Sunday, July 12, 2020

PM Schemes ~ Pradhan Mantri Yojana -Ready Reckoner

PM Garib Kalyan Yojana extended

-Under PM Garib Kalyan Yojana, PM announced a package of Rs1.75 lakh crore. 

-In the last 3 months, Rs 31,000 crore deposited in bank accounts of 20 crore poor families. Also, Rs 18000 crore deposited in bank accounts of more than 9 crore farmers.

-announced by Finance Minister Nirmala Sitharaman on March 26, the government announced free foodgrains and cash payment to women and poor senior citizens and farmers

PM Gareeb Kalyan Anna Yojana (PMGKAY) will be extended till the end of November


-  PM Modi said the scheme will continue till November end, aiding around 80 crore people to avail free grains. This extension will cost over Rs 90,000 crore

-80 crore poor people, covering about two-thirds of the country's population, will get 5 kg rice or wheat each month for the next three months free of charge, in addition to the 5 kg they already get.

Garib Kalyan Rojgar Abhiyaan(GKRA)

-is a 125-day Abhiyaan launched by Prime Minister on 20th June, 2020

- to address the issues of returnee migrant workers & similarly affected rural population by Covid-19

-by giving focus on 25 works in 116 selected districts across 6 States 
(Bihar, Odisha, Uttar Pradesh, Madhya Pradesh, Jharkhand

-the 116 districts will also contain 27 aspirational districts—>India’s poorest areas in socio-economic indices

- with a resource of Rs 50,000 cr

- Broad objectives
1. Provide for immediate employment opportunities to returnee migrant workers and similarly affected rural populations.
2. Saturate villages with public infrastructure and assets 
3. Set Stage for enhancing longer term livelihood opportunities.

PM KISAN -Pradhan Mantri Kisan Samman Nidhi

-initiative by the government of India in which all farmers families will get up to ₹6,000 per year as minimum income support

-initiative was announced by Piyush Goyal during the 2019 Interim Union Budget

-scheme will cost ₹75,000 crore per annum and will come in effect from Dec 2018

-₹6,000 per year will be paid to each eligible farmer in three instalments and will be deposited directly to their bank accounts.
-weaker farmer families having a cultivable land up to 2 Hectare

PM SVANidhi

- The Union Cabinet on June 1 cleared a credit scheme for 50 lakh Urban, peri urban & rural street vendors so that they can revive their businesses under Pradhan Mantri Street Vendor AtmaNirbhar Nidhi


Objectives
1. working capital loan up to Rs.10,000 at subsidized rate of interest;
2.To incentivize regular repayment of loan;
3.To reward digital transactions.

- Scheme shall be implemented up to March, 2022.

AtmaNirbhar Bharat Abhiyan

-PM Narendra Modi announced an economic package totaling Rs.20 lakh crore to tide over the Covid-19 crisis
- announced on 12 May 2020
- this is 10 per cent of India’s GDP
- includes the govt’s announcements on supporting key sectors & measures by Reserve Bank of India
-five pillars of AtmaNirbhar Bharat Abhiyaneconomy, infrastructure, technology driven system, vibrant demography and demand

WTO Terms (World Trade Organization) ~ MFN status, Market Economy Status

Most Favoured Nation (MFN)


- clause in WTO’s General Agreement on Tariffs and Trade (GATT)


- is intended to ensure that member countries of the organization do not discriminate between their trade partners


-WTO member nation usually grants MFN status to all other members


-primary condition under MFN is that a country must charge the same tariff rate on imports irrespective of their origin.


-India granted MFN status to Pakistan in 1996, but it was not reciprocated by the latter.


-India  withdrew MFN from Pakistan, in 2019 after terrorist attack in Pulwama J&K.


WTO & China’s Market Economy Status


-China became a member of the World Trade Organization (WTO) on 11 December 2001, on the condition that it will be treated as a non-market economy by other member countries for anti-dumping proceedings


-A non-market economy refers to a country which has a complete or substantially complete monopoly of its trade and where all domestic prices are fixed by the state. 


-While the 15-year period ended in December 2016, the EU & US have desisted from granting market economy status to China, citing wide-ranging price control on export commodities by China.


-market economy status that would have legally insulated it from higher tariffs being imposed by other countries.


-In June 2020, China has lost a dispute to the European Union at WTO for market economy status  as former allowed dispute to lapse


-After the latest development, to protect their industries, the EU and US will be able to apply high anti-dumping tariffs on goods from China.         




BRICS Quiz + Notes

 

1. What was the theme of 11th BRICS summit held in Brazil in Nov 2019?

  • BRICS: economic growth for an innovative future
  • Collaboration for Inclusive Growth and Shared Prosperity
  • BRICS and Africa
  • BRICS: Stronger Partnership for a Brighter Future.


2. BRICS development bank is now known as New Development Bank. Who will replace Mr.KV Kamath as the President of NDB from 7th July 2020

  • Mr. Andrey Bokarev
  • Marcos Trojyo
  • Mr. Wencai Zhang
  • None of the above

3. Where is the NDB,(New Development Bank) BRICS  headquarters?
  • Brasiliana
  • New Delhi
  • Moscow
  • Shanghai
 4. When did the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank?
  •  July 2014 (6th BRICS summit)
  • March 2013 (5th BRICS summit)
  • March 2012 (4th BRICS summit)
  • None of the Above
 5.When was BRICS formed and when South Africa included ?
  • 2009;2010
  • 2009;2011
  • 2008;2009
  • 2009; 2010
______________________________________________________

BRICS notes


BRICS is the acronym coined for an association of five major emerging national economies: 
Brazil, Russia, India, China and South Africa.
  • In 2001, "BRIC" was coined by Jim O'Neill, then-chairman of Goldman Sachs , , in his publication "Building Better Global Economic BRICs"
  • The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009,
  • Abbreviation BRICS
  • Formation 2009
  • South Africa officially became a member nation on 24 December 2010

  • Who will host BRICS 2020?

- Next Summit 12th Summit - 21-23 July 2020-Saint Petersburg, Russia 


-Theme : BRICS Partnership for Global Stability, Shared Security and Innovative Growth


New Development Bank/ NDB or NDB BRICS Bank 

  • BRICS Development Bank is a multilateral development bank operated by the BRICS states

  • The bank's primary focus of lending will be infrastructure project,   authorized lending of up to $34 billion annually
  • President of NDB (from 07- July 2020) -  Marcos Trojyo
  • Previous president  of NDB - Mr.KV Kamath (From 2015 to 2020)

  • Vice President (from 07 July2020) - Anil Kishora (ex- Deputy MD & Chief Risk Officer (CRO) of SBI 


Current Affairs Daily Quiz, December 9, 2020

  Q1 . Which of the following are set to become Olympic sports , according to International Olympic Committee? Skateboarding Sport climbing ...