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MoAFW Signs MoU with UNDP for Strategic Partnership on Agriculture, Crop Insurance and CreditThe Ministry of Agriculture and Farmers Welfare (MoAFW) of the Government of India (GoI) and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) under which the UNDP will provide technical assistance to two GoI schemes: Pradhan Mantri Fasal Bima Yojana (PMFBY) and Kisan Credit Card-Modified Interest Subvention Scheme (KCC-MISS).
- Under the terms of the MoU, UNDP will leverage its expertise in systems and global know-how to assist the MoAFW in implementing combined agriculture credit and crop insurance.
Ritesh Chauhan, the Chief Executive Officer of PMFBY, and UNDP Resident Representative Shoko Noda signed the MoU in the presence of Union Minister of Agriculture Narendra Singh Tomar.
i.According to the MoU, UNDP will provide responsive, demand-driven technical assistance for the effective implementation of agriculture credit and crop insurance scheme.
- It will also provide capacity development and Information, Education & Communication (IEC) support to existing national and state institutions, while keeping small and marginal farmers, women farmers, sharecroppers, tenant and non-loanee farmers in mind.
ii.The KCC-MISS and PMFBY were introduced with the goal of addressing the shortcomings of earlier schemes and developing a structure that provides better implementation alternatives for all stakeholders while attaining the intended goals.
- The notable aspect of the current schemes is they apply uniformly across India and have a provision to cover all crops.
iii. So far through PMFBY, Farmers have paid a premium of about Rs. 21, 000 crores and got compensation of more than Rs. 1.15 lakh crores, demonstrating that the schemes are executed in the best interests of Indian farmers.
iv.Similarly, substantial efforts are being made to help farmers who were previously unable to benefit from the scheme, as well as to reach all small farmers, livestock farmers, and fishermen through the Kisan Credit Card Scheme.
About United Nations Development Programme (UNDP):
It is the United Nations (UN) development agency and plays a critical role in helping countries achieve the Sustainable Development Goals.
It works in nearly 170 countries and territories, helping to eradicate poverty, reduce inequalities and build resilience so countries can sustain progress.
Administrator – Achim Steiner
Establishment – 1966
Headquarters – New York City, United States of America
MoRD and Amazon inks MoU for Online Marketing of SHG’s Products on Amazon Saheli Platform
On May 12 2022, The Ministry of Rural Development (MoRD) and Amazon Seller Services Private Limited (Amazon) signed a Non-Financial Memorandum of Understanding (MoU) at Krishi Bhawan, New Delhi.
- This MoU will enable the Self Help Group (SHG) entrepreneurs under Deen Dayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) to offer their products to the buyers across India through AmazonSaheli Storefront.
i.The MoU was signed by Charanjit Singh, Joint Secretary, Ministry of Rural Development and Sumit Sahay, Director, IN Marketplace Business, Amazon Seller Services Private Limited. In the presence of Giriraj Singh, Union Minister of Rural Development and Department of Panchayat Raj and Nagendra Nath Sinha, Secretary, Ministry of Rural Development.
What is in the MoU?
i.Amazon & MoRD will jointly enable Commercial and social development of women led rural enterprises across identified States and Union Territories.
ii.Amazon will provide Training and Onboarding support to MoRD appointed sellers to list products from SHGs associated with MoRD on Amazon.in.
iii.Amazon will offer Referral fee waiver, imaging, cataloguing and account management support at launch to mitigate cold start for SHGs.
iv.Amazon will also promote products listed by SHGs through the Saheli Storefront, Social media, Events and Onsite merchandising.
v.MoRD will help identify and appraise GST (Goods and Service Tax) verified sellers to sell on Amazon.in, and assist the sellers in securing GST, Permanent Account Number (PAN) etc, through respective SRLM .
vi.MoRD & Amazon will conduct joint workshops for awareness creation and assist the sellers in listing their products and to unlock growth levers to grow their business on Amazon.in.
Other Measures taken by Deen Dayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM):
i.The DAY-NRLM has taken a number of steps to support SHGs in accessing markets for their products by getting them registered on e-commerce platforms. e.g, Flipkart, Amazon and Meesho etc.
ii.This also includes dedicated web-portals managed by some of the States. The potential e-commerce platforms have been explored and specific provision such as “the Saras Collection” has been created at Government e-Marketplace(GeM) for NRLM SHGs to on-board their products.
iii.As on April 30, 2022, a total of 1088 products have been uploaded at GeM by 455 SHGs or its members. Similarly, there are 445 products from 114 SHG sellers on boarded by Flipkart representing 14 States
INCOIS Signed MoU With Indian Navy For Training And Support In SNOM
Indian National Centre for Ocean Information Services (INCOIS), Hyderabad, has signed a Memorandum of Understanding (MoU) with the Indian Navy to provide training, services and support to the School of Naval Oceanology and Meteorology (SNOM) to conduct various courses related to operational oceanography. As per the MoU the services will be provided through the state-of-the-art International Training Centre for Operational Oceanography (ITCOO).
- INCOIS comes under the administrative control of the Union Ministry of Earth Sciences (MoES).
- SNOM is the Centre of Excellence in atmospheric sciences recognised by Cochin University of Science and Technology
Highlights of Union Agriculture & Farmers Welfare Minister Narendra Singh Tomar’s visit to Israel
i.On May 8-11, 2022, an Indian delegation under the leadership of Union Minister Narendra Singh Tomar, Ministry of Agriculture & Farmers Welfare (MoA&FW) was on 4-day visit to Israel on the invitation from Oded Forer, Ministry of Agriculture and Rural Development of Israel for bilateral meetings to discuss various issues related to agriculture between two countries.
ii.Union Minister Narendra Singh Tomar met Israel’s Minister Oded Forer at the Knesset (Israel’s Parliament) in Jerusalem.
iii.The Indian delegation visited Tel Aviv to a desert boutique farm, Be’er Milka owned by a farmer of Indian origin Mr. Sharon Cherry in Negev desert area.
iv.They also visited visited facilities of Green 2000 – Agricultural Equipment and Know How Ltd.; NETAFIM Ltd; MASHAV’s International Agricultural Training Centre (MATC), Shefayim, among others.
About Ministry of Agriculture and Farmers Welfare (MoA&FW):
Union Minister– Narendra Singh Tomar (Constituency – Morena, Madhya Pradesh)
Ministers of state – Shobha Karandlaje (Constituency – Udupi Chikmagalur, Karnataka); Kailash Choudhary (Constituency – Barmer, Rajasthan)
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70% Infections can be Prevented with Good Hand Hygiene: WHO 1st Global Report on Infection Prevention and Control
On the occasion of World Hand Hygiene Day (WHHD) i.e. on May 5, 2022, the World Health Organization (WHO) launched the 1st Global Report on Infection Prevention and Control stating 70% of those infections can be prevented with good hand hygiene and other cost-effective practices.
- The WHHD 2022 theme was “A health care “quality and safety climate or culture” that values hand hygiene and infection prevention and control”.
- The report brings together evidence from scientific literature and various reports, and new data from WHO studies.
i.As per the report, Healthcare-associated infections (HAI) are among the most frequent adverse events occurring during health service delivery.
- Out of every 100 patients in acute-care hospitals, seven patients in high-income countries and 15 patients in low- and middle-income countries will acquire at least one HAI during their hospital stay.
- On average, 1 in every 10 affected patients will die from their HAI.
ii.Improving hand hygiene in healthcare settings could save about $16.5 in reduced healthcare expenditure for every dollar invested.
iii.In 2020-21, only 4 of 106 assessed countries met all of the WHO’s minimum requirements for national Infection Prevention and Control (IPC).
- Some 54% of the countries reported having national IPC programs that were not being implemented or that were being implemented only in selected health facilities.
- Only 34% reported having an IPC programme implemented nationwide and only 19% of these had a system to monitor its effectiveness and compliance.
iv.The report recommended all countries to increase their investment in IPC programs to ensure quality of care and patient and health workers’ safety.
v.11% of countries still did not have an infection prevention and control (IPC) programme or an operational plan.
12th Meeting of BRICS Health Minister: BRICS Countries Agreed to Launch Pandemic Early Warning System
During the 12th meeting of BRICS (Brazil, Russia, India, China, and South Africa) health ministers, virtually hosted by China, the BRICS countries have agreed to launch an early warning system for large scale pandemics.
- Around 70 attendees including the health ministers from BRICS countries and the deputy director-general of the World Health Organization (WHO) participated in the meeting.
- A joint declaration was also adopted during the meeting.
- China is set to host the BRICS Summit in Xiamen, China in June 2022.
BANKING & FINANCE
Union Bank of India launches Online Platform ‘Trade nxt’ for Export-Import Transactions
The Union Bank of India (UBI) has launched an online platform, ‘Trade nxt’, which enable corporate, and MSMEs (Micro, Small & Medium Enterprises) to transact all cross-border export-import transactions from the comfort of their place, i.e. eliminates the need for companies to visit a bank branch for the same.
- It is a 24/7 safe and secure solution.
i.It offers seamless entry and processing of letters of credit (LC), bank guarantees, export/import bills, disbursement of export credit, outward & inward remittances, dealer financing etc.
ii.‘Trade nxt’ platform will also enable the regulatory online auto reporting through Import Data Processing & Monitoring System (IDPMS), Export Data processing & Monitoring System (EDPMS) and other statutory reporting to Overseas Direct Investment (ODI)/ Foreign Direct Investment (FDI)/ Liberalised Remittance Scheme (LRS) which will make the process much more convenient.
Click here for official Notification
Points to be noted:
i.The Ministry of Electronics & Technology (MeitY) recently felicitated UBI for achieving highest percentage of digital payments transactions under the category of large and medium banks at Digital Payment Utsav.
ii.UBI also became first public bank to go live on Account aggregator (AA) ecosystem.
About Union Bank of India (UBI):
Managing Director & CEO– Rajkiran Rai G
Merged Banks– Andhra Bank, and Corporation Bank
Headquarters– Mumbai, Maharashtra
Tagline– Good People to Bank with
Exim Bank to Provide USD 190 Million LoC Backed by GoI to Mauritius for Metro Express & Infrastructure Projects
The Export-Import Bank of India (Exim Bank) has entered into an agreement with the SBM (Mauritius) Infrastructure Development Company Ltd. (SBMIDCL) to provide the latter with a USD 190 million Government of India (GoI)-backed Line of Credit (LoC).
The agreement was made for the purpose of financing Exim Bank’s participation in the ongoing Metro Express Project and other infrastructure projects in Mauritius through Redeemable Preference Shares in public sector entities.
- The Agreement under the LoC has become effective from April 18, 2022.
- The credit facility is an addition to SBMIDCL’s existing USD 500 million credit line, which was extended under the terms and conditions of the Dollar Credit Line Agreement dated May 27, 2017.
Terms Of the Agreement:
i.Exports of eligible goods and services from India, as specified by the agreement, would be permitted if they were eligible for export under the Indian government’s Foreign Trade Policy and whose purchase could be agreed to be financed by the Exim Bank.
- The seller must supply goods and services worth at least 75% of the contract price from India to qualify for Exim Bank’s total credit under the agreement.
- The remaining 25 % of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.
- Meanwhile, Indian content will account for 30% of the contract price for the Metro Express Project in Mauritius.
ii.The terminal utilisation period under the LoC is 60 months from the project’s scheduled completion date.
iii. According to instructions issued by the Reserve Bank of India (RBI) from time to time, shipments under the LoC must be notified in an Export Declaration Form.
iv.Under the above LoC, no agency commission is payable for export. If necessary, the exporter may use his own funds or balances in his Exchange Earners’ Foreign Currency Account to pay commissions in free foreign exchange.
v.The directions were given under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.
About Export-Import Bank of India (Exim Bank):
Export-Import Bank of India is the premier export finance institution of India.
MD – Harsha Bangari
Founded – 1982
Headquarters – Mumbai, Maharashtra
India Contributes USD 800,000 To Promote Hindi Language At UN
The government of India has contributed USD 800,000 to the United Nations(UN) as part of the initiative which aims to enhance public outreach of the organisation in Hindi.
R Ravindra, India’s Deputy Permanent Representative to the United Nations, handed over a cheque for the ‘Hindi @ UN’ project to Mita Hosali, Deputy Director and Officer-In-Charge (News and Media Division), UN Department of Global Communications (DGC).
- The project was launched by India in 2018 in collaboration with the UN Department of Public Information to disseminate information about the UN to the Hindi-speaking population across the world.
- Since 2018, India has been partnering with the UN DGC by providing an extra-budgetary contribution to mainstream news and multimedia content of DGC in Hindi.
ECONOMY & BUSINESS
Morgan Stanley cuts India’s FY23 growth forecast to 7.6%
Morgan Stanley downgraded India’s growth forecast to 7.6% from 7.9% for FY2023 amid slowdown in global growth, higher commodity prices and risk aversion in global capital markets.
- This 7.6% forecast is a baseline forecast for India while its bearish and bullish growth projections are 6.7% and 8%, respectively.
- For FY24, it lowered its growth forecast to 6.7% from 7% estimated earlier.
- However, Indian economy will expand at above pre-pandemic growth rates in FY23 and FY24.
- On global front, it projected a growth at 2.9% in calendar year 2022 as compared to 6.2% growth in 2021.
i.The rising geopolitical tension, and increasing commodity prices are also one of the reason behind this decline.
ii.Earlier, Reserve Bank of India (RBI) has revised downwards its growth projection for FY23 to 7.2% from 7.8%.
iii.World Bank (WB) also slashed its FY23 growth forecast for India to 8% from 8.7% estimated in January 2022.
iv.Within Asia, India would be the economy which will be most exposed to upside risks to inflation.
v.CPI (Consumer Price Index) inflation is expected to be 6.5% for FY23.
vi.The current account deficit to widen to a 10-year high of 3.3% of GDP (Gross Domestic Product) in FY23.
OMC Power Signs with IREDA For Clean Energy Ecosystem
OMC Power (formerly Omnigrid Micropower Co. Pvt. Ltd) signed an Agreement with Indian Renewable Energy Dev Agency Ltd (IREDA) towards building a long term relationship of rural renewable energy ecosystem.
- The economic support will be given to OMC, for setting up renewable energy plants to provide sustainable energy in the villages of Uttar Pradesh (UP) which plans to reduce carbon footprints and global warming, currently it has 280 plants across UP and Bihar.
- OMC Power, also plans to expand its footprint to 1000 sites with the aim to reduce the Carbon footprint in rural India.
About “Access to Energy” scheme
The IREDA’s “Access to Energy” scheme, looks to achieve long-term sustainability by supplying green and clean energy in rural areas.
- Objective: the scheme increases the supply and use of sustainable clean energy services in rural areas through improved access to financing for project developers. The facility has been backed by Kreditanstalt für Wiederaufbau (KFW), the German Development Bank.
About Indian Renewable Energy Dev Agency Ltd (IREDA)
i.IREDA is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
ii.It was established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing, and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOREVER”.
OMC Power And Indian Renewable Energy Dev Agency Ltd (IREDA) Collaboration:
OMC Power in association with IREDA will spur economic development among the rural population in India by providing access to electricity on demand.
- And also impact on the rural economy that includes agriculture, education, and health sectors.
Toyota to invest USD 624 million to make EV parts in India
Japan based Toyota Group plans to invest 48 billion rupees (USD 624 million) to make Electric Vehicle (EV) components in India. This is in line with the efforts of Toyota toward carbon neutrality by 2050. This is expected to create around 3500 new jobs.
- Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts signed a Memorandum of Understanding (MoU) with Karnataka to invest 41 billion rupees. The remaining will be contributed by Toyota Industries Engine India.
- Toyota is aligning its green targets with India’s aim of becoming a manufacturing hub through the switch to clean transport.
- Indian automakers could generate $20 billion in revenue from electric vehicles between now and fiscal year 2026, according to forecast by Crisil. By 2040, 53% of new automobile sales in India will be electric, compared with 77% in China, according to BloombergNEF.
APPOINTMENTS & RESIGNATIONS
Ranil Wickremesinghe Sworn in Sri Lanka’s New Prime Minister
Gotabaya Rajapaksa, President of Sri Lanka, has appointed Ranil Wickremesinghe, leader of the United National Party(opposition party) as the new Prime Minister(PM) of Sri Lanka, following the resignation of his predecessor Mahinda Rajapaksa(the president’s older brother), who resigned from his post of PM of Sri Lanka amid mass protest over the economic crisis.
Mahinda Rajapaksa’s resignation automatically dissolved the Cabinet.
- On 12th May 2022, Ranil Wickremesinghe was sworn in as the Prime Minister of Sri Lanka by President Gotabaya Rajapaksa at a ceremony in the president’s office.
- Previously, Ranil Wickremesinghe has served as the PM of Sri Lanka for 5 times since 1993.
About Ranil Wickremesinghe:
i.Ranil Wickremesinghe (73-year-old), a lawyer by profession, was first elected to the Parliament in 1977. He has been the leader of the United National Party since 1993.
ii.He has served as a Member of Parliament(MP) representing the United National Party from 1978 to date for a continuous period of 28 years.
iii.During his 4 decades-long political careers, he has lost 2 presidential contests.
The No-Confidence Motion against President Gotabaya Rajapaksa will be taken up for debate on 17th May 2022.
Tata Sons Appoints Campbell Wilson as CEO & MD of Air India
On 12th May 2022, Tata Sons Private Limited(Tata Sons), owned by Tata Group, appointed Campbell Wilson as the Chief Executive Officer(CEO) and Managing Director(MD) of Air India.
- Campbell Wilson has resigned his position as the CEO of Scoot Pte Ltd, the wholly-owned low-cost airline subsidiary of Singapore Airlines(SIA), for his stint in Air India.
- He will step down from his current role in Scoot on 15th June 2022 and will subsequently take over as the CEO of Air India.
Former Vistara CEO Leslie Thng will replace Wilson at Scoot. Singapore Airlines is Tata Sons’ joint venture partner in Vistara.
Board of Air India:
i.Following this appointment, Campbell Wilson will join the board of Directors of Air India.
ii.The present board comprises,
- Chairman of the board-Natarajan Chandrasekaran, Chairman of Tata Sons.
- Independent Directors- Sanjiv Mehta MD & CEO of Hindustan Unilever Limited (HUL) and Alice Vaidyan, former chairperson of General Insurance Corporation(GIC Re).
About Campbell Wilson:
i.Campbell Wilson, who has more than 26 years of experience in the aviation industry across full service and budget carriers, started his career with SIA in New Zealand in 1996.
ii.In 2011 he was appointed as the founding CEO of Scoot and served until 2016 and again appointed for a 2nd stint as CEO in April 2020.
iii.He has also served as the Senior Vice-President, Sales & Marketing of SIA and oversaw Pricing, Distribution, eCommerce, Merchandising, Brand & Marketing, Global Sales and the overseas offices.
Alliance Air Becomes Central Govt’s Independent Business Unit
Alliance Air will function as an independent business unit under the Government of India with immediate effect from 15th April 2022. The airline is headed by Chief Executive Officer(CEO) Vineet Sood.
Alliance Air was an erstwhile part of Air India prior to its divestment. It operated as a division under the Air India Asset Holdings Pvt Ltd (AIAHL).
- Alliance Air will now sell its tickets under the Alliance Air banner under flight code 9I-XXX.
- Alliance Air was founded in 1996 as a wholly-owned subsidiary of then Indian Airlines, which later merged with Air India
About Air India:
Chairman– Natarajan Chandrasekaran
Headquarters– New Delhi, Delhi.
SCIENCE & TECHNOLOGY
IAF Successfully Test Fired First Extended Range Version of BrahMos Missile from Sukhoi
On May 12 2022, The Indian Air Force (IAF) successfully test fired the first ever Extended Range Version of BrahMos Supersonic Cruise Missile (Air launched version) from Sukhoi Su-30 MKI fighter jet on the designated target in Bay of Bengal region.
Mechanism of firing:
i.The missile is gravity dropped from the fuselage of the Su-30 MKI fighter jet, and the two-stage missile’s engine is then fired up and it propels towards the intended target at the sea.
i.The range of the Extended range version of BrahMos missile is around 350 kilometres (km) from its original 290 km.
ii.The BrahMos missile achieved a supersonic speed of 2.8 Mach or almost three times the speed of sound.
iii.The achievement is due to the dedicated and synergetic efforts of the IAF, Indian Navy, Defence Research and Development Organisation (DRDO), BrahMos Aerospace Private Limited (BAPL) and Hindustan Aeronautics Limited (HAL)
iv.The project was conceived to enhance the IAF’s capability to strike from large stand-off ranges on any target on sea or land.
v.Stand-off range missiles are those which are launched at a distance sufficient to allow the attacking party to evade defensive fire expected from the target area.
ISRO Successfully Tests Human-Rated S200 Rocket Booster For 2023 Gaganyaan Mission
Indian Space Research Organisation (ISRO) has successfully completed the static test of human-rated solid rocket booster (HS200) at Satish Dhawan Space Centre (SDSC), Sriharikota,Andhra Pradesh for its Gaganyaan programme.
- Design and development of the HS200 booster were completed at Vikram Sarabhai Space Centre (VSSC), Thiruvananthapuram, Kerala.
- HS200 booster loaded with 203 tons of solid propellant was tested for a duration of 135 seconds.
- The 20m long and 3.2m diameter booster is the world’s second-largest operational booster with solid propellant.
i.S200 rockets tested for the human rating would be called HS200 (Human rated S200) Rocket System.
ii.Now, ISRO names the human rated version of the GSLV MkIII as the HRLV (Human Rated Launch Vehicle).
iii.Geosynchronous Satellite Launch Vehicle Mark III (GSLV MkIII) has a three stage propulsion system.
i.Prime Minister Narendra Modi declared earlier in 2018 that India will send its first man or woman into space by 2022. Thus initiating ambitious Gaganyaan programme
ii.The heavy lift launcher, GSLV MkIII’s identification and the process for human rating of GSLV MkIII for India’s historic space mission was completed in 2020.
iii. But the plans are spoiled due to COVID-19 thus postponing the launch to 2023 through official communication by Union Minister Jitendra Singh in Rajya Sabha.
Why GSLV is used for Human Mission
Following the successful launch of Chandrayaan Mission-2 by GSLV MkIII into geosynchronous orbit of the earth, GSLV is identified as the perfect launch vehicle to take humans into space by ISRO’s venture.
i.Envisages undertaking the demonstration of human spaceflight to Low Earth Orbit (LEO) in the short-term and will lay the foundation for a sustained Indian human space exploration programme in the long run.
ii.The objective of Gaganyaan programme is to demonstrate indigenous capability to undertake human space flight mission to Lower Earth Orbit (LEO).
NASA Launches Endurance Mission to Probe Earth’s Life Supporting Nature
The National Aeronautics and Space Administration (NASA) launched its Endurance mission through its three stage Oriole IIIA Sounding Rocket to an altitude of 475 miles into the atmosphere, from Andøya Space’s Ny-Ålesund, Svalbard Launch Facility in Norway.
- The mission aimed at investigating how Earth supports life while other planets like Mars, Venus don’t.
About the Mission:
i.The Endurance Mission carries instruments to measure Earth’s electric potential which deployed 8 booms, 1 hinged sensor and 2 sprung loaded caps.
ii.The mission will measure the Earth’s global electric potential i.e. how much Earth’s electric field ‘tugs’ at electrically charged particles in air.
iii.This electric potential is expected to be a very weak force making it difficult to measure and is the principle reason for the existence of life on earth compared to other exoplanets.
About National Aeronautics Space Administration (NASA):
Headquarters – Washington, D.C., United States of America
Administrator – Bill Nelson
Eminent Sanskrit and Hindi Scholar, Padma Shri Dr Rama Kant Shukla Passed Away
Padma Shri Dr Rama Kant Shukla, a profound Sanskrit and Hindi Scholar, has passed away in Aligarh, Uttar Pradesh(UP). He was born in Khurja city in Bulandshahr district, UP.
About Dr Rama Kant Shukla:
i.Dr Rama Kant Shukla is the founder general secretary of Devavani Parishad in Delhi, and the founding chairman and editor of “Arvacinasamskrtam”, a quarterly journal in Sanskrit
ii.He was conferred the titles of Sanskrit Rashtrakavi, Kaviratna, and Kavi Siromani by literary and Sanskrit organizations.
i.The Government of India(GoI) honoured him with Padma Shri in 2013 for literature and education.
ii.In 2009, He was honoured with the President’s Award under the Sanskrit category.
iii.He has also received the Sahitya Academy Award in 2018 under Sanskrit Category for poetry “Mama Janani”.
iv.He has also been honoured with the UP Government’s State Award; Sanskrit Rashtrakavi; Kalidas Samman; Delhi Sanskrit Academy’s Akhil Bharatiya Maulika Sanskrit Rachana Puraskara, the Sanskrit Samaradhaka Puraskara, and others.
Books: He has authored several books of poetry, and studies of Sanskrit texts and Indology.
Chhattisgarh First State To Restore Old Pension Scheme
Chhattisgarh has become the first state in the country to restore the old pension scheme in order to provide assured income to retired employees.The state issued Gazette notification to switch back to the Old Pension Scheme (OPS) from National Pension Scheme (NPS) will be effective from April 1, 2022.
- In Feb.2022 Rajasthan had also announced restoration of OPS in its 2022-2023 budget the state has not issued a Gazette notification.
- The state has also sent a detailed proposal to Pension Fund Regulatory and Development Authority (PFRDA) to withdraw ‘17,000 crore accrued under the market-driven National Pension System (NPS) since November 2004.
Benefits and Exemption
i.Chhattisgarh Chief Minister Bhupesh Baghel in 2022 -2023 Budget announced the government’s decision to revert to the old pension system (OPS) for State government employees.
ii.The move will benefit over three lakh employees who joined service after January 1, 2004.
iii. However, it will not be applicable to officials of the All India Services like members of the Indian Administrative Service or the Indian Police Service.
Main Difference in the Old and New Pension Scheme
- The main difference between two pension systems is that while an employee has to make a voluntary contribution towards pension by undertaking a 10% deduction from the basic salary and dearness allowance, there is no such deduction under OPS.However, a minimum of 12 per cent of basic salary will be deducted as per the General Provident Fund rule.
Under the Old Pension Scheme, the government gives 50% of the salary of an employee as pension at the time of retirement.
New Pension Scheme
i.NPS is now regulated under PFRDA Act, 2013.
ii.The returns being market linked is a basic design feature of the National Pension System.
iii.Pension being a long term product also enables the investments to grow with decent returns, despite short term volatility.
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 14 May 2022|
|1||MoAFW Signs MoU with UNDP for Strategic Partnership on Agriculture, Crop Insurance and Credit|
|2||MoRD and Amazon inks MoU for Online Marketing of SHG’s Products on Amazon Saheli Platform|
|3||INCOIS Signed MoU With Indian Navy For Training And Support In SNOM|
|4||Highlights of Union Agriculture & Farmers Welfare Minister Narendra Singh Tomar’s visit to Israel|
|5||70% Infections can be Prevented with Good Hand Hygiene: WHO 1st Global Report on Infection Prevention and Control|
|6||12th Meeting of BRICS Health Minister: BRICS Countries Agreed to Launch Pandemic Early Warning System|
|7||Union Bank of India launches Online Platform ‘Trade nxt’ for Export-Import Transactions|
|8||Exim Bank to Provide USD 190 Million LoC Backed by GoI to Mauritius for Metro Express & Infrastructure Projects|
|9||India Contributes USD 800,000 To Promote Hindi Language At UN|
|10||Morgan Stanley cuts India’s FY23 growth forecast to 7.6%|
|11||OMC Power Signs with IREDA For Clean Energy Ecosystem|
|12||Toyota to invest USD 624 million to make EV parts in India|
|13||Ranil Wickremesinghe Sworn in Sri Lanka’s New Prime Minister|
|14||Tata Sons Appoints Campbell Wilson as CEO & MD of Air India|
|15||IAF Successfully Test Fired First Extended Range Version of BrahMos Missile from Sukhoi|
|16||Isro Successfully Tests Human-Rated S200 Rocket Booster For 2023 Gaganyaan Mission|
|17||NASA Launches Endurance Mission to Probe Earth’s Life Supporting Nature|
|18||Eminent Sanskrit and Hindi Scholar, Padma Shri Dr Rama Kant Shukla Passed Away|
|19||Chhattisgarh First State To Restore Old Pension Scheme|