The Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved the following proposals:
i. Widening Access of the Traditional Knowledge Digital Library (TKDL) Database to Users, Besides Patent Offices
ii.Contract Between India and France to Support ITF Activities On the Indian Transport Sector
iii. Enhancement in The Corpus of Emergency Credit Line Guarantee Scheme for Increasing the Limit of Admissible Guarantees
iv.Interest Subvention of 1.5% Per Annum On Short Term Agriculture Loan Upto Rs.3 Lakh
Union Cabinet Approves Widening Access of the Traditional Knowledge Digital Library (TKDL) Database to Users, Besides Patent Offices
The Union Cabinet chaired by PM Narendra Modi has approved the “Widening access of the Traditional Knowledge Digital Library (TKDL) database to users, besides patent offices”.
- The TKDL database would be accessible via a paid subscription model, with national and international users being granted access in stages.
- It places a strong emphasis on fusing traditional knowledge (TK) with modern practices in order to boost innovation and trade.
Traditional Knowledge Digital Library (TKDL)
i. The Department of Indian Systems of Medicine and Homeopathy (ISM&H), which is now the Ministry of AYUSH, and the Council of Scientific and Industrial Research (CSIR) jointly established the Traditional Knowledge Digital Library (TKDL), a prior art database of Indian traditional knowledge (TK), in 2001. [AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy].
- The TKDL currently contains data from ISM-related literature, including Ayurveda, Unani, Siddha, Sowa Rigpa, and Yoga.
ii.The data is digitized and available in five international languages: English, German, French, Japanese, and Spanish.
iii. TKDL delivers information in languages and formats that patent examiners at patent offices around the world can comprehend, preventing improper patent grants.
iv.Additionally, as part of the New Education Policy (NEP) 2020, it is intended to foster thought leadership through BharatiyaGnanaParampara (Indian Knowledge Tradition).
Recognition for Indian Traditional Knowledge
- During the COVID-19 pandemic, Indian traditional medicines were widely used, with advantages ranging from immune-boosting to symptom relief to anti-viral action.
- The World Health Organization (WHO) unveiled its first off-shore Global Centre for Traditional Medicines (GCTM) in India (Jamnagar, Gujarat) in April 2022, demonstrating the profound value of traditional knowledge in meeting the world’s current and future needs.
Union Cabinet Approves Signing of Contract Between India & France to Support ITF Activities On the Indian Transport Sector
The Union Cabinet, presided over by PM Narendra Modi, has approved the signing of a contract between India and France to support International Transport Forum (ITF) activities in the Indian transport sector.
- The contract was signed on July 6, 2022, by the Technology Information, Forecasting and Assessment Council (TIFAC), India, and the Organisation for Economic Cooperation and Development (OECD), France, on behalf of ITF.
The contract operations are expected to result in new scientific results; new policy insights; capacity building through increased scientific interaction; and identification of technology options for decarbonization of the transport sector in India.
Union Cabinet Approves Enhancement in The Corpus of Emergency Credit Line Guarantee Scheme for Increasing the Limit of Admissible Guarantees
The Union Cabinet, led by PM Narendra Modi, approved a proposal to increase the Emergency Credit Line Guarantee Scheme (ECLGS) limit by Rs. 50,000 crore, from Rs. 4.5 lakh crore to Rs. 5 lakh crore.
- The additional amount will be set aside exclusively for hospitality and related sectors.
- The enhancement was made in response to the severe disruptions in the hospitality and related industries caused by the COVID-19 pandemic.
Given the high employment intensity and the direct and indirect links with other hospitality and allied sectors, it was announced in the Union Budget 2022-23 that the validity of ECLGS will be extended upto March 2023.
Emergency Credit Line Guarantee Scheme (ECLGS)
The ECGLS was announced by the Ministry of Finance on May 13, 2020, as part of a Rs. 20 lakh crore comprehensive package.
Aim: To help Business Enterprises/Micro, Small and Medium Enterprises (MSME) borrowers, who were affected by the COVID-19 crisis, meet their operational liabilities and restart their businesses.
i. The additional sum of Rs. 50,000 crore would be made available to firms in the hospitality and related sectors until the scheme’s validity date of 31.3.2023.
- It is likely to bring much-needed relief to these businesses by incentivizing lending institutions to provide additional credit at a low cost.
ii.Under the ECLGS, loans of about Rs. 3.67 lakh crore have been sanctioned till 5.8.2022.
Union Cabinet Approves Interest Subvention of 1.5% Per Annum On Short Term Agriculture Loan Up to Rs. 3 Lakh
The Union Cabinet, led by PM Narendra Modi, has approved restoring the Interest Subvention on short-term agricultural loans to 1.5% for all banking institutions.
- For the Fiscal Years 2022-23 to 2024-25, lending institutions would receive a 1.5% interest subsidy for extending short-term agri-loans of up to Rs 3 lakh to farmers.
- This increase in interest subvention support necessitates additional budgetary resources of Rs 34,856 crore under the scheme for the period 2022-23 to 2024-25.
The lending institutions include Public Sector Banks (PSBs), Private Sector Bank, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), Co-operative Banks and Computerized Primary Agricultural Credit Societies (PACS) directly ceded with commercial banks.
i. Increased interest subvention will maintain the sustainability of credit flows in the agricultural sector, as well as the financial health and viability of lending institutions.
ii.The availability of short-term agri-loans for all activities, including animal husbandry, dairying, poultry farming, and fishing, will also lead to the generation of employment.
iii. Farmers will continue to avail short-term agriculture credit at an interest rate of 4% per annum while repaying the loan on time.
Recent Related News:
The Union Cabinet has approved the Memorandum of Understanding (MoU) signed between the Department of Science and Technology (DST) under the Indian Ministry of Science & Technology; and the Ministry of Trade and Industry (MTI) of the Government of the Republic of Singapore on Cooperation in the fields of Science, Technology and Innovation.
About Ministry of Finance:
Union Minister– Nirmala Sitharaman (RajyaSabha – Karnataka)
Ministers of State (MoS) – Pankaj Chaudhary; Dr. Bhagwat Kishanrao Karad