CURRENT AFFAIRS: NATIONAL
Private Train Operations Likely To Begin By April 2023
- Private train operations in the country will begin by April 2023, and the ticket fares in these trains will be competitive with airfares on similar routes.
- The improvement in technology will also mean that the coaches that now require maintenance after running 4,000 km, will need maintenance after every 40,000-km, that is either once or twice a month.
- Private participation in passenger train operations will only be five per cent of the existing 2800 Mail/Express trains over IR.
- The private entity has to ensure 95 per cent punctuality and record not more than one failure per lakh kilometre of travel.
About Indian Railways
- Headquarters: New Delhi
- Chairman: VK Yadhav
Govt clears Defence acquisition worth Rs 38,900 Cr
- Defence Acquisition Council ( DAC) in its meeting accorded approval for Capital acquisitions of various platforms and equipment required by the Indian Armed Forces. Proposals for an approximate cost of 38900 Crore rupees were approved. The meeting chaired by Defence minister Rajnath Singh focused on indigenous design and development. These approvals include acquisitions from Indian Industry amounting to 31130 Crore rupees.
- The equipments are to be manufactured in India involving Indian Defence Industry with participation of several MSMEs as prime tier vendors. The Indigenous content in some of these projects is up to 80 per cent of the project cost.
- A large number of these projects have been made possible due to Transfer of Technology by DRDO to the Indigenous Industry. These include Pinaka ammunitions, BMP armament upgrades and Software Defined Radios for the Army, Long Range Land Attack Cruise Missile Systems and Astra Missiles for Navy and Air Force. The cost of these Design and Development proposals is in the range of 20400 crore rupees.
- Further, addressing the long felt need of the Indian Air Force to increase its fighter squadrons, the DAC also approved the proposal for procurement of 21 MIG-29 . It also approved upgradation of existing 59 Mig-29 aircraft and procurement of 12 Su-30 MKI aircraft.
Drug Discovery Hackathon jointly launched by Union Ministers Dr Harsh Vardhan and Ramesh Pokhriyal
- Human Resources and Development Minister Ramesh Pokhriyal Nishank and Health Minister Dr Harsh Vardhan jointly launched the Drug Discovery Hackathon 2020. It is an online competition and anybody from anywhere in the country or world can participate.
- Mr Pokhriyal stated, Drug Discovery Hackathon is first of its kind national initiative for supporting drug discovery process. He stated, to attract international talent, the hackathon will be open to participation from across the globe from professionals, faculty, researchers and students.
- Dr Harsh Vardhan emphasized the need to establish the culture of computational drug discovery in the country. In this initiative, HRD Innovation cell and AICTE will focus on identifying potential drug molecules through the Hackathon while CSIR will take these identified molecules forward for synthesis and laboratory testing.
- He stated, the objective of this Hackathon is to identify drug candidates against SARS-CoV-2 by in-silico drug discovery through the hackathon and follow up by chemical synthesis and biological testing.
CURRENT AFFAIRS: BANKING AND FINANCE
World Bank approves US $500 mn budgetary support for Pak to tackle Covid-19
- The World Bank (WB) has approved US $500 million in budgetary support for Pakistan to address the immediate impacts of the COVID-19 pandemic.
- The money will help Pakistan strengthen fiscal management, promote transparency and private sector growth, and undertake foundational reforms in the energy sector to transition to low-carbon energy.
- The money support for Pakistan has been approved under the “Resilient Institutions for Sustainable Economy”
- The project will be financed by a US $250 million credit from the International Development Association and a US $250 million loan from the International Bank for Reconstruction and Development.
About World Bank
- Headquarters: Washington, D.C., United States
- President: David Malpass
ICICI Bank launches instant loan facility against mutual funds
- ICICI Bank has launched a facility that enables retail customers to get loan of up to 1 crore instantaneously by pledging their holdings in both debt and equity mutual funds.
- The fully digital and paperless facility empowers the customers to avail this loan as an overdraft (OD) in a matter of few minutes, without visiting a branch and submitting physical documents.
- ICICI Bank has launched ‘Insta Loans against Mutual Funds’ in partnership with ‘Computer Age Management Services’ (CAMS). ‘Insta Loans against Mutual Funds’ is an extension of the Insta LAS, an instant loan facility against equity.
Salient features of ‘Insta Loans against Mutual Funds’
- Instant access to funds:The customers get access to instant liquidity by leveraging their existing mutual fund portfolio, without selling them.
- Flexibility of mutual funds:The loan can be availed against a wide range of debt and equity schemes of mutual funds serviced by CAMS and approved by the Bank
- Wide range of loan amount:Minimum loan amount is Rs. 50,000 for both debt and equity schemes of MFs. Maximum loan amount is Rs. 1 crore for debt schemes of MFs and Rs. 20 lakh for equity schemes of MFs
- Competitive margin:Minimum 20% for debt and 50% for equity MFs
- Advantage of OD; No fixed EMI:Since the loan is available as an OD, the customers do not have to pay fixed EMI. They only need to pay interest on the limit utilised and for the number of the days it was utilised
- No foreclosure charges:The customers have the flexibility to repay the principal as and when they choose to, without any foreclosure charges
About ICICI bank
- Headquarters: Mumbai, Maharashtra
- Managing Director(MD) & Chief Executive Officer(CEO): Sandeep Bakhshi
Kotak Mahindra Bank, Innoviti tie up to offer EMIs
- Kotak Mahindra Bank and Innoviti Payment Solutions announced that they have collaborated to offer equated monthly instalments (EMI) billing options on Kotak debit cards swiped on Innoviti POS terminals.
- The facility will allow over 1 crore Kotak customers to pay for their purchases in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.
- Importantly, with over half of Innoviti’s POS terminals installed in 350 smaller cities and towns in India with a population of less than 20 lakh, this arrangement will help consumers particularly in tier 2 and 3 cities access credit conveniently through their Kotak debit cards, Kotak Mahindra Bank stated.
About Kotak Mahindra Bank:
- CEO: Uday Kotak
- Headquarters: Mumbai
CURRENT AFFAIRS: BUSINESS AND ECONOMY
Carlyle Group to acquire 25% stake in Airtel’s data centre biz for $235 mn
- US-based Carlyle Group will invest $235 million (approximately Rs 1770 crore) for approximately 25 per cent stake in Nxtra Data Ltd, an arm of Bharti Airtel engaged in the data centre business.
- The transaction is subject to the necessary regulatory approvals, including approval from the Competition Commission of India.
- US-based Carlyle has prior experience in data centre ownership through investments in Coresite in the US and Itconic in Spain.
- Nxtra, which is building multiple large data centres across India, will use the proceeds from the deal to scale up its infrastructure.
- Carlyle invested $700 million during the first half of 2020, excluding $235 million for 25 per cent stake in Airtel’s data which was announced today. In 2019, the company invested $698 million over three deals which rose to $700 million during the first half of 2020.
- Besides Airtel data center investment, the other top investments by Carlyle in India includes $200 million in Financial Services firm Destimoney (in February 2015), $260 million in payment services firm SBI Cards & Payment Services (in December 2017), $653 million SBI Life Insurance (March 2019) among others.
Fitch slashes India’s growth projection from 9.5% to 8% for FY22
- Fitch Ratings cut India’s growth forecast for 2021-22 fiscal to 8 per cent from 9.5 per cent projected last month. It retained its projection of Indian economy contracting by 5 per cent in the current fiscal.
- Indian economic growth stood at an estimated 4.2 per cent in 2019-20. In its June update of Global Economic Outlook, Fitch projected Indian economy to grow 5.5 per cent in 2022-23.
- In India, where authorities imposed one of the most stringent lockdowns globally to try to halt the spread of the virus, measures are being relaxed only very gradually; with a limited policy easing response and ongoing financial sector fragilities, we have pared our 2021 forecast to 8 per cent from 9.5 per cent in the previous GEO, Fitch stated.
- In May update to the outlook, Fitch had predicted 9.5 per cent growth in 2021-22.
- S&P has forecast a 5 per cent contraction in the fiscal year starting April, and the growth to recover to 8.5 per cent next fiscal.
- Moody’s expects India’s real GDP to contract by 4 per cent in fiscal 2020 due to the shock from the coronavirus pandemic and related lockdown measures, followed by 8.7 per cent growth in fiscal 2021 and closer to 6 per cent thereafter.
About Fitch Ratings:
- Headquarters: New York, United States
- CEO: Paul Taylor
CURRENT AFFAIRS: DAYS
World UFO Day
- The World UFO Day is celebrated by some on June 24 and by others on July 2.
- The World UFO Day is celebrated to create awareness about Unidentified Flying Objects and alien life forms.
- In 2001, an organisation World UFO Day Organisation (WUFODO) decided to celebrate this day as all the UFO enthusiasts gather to show evidence they collected to support the theory of the existence of extraterrestrial beings.
National Anisette Day
- National Anisette Day is observed on 2nd July every year and is popular in Spain, Italy, Portugal, and France.
- Aniseed from the anis herb gives anisette its licorice or fennel flavor. While usually a dry dry liqueur, distillers sometimes add a sugar syrup for a sweeter result.
CURRENT AFFAIRS: NATIONAL
MoRTH prepares blueprint for scheme of cashless treatment of motor accident victims
- The Road Transport and Highways Ministry has prepared a blueprint for implementing the scheme of cashless treatment of motor accident victims. The scheme also includes creation of a Motor Vehicle Accident Fund.
- The Ministry has asked the States and Union Territories to share their views by the 10th of this month. The National Health Authority with over 21 thousand hospitals on board has been entrusted to implement the scheme.
- It has been envisaged in the scheme to provide compulsory insurance cover to all road users in the country. The fund would be utilized for treatment of road accident victims and for payment of compensation to the injured or to the family of person losing life in hit and run cases.
CURRENT AFFAIRS: STATE
“Dream Kerala project” announced for rehabilitation of Keralites returning from abroad
- Kerala has announced “Dream Kerala project” for rehabilitation of the Keralites returning from abroad and for the overall development of the State.
- The project aims, not only, the rehabilitation of returnees but also, using their skill and knowledge for reviving the State.
- The various departments under the State Govt will be coordinating the project. Through the Dream Kerala project , ideas and suggestions from public will be invited.
- Steering committee headed by Chief Minister is entrusted with the task of making the final decision on ideas selected.
- Stipulated time frame has been fixed for early implementation of projects.
About Kerala:
- Capital: Thiruvananthapuram
- Chief Minister: Pinarayi Vijayan
- Governor: Arif Mohammad Khan
Ashadhi Ekadashi celebrated in Maharashtra
- Ashadhi Ekadashi, one of the most significant festivals in Maharashtra which also marks the culmination of the pilgrimage undertaken by the Warkaris (devotees of Lord Vitthal) from different parts of the state on their feet to travel hundreds of kilometres to reach temple town Pandharpur in Solapur district.
- As per the tradition, Maharashtra Chief Minister Uddhav Thackeray performed the Mahapooja of Lord Vitthal and Goddess Rukmini at the temple town of Pandharpur in the wee hours.
- The CM prayed to make Maharashtra and the country free of Corona virus and to grant peace and prosperity to farmers in the state.
About Maharashtra:
- Capital: Mumbai
- Chief Minister: Uddhav Thackeray
- Governor: Bhagat Singh Koshyari
Andhra Pradesh CM inaugurates cancer care centre at GGH in Guntur
- Andhra Pradesh Chief MinisterS. Jagan Mohan Reddy remotely inaugurated a comprehensive cancer care centre jointly set up by the State government and the NATCO Trust at the Government General Hospital (GGH) in Guntur, from his camp office.
- On the occasion, Mr. Jagan Mohan Reddy complimented NATCO Trust chairman Nannapaneni Venkaiah Chowdary for collaborating with the government in providing free cancer treatment to the poor.
- The cancer centre, which has the approval of the Atomic Energy Regulatory Board (AERB), would render medical, surgical and radiological services. Another such centre was being established in Kurnool, and it was targeted to be completed in a year.
About Andhra Pradesh:
- Capital: Amaravati, Hyderabad
- Chief Minister: Y. S. Jaganmohan Reddy
- Governor: Biswabhusan Harichandan
CURRENT AFFAIRS: BANKING AND FINANCE
World Bank approves $750 mn emergency response fund for India’s MSME sector
- The World Bank approved a $750 million loan to support increased flow of finance into the hands of India’s micro, small, and medium enterprises (MSMEs), severely impacted by the Covid-19 crisis.
- The World Bank’s MSME Emergency Response program will aim to address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs.
- This takes the World Bank’s total commitment to $2.75 billion to support India’s emergency Covid-19 response.
- The first $1 billion emergency support was announced in April this year for immediate support to India’s health sector. Another $1 billion project was approved in May to increase cash transfers and food benefits to the poor and vulnerable, including a more consolidated delivery platform – accessible to both rural and urban populations across state boundaries.
About World Bank
- Headquarters: Washington, D.C., United States
- President: David R. Malpass
RBI announces special liquidity scheme for NBFCs and HFCs through SPV
- The government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector. To be eligible under the scheme, RBI laid out the conditions:
- The Non-Banking Financial Company (NBFCs), including Microfinance Institutions that are registered with the RBI, under the Reserve Bank of India Act, 1934, excluding those registered as Core Investment Companies.
- Housing Finance Companies that are registered under the National Housing Bank Act, 1987
- CRAR/CAR of NBFCs/HFCs should not be below the regulatory minimum, i.e., 15% and 12% respectively as on March 31, 2019.
- The net non-performing assets should not be more than 6% as on March 31, 2019.
- They should have made net profit in at least one of the last two preceding financial years (i.e. 2017-18 and 2018-19)
- They should not have been reported under SMA-1 or SMA-2 category by any bank for their borrowings during last one year prior to August 01, 2018
- They should be rated investment grade by a SEBI registered rating agency
- They should comply with the requirement of the SPV for an appropriate level of collateral from the entity, which, however, would be optional and to be decided by the SPV.
- SBICAP which is a subsidiary of the State Bank of India has set up a SPV (SLS Trust) to manage this operation. The SPV will purchase the short-term papers from eligible NBFCs/HFCs, who shall utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities. The instruments will be CPs and NCDs with a residual maturity of not more than three months and rated as investment grade.
- The facility will not be available for any paper issued after September 30, 2020 and the SPV would cease to make fresh purchases after September 30, 2020 and would recover all dues by December 31, 2020.
About RBI:
- Headquarters: Mumbai
- Governor: Shaktikanta Das
- Deputy Governors: B.P. Kanungo, Mahesh Kumar Jain and M. D. Patra
HDFC Bank launches instant auto loan product
- HDFC Bank announced its plans to offer instant auto loans called ZipDrive to its customers in 1,000 cities.
- The offering is now being extended to Tier 2 and 3 cities, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places, across India.
- The move comes amidst demand for entry-level cars as people try to avoid public transport.
- Under the scheme, HDFC Bank customers are given pre-approved loan offers using the bank’s proprietary algorithm and analytics.
About HDFC Bank:
- Headquarters: Mumbai
- MD and CEO: Aditya Puri
- Tagline: We Understand Your World
CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION
Shri Ravinder Bhakar assumes charge as CEO, CBFC
- Shri Ravinder Bhakar, has taken over as the Chief Executive Officer (CEO) of Central Board of Films Certification (CBFC).
- Prior to his appointment as CEO, CBFC, Mr. Bhakar was posted as the Secretary & Chief Public Relations Officer of Western Railways.
- He replaces Anurag Srivastava.
About CBFC
- Headquarters: Mumbai
- Chairperson: Prasoon Joshi
CURRENT AFFAIRS: DAYS
International Day of Parliamentarism
- The United Nations General Assembly designated June 30 as the day to celebrate International Day of Parliamentarism in
- The date also marks the day in 1889 when the Inter-Parliamentary Union (IPU), the global organization of parliaments, was established.
- The day also celebrates the way parliamentary systems of government improve the day-to-day lives of people the world over.
National Doctors’ Day
- India celebrates the national doctor’s day every year to pay tribute to the contributions of doctors across the country.
- It is celebrated on July 1 to mark the birth as well as death anniversary of Dr Bidhan Chandra Roy, former chief minister of West Bengal and one of the most popular doctors of the nation.
- This year’s theme for the occasion is ‘Lessen the mortality of Covid-19’ and includes spreading awareness about hypoxia and aggressive therapy.
National Postal Worker Day
- On July 1, National Postal Worker Day is marked in recognition of postal workers across the world.
- National Postal Worker Day is a unique opportunity to say ‘thank you’ not only to postmen but also to all delivery personnel, as online shopping has become a lifeline for many of us.
Chartered Accountants Day
- Chartered Accountants Day or CA Day is celebrated onJuly 1 every year to commemorate the finding of the Institute of Chartered Accountants of India (ICAI) by the parliament of India in 1949.
- A chartered accountant is a profession that gives direction to the financial condition of any country.
- ICAI is the second largest accounting body in the world after American Institute of Public Accountants.
CURRENT AFFAIRS: NATIONAL
PM Modi extends Pradhan Mantri Garib Kalyan Anna Yojana till November
- Prime Minister Narendra Modi extended PM Garib Kalyan Anna Yojana for a further five months till November-end for distributing free foodgrains to the poor.
- The government will keep providing free foodgrains to the poor section of the society due to the increased need during the festivals. And it will incur an additional expenditure of Rs 90,000 crore to provide 5 kg rice or wheat and 1 kg gram every month to the poor.
- The Modi government had announced an additional allocation in the world’s largest food security scheme – PM Garib Kalyan Anna Yojana – earlier this year, which aimed to ensure sufficient foods with the poor and needy amid the coronavirus crisis.
- The foodgrains were to be distributed to all the beneficiaries under the targeted public distribution system (TPDS) for Antyodaya Anna Yojana (AAY) and priority household (PHH) ration cardholders.
- The eligible individuals were to receive 5kg of foodgrains and 1 kg Gram per month for a period of three months between April and June, 2020, which has now been extended for five more months.
- In the last three months, 20 crore poor households have received direct benefit transfers worth Rs 31,000 crore under the government’s Pradhan Mantri Garib Kalyan Yojana, which was announced immediately after the coronavirus-induced lockdown. During this period, Rs 18,000 crore has been deposited in the bank accounts of more than nine crore farmers.
- Simultaneously, Pradhan Mantri Garib Kalyan Rojgar Abhiyaan was also launched to provide employment to shramiksin rural areas.
Ministry of Social Justice & Empowerment launches Nasha Mukt Bharat
- “Nasha Mukt Bharat: Annual Action Plan (2020-21) for 272 Most Affected Districts’ was e-launched by Shri Rattan Lal Kataria, Minister of State for Social Justice and Empowerment on the occasion of “International Day Against Drug Abuse and Illicit Trafficking”
- The Action Plan has the following components:Awareness generation programmes; Focus on Higher Educational institutions, University Campuses and Schools; Community outreach and identification of dependent population; Focus on Treatment facilities in Hospital settings; and Capacity Building Programmes for Service Provider.
- The funds for this programme in the year 2017-18 was Rs 49 crores and now in the year 2019-20 it was Rs 110 crores and in the year 2020-21, the fund has been increased to Rs 260 crores, i.e. more than 5 times.
- Due to COVID-19 pandemic, the Ministry of Social Justice and Empowerment could not conduct the presentation of the National Awards for outstanding Services in the field of Prevention of Alcoholism and Substance (Drug) Abuse
About MoSE
- Minister of Social Justice and Empowerment: Thaawar Chand Gehlot
- Constituency: Madhya Pradesh
HRD Minister launches World’s first ever online B.Sc. degree in Programming & Data Science
- Human Resources and Development Minister Ramesh Pokhriyal Nishank virtually launched World’s first ever online Sc. degree in Programming and Data Science.
- The programme has been prepared and offered by the Indian Institute of Technology, IIT Madras.
- Data Science is one of the fastest growing sectors that is predicted to create 11.5 million jobs by 2026.
- Online education is a trend being rapidly embraced for high quality education on a large scale.
- This programme is open to anyone who has passed Class 12th, with English and Maths at the Class 10th level, and enrolled in any on-campus UG course.
- Mr Pokhriyal informed that the current batch of students who are completing their Class 12th in 2020 are eligible to apply. He stated, Graduates and working professionals can also take up this programme.
- Mr Pokhriyal added that this unique offering removes all barriers of age, discipline or geographic location and provides access to a world-class curriculum in data science which is in huge demand for skilled professionals.
- The Minister stated, the students who are currently enrolled in a different on-campus program anywhere in the country can pursue this degree program without needing to switch careers or courses.
About Ministry of Human Resource Development:
- Ramesh Pokhriyal ‘Nishank’: Cabinet Minister
- Constituency: Haridwar
- Sanjay Shamrao Dhotre, Minister of State
Dharmendra Pradhan inaugurates Continuous Galvanized Rebar Production Facility in Punjab
CURRENT AFFAIRS: DAYS
International Day of the Tropics
- International Day of the Tropics, which is marked on June 29 every year.
- As per the United Nations, the Tropics is home to nearly 95 per cent of the world’s mangrove forests by area and 99 per cent of mangrove species. The Tropics have just over half of the world’s renewable water resources (54 per cent), and biodiversity is also much greater at 80 per cent.
World Allergy Week
- The World Allergy Organization is proud to announce thatWorld Allergy Week 2020 will occur 28 June – 4 July 2020 and will focus on the theme of “Allergy care does not stop with COVID-19.”
- Each year, the World Allergy Organization (WAO) addresses a different topic that has a need for greater awareness.
About WAO
- Headquarters location: United States
World Asteroid Day
- World Asteroid Day or International Asteroid Dayis celebrated in the remembrance of the Tunguska impact over Siberia, Russia. It took place on 30 June, 1908.
- It is said that it was the Earth’s largest asteroid impact ever recorded so far.
CURRENT AFFAIRS: NATIONAL
India inks pact with Bhutan for 600 MW Kholongchhu Hydroelectric Project
- India signed a concession agreement with Bhutan for the 600 MW Kholongchhu Hydroelectric Project in the virtual presence of external affairs minister S Jaishankar.
- The 600 MW run-of-the-river project is located on the lower course of the Kholongchhu River in Trashiyangtse district in Eastern Bhutan.
- The project envisages an underground powerhouse of four 150 MW turbines with water impounded by a concrete gravity dam of 95 meters height.
- It will be implemented by Kholongchhu Hydro Energy Limited, a Joint Venture launched between Druk Green Power Corporation (DGPC) of Bhutan and Satluj Jal Vidyut Nigam Limited (SJVNL) of India.
- The concession agreement will lead to commencement of construction and other works of this first Joint Venture Hydroelectric Project between India and Bhutan.
- The project is expected to be completed in the second half of
- The 720 MW Mangdechhu hydroelectric project was jointly inaugurated earlier in August, 2019 by Prime Minister Narendra Modi and his Bhutan counterpart Lotay Tshering.
About Bhutan
- Capital: Thimphu
- Capital: Bhutan Ngultrum
- Prime minister: Lotay Tshering
India plans incentives to double auto exports in next five years
- India is drawing up an incentive scheme for the autos sector aimed at doubling exports of vehicles and components in the next five years.
- The incentives would be based on the sales value of vehicles or components and eligiblecompanies would need to meet certain conditions, including a minimum revenue and profit threshold and presence in at least 10 countries.
- The move is part of India’s effort to create ‘champion’ sectors to attract investment, generate jobs and boost manufacturing.
- India wants to promote exports and has identified some sectors, including autos and textiles, for which incentive plans are being designed.
- The initial scheme has been designed to incentivise large companies and in turn benefit smaller players in the supply chain, making the auto sector more competitive overall.
Govt launches PM FME scheme to help micro food processing enterprises
- The Government launched a Rs 10,000 crore scheme for micro enterprises which offers 50% subsidy for storage and transportation to prevent distress sale by farmers.
- The scheme, called Pradhan Mantri Formalisation of Micro Food Enterprises (PM FME) launched by Food processing minister Harsimrat Kaur Badal, aims to bring in new technology, apart from affordable credit to help small entrepreneurs penetrate new markets.
- The scheme will be implemented for five years until 2024-25. It will generate investment of Rs 35,000 core, generate 900,000 jobs and help 800,000 units.
- Operation Greens Scheme, which has been extended from tomato, onion and potato (TOP) crops to other notifiedhorticulture crops for providing subsidy for their transportation and storage from surplus production area to major consumption centres, will prevent post-harvest losses and distress sale by farmers when prices fall.
- Under the PM FME scheme, micro enterprises will get 35% subsidy on project cost, with a ceiling of Rs 10 lakh. The beneficiaries will have to contribute at least 10% of the project cost while the balance will come from loans. Nearly 200,000 micro enterprises will get credit-linked subsidy support.
- Under the scheme, meant for the unorganised sector, the expenditure will be shared by the central and state governments in the ratio of 60:40.
- The ministry will provide the 50% subsidy for “transportation of eligible crops from surplus production clusters to consumption centres or hiring of appropriate storage facilities for eligible crops for a maximum period of three months”.
- The maximum subsidy amount per applicant will be Rs 1 crore during a six-month period.
About MoFPI
- Minister of Food Processing Industries: Harsimrat Kaur Badal
- Constituency: Bathinda, Punjab.
Defence Minister launches web portal for issuing NOCs for projects in Indian waters
- Defence Minister Rajnath Singh launched a web portal for issuing no objection certificates (NOCs) to entities that are undertaking power projects and activities related to research, survey, exploration and exploitation in the Indian territorial waters and exclusive economic zones.
- The online system will establish an effective, speedy and transparent mechanism to process these proposals.
- Singh, along with Minister of State for Defence Shripad Naik, launched the web portal in the presence of Army Chief General M M Naravane, Navy Chief Admiral Karambir Singh, and Air Chief Marshal R K S Bhadauria.
- The newly developed web portal will facilitate the applicants in submitting their proposals online for seeking Security Clearance from the Defence Ministry for undertaking Power Projects and RSEE activities.
- The web portal has been developed with the assistance of National e-Governance Division (NeGD), Bhaskaracharya Institute for Space Applications and Geo-informatics (BISAG) and National Informatics Centre (NIC).
