bill passed by Lok Sabha

The Lok Sabha on 10 March 2017 passed the Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill,2016. 

The Bill aims to establish a legal framework to consolidate the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. 

It also aims to replace archaic laws which are hindering efficient governance.

Apollo Munich and Dena Bank Enters Into Bancassurance Tie-Up

Standalone health insurer Apollo Munich Health Insurance expanding its footprint across the country with bancassurance tie-up with state-owned Dena Bank.

Under the tie-up the bank will distribute customized Apollo Munich Health insurance and personal accident policies to the bank's 20 million customers nationwide. 

Apollo Munich Health has developed specialized health insurance solutions with distinctive benefits and an uncomplicated application process, exclusively for Dena Bank customers.

Bharat Financial launches instant microloan facility

Hyderabad based non-banking finance company Microfinance institution Bharat Financial Inclusion Ltd launched an instant loan approval at a village near Bassi in Jaipur district, Rajasthan.

The objective of this initiative to help rural areas embrace cashless transactions. The loan amount will be deposited directly to the loanees bank account.

The loan facility based on a three-step verification process of Aadhar-based eKYC, credit bureau authentication and eSign and non collateral loans up to Rs 60,000 for one year to rural women. It will be rolled out by June 2017 in all microfinance companys nationwide network with several being in Rajasthan, Bihar and Delhi.

EDII wins International Mercury Award 2016-17

The Ahmedabad-based Entrepreneurship Development Institute of India (EDII), an acknowledged national resource institute for entrepreneurship education, research, training and institution-building, has received the prestigious International Mercury Awards (IMA) for the year 2016-17 for the best overall presentation of its 2015-2016 annual report.

Instituted by MerComm Inc. the world's only independent awards organization, the International Mercury Awards honor outstanding achievement in professional communications in around 80 countries, EDII Director Dr. Sunil Shukla stated.

Fabindia removes ‘Khadi’ brand name from its products

Fabindia has started removing the brand name ‘Khadi’ it uses to promote its cotton products after a legal notice by Khadi India that the use of the word amounted to unfair trade practice and misusing its trade name.

The Khadi & Village Industries Commission (KVIC) had sent a legal notice to Fabindia Overseas Pvt Ltd, a chain of ethnic wear retail outlet, asking it to immediately stop using the word Khadi from all its cotton products and remove display banners from its showrooms.

Indian Navy inducts first all-women global circumnavigation vessel 'Tarini'

The Indian Navy's second sailboat 'Tarini' was inducted into service at a ceremony in Goa. The vessel is slated to be the platform for the first Indian all-women global circumnavigation by the Indian Navy to begin in August.

The Indian Navy is operating four sailing vessels capable of open ocean deployments - Tarangini, Sudarshini, Mhadei and Tarini, all four of which have been built in shipyards at Goa.

Sumitra Mahajan inaugurated 2-day South Asian Speaker’s summit at Indore in Madhya Pradesh

Lok Sabha Speaker Sumitra Mahajan inaugurated the two-day South Asian Speaker’s summit at Indore in Madhya Pradesh.

Speakers of six countries will deliberate on ways to achieve sustainable development goals. Summit is organized by the Indian Parlianment and Inter-Parliamentary Union which is focused on Achieving Sustainable Development Goals in member countries. 

Representive from Afganistan, Bangladesh, Bhutan, India, Maldives, Nepal and Sri lanka are attending the summit. Representatives from Pakistan and Myanmar are not attending the sumit due to their personal reasons.

Vetiver Network launched

India Vetiver Network (INVN) has been launched at Tamil Nadu Agricultural University.

INVN is a not-for-profit scientific network to promote vetiver in India. Vetiver has worldwide application to tackle many environmental issues like soil erosion, mitigation of soil and water pollution. 

The mission of INVN is environmental protection using vetiver. Promotion of research in vetiver identification of varieties, improved production technologies and distillation techniques.

Axiscades partners Slovakian firm

Axiscades, a aerospace and defence technologies company and Virtual Reality Media a Slovakian firm have signed an industrial cooperation agreement (ICA) at the Aero India 2017.

Sudhakar Gande, Vice-Chairman of Axiscades, stated in a statement that Under the ICA, both companies will evaluate opportunities for full flight simulator for the aerospace and defence sector and to address the requirements for Russian platforms such as the Dornier 228 aircraft and other platforms.

Science Express Climate Action Special to be flagged off

Science Express Climate Action Special (SECAS II) will be flagged off today (17 February, 2017) from Safdarjung Railway station in Delhi.

The train will be open for public viewing at Delhi Cantonment Railway Station tomorrow (18 February 2017) and the day after (19 February 2017). The train will later embark upon its journey across the country. 

The SECAS II will run till 8th September and culminate its journey at Gandhinagar.During its journey, the Science Express will cover over 19,000 kilometres, and will be exhibited at 68 stations across 20 states. SECAS will roll into Tripura for the first time. 

Science Express, redesigned as SECAS, intends to contribute towards increasing understanding of the science of climate change, the observed and anticipated impacts, and different possible responses. 

The exhibition will convey a message about Climate Change and will also be a good opportunity to generate a dialogue and discussion. It aims to create awareness among various sections of society, as to how climate change can be combated through mitigation and adaptation. 

Scientists develop Thubber, stretchable rubber material with high thermal conductivity

Scientists have developed novel rubber like material nicknamed ‘thubber’ which has high thermal conductivity and elasticity. It is an electrically insulating composite material that exhibits an unprecedented combination of metal-like thermal conductivity, elasticity similar to soft, biological tissue. 

Key Facts 

Thubber consists of a soft elastomer with non-toxic, liquid metal microdroplets suspended within it. This semi-liquid state allows the metal to deform with the surrounding rubber at room temperature. When it is pre-stretched at room temperature, it stretches up to six times its initial length. During this phase, liquid metal microdroplets form into elongated pathways through which heat can easily travel through. At the same time, the material is electrically insulating. Potential applications: In developing wearable computing and soft robotics, industries like athletic wear and sports medicine and in advanced manufacturing, energy, and transportation etc.

Government to come out with 2nd PSB recapitalisation plan Indradhanush 2.0

The Union Government is planning to come out with ‘Indradhanush 2.0’, a comprehensive plan for recapitalisation of public sector lenders. Indradhanush 2.0 will be finalised by Reserve Bank of India (RBI) after completion of Asset Quality Review (AQR) which is likely to be completed by end of March 2017. It aims to clean up the balance sheets of PSBs to ensure banks remain solvent and fully comply with global capital adequacy norms, Basel-III. Besides, revised programme of capitalisation will be also issued as part of it. 

Background 

The RBI had embarked on the AQR exercise from December 2015 and had set a deadline of March 2017 to complete the exercise. As part of it, RBI had asked banks to recognise some top defaulting accounts as non-performing assets (NPAs) and make adequate provisions for them. Under ‘Indradhanush’ roadmap announced in 2015, the Union Government had announced an infusion of Rs. 70,000 crore in state-run banks over four years. Banks also were allowed to raise a further Rs. 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, Basel-III. In line with the plan, PSBs were given Rs. 25,000 crore in 2015-16, and a similar amount was earmarked for the current fiscal 2016-17. Besides, Rs. 10,000 crore each will be infused in 2017-18 and 2018-19. 

About Basel III (Third Basel Accord) 

Basel III is a global, voluntary regulatory framework on bank capital adequacy, market liquidity risk and stress testing. It was agreed by Basel Committee on Banking Supervision (BCBS) members in 2010–11. It focuses primarily on the risk of a run on the bank, requiring differing levels of reserves for different forms of bank deposits and other borrowings. It does not, supersedes the guidelines known as Basel I and Basel II for the most part, rather works alongside them. In March 2014, RBI had extended Basel III deadline up to March 31, 2019, instead of as on March 31, 2018. Note: Basel series of norms are broad supervisory standards formulated by BCBS to ensure that financial institutions have enough capital on account to meet obligations and absorb unexpected losses.

India to host counter-radicalisation conference with ASEAN

India is planning to host a conference on counter-radicalisation with the Association of Southeast Asian Nations (ASEAN) in October 2017. It will provide common platform to countries for sharing experiences and ideas on prevention of radicalisation amid rise of Islamic State and other extremist ideologies 

Key Facts 

This conference will also help participating countries to learn from each other’s best practices on promoting deradicalisation. It will mainly deal with the growing IS threat and make effort to counter radicalisation and misuse of religion by groups and countries for inciting hatred and terrorism India will also share its experience and also benefit from that of ASEAN countries, especially Malaysia. Besides, more countries may be also invited as observers depending on the interest. UAE will one of such country as it has expertise in deradicalisation that was one of the key areas of discussions during the recent India-UAE bilateral interactions. 

About Association of South East Asian Nations (ASEAN) 

ASEAN is a group of 10 South Asian nations is a regional organisation comprising that aims to promote intergovernmental cooperation and facilitates economic integration amongst its members. It came into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration). Motto: “One Vision, One Identity, One Community”. Headquarters: Jakarta, Indonesia. 10 Members: Malaysia, Indonesia, Singapore, Philippines and Thailand were founder countries. Later 5 more countries Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam were added. Cambodia was the last entrant added in the group in 1999. Principal aims: (i) Accelerating economic growth, social progress, and sociocultural evolution among its members, (ii) Protection of regional stability and the provision of a mechanism for member countries to resolve differences peacefully.

INS Sarvekshak becomes India’s first ship to go green

Indian Navy’s survey vessel INS Sarvekshak, based at the Southern Naval Command in Kochi became the first naval ship to go green by installing a solar power system on board. It has innovatively deployed the zero-maintenance solar power system, capable of generating 5.4KW electricity and replacing the ship’s traditional 4.4KW emergency diesel alternator. 

Key Facts 

The solar power generating system has been installed by customising and installing ‘razor-thin, flexible’ solar panels on the canopy of its telescopic (retractable) helicopter deck. It has light weight, extra-thin and flexible unbreakable solar panels imported from US along with no-fume solid electrolyte batteries. These industrial grade panels are found to be performing well in all-light conditions and are shade-tolerant. They also have a maintenance free life for 24 years making it maintenance free. The system is 100% reliable for power source that can be used for communication equipment, general lightings onboard and battery charging round the clock with battery outputs during night. The low cost system will slash a yearly carbon emission of 60,225 kg and save around 22,995 litres of diesel used to run the vessel’s emergency diesel alternator.

India ranks 43rd out of 45 nations in 2017 International Intellectual Property Index

India ranked low 43rd among the surveyed 45 nations in 2017 International Intellectual Property Index (IIPI). In this edition, India is just above Pakistan (44th) and Venezuela (45th). The fifth annual index was released by US Chamber of Commerce’s Global Intellectual Property Centre (GIPC) in its report titled ‘The Roots of Innovation’. 

Key Facts 

This year the index includes 90% of global gross domestic product (GDP) and seven new economies Egypt, Hungary, Kenya, Pakistan, Philippines, Saudi Arabia, and Spain were included. India scored a meagre 8.75 out of a total of 35 points, falling significantly behind the median score of 15.39. Besides, the average score of India’s regional neighbours was 17.64. This is for fifth consecutive year India has been ranked at the near bottom in the index. Last year, India was placed 37 out of 38 countries. India was ranked last or next-to-last in the previous four years. Top 5 Countries in 2017 IIPI: United States (1st), United Kingdom (2nd), Germany (3rd), Japan (4th), Sweden (5th), France (6th), Switzerland (7th), Singapore (8th), South Korea (9th) and Italy (10th). BRICS countries: China (27th), South Africa (33rd), Brazil (32nd) and Russia (23rd). This year India has made some increment, but still has to do a lot more to build up a positive impression of its IPR policy with adequate legislative reforms required by innovators. There was slight improvement in India’s overall scores in this edition mainly because of the inclusion of five new indicators in the index on which India performed very strong. 

About International Intellectual Property Index (IIPI) 

The index started in 2012 by USGIPC ranks countries based upon 35 parameters each having one point weightage. Some of the parameters are patents, copyrights, trademarks, trade secrets and market access, enforcement, and ratification of international treaties.

Senior IAS officer Ajay Tyagi appointed as SEBI Chairman

The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Ajay Tyagi (58) as the new chairman of the Securities and Exchange Board of India (SEBI). Mr. Tyagi will have tenure of 5 years or till the age of 65 years or until further orders. He will succeed UK Sinha whose term ends on March 1, 2017. His name was recommended by the search-cum-selection panel headed by the cabinet secretary along with some other candidates. 

About Ajay Tyagi 

Ajay Tyagi is 1984 batch IAS (Indian Administrative Services) officer of Himachal Pradesh cadre. Prior to this appointment, he was Additional secretary (investment) in the Department of Economic Affairs, Ministry of Finance, handling the capital market division. He had served as the chairman of the finance ministry-appointed panel which monitored the merger of the Forward Markets Commission (FMC) with the SEBI. He had represented India at the Financial Action Task Force (FATF), an intergovernmental body set up to combat money laundering, terror financing and other related threats. Currently he is also representing India at the Financial Stability Board (FSB), an international body to monitor global financial systems. He also had led the initiatives on corporate bonds markets. 

About Securities and Exchange Board of India (SEBI) 

SEBI is the statutory regulator for the securities market in India established in 1988. It was given statutory powers through the SEBI Act, 1992. Mandate: Protect the interests of investors in securities, promote the development of securities market and to regulate the securities market. SEBI has is responsive to needs of three groups, which constitute the market, issuers of securities, investors and market intermediaries. It has three functions: quasi-legislative (drafts regulations in its legislative capacity), quasi-judicial (passes rulings and orders in its judicial capacity) and quasi-executive (conducts investigation and enforcement action in its executive function). Headquarters: Mumbai, Maharashtra.

RBI to set up separate Enforcement Department

The Reserve Bank of India (RBI) has decided to set up separate Enforcement Department to effectively monitor banks in case they violate regulations and speed up regulatory compliance. The department will be operational from April 1, 2017 i.e. the next financial year (2017-18). It will mainly deal with the penalties imposed on banks for violation of norms. 

Key Facts 

Currently, the penalties are determined by the banking and non-banking supervision departments against banks violating rules. The Enforcement Department will serve as centralised department to deal with penalties imposed on banks. This will help RBI follow-up and maintain a record on banks performance. It will deal with cases of non-compliance with regulations noticed either through the surveillance process or otherwise. 

Background 

Regulation, enforcement and surveillance are three important facets of financial sector oversight mechanism. Regulations determine the framework in which financial entities function so that transparency, prudence and comparability are ensured on the one hand and customer interests are protected on the other. Surveillance is the process through which adherence to the regulations is monitored. Currently, in the RBI, there is a clear demarcation of the surveillance and regulatory functions, but it was not in the case with enforcement of rules.

Union Cabinet apprised of MoU between India and France in S&T and Innovation

The Union Cabinet has been apprised of the signing of the Memorandum of Understanding (MoU) of Cooperation in the field of Science and Technology and innovation. The MoU was signed between India’s Technology Development Board (TDB), Department of Science & Technology and France’s public Investment Bank Bpifrance. 

Key Facts 

The agreement will ensure exchange of best practices and setting up of coordinated measures to foster technological exchanges. The exchanges under it will be through collaboration between companies, organizations and institutions of France and India. The agreement also aims to carry out activities related to exchange of best practices in the field of Science & Technology through the India’s Technology Development Board and Bpifrance. 

About Technology Development Board (TDB) 

TDB is a statutory body established under Technology Development Board Act, 1995. Its mandate is to promote development and commercialisation of indigenous technology and adaptation of imported technology for wider application. It consists of 11 Board members. The board plays a pro-active role by encouraging enterprises to take up technology oriented products. The Union Government had reconstituted the board in March 2000. It is the first organization of its kind within the government framework with the sole objective of commercializing the fruit of indigenous research. It provides financial assistance to research and development institutions and equity capital or loans to industrial concerns. The loan carries a simple interest rate of 5% per annum.

India to host World Billiards Championship for next four years

The Billiards and Snoooker Federation of India (BSFI) informed that India will host the World Billiards Championship for the next four years.

In 2016, the World Billiards Championship was held in Bengaluru. In the prestigious tournament, Pankaj Advani won in the 150-UP format beating Peter Gilchrist of Singapore.

The Billiards and Snooker Federation of India (BSFI) is the central authority that deals with the growth and development of cue sports in India.

Ujjivan Small Finance Bank Starts Pilot Operation in Bengaluru

The Ujjivan Small Finance Bank officially started its operation with 5 pilot branches in Bengaluru. Samit Ghosh is the MD and CEO of the Ujjivan Small Finance Bank.

The five pilot branches of the Ujjivan SFB would offer full services to its customers. The Ujjivan Small Finance BankSmall Finance Bank will test its technology, channels, people and processes for a period of one month as a part of its pilot launch.

The Bank aims to launch about 14 branches by March 2017 and extend services across 457 branches in 24 states in a planned and phased manner over the next few months. So, let's discuss some questions related to this post:

Tripartite MoU signed among M/o of Tourism, M/s NPCC & NBCC and Govt of J&K for Implementation of Tourism Projects In J&K

A Tripartite Memorandum of Understanding (MoU) was signed among the Ministry of Tourism, M/s NPCC & NBCC and Government of J&K on for the implementation of Tourism projects in Jammu and Kashmir.

As a part of the new initiative, Development of Tourism in the State New Projects, the Ministry of Tourism has sanctioned two projects, one each to NPCC and NBCC in the J&K which will be implemented by September 2017.

The first project sanctioned to M/s NBCC includes Integrated Development of Tourist facilities at Gulmarg Baramulla Kupwara Leh. The total outlay of the project is Rs. 96.62 Crore.The project under M/s NPCC includes Integrated Development of Tourist facilities at Mantalai Sudhmahadev Patnitop in Jammu & Kashmir. The total outlay of the project is Rs. 97.82 Crore. So, let's discuss some questions related to this post:

HRD ministry to set up NTA to conduct exams for higher, secondary education

The Union Ministry of Human Resource Development (HRB) will soon set up a department – National Testing Agency (NTA) to conduct examinations for higher and secondary education. NTA will be the single authority that will conduct entrance tests for all higher institutions like JEE, NEET, NET and other prestigious exams. 

Key Facts 

Establishment of NTA will free CBSE, AICTE and other agencies from conducting various exams and enable them to focus on their core areas and work on improving the quality of education. Its main purpose is to bring reforms in the education system. Initially examinations like IIT, NIT and even university exams will be conducted by NTA. Later on secondary school exams will also be handed over to it. Initially, the CBSE staff will be deployed in this department and but later on the specialised people will be hired in the NTA. 

Background 

Union Finance Minister Arun Jaitley in his Union Budget 2017’s speech had announced that a single authority National Testing Agency will be established to conduct entrance tests for all higher institutions and other prestigious exams. Earlier in 2016, Last year, the CBSE had asked the University Grants Commission (UGC) to conduct the National Eligibility Test (NET) on its own as the board wanted to focus on its core areas and work on improving the quality of education. CBSE even had conveyed to the HRD Ministry that conducting exams for various government bodies puts a lot of burden on them and stretches its resources.

Union Government launches Measles Rubella vaccination campaign

The Union Ministry of Health and Family Welfare has launched Measles Rubella (MR) vaccination campaign in the country at Bengaluru, Karnataka. It is largest ever in any campaign against these two diseases will start from five States/UTs viz. Karnataka, Tamil Nadu, Puducherry, Goa and Lakshadweep covering nearly 3.6 crore target children. 

Key Facts 

The MR campaign is largest ever vaccination campaign aimed to target around 41 crore children across the country against two diseases. Under it all children aged between 9 months and less than 15 years will be given a single shot of Measles-Rubella (MR) vaccination free-of-cost acros irrespective of their previous vaccination status or disease status. Measles vaccine is currently provided under Universal Immunization Programme (UIP). However, rubella vaccine will be a new addition to it. After the completion of the campaign, MR vaccine will be introduced in routine immunization and will replace measles vaccine, given at 9-12 months and 16-24 months of age of child. Measles immunization will directly contribute in reduction of under-five child mortality and with combination of rubella vaccine, it will control rubella and prevent CRS (congenital rubella syndrome) in country population. 

About Measles 

Measles is a deadly disease and one of the important causes of death in children. It is highly contagious and spreads through coughing and sneezing of an infected person. It can make a child vulnerable to life threatening complications such as diarrhoea, pneumonia and brain infection. Globally, in 2015, measles killed an estimated 1, 34,200 children, mostly under-five years. In India, it killed an estimated 49,200 children. 

About Rubella 

Rubella is generally a mild infection, but has serious consequences if infection occurs in pregnant women, causing CRS, which is a cause of public health concern. CRS is characterized by congenital anomalies in the foetus and newborns affecting the eyes (cataract, glaucoma), ears (hearing loss), brain (mental retardation, microcephaly) and heart defects, causing a huge socio-economic burden on the families in particular and society in general. In 2010, an estimated 1,03,000 children were born with CRS globally, of which around 47,000 children (46%) were in South-East Asia Region.

Neurocalyx calycinus plant possesses medicinal values

Scientists from Jawaharlal Nehru Tropical Botanic Garden and Research Institute (JNTBGRI) have confirmed the multiple therapeutic properties of Neurocalyx calycinus, a medicinal plant endemic to the southern parts of Western Ghats and Sri Lanka The therapeutic properties of the plant were discovered based on traditional knowledge of Cholanaickan tribe, (one of the particularly vulnerable groups in Kerala) used it to treat inflammations and wounds. 

Key Facts 

The herbal drug formulation derived from Neurocalyx calycinus possesses burn-healing, wound-healing, anti-cancer, analgesic, immuno-enhancing, anti-inflammatory, platelet-augmentation and anti-oxidant effects. Animal trials have proved that the leaves of this medicnal plant possess wound-healing properties comparable to the standard drug Povidone/Iodine in the early phase of inflammation. The anti-inflammatory activity of the leaves was found comparable to the drug diclofenac sodium. The pre-clinical trials also have confirmed the therapeutic effects of N.calycinus against burn wounds and pain. The presence of high Vitamin E content and potent cytoprotective activity in cell lines has also enhanced the prospects of developing an anti-cancer drug. Besides it also has immuno-enhancing, platelet augmentation, and anti-oxidant potential.

Government constitutes six-member committee to improve Haj policy, look into subsidy issue

The Union government has formed a six-member committee to study the ways to improve India’s Haj policy and look into the issue of subsidy to the pilgrimage in light of a 2012 Supreme Court order on gradually reducing and abolishing it by 2022. The convenor of committee is Afzal Amanullah, former Consul-Consul General of India in Jeddah. Besides, former Bombay High Court judge SS Parkar, former Haj Committee of India Chairman Qaiser Shamim, former Air India Chairman and Managing Director Michael Mascarenhas and Muslim scholar, Kamal Faruqui, are its members. 

Key Facts 

The committee will examine implications of various directions of the Supreme Court with regard to the existing Haj policy, and suitable amendments in it. It will also review the effectiveness of Haj Committee of India’s management of pilgrims’ accommodation and air travel. It will also figure out whether the pilgrims can travel to Saudi Arabia paying less in the absence of the subsidy. It will also assess the aspects of transparency, consumer satisfaction and disclosure requirements for private tour operators to protect interest of the pilgrims to make the policy of greater assistance to the pilgrims. 

Background 

The Union Government gives Haj subsidy to Muslim Hajj pilgrims in the form of airfare subsidy as well as assistance for domestic travel to reach specially designed haj departure airport terminals. In 2012, the Supreme Court had directed the Union Government to gradually reduce and abolish Haj subsidy by 2022. It had ordered government to invest the subsidy amount (approximately Rs 650 crore a year then) on educational and social development of the community.

Assam Government launches Chief Minister Samagra Gramya Unnayan Yojana

Assam Government has launched Chief Minister Samagra Gramya Unnayan Yojana (CMSGUY) to bring about paradigm shift towards holistic development of villages in the state. The scheme is a mega mission aimed at bringing in revolutionary changes by doubling the farm income in the State. As per Situation Assessment Survey (period from 2002-03 to 2012-13), the farm income in Assam was recorded only 0.88% as against national average of 5.2%.

About Samagra Gramya Unnayan Yojana 

The scheme has financial outlay of Rs. 30,000 crore and will be implemented in all the villages in Assam in the next five years culminating in 2021-22. It will be implemented through ‘saturation model’ by covering each revenue village through focused interventions in direct economic activities, logistic support including market linkages, and community support. It will put in concerted efforts in a time bound manner to stimulate rural productivity by facilitating massive investments in rural areas for complete rural transformation in a period of 5 years. Under the scheme, five teams will be constituted in each block to work as a catalyst to implement different missions of the programme. These teams will prepare development plans to be implemented in each village. Under it, scheme village knowledge centre will be set up in each village and by bringing in synergy between it and MGNREGA, playground will be built in each village.

Former CBI chief Joginder Singh passes away

Former CBI chief Joginder Singh, who oversaw an investigation of several high-profile cases including Bofors scam and Bihar's fodder scam has passed away at aged 77 years.

Family sources said he breathed his last on 04th February 2017 after the prolonged illness. The 1961 batch IPS officer of Karnataka cadre was chosen to head the premier investigative agency when H D Deve Gowda was the Prime Minister.

IDFC MD Vikram Limaye the new CEO, MD of NSE

Leading stock exchange National Stock Exchange (NSE) on 03rd February 2017 has selected IDFC chief Vikram Limaye as its new CEO and Managing Director, two months after the sudden exit of Chitra Ramkrishna from the top post.

NSE's board approved Limaye's name for the top position but a formal announcement would be made later as some formalities need to be completed from his side. The approval of the board, chaired by Ashok Chawla, comes after a four-member search panel suggested Limaye's name from amongst the shortlisted candidates.

Pankaj Advani pockets the National Snooker Championship title

Champion cueist Pankaj Advani has won the Indian National Snooker Championship with a 6-0 win over Pandurangaiah of Railways in a one-sided final on 03rd February 2017.

Apart from clinching his 29th national title overall, Advani broke several other records. He became the only Indian men’s cueist to be the holder of all national billiards and snooker titles at the same time – Billiards, 6-red Snooker and 15-red Snooker. After marching into the finals of the snooker nationals with a 5-2 victory over Sundeep Gulati of New Delhi, Advani put on a flawless show of precision in the summit clash, leaving the spectators at the PYC Hindu Gymkhana mesmerised.

Scientists confirm existence of lost continent lies under Indian Ocean

Scientists have confirmed the existence of a “lost continent” under the Indian Ocean island of Mauritius. It is left over by the break-up of the super-continent Gondwana, which started about 200 million years ago. The discovery was based on study of Zircon, a mineral found in rocks spewed up by lava during volcanic eruptions which is too old to belong to Mauritius. 

Key Facts 

The lost continent is just a small piece of island that probably broke of when Africa, India, Australia and Antarctica split up and formed the Indian Ocean. The scientists found zircons on the island of Mauritius that are three billion years old. These remnants are too old to belong to Mauritius as it has no rock older than nine million years old. The piece of crust of lost continent was subsequently covered by young lava during volcanic eruptions. There are many pieces of various sizes of undiscovered continent which are collectively called as Mauritius. 

What are Zircons? 

Zircons are minerals that occur mainly in granite from the continents. They contain trace amounts of uranium, thorium and lead. They can survive geological processes. They contain a rich record and can be dated extremely accurately.

Toxins in litchi fruit may kill children

Scientists from US and India have found that consumption of litchi fruit on an empty stomach can result in very low blood glucose level and acute encephalopathy leading to seizures and coma, and causes death in Children in many cases. Litchi fruit contains the toxins hypoglycin A and methylenecyclopropyl-glycine (MCPG). Its consumption and skipping evening meals causes very low blood glucose level (less than normal 70 mg/dL) and acute encephalopathy in children. 

Background 

Outbreaks of high fever followed by seizures and death in young children were reported in poor socio-economic backgrounds in rural Muzaffarpur in Bihar and other litchi-growing regions in India due to consumption of unripe lychees on an empty stomach. In 2014, fever and convulsions had killed 122 and hospitalised 390 children within three weeks in Muzaffarpur. All the sick children had eaten litchis without eating evening meal and had developed high fever, seizures and convulsions followed by coma before daybreak. 

Key Facts 

Unripened litchi contains Hypoglycin A, naturally-occurring amino acid that causes severe vomiting (Jamaican vomiting sickness). MCPG is a poisonous compound found in litchi seeds that cause a sudden drop in blood sugar, vomiting, altered mental status with lethargy, unconsciousness, coma and death. These toxins may block enzymes involved in normal glucose metabolism and result in an inability to synthesis glucose leading to acutely low level of blood sugar. The build-up of other metabolic by-products can also have an adverse effect (encephalopathy) on the child. 

Remedies: 

Dextrose therapy (giving children sugar to normalize their rapidly plummeting blood glucose levels), minimising litchi consumption, eating evening meal throughout the outbreak period, implementing rapid glucose correction for suspected illness.

SAARC programming committee meeting held in Kathmandu

The two-day meeting of SAARC Programming Committee was held in Kathmandu, capital of Nepal. All eight members participated in the meeting. This was the first senior level meeting of Association since postponement of 19th SAARC Summit in November 2016 after four nations Afghanistan, Bhutan, Bangladesh and India had requested for it following escalation of tension between India and Pakistan over the issue of terrorism. 

Key Facts 

The Programming Committee is the lowest level mechanism in SAARC after the SAARC Standing Committee, which is held at the foreign secretary level, and SAARC Council of Ministers held at foreign minister level. This meeting was originally scheduled ahead of the November 2016 Islamabad SAARC summit which could not be convened following its postponement. In Kathmandu meeting, the committee had discussed various administrative and financial issues related to SAARC Secretariat and its bodies. It also had discussed issues related to budget of the SAARC Secretariat and five regional centres of SAARC, among others. 

About the South Asian Association for Regional Cooperation (SAARC) 

SAARC is regional intergovernmental organization and geopolitical union in South Asia. It promotes development of economical and regional integration. As of 2015, SAARC member countries compromise of 3% of the world’s area, 21% of the world’s population and 9.12% of the global economy. SAARC Secretariat: Kathmandu (Nepal) Member Countries: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan (joined in 2007). Nine observer states: Australia, China, European Union, Japan, Iran, Mauritius, Myanmar, South Korea, and United States. Formation History: The idea for the SAARC was proposed by Ziaur Rahman, the then President of Bangladesh on May 2, 1980. The seven founding countries had met for first time in April 1981 and then in 1985, they created SAARC Charter. The first SAARC summit was held in Dhaka (Bangladesh) in December 1985.

Economic Survey backs Universal Basic Income

The Economic Survey 2016-17 tabled in Parliament has advocated for the concept of Universal Basic Income (UBI) as an alternative to the various social welfare schemes in an effort to reduce poverty. It suggests that a more efficient way to help the poor will be to provide them resources directly, through a UBI. It will be an efficient substitute for a plethora of existing welfare schemes and subsidies. 

What is Universal Basic Income (UBI)? 

A basic income is a form of social security in which all citizens of a country regularly receive an unconditional sum of money, either from a government in addition to any income received from elsewhere. It is based on the principles of universality and unconditionality. However, it forfeits other government aided benefits. Recently, government of Finland announced the introduction of a trial for UBI involving 2,000 unemployed people. In June 2016, Swiss voters in referendum had overwhelmingly rejected proposal to introduce basic income for all. 

Survey’s justification for introduction of UBI 

Promoting social justice, reducing poverty, unconditional cash transfer that lets the beneficiary decide how she uses the money, employment generation by promoting labour flexibility. It will bring in administrative efficiency as a direct cash transfer through JAM (Jan Dhan-Aadhar-Mobile) platform. It will be more efficient as compared to the “existing welfare schemes which are riddled with misallocation, leakages and exclusion of the poor. It can help to achieve considerable gains in terms of bureaucratic costs and time by replacing many of these with a UBI.

New TB-resistant cows developed in China

Chinese scientists from Northwest A&F University have produced world’s first live cows with increased resistance to bovine tuberculosis (TB). This development shows that genetic modification technology can be better suited to producing transgenic livestock with purposefully manipulated genetic. 

Key Facts 

Researchers had used a modified version of the CRISPR gene-editing technology called CRISPR/Cas9n to insert a new TB resistance gene NRAMP1 into the genome of bovine foetal fibroblasts, cell derived from female dairy cows. These cells were then used as donor cells in a process called somatic cell nuclear transfer. In it, nucleus of a donor cell carrying the new gene was inserted into an egg cell, known as an ovum, from a female cow. These ovum were then nurtured in the lab into embryos and transferred into mother cows for a normal pregnancy cycle. During this cycle, cows were produced with no off target effects on the animals’ genetics — a common problem when creating transgenic animals using CRISPR. 

Significance 

This scientific process revealed that NRAMP1 had successfully integrated into the genetic code at the targeted region in all of the calves. When it was exposed to Mycobacterium bovis (M. bovis), bacterium that causes bovine TB, transgenic animals showed increased resistance to M. bovis. Further in laboratory tests, the white blood cells taken from the calves also showed much resistance to M. bovis exposure.

Highlights Budget 2017-18

Union Finance Minister Arun Jaitley presented the Union Budget 2017. It was fourth annual budget presented by Arun Jaitley as Finance Minister. This was also first time no separate Railway Budget was presented. The 2017 Union Budget,was broadly focused on 10 themes. They are farming sector, rural population, youth, poor and underprivileged health care, financial sector for stronger institutions, infrastructure, speedy accountability, prudent fiscal management, public services and tax administration for the honest. 

Highlights Budget speech 

Demonetisation 

Demonetisation is expected to have a transient impact on the economy. It will have a great impact on the economy and lives of people . Demonetisation is a bold and decisive measure that will lead to higher GDP growth. The effects of demonetisation will not spillover to the next fiscal. 

Agriculture sector 

Farmer credit fixed at record level of Rs10 trillion. It will ensure adequate flow to underserved areas. Government will set up mini labs in Krishi Vigyan Kendras for soil testing. Long-term irrigation fund in NABARD increased from Rs 20,000 crore to Rs40,000 crore. Dairy processing infrastructure fund with a corpus of Rs. 2000 crore will be created. Model law on contract farming will be prepared and shared with the States. 

Rural population 

Over Rs 3 lakh crore will be spent for rural India. Government’s Mission Antyodaya targets to bring 1 crore households out of poverty by 2019. 
MGNREGA: 48,000 crore has been allocated. Participation of women now at 55%. Space technology to be used in a big way to ensure MGNREGA works. 5 lakh farm ponds will be taken up under MGNREGA. 
Pradhan Mantri Awas Yojana: 23,000 crore allocated. Government to complete 1 crore houses for those without homes. 
Prime Minister Gram Sadak Yojana: 19,000 crore allocated. Along with states, Rs. 27,000 crore will be spent in FY18. 
Panchayat Raj: Human resource reform programme to be launched. Mason training to be provided for 5 lakh people 100% rural electrification will be archived by May 2018 
Swachh Bharat mission: made tremendous progress, sanitation coverage has gone up from 42% to 60%. 

For youth 

Education: System of measuring annual learning outcomes will be introduced with emphasis on science. Innovation fund for secondary education. Focus will be on 3,479 educationally-backward blocks. Colleges will be identified based on accreditation. 
Reforms in UGC: Based on ranking colleges to be identified and given more autonomy. SWAYAM platform: Leveraging information technology platform for virtual learning National testing agency will be established for all entrance exams, freeing up CBSE, AICTE and other bodies. 100 Indian international skill centres will established with courses in foreign languages. Rs. 4,000 crore allocated to launch skill acquisition and knowledge awareness. Special scheme for creating employment in leather/footwear sector. Five special zones to be set up for tourism sector. 

Poor and underprivileged 

Sum of Rs. 1,84,632 crore allocated for women and children. 500 crore allocated for Mahila Shakthi Kendras. Affordable housing will be given infrastructure status. Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person. Action plan to eliminate leprosy by 2018, TB by 2025, reduce IMR to 29 in 2019 Owing to surplus liquidity, banks have started reducing lending rates for housing. 5 lakh Health sub centres will be transformed into health wellness centres. Two AIIMS will be set up in Gujarat and Jharkhand and. Structural transformation of the regulator framework for medical education will be undertaken. 52,393 crore allocated for Scheduled Castes. Aadhaar-based smartcards will be issued to monitor health of senior citizens. 

Infrastructure and railways 

Railways: total capex and development expenditure pegged at Rs. 1.31 trillion Railways: Passenger Safety fund corpus will be set up. Unmanned level crossings to be eliminated by 2020. Railway lines of 3,500km to be commissioned. Dedicated tourism/pilgrimage trains will be launched. 500 stations to be made differently-abled friendly 
Rail cleanliness: Introduction of Coach Mitra facility; By 2019, biotoilets for all coaches. Competitive ticket-booking facility will be introduced; service charge withdrawn for tickets booked on IRCTC. New metro rail policy will be announced. 
Roads sector: 64,000 crore allocated for national highways. Airports Authority of India Act will amended to enable monetization of land resources. Total Rs. 2 trillion will be allocated to transport sector. 
Telecom sector: 10,000 crore will be allocated to Bharat Net programme. Digi-gau initiative will be launched. 
Export infrastructure: New restructured central scheme will be launched. Total Rs. 3.96 trillion will be allocated for infrastructure.
Energy sector: Strategic policy for crude reserves will be set up. Rs. 1.26,000 crore received as energy production based investments. 

Financial Sector 

Foreign Investment Promotion Board (FIPB) to be abolished 
Commodities market: Panel will be constituted to study legal framework for spot and derivative markets Resolution mechanism for financial firms will be set up. 
Cyber-security: Computer emergency response team (CERT) to be set up Listing of PSEs to foster public accountability, mechanism for time-bound listing will be revised. New exchange-traded fund (ETF) will be launched 
Pradhan Mantri Mudra Yojana: It will have lending target at Rs. 2.44 trillion. 
Stand-up India scheme: over 16,000 new enterprises will be set up. 

Digital Economy 

Government to launch two new schemes to promote BHIM app, including cashback scheme for merchants Aadhaar Pay will be launched for people who don’t have mobile phones. Focus on rural and semi-urban areas. Financial inclusion fund will be strengthened. Panel on digital payments has recommended structural reforms. Payment regulatory board will be created at RBI. Negotiable Instruments Act might be amended. 

Public Services 

Head post-office to be used for passport services. Defence:Centralized defence travel system will be developed. Centralized pension distribution system to be established Government recruitment: Two-tier exam system will be introduced. Government to introduce laws to confiscate assets of economic defaulters. High-level panel chaired by PM will be formed to commemorate Mahatma Gandhi’s 150th birth anniversary 

Fiscal Management 

Total budget expenditure: 21 trillion. 
Defence expenditure: 2.74 trillion (excluding pensions). 
Fiscal deficit for FY18: Pegged at 3.2% of GDP. 
Revenue deficit for FY18: Pegged at 1.9% Fiscal situation. 
Total expenditure: 21, 47,000 crore. Plan, non-plan expenditure is abolished; focus will be on capital expenditure which will be 25.4 %. 3,000 crore under the Department of Economic Affairs for implementing the Budget announcements. Expenditure for science and technology is Rs. 37,435 crore. Total resources transferred to States/UTs is Rs 4.11 lakh crore. Amendment proposed to the RBI Act to enable issuance of electoral bonds. 

Tax Administration 

Direct tax collection not commensurate with income/expenditure pattern of India 
Black money: Cash transactions above Rs. 3 lakh banned. 
Transparency in political funding: Parties continue to receive anonymous donations; propose system of cleaning up. 
Political funding: Maximum amount of cash donation that can be received is Rs. 2,000. Political parties can receive donations by cheques or digitally. Every party has to file returns within specified time. Amendment proposed to RBI Act to issue electoral bonds. 
Personal income tax: Rate reduced to 5% for income bracket of Rs. 2.5-5 lakh; All other categories to get uniform benefit of Rs. 12,500 per person; Surcharge on income bracket Rs. 50 lakh-Rs. 1 crore will be levied 
Personal income tax: Simple one-page form for taxable income up to Rs. 5 lakh will be implemented. 
GST: Preparedness of IT system on schedule. Not many changes to excise duties in GST regime. FPI category 1 and 2 investors exempted from indirect transfer provisions. Time period of revising tax returns reduced to 12 months 
Real estate: Changes will be made in capital gains tax. Concessional withholding rate will be extended to 30 June 2020, rupee-denominated masala bonds to be included. MAT will be not abolished at present and will be carry-forwarded for 15 years. 
Corporate tax rate: MSMEs’ (annual turnover less than Rs.50crore) rate reduced to 25%. LNG: customs duty reduced to 2.5% Limit of cash donation for charitable trusts reduced to Rs. 2,000.

Finance Ministry to aid Rashtriya Rail Sanraksha Kosh for rail safety

The Union Finance Ministry has agreed to contribute partially to a new dedicated railway safety fund named as ‘Rashtriya Rail Sanraksha Kosh’ in the upcoming Union Budget 2017-18. The proposed safety fund will be utilised for track improvement, bridge rehabilitation, rolling stock replacement, human resource development, improved inspection system and safety work at level crossing, among other things. 

Key Facts 

The Finance Ministry is likely to grant a fresh infusion of only Rs. 5,000 crore in the upcoming financial year out of the initial proposed corpus of Rs. 20,000 crore. About Rs. 10,000 crore will be earmarked from the Central Road Fund (CRF) that is collected by levying a cess on diesel and petrol at present for safety-related work. Railways may now be asked to fund the remaining Rs. 5,000 crore for the initial corpus from its own resources. For this Indian Railway’s may either have to bring back a cess on rail tickets to finance its share of Rail Safety Fund or look to fund it from non-budgetary resources. 

 Background 

The Railway Ministry had requested the Union Finance Ministry to create ‘Rashtriya Rail Sanraksha Kosh’, a ‘non-lapsable’ safety fund of Rs. 20,000 crore over five years. Its request was based on the recommendations of a high-level safety review committee headed by Dr. Anil Kakodkar, former Chairman Atomic Energy Commission. The Committee, in its report submitted in 2012, had projected an investment requirement of Rs. 1 lakh crore on safety over five years.