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Tamil Nadu tops NITI Aayog’s Export Preparedness Index 2022 for States/UTsAccording to the Export Preparedness Index(EPI) 2022 for States and Union Territories(UTs), the 3rd edition of the National Institution for Transforming India (NITI Aayog) report, Tamil Nadu has topped the Index with an overall score of 80.89.
- Maharashtra with 78.20 at 2nd place, Karnataka with 76.36 at 3rd place and Gujarat with 73.22 at 4th place are the top performers in EPI 2022 in all categories of states.
- The report, which presents a comprehensive analysis of India’s export performance in FY22, was released by Suman Bery, Vice Chairman of NITI Aayog, on 17th July 2023.
- The EPI 2022 was prepared by NITI Aayog in association with the Institute for Competitiveness(IFC).
About National Institution for Transforming India (NITI Aayog):
Chief Executive Officer (CEO)– B.V.R. Subrahmanyam
Headquarters– New Delhi, Delhi
>> Read Full News
NITI Aayog Releases TCRM Matrix framework to drive Innovation and Entrepreneurship
The NITI Aayog (National Institution for Transforming India) has released the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework under the NITI Working Paper series titled “A NEW LENS FOR INNOVATION IN NEW INDIA –Introducing The Techno-Commercial Readiness and Market Maturity Matrix,” aimed at promoting Innovation and Entrepreneurship in India.
- The framework is a pioneering assessment tool designed to revolutionize technology evaluation, foster innovation, and fuel entrepreneurship in India.
The working paper is authored by Dr. V.K. Saraswat, Member, NITI Aayog along with Dr. Neeraj Sinha, Senior Adviser, Naman Agrawal, Specialist, Ms. Naba Suroor, Associate and Siddhey G Shinde, Young Professional, NITI Aayog.
i.The TCRM Matrix provides historical development of technology assessment framework, including the Technology Readiness Level (TRL), Commercialization Readiness Level (CRL), and Market Readiness Level (MRL) scales.
ii.The working paper offers practical guidelines for integrating the TCRM Matrix into India’s broader innovation ecosystem, empowering policymakers, strategists, academics, and investors to drive positive change.
iii.Its adoption requires comprehensive analysis and contextualization based on India’s unique national and sectoral innovation landscapes.
iv.TCRM Matrix, a robust assessment tool, empowers stakeholders to make informed decisions, enhance technology commercialization prospects, and position India as a global leader in innovation.
About NITI(National Institution for Transforming India) Aayog:
Chairperson- Narendra Modi (Prime Minister of India)
Chief Executive Officer(CEO)- B.V.R. Subrahmanyam
Headquarters- New Delhi, Delhi
UNDP India signed MoU with Absolute® to enhance sustainable agriculture practices under PMFBY
On 17th July 2023, United Nations Development Programme (UNDP) India and Absolute®, a bioscience company, signed a Memorandum of Understanding (MoU) to jointly strengthen the Pradhan Mantri Fasal Bima Yojana (PMFBY), Government of India’s crop insurance scheme under the Ministry of Agriculture & Farmers Welfare (MoA&FW) and enhance the strength of the farmers.
i. To boost the implementation of the PMFBY and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) by building technical capabilities of the scheme and digitising service delivery of crop insurance and agricultural credit processes to increase reach and uptake of the schemes.
ii. It will also promote credit profiling of farmers, agri-entrepreneurs, and Farmer Producers Organizations (FPOs), for accurate crop loss assessment and risk evaluation to mobilise agriculture financing.
Benefits of PMFBY Scheme:
i. PMFBY Scheme launched in 2016, offers risk protection by providing financial support to farmers suffering crop loss or damage due to weather fluctuations, pest attacks, erratic rainfall, and humidity affecting agricultural produce.
ii. The scheme will stabilise the lower yields and income of the farmers by encouraging them to adopt innovative and modern agricultural practices.
iii. It also ensures the flow of credit to the agriculture sector for food security, crop diversification and enhancing growth and competitiveness of the agriculture sector.
Note: From 2015 to 2021, India lost 33.9 million hectares of cropped area due to floods and excess rains and 35 million hectares due to drought.
Features of the Collaboration:
i. UNDP India and Absolute® will use advanced technology and data-driven solutions to facilitate farmland identification.
ii. It enhances farm monitoring, Research & Development (R&D) and analytical capabilities to facilitate data-driven policymaking and fraud analytics.
iii. It ensures efficient and transparent delivery of government support to farmers at risk.
iv. Absolute®’s partnership with UNDP is a strong step forward in mitigating the increasing risk pattern due to climate change, which can potentially impact over 120 million farmers across India.
v. The infusion of technology with plant science through this partnership will facilitate a strong credit flow to the agriculture sector.
Since 2018, UNDP has been working with the MoA&FW. The technical support of UNDP at the MoA&FW helped reach out around 1.71 crore farmers through various information, education, and communication (IEC) campaigns such as Crop Insurance Week and organized more than 2.39 lakh Fasal Bima Pathshalas or crop insurance classroom sessions in 2022.
Founded in– 2015
Co-Founder and CEO– Agam Khare
Headquarters– Gurugram, Haryana
DAC approves proposals for procurement of 26 Rafale Marine aircraft from FranceOn 13th July 2023, The Defence Acquisition Council (DAC), chaired by Union Minister Rajnath Singh, Ministry of Defence (MoD), granted Acceptance of Necessity (AoN) for the procurement of 26 Rafale Marine aircraft along with associated ancillary equipment, weapons, simulator, spares, documentation, crew training and logistic support for the Indian Navy from the French government.
- This procurement is based on an Inter-Governmental Agreement (IGA) between Indian and France and aims to bolster the operational capabilities of the Indian Navy.
i.The price and other terms of purchase will be negotiated with the French Government after taking into account all relevant aspects.
ii.The contract documents will incorporate the integration of Indian-designed equipment and the establishment of a Maintenance, Repair & Operations (MRO) Hub for various systems after subsequent negotiations.
i.The DAC also granted the AoN for procurement of three additional Scorpene submarines under Buy (Indian) category which will be constructed by Mazagon Dock Shipbuilders Limited (MDL).
- The procurement with higher indigenous content maintain Navy’s force level and operational readiness as well as create employment opportunities in the domestic sector.
ii.DAC approved the proposal to lay down guidelines to achieve desired indigenous content in all capital acquisition cases.
Note: This will support in achieving “Aatmanirbharta”, in critical manufacturing technologies and life-cycle sustenance of defence platforms/equipment through indigenous manufacturing.
MSDE launched “AI for India 2.0”, Free AI Training Programme for the youth of India
On the occassion of World Youth Skills Day 2023 (15th July 2023), Dharmendra Pradhan, Union Minister of Skill Development and Entrepreneurship(MSDE) launched a free online training programme on Artificial Intelligence (AI), “AI for India 2.0“.
- It is a joint initiative of Skill India and Grab Ur Vernacular Imprint (GUVI), an Indian Institutes of Technology (IIT) Madras, Chennai, Tamil Nadu and Indian Institutes of Management (IIM) Ahmedabad, Gujarat incubated company.
- This National Council for Vocational Education and Training (NCVET) under the MSDE and IIT Madras accredited online programme will enable the youth of India with frontier skills.
- The online programme is reportedly available in nine languages. This initiative is a beginning to eliminate the language barriers in technology education and future-proofing India’s YuvaShakti, especially in rural areas.
Note: 16th July of every year is globally observed as AI Appreciation Day to recognize and appreciate the impact of AI on our lives.
Henley Passport Index 2023: Indian passport ranks 80th; Gives Visa-Free Entry to 57 Countries According to the Henley Passport Index 2023 (3rd quarter) released by Henley & Partners, a London-based global citizenship and residence advisory firm, India ranked 80th by providing visa-free or visas on arrival access to 57 countries.
- India ranked 87th in Henley Passport Index 2022.
- Singapore is the world’s most powerful passport with visa-free access to 192 travel destinations out of 227 worldwide.
i.Singapore increased its score by 25, pushing it five places up the ranking over the past 10 years to 1st position.
ii.Afghanistan with a score of 27, Iraq 29 and Syria 30 stands at the bottom of the ranking, rounding out the three weakest passports in the world.
iii.India’s current rank ties it with countries like Togo and Senegal.
Henley Openness Index 2023:
The Henley Openness Index (HOI) ranks all 199 countries and territories worldwide according to the number of nationalities they permit entry to without a prior visa. India ranks 94th by scoring 4.
About Henley & Partners:
Chief Executive Officer(CEO)- Dr. Juerg Steffen
Headquarters- London, United Kingdom(UK)
>> Read Full News
Nomadic Elephant-23: 15th edition of India-Mongolia joint military exercise at Ulaanbaatar, MongoliaNomadic Elephant-2023, the 15th edition of India-Mongolia bilateral joint military exercise is being conducted at Ulaanbaatar, Mongolia from 17 to 31 July 2023. Indian Army contingent comprising of 43 personnel is participating in the exercise at Mongolia.
Primary Theme: Focus on counter-terrorism operations in mountainous terrain under United Nations (UN) mandate.
Objective: To build positive military relations, exchange best practices, develop interoperability, companionship, camaraderie and friendship between the two nation armies.
Note: On 16th July 2023, Indian Army contingent reached Ulaanbaatar (Mongolia) by an Indian Air Force (IAF) C-17 aircraft.
Participants include soldiers from the Indian Army’s Jammu and Kashmir Light Infantry Regiment and Unit 084 of the Mongolian Armed Forces.
i. The scope of this exercise involves Platoon level Field Training Exercise (FTX).
ii. Indian and Mongolian troops have been engaging in various training activities including endurance training, reflex firing, room intervention, small team tactics and rock craft training.
iii. These activities between the two armies are designed to enhance their skills, capabilities and also to learn operational experience from each other during the exercise.
iv. India and Mongolia have a shared commitment to regional security and cooperation. Exercise NOMADIC ELEPHANT-23 between the Indian Army and Mongolian Army will further promote bilateral relations between the two nations.
NOMADIC ELEPHANT Exercise:
i. This joint military exercise between India and Mongoliais an annual training event, which is conducted alternatively in Mongolia and India.
ii. The previous edition (14th edition) of exercise was held at Special Forces Training School, Bakloh in Himachal Pradesh from 5 to 18 October 2019.
Prime Minister- Luvsannamsrai Oyun-Erdene
Currency– Mongolian Tugrik
BANKING & FINANCE
India needs Average Annual growth rate of 7.6% for 25 years to Become Developed Nation: RBI Paper
i.According to the Reserve Bank of India’s (RBI) Economic Research Department in their paper ‘India @ 100‘, India needs to achieve an average annual real Gross Domestic Product (GDP) growth rate of 7.6% over the next 25 years to become a developed nation by 2047-48. This would require raising the current per capita GDP from $2,500 to $22,000, an increase of 8.8 times.
ii.This paper, authored by Harendra Behera, V. Dhanya, Kunal Priyadarshi, and Sapna Goel, is included in the RBI’s July 2023 issue of its monthly Bulletin, released on July 17, 2023. Click Here for full Monthly Bulletin
iii.Please note that this study does not represent the official view of the RBI.
iv.India’s industrial sector should increase its share from the current 25.6% to 35% by 2047-48, and manufacturing should occupy 25% share in total value added.
About Reserve Bank of India (RBI):
i.It was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
ii.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937.
iii.Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
iv.Thus, 2023 marks the 75th year of public ownership of the Reserve Bank and its emergence as a national institution.
>> Read Full News
PhonePe Launches India’s First Health Insurance Platform with Monthly SubscriptionsOn 18th July 2023, PhonePe Insurance Broking Services Private Limited (PIBS), a wholly owned subsidiary of PhonePe Private Limited, launched the health insurance plans offering comprehensive insurance in partnership with leading insurers.
- With this launch, PhonePe Insurance became the first and only Platform in India to enable customers to pay for insurance in easy monthly installments through Unified Payments Interface (UPI) on the PhonePe app.
- These health insurance plans come with coverage up to Rs 1 crore.
Note: PhonePe Insurance Is Registered With IRDAI (Insurance Regulatory And Development Authority) As A Direct Broker (Life And General).
i. PhonePe Insurance Broking’s health insurance plans offer innovative features, such as a bonus cover that increases up to 7 times the base cover amount for each claim-free year.
ii. Alongside these comprehensive plans, PhonePe provides users with pre and post-sales assistance, guiding them in making informed decisions, facilitating the claim process, and accessing other essential services.
i. PhonePe sold over 5.6 million policies to date.
ii. PhonePe Insurance platform has extended its services across 98% of India’s PIN codes.
iii. Additionally, the platform has facilitated more than 200 million vehicle insurance quotes.
About PhonePe Insurance Broking Services Private Limited (PIBS)
Headquarters – Bengaluru, Karnataka
Established in – 2020
IIFL Home Finance raises loan of USD 50 million from US International Development Finance Corp
IIFL Home Finance Limited (IIFLHFL), a digital first home finance company and a subsidiary of IIFL Finance, secured a USD 50 million loan from the United States of America (US) International Development Finance Corp (DFC) in order to expand its portfolio of affordable home financing specifically targeting sustainable housing.
- The fund was raised at a concessional rate of 5.72%, which includes the hedging cost. Its funding cost on average is 8.4%.
- The deal marks the growing confidence that foreign investors have in India’s affordable housing market, which is growing rapidly with government focus.
Note: For the second time in 2023, IIFLHFL, the mortgage lender is raising debt. It had obtained USD 68 million from the Asian Development Bank in January 2023.
ECONOMY & BUSINESS
ADO July 2023: ADB Retained India’s GDP Growth Forecast at 6.4% in FY2023Asian Development Outlook (ADO) July 2023: Robust Growth with Moderating Inflation published by the Asian Development Bank (ADB) has retained India’s Gross Domestic Product (GDP) growth forecast at 6.4% in FY2023 and 6.7% in FY2024, as projected in ADO April 2023.
- The inflation projection for India in FY2023 is reduced slightly from 5.0% in ADO April 2023 to 4.9% and maintained at 4.5% in FY2024.
- This is driven by continued domestic demand that supports India’s recovery.
- The growth in South Asia is projected at 5.5% in 2023 and 6.1% in 2024.
i.Inflation in developing Asia is forecast at 3.6% for FY2023, compared with an April 2023 forecast of 4.2%. The inflation outlook for 2024 is raised to 3.4% from an earlier estimate of 3.3%.
ii.For economies in developing Asia, as domestic demand remains robust, the regional growth forecast is maintained at 4.8% for 2023 and revised down to 4.7% for 2024 from 4.8% in April 2023 forecast.
- Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand.
iii.Growth in Southeast Asia is now expected at 4.6% in 2023 and 4.9% in 2024, down from 4.7% and 5% previously.
iv.The forecast for Caucasus and Central Asia is revised down marginally to 4.3% from 4.4% for 2023, and to 4.4% from 4.6% in 2024 after oil production in Azerbaijan fell more than expected.
v.The growth forecasts for East Asia are maintained at 4.6% in 2023 and at 4.2% in 2024; and for the Pacific at 3.3% in 2023 and 2.8% in 2024.
vi.Headline inflation eased toward pre-pandemic averages as fuel and food prices waned.
i.Asian Development Outlook is the main economic forecasting product from ADB.
ii.It is published each April with an update published in September and brief reports published in July and December.
Other Forecasts for India:
i.The Reserve Bank of India’s (RBI) Monetary Policy Committee projected GDP growth of 2023-24 at 6.5%.
ii.Fitch Ratings raised its forecast for India’s economic growth to 6.3% for FY24.
iii.World Bank (WB) had also pegged India’s GDP growth forecast to 6.3% in FY24.
AWARDS & RECOGNITIONS
President Murmu presents Bhoomi Samman awards 2023 On 19th July 2023, the President of India, Droupadi Murmu presented the Bhoomi Samman 2023 awards to 9 State Secretaries and 68 District Collectors along with their teams for achieving saturation of the core components of Digital India Land Records Modernization Programme (DILRMP) – the core of Governance.
- The awards were given to Assam, Bihar, Chhattisgarh, Gujarat, Jharkhand, Madhya Pradesh, Odisha, Tripura and West Bengal at a function organised by the Union Ministry of Rural Development in Vigyan Bhawan, New Delhi, Delhi.
- Union Minister of Rural Development and Panchayati Raj is Giriraj Singh.
- Out of 766 districts in the country, 68 districts have won ‘Platinum Prize’ in six categories under the DILRMP.
- The event is extremely significant for Revenue and Registration functionaries of the State who would receive the “Bhoomi Samman” for the first time in the last 75 years for their outstanding performance.
19 districts of Odisha wins platinum awards of DILRMP:
i.Odisha was presented “Bhoomi Samman” award as best state in implementing and meeting all the parameters of DILRMP.
ii.19 districts of Odisha who won platinum award under six different categories by attaining 100 % objectives of DILRMP are Angul, Boudh, Bargarh, Bhadrak, Deogarh, Dhenkanal, Gajapati, Ganjam, Jagatsinghpur, Jajpur, Kendrapada, Keonjhar, Khordha, Koraput, Nabarangpur, Nayagarh, Nuapada, Rayagada, and Sambalpur.
- The districts were represented by their concerned Collector/Additional District Magistrates(ADM).
iii.Satyabrata Sahu,the Additional Chief Secretary to the Government of Odisha along with other officials from the Revenue & Disaster Management Department, represented the Odisha Team.
i.Odisha has become a leading state in digitization of land records and public services through the implementation of 5T and ‘Mo Sarkar’ regulations.
ii.Digital India Land Records Modernization Programme (DILRMP) was launched by the Union Ministry of Panchayati Raj in August 2008 for the digitization of land records.
iii.The target of DILRMP is to achieve digitization of more than 94 per cent of land records, with completion expected before the deadline of March 31, 2024.
Note: DILRMP aims at reducing the court cases involving land disputes and effective implementations of various welfare schemes of the government.
ACQUISITIONS & MERGERS
GQG Partners invested around Rs.2400 crore and acquired 5.96% stake in Patanjali Foods
On 14th July 2023, GQG Partners LLC, a Florida (The United States of America)-based asset management firm led by Rajiv Jain, acquired a 5.96% stake (about 2.15 crore shares) in the Patanjali Foods Limited (formerly known as Ruchi Soya Industries Limited), a manufacturer of consumer packaged foods in India, for Rs 2400 crore through the Offer-for-sale (OFS) process initiated by Patanjali Foods.
- The floor price was kept at Rs 1,000 per share but allotment to non-retail investors was done at a share price of Rs 1,103.80.
- In July 2023, Patanjali Ayurved, primary promoter Patanjali Foods, announced its plan to divest around 7% of its stake for Rs 2,533.9 crore via an OFS to meet the Securities and Exchange Board of India (SEBI)’s minimum public shareholding norm of 25%. Following the sale, shareholding of Patanjali Ayurved has come down to 73.82%.
Note: In March 2023, GQG Partners invested around USD 3.2 billion in Adani Group firms led by Gautam Adani.
SCIENCE & TECHNOLOGY
First Barge of series LSAM 7 delivered to Indian Navy
On 18th July 2023, the Indian Navy received the First Barge of the series LSAM 7 (Yard 75) in the presence of Iftekhar Alam, Commanding Officer of INS Tunir. This Barge was constructed in accordance with the classification rules of the Indian Register of Shipping (IRS) and is expected to serve the Indian Navy for a service life of 30 years.
- The Barge proudly exemplifies the “Make in India” initiative of the Government of India, as it stands as a symbol of self-reliance with all its major and auxiliary equipment procured from indigenous manufacturers.
- The induction of these Missile Cum Ammunition (MCA) Barges is expected to bolster the operational capabilities of the Indian Navy by streamlining the transportation, embarkation, and disembarkation processes for articles and ammunition to Indian Naval Ships.
In line with the Government of India’s “Atma Nirbhar Bharat” (Self-Reliant India) initiatives, M/s SECON Engineering Projects Private Limited, a Micro, Small, and Medium Enterprise (MSME) based in Visakhapatnam, Andhra Pradesh has successfully secured a contract for the construction of eight MCA Barges.
Note: A type of vessel which is primarily used for transporting cargo is called as Barge
In June 2023, Thane-based Micro, Small, and Medium Enterprises (MSME) firm, M/s Suryadipta Projects Pvt Ltd, has successfully delivered the first barge of the series LSAM 15 (Yard 125) to the Indian Navy under a contract for the construction of Ammunition Cum Torpedo Cum Missile (ACTCM) Barges.
About SECON Engineering Projects Private Limited:
Headquarters – Bengaluru, Karnataka
Established in – 1981
US Open 2023 Badminton: China’s Li Shi Feng & Thailand’s Supanida Katethong won singles titles
On 16th July 2023, China’s Li Shi Feng (Ranked 12) and Thailand’s Supanida Katethong (Ranked 22) won the men’s singles finals and the women’s singles finals of the Yonex US Open 2023 at the the Mid-America Center in Council Bluffs, Iowa, United States of America (USA).
- The US open 2023 is the part of HSBC Badminton World Federation (BWF) Super 300 series held from 11th July to 16th July 2023.
Winners of Yonex US open 2023:
|Men’s Singles||Li Shi Feng|
|Women’s Singles||Supanida Katethong|
|Gao Fang Jie|
|Men’s Doubles||Goh Sze Fei and|
|Fang-chih Lee and Fang-jen Lee|
|Women’s Doubles||Liu Shengshu and|
| Maiken Fruergaard and Sara Thygesen|
|Mixed Doubles||Ye Hongwei and|
|Mathias Thyrri and Amalie Magelund|
i.This mark’s Supanida Katethong’s maiden world tour title. Her previous best World Tour result was a runner-up finish at the 2022 India Open.
- She is the second Thai player to win the US Open title after Sapsiree Taerattanachai in 2013.
ii.India’s Lakshya Sen, Rank 19 and 2023 Canada Open champion, was defeated by All England champion and Rank 12 Li Shi Feng of China in the semifinals.
- India’s PV Sindhu lost to China’s Gao Fang Jie in the quarter-finals of US Open 2023.
About US Open 2023:
i.The USA Badminton organized this tournament with sanctions from the Badminton World Federation (BWF).
ii.The US Open 2023 marks the 58th edition and the sixteenth tournament in the 2023 BWF World Tour and the seventh Super 300 event of the season.
Total Prize Money: USD 210,000
About Badminton World Federation (BWF):
President – Poul-Erik Høyer Larsen
Headquarters – Kuala Lumpur, Malaysia
Established – 1934
Cricket: South Zone won the 2023 Duleep Trophy title defeating West Zone
On 16th July 2023, South Zone defeated West Zone by 75 runs in the finals of the 2023 Duleep Trophy Championship at the M. Chinnaswamy Stadium, Bengaluru, Karnataka. South Zone has won the Duleep Trophy after 9 years, previously South zone was the joint winner (along with North Zone) in 2013-14 . This marks South Zone’s 14th title.
2023 Duleep Trophy, 60th edition of the Duleep Trophy, was held from 28th June 2023 to 16th July 2023.
- West Zone was led by Priyank Panchal and South Zone was led by Hanuma Vihari.
- Vidwath Kaverappa of South Zone won both the ‘Player of the Match’ for taking 8 wickets (7/53 and 1/51) in the final match as well as the ‘Player of the Series’ award for taking 15 wickets in 2 match.
- The Duleep Trophy, also known by its sponsorship name, the MasterCard Duleep Trophy, is a First-Class Cricket tournament in India.
- It is named after Kumar Shri Duleepsinghji (also called as Duleep), an Indian cricketer from then-British India.
Rajasthan Cabinet Introduced ‘Minimum Guaranteed Income Bill 2023’On 18th July 2023, Rajasthan cabinet chaired by Chief Minister(CM) Ashok Gehlot introduced the Rajasthan Minimum Guaranteed Income Bill, 2023 aimed to provide social security to individuals and households of Rajasthan.
- The Bill focuses on 3 main areas such as Right to Minimum Guaranteed Income, Right to Guaranteed Employment and Right to Guaranteed Social Security Pension.
These social security schemes were implemented by the Government of India’s United Progressive Alliance (UPA) through Rights-based Laws such as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Right to Education (RTE) and Food Security Act.
The government of Rajasthan provides social security pension to over 90 lakh beneficiaries at an annual expenditure of about Rs 9,000 crore, while the Central Government is providing Rs 300 crore annually by giving Rs 200/300 per month to 10 lakh persons in Rajasthan.
Right to Minimum Guaranteed Income:
i. Mahatma Gandhi Minimum Guaranteed Income Act Yojana or MGMGIY will be the name of the scheme, as the Right to Minimum Guaranteed Income scheme brought under the MGMGIY act.
ii. The MGMGIY scheme states that eligible persons will receive a minimum guaranteed income through this scheme, either by providing employment through the Indira Gandhi Urban Employment Guarantee Scheme (IGUEGS) in urban areas and through Chief Minister Rural Employment Guarantee Scheme (CMREGS) in rural areas.
iii. Alternatively, an eligible person may receive pension if they come under an eligible category of old age/specially abled/widow/single woman.
Right to Guaranteed Employment:
i. Every adult person residing in the rural areas of Rajasthan shall have a right to get guaranteed employment for at least additional 25 days per financial year.
ii. After completing the maximum days of work as prescribed by the MGNREGA, the persons are eligible to receive minimum wages weekly or within a fortnight.
iii. In urban areas, every adult person of Rajasthan has the right to get guaranteed employment for doing permissible work of at least 125 days per financial year and to receive minimum wages weekly or within a fortnight.
iv. If the Programme Officer fails to provide employment within 15 days of receiving an application, the applicant shall be eligible to receive an unemployment allowance from the Rajasthan government on a weekly basis or within a fortnight.
Right to Guaranteed Social Security Pension:
i. The scheme ensures every person falling in the category of old age/specially abled/widow/single woman, with prescribed eligibility, receives a pension.
ii. The pension includes an automatic increase of 15% annually on the base rate divided into 2 instalments of 5% in July and 10% in January of each financial year, starting from financial year 2024-2025.
iii. The implementation of this scheme is expected to result in an additional expenditure of Rs.2,500 crore per year for the government, which may increase with time.
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 20 July 2023|
|1||Tamil Nadu tops NITI Aayog’s Export Preparedness Index 2022 for States/UTs|
|2||NITI Aayog Releases TCRM Matrix framework to drive Innovation and Entrepreneurship|
|3||UNDP India signed MoU with Absolute® to enhance sustainable agriculture practices under PMFBY|
|4||DAC approves proposals for procurement of 26 Rafale Marine aircraft from France|
|5||MSDE launched “AI for India 2.0”, Free AI Training Programme for the youth of India|
|6||Henley Passport Index 2023: Indian passport ranks 80th; Gives Visa-Free Entry to 57 Countries|
|7||Nomadic Elephant-23: 15th edition of India-Mongolia joint military exercise at Ulaanbaatar, Mongolia|
|8||India needs Average Annual growth rate of 7.6% for 25 years to Become Developed Nation: RBI Paper|
|9||PhonePe Launches India’s First Health Insurance Platform with Monthly Subscriptions|
|10||IIFL Home Finance raises loan of USD 50 million from US International Development Finance Corp|
|11||ADO July 2023: ADB Retained India’s GDP Growth Forecast at 6.4% in FY2023|
|12||President Murmu presents Bhoomi Samman awards 2023|
|13||GQG Partners invested around Rs.2400 crore and acquired 5.96% stake in Patanjali Foods|
|14||First Barge of series LSAM 7 delivered to Indian Navy|
|15||US Open 2023 Badminton: China’s Li Shi Feng & Thailand’s Supanida Katethong won singles titles|
|16||Cricket: South Zone won the 2023 Duleep Trophy title defeating West Zone|
|17||Rajasthan Cabinet Introduced ‘Minimum Guaranteed Income Bill 2023’|
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