Print Friendly, PDF & Email

INSIGHTS DAILY CURRENT AFFAIRS + PIB SUMMARY- 21 May 2020

current affairs, current events, current gk, insights ias current affairs, upsc ias current affairs

Table of Contents:

GS Paper 1:

1. Konark Sun Temple.

 

GS Paper 2:

1. Emergency Credit Line Guarantee Scheme (ECLGS).

2. Pradhan Mantri Vaya Vandan Yojana (PMVVY).

 

GS Paper 3:

1. Scheme for formalization of Micro Food Processing Enterprises (FME).

2. Pradhan Mantri Matsya Sampada Yojana (PMMSY).

 

Facts for Prelims:

1. International Tea Day (ITD).

2. Agappe Chitra Magna.

3. What is China’s May Fourth Movement?

4. What is ‘Sonic Boom’?

 


GS Paper  : 1


 

Topics Covered:  Indian culture will cover the salient aspects of Art Forms, Literature and Architecture from ancient to modern times.

Konark Sun Temple

What to study?

For Prelims and Mains: Key facts- about temple, it’s architecture, style and other facts.

Context: The Ministry of New and Renewable Energy (MNRE) has taken up the Complete Solarisation of Konark sun temple and Konark town in Odisha.

Details:

  • The Scheme envisages setting up of 10 MW grid connected solar project and various solar off-grid applications like solar trees, solar drinking water kiosks, off-grid solar power plants with battery storage etc.
  • The Project will be taken up with a 100% Central Financial Assistance (CFA) support of around Rs. 25 Crores from Government of India through Ministry of New & Renewable Energy (MNRE).
  • Implementation of this Project will be done by Odisha Renewable Energy Development Agency (OREDA).
  • The Scheme will meet all the energy requirements of Konark town with solar energy.

About the Temple:

  1. Built in the 13th century, the Konark temple was conceived as a gigantic chariot of the Sun God, with 12 pairs of exquisitely ornamented wheels pulled by seven horses.
  2. It was built by King Narasimhadeva I, the great ruler of Ganga dynasty.
  3. The temple is included in UNESCO World Heritage Site in 1984 for its architectural greatness and also for the sophistication and abundance of sculptural work.
  4. The temple is perfect blend of Kalinga architecture, heritage, exotic beach and salient natural beauty.
  5. It is protected under the National Framework of India by the Ancient Monuments and Archaeological Sites and Remains (AMASR) Act (1958) and its Rules (1959).
  6. The Konark is the third link of Odisha’s Golden Triangle. The first link is Jagannath Puri and the second link is Bhubaneswar (Capital city of Odisha).
  7. This temple was also known as ‘BLACK PAGODA’ due to its dark color and used as a navigational landmark by ancient sailors to Odisha. Similarly, the Jagannath Temple in Puri was called the “White Pagoda”.
  8. It remains a major pilgrimage site for Hindus, who gather here every year for the Chandrabhaga Mela around the month of February.

InstaThink:

Prelims Link:

  1. Ganga dynasty- famous rulers.
  2. Unesco world heritage sites.
  3. Nagara and vesara styles.
  4. Features of Kalinga architecture.

Sources: pib.

temple

wheel

 


GS Paper  : 2


 

Topics Covered: Schemes for the vulnerable sections of the society.

Emergency Credit Line Guarantee Scheme (ECLGS)

Insights IPM test series 2021, insights IPM 2021

What to study?

For Prelims and Mains: Key features and significance of the scheme.

Context: The Union Cabinet has given its approval for the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs and MUDRA borrowers.

Key features:

  1. Under the Scheme, 100% guarantee coverage to be provided by National Credit Guarantee Trustee Company Limited (NCGTC) for additional funding of up to Rs. 3 lakh crore to eligible MSMEs and interested MUDRA borrowers.
  2. The credit will be provided in the form of a Guaranteed Emergency Credit Line (GECL) facility.
  3. The Scheme would be applicable to all loans sanctioned under GECL Facility during the period from the date of announcement of the Scheme to 31.10.2020.
  4. Tenor of the loan under Scheme shall be four years with a moratorium period of one year on the principal amount.
  5. No Guarantee Fee shall be charged by NCGTC from the Member Lending Institutions (MLIs) under the Scheme.
  6. Interest rates under the Scheme shall be capped at 9.25% for banks and FIs, and at 14% for NBFCs.

Benefits of the scheme:

  • The scheme aims to mitigate the distress caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector.
  • The scheme is expected to provide credit to the sector at a low cost, thereby enabling MSMEs to meet their operational liabilities and restart their businesses.
  • By supporting MSMEs to continue functioning during the current unprecedented situation, the Scheme is also expected to have a positive impact on the economy and support its revival.

InstaThink:

Prelims Link:

  1. Classification of MSMEs- old vs new.
  2. Contributions of MSMEs to GDP.
  3. What are NBFCs?
  4. What is GECL facility?
  5. What is NCGTC?

Sources: pib.

 

Topics covered: Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes.

Pradhan Mantri Vaya Vandan Yojana (PMVVY)

What to study?

For Prelims: PMVVY- key features.

For Mains: Significance of PMVVY.

Context: The Union Cabinet has given its approval to the Extension of Pradhan Mantri Vaya Vandana Yojana (PMVVY) and other changes for the welfare of and to enable old age income security for Senior Citizens.

Changes for the Welfare of the aged:

  1. Extension of Pradhan Mantri Vaya Vandana Yojana (PMVVY) up to 31st March, 2023.
  2. Revised rate of returns of Senior Citizens Saving Scheme (SCSS).
  3. Approval for expenditure to be incurred on account of the difference between the market rate of return generated by LIC.
  4. The minimum investment has also been revised to Rs.1,56,658 for pension of Rs.12,000/- per annum and Rs.1,62,162/- for getting a minimum pension amount of Rs.1000/- per month under the scheme.

About PMVVY:

It is a Pension Scheme exclusively for the senior citizens aged 60 years and above.

The Scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme.

Maximum investment: One can invest a maximum amount of ₹15 lakh under Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme. The tenure of the policy is set at 10 years.

Key features of the scheme:

  • Scheme provides initially an assured rate of return of 7.40 % per annum for the year 2020-21 per annum and thereafter to be reset every year.
  • Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
  • The scheme is exempted from GST.
  • On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
  • Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
  • The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
  • On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.

InstaThink:

Prelims Link:

  1. Maximum and minimum investment under the scheme.
  2. Eligibility.
  3. Tenure
  4. Interest rates.
  5. Loan facility.
  6. Implementing agency.
  7. Benefits for nominee.

Mains Link:

Write a note on Pradhan Mantri Vaya Vandana Yojana (PMVVY).

Sources: pib.

 


GS Paper  : 3


 

Topics Covered: Food processing.

Scheme for formalization of Micro Food Processing Enterprises (FME)

What to study?

For Prelims: Key features of the scheme.

For Mains: significance of the scheme, challenges in the sector and ways to address them.

Context: The Union Cabinet has given its approval to a new Centrally Sponsored Scheme – “Scheme for Formalization of Micro food processing Enterprises (FME)” for the Unorganized Sector on All India basis.

Objectives:

  1. Increase in access to finance by micro food processing units.
  2. Increase in revenues of target enterprises.
  3. Enhanced compliance with food quality and safety standards.
  4. Strengthening capacities of support systems.
  5. Transition from the unorganized sector to the formal sector.
  6. Special focus on women entrepreneurs and Aspirational districts.
  7. Encourage Waste to Wealth activities.
  8. Focus on minor forest produce in Tribal Districts.

Salient features:

Centrally Sponsored Scheme. Expenditure to be shared by Government of India and States at 60:40.

2,00,000 micro-enterprises are to be assisted with credit linked subsidy. Micro enterprises will get credit linked subsidy at 35 per cent of the eligible project cost with ceiling of Rs. 10 lakh.

Beneficiary contribution will be minimum 10 per cent and balance from loan. Seed capital will be given to SHGs (Rs. four lakh per SHG) for loan to members for working capital and small tools.

Scheme will be implemented over a 5-year period from 2020-21 to 2024-25.

Cluster approach.

Focus on perishables.

Administrative and Implementation Mechanisms:

The Scheme would be monitored at Centre by an Inter-Ministerial Empowered Committee (IMEC) under the Chairmanship of Minister, FPI.

A State/ UT Level Committee (SLC) chaired by the Chief Secretary will monitor and sanction/ recommend proposals for expansion of micro units and setting up of new units by the SHGs/ FPOs/ Cooperatives.

The States/ UTs will prepare Annual Action Plans covering various activities for implementation of the scheme, which will be approved by Government of India.

A third-party evaluation and mid-term review mechanism would be built in the programme.

National level portal would be set-up wherein the applicants/ individual enterprise could apply to participate in the Scheme. All the scheme activities would be undertaken on the National portal.

Benefits of the scheme:

Nearly eight lakh micro- enterprises will benefit through access to information, better exposure and formalization.

It will enable them to formalize, grow and become competitive.

The project is likely to generate nine lakh skilled and semi-skilled jobs.

Scheme envisages increased access to credit by existing micro food processing entrepreneurs, women entrepreneurs and entrepreneurs in the Aspirational Districts.

Better integration with organized markets.

Increased access to common services like sorting, grading, processing, packaging, storage etc.

Why we need this scheme?

There are about 25 lakh unregistered food processing enterprises which constitute 98% of the sector and are unorganized and informal. Nearly 66 % of these units are located in rural areas and about 80% of them are family-based enterprises.

This sector faces a number of challenges including the inability to access credit, high cost of institutional credit, lack of access to modern technology, inability to integrate with the food supply chain and compliance with the health &safety standards.

Strengthening this segment will lead to reduction in wastage, creation of off-farm job opportunities and aid in achieving the overarching Government objective of doubling farmers’ income.

InstaThink:

Prelims Link:

  1. Difference between centrally sponsored and central sector scheme.
  2. Core vs core of core schemes.
  3. Role of states in this scheme.
  4. Who monitors this scheme at state levels?
  5. Focus of the scheme.

Mains Link:

Discuss the significance of the Scheme for formalisation of Micro Food Processing Enterprises (FME).

Sources: pib.

 

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

What to study?

For Prelims and Mains: Key features and significance of the scheme.

Context: The Union Cabinet has given its approval for implementation of the Pradhan Mantri Matsya Sampada Yojana (PMMSY).

Key features:

  • PMMSY is a scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India under two components namely, Central Sector Scheme (CS) and Centrally Sponsored Scheme (CSS).
  • The Scheme will be implemented during a period of 5 years from FY 2020-21 to FY 2024-25.
  • Nodal Ministry: Ministry of Fisheries, Animal Husbandry and Dairying.

Implementation:

Central Sector Scheme (CS) – The entire project/unit cost will be borne by the Central government (i.e. 100% central funding).

The Centrally Sponsored Scheme (CSS) Component is further segregated into Non-beneficiary oriented and Beneficiary orientated sub­components/activities under the following three broad heads:

  1. Enhancement of Production and Productivity.
  2. Infrastructure and Post-Harvest Management.
  3. Fisheries Management and Regulatory Framework.

Major Benefits of PMMSY:

  1. Address the critical gaps in the fisheries sector and realize its potential.
  2. Augmenting fish production and productivity at a sustained average annual growth rate.
  3. Improving availability of certified quality fish seed and feed, traceability in fish and including effective aquatic health management.
  4. Creation of critical infrastructure including modernisation and strengthening of value chain.
  5. Creation of direct gainful employment opportunities to about 15 lakh fishers, fish farmers, fish workers, fish vendors and other rural/urban populations in fishing and allied activities.
  6. Boost to investments in fisheries sector and increase of competitiveness of fish and fisheries products.
  7. Social, physical and economic security for fishers and fish workers.

InstaThink:

Prelims Link:

  1. Fish production in India.
  2. Inland vs Coastal fishing.
  3. Tenure of the scheme.
  4. Components of the scheme.
  5. Sub components under centrally sponsored component of the scheme.

Sources: pib.

 


Facts for Prelims


International Tea Day (ITD):

1st International Tea Day (ITD) is being celebrated by United Nations on 21st May.

Food and Agriculture Organization (FAO) will lead the observance of the Day.

The aim is to raise awareness of the long history and the deep cultural and economic significance of tea around the world.

Agappe Chitra Magna:

It is a magnetic nanoparticle-based RNA extraction kit for use during testing for the detection of COVID-19.

Developed by Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) along with Agappe Diagnostics Ltd, an in vitro diagnostics manufacturing company based in Cochin.

The kit can be used for RNA extraction for RT-LAMP, RT-qPCR, RT-PCR and other isothermal and PCR based protocols for the detection of SARS-COV-2.

Significance: Agappe Chitra Magna RNA Isolation Kit priced at around Rs. 150 per kit is expected to reduce the cost of testing and the country’s dependence on imported kits which cost around Rs 300.

What is China’s May Fourth Movement?

It is an intellectual revolution and sociopolitical reform movement that occurred in China on May 4th in 1919.

The Movement unfolded sparked by the refusal of delegates at the Paris Peace Conference to return former German colonies in China to Chinese sovereignty at the conclusion of World War I.

The students protested not only Western imperialism but their own government’s weakness.

What is ‘Sonic Boom’?

A sonic boom is said to occur when an object travels through the air faster than the speed of sound and creates shock waves. This can lead to a huge emission in energy, usually in the form of sound, which can be similar to an explosion of thunderclap.

Effects: The sonic boom is a continuous sound which is emitted by the aircraft all the while it is travelling at a supersonic speed. If the aircraft is flying at a low altitude, the sonic boom may also lead to tremors similar to earthquakes and shattering of glass.

 


Insights Current Affairs Analysis (ICAN) by IAS Topper