P.I.B CURRENT AFFAIRS (15.1.2017 to 20.1.2017)

1.Saksham 2017(Sanrakshan Kshamta Mahotsav) :

·         Shri Pradhan inaugurated the month long awareness drive on fuel conservation called Saksham 2017 (Sanrakshan Kshamta Mahotsav), organized by PCRA and other Oil and Gas PSUs. 

·         Saksham 2017 is aimed to create awareness amongst masses towards judicious utilization and conservation of petroleum products along with use of energy efficient appliances and switching to cleaner fuels.

·         Draft fuel efficiency norms for heavy duty vehicles to be released on 1st April, 2017 .

·         Shri Pradhan urges everyone to turn off vehicle engine at traffic signal; could save 2% of fuel translating to Rs 14000 cr.

·         Over 1.60 Cr BPL households have been given LPG connections under PMUY

·         Petroleum Minister inaugurates the month long awareness drive on fuel conservation Saksham 2017 today in New Delhi

·         He said that the BS IV fuel will be available across the country from April, 2017 and that the Ministry is already planning and working on bringing in BS VI fuel by 2020.

2.Floating Rate Bonds 2024:

·         Auction for Sale (Re-issue) of Government of India Floating Rate Bonds 2024:

Method of Issue:

·         The Bonds will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders:

·         The Bonds up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Tenure:

·         The Floating Rate Bonds will be of eight years tenure commencing from November 07, 2016. The Bonds will be repaid at par on November 07, 2024.

Interest:

·         Interest at a rate of 6.51% will accrue from November 07, 2016 (date of original issue) and will be paid on May 07, 2017.

·         For the subsequent periods, the interest at a variable rate will be paid every half-yearly on November 07 and May 07.

·         The variable coupon rate for payment of interest on subsequent semi-annual period shall be the average rate rounded off up to two decimal places, of the implicit yields at the cut-off prices of the last three auctions of Government of India 182 day Treasury Bills, held up to the commencement of the respective semi-annual coupon period.

·         The implicit yields will be computed by reckoning 365 days in a year.

Floating rate bond:

·         Bond whose interest amount fluctuates in step with the market interest rates, or some other external measure.

·         Price of floating rate bonds remains relatively stable because neither a capital gain nor a capital loss occurs as market interest rates go up or down.

Floating rate notes:

·         Floating rate notes (FRNs) are bonds that have a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a quoted spread (also known as quoted margin).

·         The spread is a rate that remains constant. Almost all FRNs have quarterly coupons, i.e. they pay out interest every three months. At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread.

3. Ministry of Minority Affairs:

·         

MINORITIES PROGRAMME

·         “PM’s new 15-point programme”, “Nai Manzil”, “Nai Raushni”, “Seekho aur Kamao”, “Ustaad”, “Pre-metric and Post-metric scholarships”.

·         Besides, other Central Government schemes such as “Make in India”, “Skill India”, “Start up India” have also benefitted the Minorities equally.

·         Multi-purpose community centres "Sadbhav Mandap" are also being constructed on waqf land which will be utilized for marriage ceremonies, exhibitions and also relief centres during a calamity.

·         It has been decided to start “Begam Hajrat Mahal Girls Scholarship” and “Garib Nawaz Skill Development Centre” across the country.

·         Shri Naqvi said that making Haj application process completely digital; launch of Haj mobile app and “cashless chaupal” are among our measures for welfare of Minorities.

·         Centre has also approved about 200 “Sadbhav Mandap” and 16 “Gurukul” type of schools with a cost of about Rs 262 crore. The Minister informed that welfare schemes-programmes of the Ministry of Minority Affairs have been made “100 per cent digital” which has ensured transparency in these schemes.

4. Cabinet approves India’s Membership in the International Vaccine Institute (IVI), South Korea:

·         The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the proposal for India’s taking full membership of the International Vaccine Institute (IVI) Governing Council. The move involves payment of annual contribution of US $ 5,00,000 to the International Vaccine Institute (IVI), Seoul, South Korea.

·         Background:

·         International Vaccine Institute (IVI), Seoul, South Korea, established in 1997 on the initiatives of the UNDP.

·         IVI is an international organization devoted to developing and introducing new and improved vaccines to protect the people, especially children, against deadly infectious diseases.

·         In the year 2007, with the approval of Cabinet, India joined IVI. India is a long-term collaborator and stake-holder of IVI.

·         In December, 2012 the Board of Trustees (BOT) of IVI approved the formation of its new governance structure.

·         As per the new governance structure of IVI, a member State has to contribute to the IVI by paying a portion of its core budget.

·         Since India is classified in Group-I, it has to pay an annual contribution of US $ 50,000.

5. Cabinet approves the exclusion of States from the investments of National Small Savings Fund from 1.4.2016:

·         The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to exclude State Governments States/UTs (with Legislature) except Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh from National Small Savings Fund (NSSF) investments from 01.04.2016. 

·         It also approved providing a one-time loan of Rs. 45,000 crore from NSSF to Food Corporation of India (FCI) to meet its food subsidy requirements.

Background:

·         National Small Savings Fund (NSSF) was set up on 1st April, 1999.

·         The objective of NSSF was to account all the monetary transactions under small savings schemes of the Central Government under one umbrella.

·         Prior to April 1999, the disbursement of loans against small savings made to the States and repayment of such loans were recorded in the capital account of the Consolidated Fund of India.

·         NSSF was set up in the Public Account of India w.e.f. 1st April, 1999.

·         The net accretions under the small savings schemes are invested in the special securities of various States/ Union Territories (with legislature)/Central Governments.

·         States not only can borrow from this account but have the obligation to borrow.

·         The minimum obligation of States to borrow from the National Small Savings Fund (NSSF) has been brought down from 100 per cent to 80 per cent of net collections w.e.f. 1st April, 2007.

·         NSSF is a part of the Public Account of India. The State Governments can borrow money from the National Small Savings Fund.

·         NSSF shall extend a part of its collections to Food Corporation of India (FCI) to meet its food subsidy requirement.

·         This will help the FCI reduce its interest cost.

·         FCI presently takes working capital loans through Cash Credit Limit (CCL) at an interest rate of 10.01% and Short Term Loan (STL) at a weighted average interest rate of 9.40%, whereas the NSSF currently charges 8.8% p.a interest on its loans.

·         This savings on interest rate outgo will reduce the food subsidy burden of the Government of India.

6.Cabinet approves MoU between India and the United Arab Emirates on Bilateral Cooperation in the Road Transport and Highways sector :

Salient features of the MoU are:

·         Exchange and sharing of knowledge and cooperation in the area of transportation technologies and transport policies, for passenger and freight movement by roads;

·         Planning, administration and management of road infrastructure, technology and standards for roads/highways construction and maintenance;

·         Sharing of information and best practices for developing road safety plans and road safety intervention strategies, and outreach activities aimed at reducing deaths and injuries resulting from road accidents through:

·         Sharing of knowledge and best practices in user-free (toll)-related issues; including modern systems, technologies and methods of levying of user-free and collection including Electronic Toll Collection System;

·         Sharing of information areas of improved technologies and materials in road and bridge construction, including joint research; and

·         Sharing of information and cooperation for mobilizing investments for setting up of Logistics Parks, freight logistics, transportation warehousing and value added services (VAS) as an enabler and as a catalyst of economic growth and seamless freight movement.

·         AboutUAE

·         The United Arab Emirates is the constitutional federation of seven emirates:  Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al-Quwain, Ras Al Khaimah, and Al Fujairah and was established in 1971.

·         It stretched over 1448 km from the west coast of Persian Gulf and Gulf of Oman, where water and land overlap, to the Arabian Peninsula.

7. CGTMSE :

·         

Cabinet gives approval to the package for supporting Micro and Small Enterprises (MSEs) – Augmentation of Corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE)

·         The proposal entails the following:

(i). Augmentation of the corpus of the Trust from Rs. 2,500 crore to Rs. 7,500 crore, to be fully funded by the GoI;

(ii). To increase coverage of the loans covered under the credit guarantee scheme from Rs. 1 crore to Rs. 2 crore;

(iii). To increase coverage of the credit guarantee scheme for loans being extended to micro and small enterprises by NBFCs also. This would enable the Trust to enhance the quantum

The measures would result in the following benefits:

a. Lowering the level of leverage;

b. Improving sustainability of the Fund;

c. Enable the Trust to enhance the quantum of credit guarantee to larger number of MSEs;

d. Improving financial management; and

e. Limit the unfunded contingent liabilities.

·         Augmentation of the corpus would facilitate larger flow of credit to MSEs. This in turn, would lead to increased output and employment and thereby promote equity and inclusiveness.

·         As the scheme provides credit without collateral and third-party guarantee, the start-ups would be encouraged to set up enterprises based on innovation and new ideas.

·         Every operation is online and therefore, the system ensures public accountability.

8.Cabinet approves amendment in Modified Special Incentive Package Scheme:

·         The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) to further incentivize investments in Electronic Sector and moving towards the goal of ‘ Net Zero imports’ in electronics by 2020.

·         Besides expediting investments into the Electronics System Design and Manufacturing (ESDM) sector in India, the amendments in M-SIPS are expected to create employment opportunities and reduce dependence on imports. The projects already received under the scheme have the potential to generate employment to the extent of upto one million persons (direct and indirect).

The salient features of the amendment are:

·         The applications will be received under the scheme upto 31st December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. In case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments.

·         For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application.

·         The incentives will be available for investments made within 5 years from the date of approval of the project.

·         Approvals will normally be accorded to eligible applications within 120 days of submission of the complete application.

·         A unit receiving incentives under the scheme, will provide an undertaking to remain in commercial production for a period of at least 3 years.

·         The Appraisal Committee recommending approval of project will be chaired by Secretary, Ministry of Electronics and IT.

·         A separate Committee headed by Cabinet Secretary and comprising of CEO, NITI Aayog, Secretary Expenditure and Secretary, MeitY will be set up in respect of mega projects, envisaging more than Rs. 6850 crore (approx. USD 1 Billion) investments.

Background

·         The Cabinet had, in July, 2012 approved the M-SIPS to provide a special incentive package to promote large scale manufacturing in the Electronic System Design and Manufacturing (ESDM) sector.

·         The scheme provides subsidy for capital expenditure - 20% for investments in Special Economic Zones (SEZs) and 25% in non-SEZs. 

·         The   Scheme was amended in August, 2015   for scope enhancement and simplification of procedure.

·         The Scheme has attracted investments in the ESDM sector to the tune of Rs. 1,26,838 crore, of which investments of around Rs. 17,997 crore have been approved by the MeitY.

·         The M-SIPS has been able to create positive impact on investment in electronics sector.

9.Janaushadhi Kendras:

·         Government envisions to establish Janaushadhi Kendras in every Block and Gram Panchayat  MoU signed to establish 1000 Janaushadhi Kendras across the Country

·         Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Shri Ananth Kumar presided over the signing of Memorandum of Understanding (MoU) between the Bureau of Pharma PSUs of India (BPPI) and National Yuva Cooperative Society Ltd. (NYCS) here today, with the objective to setup 1000 Pradhan Mantri Bhartiya Janaushadhi Kendras in both urban and rural places of the country, as a part of "Mission 3000"kendras by March 2017. 

·         Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP), an initiative of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, is a mission to make quality medicines accessible to all citizens of the country at affordable prices.

·         The BPPI is the nodal implementation agency for the PMBJP Scheme. (Affordable Medicines for All)

·         Speaking on the progress of PMBJP, Shri Ananth Kumar said that the number of Janaushadhi Kendras have seen a drastic seven-fold jump in the last two and half years to over 750 currently.

·         Further, around 20,000 applications have already been received and over 5,000 have been accorded in-principle approval for setting up of Janaushadhi Kendras in the country. Government envisions to establish Jansaushadhi kendras in every block & gram panchayat across the country, he added.

Swasthya Suraksha:

·         Shri Kumar reiterated Prime Minister Shri Narendra Modi’s vision to provide ‘Swasthya Suraksha’, by making affordable quality medicines accessible to every citizen of the country.

·         This government is working to promote the indigenous generic drug industry and make it globally competitive.

·         PMBJP is a step in this direction which would, on one hand, drastically reduce the out of pocket health expenditure for the common man and give an impetus to the Make in India mission in the pharma sector.

·         Addressing the gathering, Shri Mandaviya said that the Government is actively pursuing the goal of ‘Affordable Medicines for All’ through the PMBJP, under which currently there are over 750 stores with a portfolio containing 600 drugs and 154 surgicals & consumables.

·         There is an active financial support extended by the government to the extent of Rs. 2.5 lakh in the form of financial assistance to the kendras setup in Government hospitals and incentives to individuals, with special and softer terms to SC, ST and differently-abled persons.

10.Pharmaceuticals – Sector:

·         India is one of the largest producers of pharmaceutical products and a leading player in the global generics market, exporting nearly 50% of its production.

·         The turnover of Indian pharmaceutical industry was estimated at INR 2,04,627.1 crore in FY 2015-16.

·         The Indian pharmaceutical industry has witnessed a robust growth in recent years growing from INR 177,734 crore in FY 2014-15 to INR 204,627 crore in FY 2015-16, registering a growth of 29% as compared to the growth of 12% from INR 158,671 crore during FY 2013-14.

·         In the generics market, India exports 20% of global generics, making it the largest provider of generic medicines globally.

Policy Initiatives & Investments FDI Policy:

·         100% FDI has been allowed through automatic route for Greenfield pharmaceuticals projects

·        For Brownfield pharmaceuticals projects, FDI has been allowed up to 74% through automatic route and beyond that through government approval.

·         Under the ‘Credit Linked Capital Subsidy Scheme (CLCSS)’ by Ministry of Micro, Small and Medium Enterprises for technology upgradation, micro and small pharmaceutical companies have been provided subsidies.

·         Cluster Development Programme for Pharma Sector (CDP-PS) Launched on June 17, 2015, the scheme is being implemented on a Public Private Partnership format through a one time grant-in-aid, which will be released in phases for creation of Common Facility Centers (CFC).

·         683 Jan Aushadi stores are operational , as on December 31, 2016, to provide generic medicines to masses at cheaper price.

·         Pharma Jan Samadhan, a customer grievances redressal system was launched in March, 2015, to address consumer complaints.

·         Pharma Sahi Daam, a mobile application launched in August 2016, provides real-time information to consumers on prices of Scheduled/Non-scheduled medicines.

11.Festival of India to be Organized in the Netherlands from 26 January-27 March, 2017:

·         A Festival of India is being organized in the Netherlands from 26 January – 27 March 2017. The Festival will showcase diverse Indian culture, i.e. classical and folk dances, music, and exhibition on handmade ethnically sourced silk clothes and accessories.

·         The events will be held in the cities of The Hague, Amsterdam, Rotterdam/Maastricht, Utrecht, Eindhoven and Groningen.

12.Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016

·         The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY) has commenced on 17th December, 2016 and is open for declarations up to 31st March, 2017.

·         CBDT has received queries from stakeholders seeking clarifications about various provisions of the Scheme. The issues raised have been examined and a set of twelve FAQs has been issued on 18 January 2017 vide Circular No.2 of 2017.

·         The Circular inter alia provides clarifications on issues such as the deposits eligible for being declared under the Scheme, eligibility for making a declaration under the Scheme, adjustment of seized cash against the payment of tax, surcharge and penalty under the Scheme etc.

13.Union HRD Minister launches ‘ShaGun’ - a web-portal for Sarva Shiksha Abhiyan:

·         The Union HRD Minister Shri Prakash Javadekar launched a dedicated web portal ‘ShaGun’ for the Sarva Shiksha Abhiyan at New Delhi today.

·         ‘ShaGun’ aims to capture and showcase innovations and progress in Elementary Education sector of India by continuous monitoring of the flagship scheme - Sarva Shiksha Abhiyan (SSA).

·         The Union HRD Minister also unveiled the ‘Toolkit for Master Trainers in Preparing Teachers for Inclusive Education for Children with Special Needs’, which has been prepared by World Bank in collaboration with Ministry of Human Resource Development.

·         Commitment for improving the ‘Quality’ of Education.

·         Ensuring that “all children acquire at least the minimum levels of learning” from Class I to Class VIII under Right to Education Act, 2009.

14.End-to-end Computerisation of TPDS Operations :

·         The status of Plan Scheme on ‘End-to-end Computerisation of TPDS Operations’ can be summarized as:

1. Digitization of ration cards/ beneficiaries’ data: Completed in all 36 States & UTs. Digitised details of 23 Cr. Ration Cards are available on transparency portals of all States/UTs

2.  Aadhaar Seeding of Ration Cards: 72.32% (16.62 Cr.) Ration Cards seeded to enable better targeting of food subsidies

3. Online allocation of foodgrains: Started in 29 States/UTs

4. Automation of Supply-chain: Completed in 20 States/UTs, and is in full-swing in remaining States/UTs

5. Transparency portals: Set up in all 36 States/UTs

6. Grievance redressal facilities: Either or both Toll-free helpline numbers or Online grievance registration facility are available in all 36 States/UTs

7. Automation of Fair Price Shops: More than 1.78 Lakh are automated across the country.

8. Direct Benefit Transfer (Cash): Implemented in 3 Union Territories

15.Digital payment promotion gets a boost:

·         More than 3.81 lakh consumers and 21,000 merchants win prizes worth Rs.60.90 crore at Digi-Dhan Melas.

·         The Government’s efforts to give a boost to the digital payment systems and the cashless economy, post-demonetization have generated enthusiastic response from the people. People from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Grahak Yojana and Digi-dhan Vyapar Yojana giving a fillip to digital transactions.     

·         The prize money worth Rs. 60.90 crore to over 3.81 lakh winners of NITI Aayogs’s lucky draw schemes ‘Lucky Grahak Yojana, LGY’  for consumers and ‘Digi-Dhan Vyapar Yojana, DVY’ for merchants has been declared at 24 Digi-Dhan Melas across the country – daily as well as weekly.  

·         Data analytics provided by the National Payments Corporation of India (NPCI) has highlighted a positive response among the people to adopt digital payments. 

·         Maharashtra, Andhra Pradesh, Tamil Nadu, Uttar Pradesh and Karnataka have emerged as the top 5 states with maximum number of winners. 

·         Active participation has been seen among men and women while most of the winners were in the age group of 21-30 years.

·         Customers and merchants using RuPay Card, BHIM, UPI (Bharat Interface for Money/Unified Payment Interface) USSD based *99# service and Aadhaar enabled Payment Service (AePS) are eligible for participating in the daily and weekly lucky draws.

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