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Sovereign Gold Bond Scheme 2023-24: Key Information and Features

The Sovereign Gold Bond (SGB) Scheme 2023-24, announced by the Government of India, offers individuals and eligible entities an opportunity to invest in gold in a convenient and secure manner. The SGBs are issued by the Reserve Bank of India (RBI) on behalf of the government, serving as an alternative to physical gold investments. Here are the essential details and features of the SGB Scheme 2023-24.

  1. Eligibility: The SGBs are available for purchase to the following categories:
  • Resident individuals
  • Hindu Undivided Families (HUFs)
  • Trusts
  • Universities
  • Charitable Institutions

  1. Denomination: The SGBs are denominated in multiples of grams, with the basic unit being one gram of gold.

  2. Tenor: The maturity period for SGBs is eight years. However, investors have the option of premature redemption after the fifth year, which can be exercised on the date when the interest is payable.
  3. Investment Limit: The minimum permissible investment limit is one gram of gold. The maximum subscription limits for different entities are as follows:
  • Individuals: 4 kilograms per fiscal year (April-March)
  • HUFs: 4 kilograms per fiscal year
  • Trusts and similar entities: 20 kilograms per fiscal year

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It’s important to note that these limits are subject to government notifications and include SGBs purchased from different tranches and the secondary market during the fiscal year.

  1. Issue Price: The issue price of the SGBs is determined in Indian rupees based on the simple average of the closing price of gold with 999 purity. This average is calculated for the last three working days of the week preceding the subscription period. Investors who subscribe online and pay through digital mode receive a discount of Rs 50 per gram on the issue price.
  2. Redemption Price: Upon maturity or premature redemption, the redemption price of the SGBs is determined in Indian rupees based on the simple average of the closing price of gold with 999 purity for the previous three working days, as published by the India Bullion and Jewellers Association Limited (IBJA).
  3. Interest Rate: Investors in SGBs are entitled to a fixed interest rate of 2.50 percent per annum, payable semi-annually on the nominal value.
  4. Tax Treatment: The interest earned on SGBs is taxable as per the provisions of the Income Tax Act, 1961 (43 of 1961). However, the capital gains tax arising from the redemption of SGBs by an individual is exempted. Additionally, indexation benefits are provided for long-term capital gains on the transfer of SGBs.
  5. Collateral and Loan-to-Value Ratio: SGBs can be used as collateral for loans. The loan-to-value (LTV) ratio applied to SGBs will be in line with the ordinary gold loan requirements mandated by the RBI.

  6. Issuance and Trading: SGBs are sold through various channels, including scheduled commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices, and recognized stock exchanges such as the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

Also Read: Pradhan Mantri Matru Vandana Yojana: Empowering Motherhood

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New Zealand Slips into Recession as GDP Falls 0.1% in March Quarter

New Zealand’s economy has slipped into a recession, as the first-quarter Gross Domestic Product (GDP) fell by 0.1 percent. This decline follows a revised 0.7 percent drop in GDP in the fourth quarter of 2022, meeting the technical definition of a recession. The country’s economic downturn can be attributed to a combination of factors, including measures taken by the central bank to combat inflation and the adverse effects of natural disasters.

Central Bank Measures Impact Manufacturing Sector:

New Zealand’s economy took a significant hit due to measures implemented by the country’s central bank to tame inflation. These measures included raising the interest rate to a 14-year high, which had a negative impact on the manufacturing sector. With borrowing costs becoming more expensive, businesses faced challenges in maintaining production levels and profitability. The tightening monetary policy was aimed at slowing down economic growth to combat inflation and inflation expectations.

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Natural Disasters Amplify Economic Woes:

The first-quarter GDP decline was further exacerbated by the adverse effects of natural disasters. Cyclone Gabrielle and the Auckland flash floods caused extensive damage amounting to NZ$14 billion ($8.6 billion). The destruction led to reduced farm production, a decline in tourism, and a slowdown in consumer spending. The cyclones particularly impacted the horticulture and transport support services sectors, while also causing disruptions in education services.

Central Bank’s Perspective:

Despite the economic weakness, the central bank does not necessarily view it as negative. The recession aligns with the bank’s goal of slowing down economic growth to combat inflation and inflation expectations. Economists believe that this contraction will reinforce the belief that the cash rate has reached its peak. The Reserve Bank of New Zealand has pursued an aggressive monetary policy tightening since October 2021, increasing the official cash rate by 525 basis points to 5.50 percent. However, the central bank has indicated that it has concluded its tightening measures.

Forecasts and Outlook:

Prior to the release of the first-quarter GDP data, the central bank had already projected a recession for the second quarter of 2023. However, the Treasury’s updated forecasts in May suggested that the country would avoid entering a recession. The economic indicators and the challenges faced by various sectors will be closely monitored to assess the overall health and recovery of the New Zealand economy. The impact of ongoing policies and the recovery from natural disasters will play a crucial role in shaping the country’s economic trajectory in the coming months.

Key Points about New Zealand:

  1. Prime Minister: The Prime Minister of New Zealand is Chris Hipkins.

  2. Capital City: The capital city of New Zealand is Wellington. It is located at the southern tip of the North Island and is known for its vibrant arts and culture scene.
  3. Currency: The currency of New Zealand is the New Zealand Dollar (NZD). It is denoted by the symbol “$” or “NZ$”.
  4. Official Language: The official languages of New Zealand are English, Māori, and New Zealand Sign Language (NZSL).
  5. Geography: New Zealand is a country in the southwestern Pacific Ocean. It comprises two main islands, the North Island and the South Island, along with numerous smaller islands. The country is known for its diverse landscapes, including mountains, beaches, fjords, and geothermal areas.
  6. Population: As of my knowledge cutoff in September 2021, New Zealand had an estimated population of around 5 million people. However, please note that population figures may have changed since then.
  7. Indigenous Culture: New Zealand has a rich indigenous culture, with the Māori people being the largest ethnic minority group. Māori culture plays a significant role in the country’s identity, arts, language, and traditions.

  8. Economy: New Zealand has a mixed-market economy with a strong focus on agriculture, tourism, and services. It is known for its agricultural exports, including dairy products, meat, and wine. Tourism is also a significant contributor to the economy, attracting visitors to its stunning natural landscapes.

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Education loans register 17% growth in FY23

Education loans register 17% growth in FY23, turning positive for first time in five years

About the news:

  • According to Reserve Bank of India’s (RBI) data, the outstanding portfolio under education loans grew 17 per cent at ₹96,847 crore in the year 2022-23 as against ₹82,723 crore in the previous year.
  • The priority sector education loans show growth of 0.9 per cent in FY 2022-23 which is significant because the growth in education loans was flat during 2021-22 & it was negative for the three years prior to it

Table

Financial Year Year Growth % (In negative)
FY20-21  3%
FY19-20  3.3%
FY18-19  2.5%
  • The Non-Performing Assets (NPAs) in education advances stood at 7.82 per cent of a total outstanding portfolio of ₹80,000 crore at the end of the first quarter of FY23

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Facts

In India, around 90 per cent of education loans are disbursed by the Public Sector Banks. Private sector banks and regional rural banks (RRBs) accounts for around 7 per cent and 3 per cent of total education loan outstanding, respectively

Reasons for Non-Performing Assets (NPAs) in loans:

  • Fresh job creation has not kept pace with the number of graduates coming out of the colleges
  • Limited job opportunities or a mismatch between the skills acquired during education and the job market
  • Financial crises affected overall economic conditions & job market, making it challenging for borrowers to repay their education loans

Important takeaways for all Comptitive Exams:

  • A Non Performing Asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days
  • Dharmendra Pradhan is the Union Minister for Education

 

RBI Chief Shaktikanta Das Named ‘Governor Of The Year’ At London’s Central Banking Awards

 

RBI Chief Shaktikanta Das Named ‘Governor Of The Year’

Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), was honored with the esteemed Governor of the Year Award for 2023. In his remarks, Das highlighted the evolving role of central banks in the monetary and financial systems, emphasizing that they are now tasked with significant responsibilities that go beyond their traditional mandates. The award was presented by Central Banking, a prominent organization that thoroughly covers and examines matters concerning central banks and financial regulators globally, during its summer meetings held in London.

The Central Banking Awards 2023 awards winners were announced in late March this year. Two top prizes went to the National Bank of Ukraine, the 2023 Central Bank of the Year, and the Reserve Bank of India’s Shaktikanta Das, Governor of the Year.

Shaktikanta Das Education

Shaktikanta Das, the current governor of the Reserve Bank of India (RBI), is a graduate in history. He holds a bachelor’s degree (BA) and a master’s degree (MA) in history from St. Stephen’s College at the University of Delhi. He also holds a diploma in financial management from the Indian Institute of Management Bangalore (IIM-B).

Das’s educational background has been praised by some for giving him a strong foundation in economic and financial matters. However, others have criticized his lack of formal training in economics, arguing that it makes him ill-equipped to lead the RBI.

Here is a more detailed look at Das’s educational background

  • St. Stephen’s College, University of Delhi: Bachelor’s degree (BA) and Master’s degree (MA) in history
  • Indian Institute of Management Bangalore (IIM-B): Diploma in financial management

Das has also received honorary doctorates from several universities, including Utkal University, the University of Madras, and the University of Mysore.

Shaktikanta Das Salary

The RBI Governor, Shaktikanta Das, receives a monthly salary of Rs 250,000. In addition to the salary, there is a range of allowances and benefits provided. These include Dearness Allowance, Grade Allowance, and reimbursements for expenses such as education, household, telephone, and medical expenses. The comprehensive salary package reflects the significant responsibilities associated with the position, including the authority to grant or revoke bank licenses in cases of violation.

Here is the tabular representation of RBI Governor Shaktikanta Das’s salary structure and allowances:

Name Of Post Monthly Salary Amount Allowances
Governor Of Reserve Bank Of India Rs 2,50,000 Rs 1,60,000 (basic pay) along with various allowances such as dearness allowance, grade allowance, educational allowance, educational allowance for children, fuel expenses, medical expenses, etc.

Please note that the values mentioned in the table are for illustrative purposes and may not reflect the exact figures.

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Cyclone Biparjoy: IMD warns of flood, power disruption

Cyclone Biparjoy Live Location

Cyclone Biparjoy Live Location: The cyclone’s current position is approximately 1161 kilometers southeast of Masirah Island. Recent observations show that it has started moving in a northeasterly direction at a speed of 7 kilometers per hour. It is anticipated that the cyclone will reach its maximum intensity with winds reaching around 185 kilometers per hour. As a precautionary measure, warnings have been issued to people residing in coastal areas. The authorities have captured a three-dimensional image of the cyclone’s location, and personnel are actively engaged in monitoring and managing the situation.

Cyclone Biparjoy is classified as a tropical cyclone, characterized by anticipated wind speeds ranging from 125-135 kmph, with gusts potentially reaching 150 kmph upon landfall. The National Disaster Management Authority categorizes cyclones into two main types: extratropical cyclones and tropical cyclones.

Cyclone Biparjoy, Latest Update

  • As per the government, 15 teams of NDRF (National Disaster Response Force), 12 of SDRF (State Disaster Response Force), 115 teams of the state road and building department, and 397 of the state electricity department have been deployed in different coastal districts.
  • UAE astronaut Sultan Al Neyadi shared several images of Cyclone Biparjoy in the Arabian Sea on his Twitter account.
  • The coastal districts of Gujarat are experiencing intense rainfall until June 17, prompting the Chief Minister to lead a meeting to assess the state’s readiness. The government of Gujarat aims to evacuate approximately 55,000 individuals, with over 47,000 already relocated to secure locations.
  • Authorities evacuated approximately 30,000 individuals residing in coastal regions and relocated them to temporary shelters in preparation for the anticipated landfall of cyclone Biparjoy near Jakhau port in Gujarat’s Kutch district. The Army, in collaboration with the National Disaster Response Force (NDRF), is formulating relief strategies for the affected areas.
  • The Indian Meteorological Department (IMD) has issued a storm surge warning for the coastal regions of Gujarat in anticipation of the approaching very severe cyclonic storm, Biparjoy. The IMD has cautioned that the low-lying areas of Kachchh, Devbhumi Dwarka, Porbandar, Jamnagar, and Morbi districts are at risk of being inundated. Although Biparjoy has weakened slightly from its previous intensity, experts have issued a stern warning that it could regain strength and potentially cause massive devastation in Gujarat through the occurrence of colossal storm surges.

Cyclone Biparjoy: India Issues Alerts

Cyclone Biparjoy is a low-pressure area that is currently forming over the Southeast Arabian Sea. It is expected to intensify into a depression in the next 48 hours and may reach cyclonic storm intensity in the subsequent 72 hours. The track of the cyclone is not yet clear, but it is likely to move towards the West Coast of India. Cyclone Biparjoy is the first cyclone to form in the Arabian Sea this season. The monsoon season in India typically begins in June and lasts until September.

The cyclone is expected to bring heavy rains and strong winds to the West Coast of India. The heaviest rains are expected to fall in the states of Gujarat, Maharashtra, and Karnataka. The strong winds could cause power outages and damage to property. People in the affected areas are advised to take precautions and stay safe.

Cyclone Biparjoy: IMD issues alert for fishermen

The India Meteorological Department (IMD) has given a notice to all ports in Gujarat, directing them to raise the distant warning (DW II) signal as a deep depression in the Arabian Sea has developed into a cyclonic storm named “Biparjoy.” As per the IMD, the storm has changed its course towards the north and presents potential dangers to the coastal areas.

How Cyclone Biparjoy got its name?

The name Biparjoy was given to the cyclone by Bangladesh. The World Meteorological Organization (WMO) names tropical cyclones in alphabetical order according to the names submitted by member countries. Bangladesh submitted the name Biparjoy, which means “Disaster” in Bengali.

The India Meteorological Department (IMD) is closely monitoring the cyclone and will issue advisories as needed. Residents of coastal areas are advised to be prepared for possible flooding and other impacts from the cyclone.

Cyclone Mocha: All About The Storm

Here are some of the possible impacts of Cyclone Biparjoy:

  • Heavy rainfall
  • Strong winds
  • Storm surge
  • Flooding
  • Landslides
  • Power outages
  • Communication disruptions
  • Damage to property and infrastructure

Possible route for Cyclone Biparjoy

As of June 6, 2023, Cyclone Biparjoy is a low-pressure area over the southeast Arabian Sea. It is expected to intensify into a depression by June 8 and a cyclone by June 9. The cyclone is forecast to move northwards along the west coast of India and make landfall in Gujarat on June 10. After landfall, the cyclone is expected to weaken and move into Pakistan.

The following is a possible route for Cyclone Biparjoy

  • June 8: Low-pressure area intensifies into a depression over the southeast Arabian Sea.
  • June 9: Depression intensifies into a cyclone over the east-central Arabian Sea.
  • June 10: Cyclone makes landfall in Gujarat.
  • June 11: Cyclone weakens and moves into Pakistan.

Tropical Cyclone Fabien Moves Southeast Of Diego Garcia

How IMD decide cyclone named?

The India Meteorological Department (IMD) decides cyclone names in a collaborative effort with other countries in the region. Each country in the region submits a list of 13 names, and the names are then rotated through a pre-determined schedule. The names are chosen to be short, easy to pronounce, and gender-neutral. They are also chosen to be culturally sensitive and not offensive to any group of people.

The IMD uses a six-year cycle for its list of cyclone names. Once a name is used, it is retired and cannot be used again. The current list of cyclone names for the North Indian Ocean is as follows:

  • Nisarga (Bangladesh)
  • Gati (India)
  • Akash (Sri Lanka)
  • Gulab (Pakistan)
  • Fani (Myanmar)
  • Vayu (Thailand)
  • Hidimba (Afghanistan)
  • Mora (Iran)
  • Tauktae (Oman)
  • Yaas (Qatar)

How it will impact weather, monsoon in India?

The usual arrival of the southwest monsoon in Kerala on June 1, with a standard deviation of around seven days, has been delayed due to a low-pressure system in the Arabian Sea. However, scientists clarify that this delay does not necessarily mean that the monsoon will be late in other parts of the country, nor does it affect the overall rainfall during the season.

The Meteorological Department has stated that the cyclonic storm will significantly impact the progression of the monsoon towards the Kerala coast. Currently, no specific date has been provided for the monsoon’s arrival in Kerala. The private weather forecasting agency, Skymet Weather, suggests that it may occur on either June 8 or June 9, but with a relatively gentle and subdued onset.

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World Elder Abuse Awareness Day 2023: Date, Theme, Significance and History

 

World Elder Abuse Awareness Day 2023

World Elder Abuse Awareness Day (WEAAD) is an annual event observed on June 15th to raise awareness about the mistreatment, discrimination, and neglect endured by elderly individuals. The day serves as a platform to underscore the importance of upholding the rights of older adults, encouraging society to value and respect their presence. Its primary objective is to bring attention to the various forms of abuse, abandonment, and misuse suffered by seniors, while also stressing the significance of safeguarding their welfare and maintaining their dignity.

Theme for World Elder Abuse Awareness Day 2023

The United Nations has designated the theme for World Elder Abuse Awareness Day 2023 as “Closing the Circle: Addressing Gender-Based Violence (GBV) in Older Age Policy, Law, and Evidence-based Responses.”

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Significance of World Elder Abuse Awareness Day

The primary significance of observing World Elder Abuse Awareness Day lies in safeguarding the rights of senior citizens and promoting equality in society. Here are some key aspects that highlight its importance:

Creating awareness: World Elder Abuse Awareness Day plays a crucial role in raising awareness about elder abuse, aiming to eliminate all forms of discrimination and neglect faced by older individuals. It educates communities and organizations about the negative consequences associated with such abuse.

Protecting rights: This day serves as a platform to advocate for the protection of older adults’ rights. It underscores the necessity of legislative policies that ensure the preservation of dignity, respect, honor, and autonomy for the elderly. WEAAD urges governments and other organizations to address the pressing issue of elder abuse and strengthen frameworks aimed at eradicating it from society.

Fostering collaboration: World Elder Abuse Awareness Day promotes collaboration among governments, NGOs, healthcare professionals, stakeholders, and other entities. The goal is to develop robust strategies to combat elder abuse globally and provide comprehensive support to victims in every possible way.

History of World Elder Abuse Awareness Day

World Elder Abuse Awareness Day was officially established by the United Nations General Assembly in 2011. The purpose of this annual observance is to bring attention to and raise awareness about various forms of elder abuse, such as financial, mental, physical, and emotional mistreatment. The day serves as a platform to promote measures aimed at addressing and preventing these inhumane acts of abuse against older individuals.

Important Takeaways for All Competitive Exams:

  • United Nations General Assembly Headquarters: New York, United States;
  • United Nations General Assembly Founded: 1945;
  • United Nations General Assembly Founder: United Nations.

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PLI Schemes: Boosting Production, Employment, and Economic Growth

PLI Schemes Contribution

The implementation of the Production Linked Incentive (PLI) Schemes in the country has led to significant positive outcomes such as increased production, employment generation, economic growth, and exports.

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During a press conference in New Delhi, Shri Rajesh Kumar Singh, Secretary of DPIIT, highlighted that the PLI Schemes resulted in a notable 76% rise in Foreign Direct Investment (FDI) in the manufacturing sector in the fiscal year 2021-22, reaching USD 21.34 billion, compared to the previous fiscal year’s USD 12.09 billion.

PLI Schemes: Promoting Self Reliance

  • The PLI schemes, conceived by Prime Minister Shri Narendra Modi to promote self-reliance in India (AatmaNirbhar Bharat), are focused on 14 sectors and have an incentive budget of approximately Rs. 1.97 lakh crore (around US$ 26 billion).
  • These schemes aim to enhance the production capabilities of the sectors involved and facilitate the emergence of global leaders.
  • Sectors such as Drugs and Pharmaceuticals (with a 46% increase in FDI), Food Processing Industries (with a 26% increase in FDI), and Medical Appliances (with a 91% increase in FDI) have witnessed a surge in foreign investments from the fiscal year 2021-22 to 2022-23.
  • The PLI Schemes have also facilitated a transformation in India’s export portfolio, shifting from traditional commodities to high-value-added products like electronics, telecommunication goods, and processed food.
  • Currently, a total of 733 applications have been approved across the 14 sectors, with an expected investment of Rs. 3.65 lakh crore.
  • Notably, 176 Micro, Small, and Medium Enterprises (MSMEs) have benefited from the PLI schemes, primarily in sectors such as Bulk Drugs, Medical Devices, Pharma, Telecom, White Goods, Food Processing, Textiles, and Drones.

Data Released on PLI Schemes

  • As of March 2023, the actual investment realized stands at Rs. 62,500 crore, resulting in incremental production and sales exceeding Rs. 6.75 lakh crore and the creation of approximately 325,000 jobs.
  • Additionally, exports have been boosted by Rs. 2.56 lakh crore until the fiscal year 2022-23.
  • Around Rs. 2,900 Crore has been distributed as incentives during the fiscal year 2022-23 under the PLI Schemes for eight sectors, namely Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing, and Drones & Drone Components.
  • The PLI Scheme has resulted in major smartphone companies like Foxconn, Wistron, and Pegatron shifting their suppliers to India. Consequently, high-end phones are now being manufactured in India. The scheme has also led to a 20-fold increase in female employment and localization in IT Hardware, specifically in the production of batteries and laptops.

The Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) stated that the value addition in mobile manufacturing in India has reached 20%. He added, “We have achieved a 20% value addition in mobile manufacturing within three years, whereas countries like Vietnam took 15 years to achieve 18% value addition, and China achieved 49% value addition over 25 years. From this perspective, it is a significant achievement.“

PLI Schemes Contribution in Various Sectors

  • The PLI Scheme, along with the existing Phased Manufacturing Program (PMP), has contributed to increased value addition in the electronics sector and smartphone manufacturing, reaching 23% and 20% respectively, from negligible levels in 2014-15.
  • Out of the total electronics production worth USD 101 billion in FY 2022-23, smartphones account for USD 44 billion, including USD 11.1 billion in exports.
  • Import substitution of 60% has been accomplished in the Telecom sector, making India almost self-reliant in Antennae, GPON (Gigabit Passive Optical Network), and CPE (Customer Premises Equipment).
  • The PLI Scheme has also led to a sevenfold increase in the turnover of the drones sector, benefiting all MSME startups.
  • Under the PLI Scheme for Food Processing, there has been a significant increase in sourcing raw materials from India, positively impacting the income of Indian farmers and MSMEs.
  • The Pharma sector has witnessed a substantial reduction in imports of raw materials due to the PLI Scheme.
  • India is now manufacturing unique intermediate materials and bulk drugs, including Penicillin-G. Moreover, technology transfer has occurred in the production of Medical Devices such as CT scans and MRI machines.

List of PLI Schemes in India

  • Key Starting Materials (KSMs)/Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs): Department of Pharmaceuticals
  • Large Scale Electronics Manufacturing: Ministry of Electronics and Information Technology
  • Manufacturing of Medical Devices: Department of Pharmaceuticals
  • Electronic/Technology Products: Ministry of Electronics and Information Technology
  • Pharmaceuticals drugs: Department of Pharmaceuticals
  • Telecom & Networking Products: Department of Telecommunications
  • Food Products: Ministry of Food Processing Industries
  • White Goods (ACs & LED): Department for Promotion of Industry and Internal Trade
  • High-Efficiency Solar PV Modules: Ministry of New and Renewable Energy
  • Automobiles & Auto Components: Department of Heavy Industry
  • Advance Chemistry Cell (ACC) Battery: Department of Heavy Industry
  • Textile Products: MMF segment and technical textiles: Ministry of Textiles
  • Specialty Steel: Ministry of Steel
  • Drones and Drone Components: Ministry of Civil Aviation

Also Read: Pradhan Mantri Matru Vandana Yojana: Empowering Motherhood

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Padma Awardees From Haryana To Get Rs 10,000 Monthly

Haryana Chief Minister Manohar Lal Khattar has announced a monthly pension of Rs 10,000 for the Padma awardees from the state. Besides the monthly pension, the chief minister has also announced a free travel facility in the ‘Volvo bus’ service of the state government for Padma Shri, Padma Bhushan and Padma Vibhushan awardees from Haryana. The government has formulated various welfare policies to make life easier for the people of the state.

Other important news:

  • The chief minister said that the state government is giving the benefit of health insurance up to ₹ 5 lakh to families with an annual income of up to ₹ 1.80 lakh. The government is also considering including the families in this scheme whose annual income is also between ₹ 1.80 lakh and ₹ 3 lakh by taking some premium amount to give them a benefit of up to ₹ 5 lakh.
  • Mr Khattar said after the implementation of the family ID card scheme — Parivar Pehchan Patra — 12.5 lakh new Below Poverty Line (BPL) ration cards have been made in the state. People have appreciated the merit-based job system started by the present government and it has brought transparency against the ‘parchi-kharchi’ (favouritism-bribe) system which prevailed earlier.

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Important Takeaways for All Competitive Exams:

  • Haryana Capital: Chandigarh;
  • Haryana Governor: Bandaru Dattatreya;
  • Haryana Chief minister: Manohar Lal Khattar.

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Cormac McCarthy, Pulitzer Prize-winning novelist no more, dies at 89

Cormac McCarthy, the Pulitzer Prize-winning author of such acclaimed novels as “The Road” and “No Country for Old Men,”passed away. McCarthy was born in Providence, Rhode Island, in 1933. He began writing fiction in the early 1960s, and his first novel, “The Orchard Keeper,” was published in 1965. He went on to publish more than 20 novels, including “Blood Meridian,” “All the Pretty Horses,” and “Suttree.”

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McCarthy’s work was praised for its dark, violent, and often bleak vision of the world. He was awarded the Pulitzer Prize for Fiction in 2007 for “The Road,” and his novel “No Country for Old Men” was adapted into an Academy Award-winning film in 2007. McCarthy’s death is a major loss for the literary world. He was a unique and gifted writer who created some of the most powerful and unforgettable fiction of the 20th and 21st centuries.

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Cluster-Based Training of Trainers Project Certifies 98 Trainers under the SANKALP Programme

The Ministry of Skill Development & Entrepreneurship (MSDE) has successfully certified 98 trainers who participated in the cluster-based Training of Trainers (ToT) project. This initiative was carried out in collaboration with the Automotive Sector Development Council (ASDC), GIZ-IGVET, and the Maharashtra State Skill Development Mission (MSSDS). The project, developed as part of the National component of Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP), aimed to enhance the skills of trainers in various trades such as Advanced Welding, CNC operations, Robotics, Quality Control, and Advanced Automotive Technology.

Implementing Ministry:

The Ministry of Skill Development & Entrepreneurship (MSDE) spearheaded the cluster-based Training of Trainers project in collaboration with key stakeholders, including the Automotive Sector Development Council (ASDC), GIZ-IGVET, and the Maharashtra State Skill Development Mission (MSSDS). The project sought to bridge the skills gap by involving industry members in curriculum development and upgrade the technical and pedagogical skills of trainers in line with industry 4.0 requirements.

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Key Features:

  1. Dual Certification: The trainers who participated in the ToT program received dual certification after undergoing assessments conducted by the Automotive Sector Development Council and IGCC (German certification agency). This certification ensures their competence in delivering high-quality training in their respective trades.

  2. Public-Private Partnership: The initiative fostered a strong public-private partnership in the Technical and Vocational Education and Training (TVET) domain. Collaborations with organizations such as Sukhakarta General Engineering Cluster Pvt. Ltd. (SGECPL) in Pune facilitated the successful implementation of the ToT program.

  3. Classroom and On-the-Job Training: The ToT program comprised one-month classroom training followed by one-month on-the-job training. This comprehensive approach equipped trainers with both theoretical knowledge and practical skills necessary for effective training delivery.

Benefits:

  1. Skill Enhancement: The ToT program aimed to enhance the skills of trainers in the automotive sector, preparing them to meet the evolving demands of the industry. By upgrading their technical and pedagogical skills, the program contributed to the development of a highly competent workforce.

  2. Industry Alignment: Involving industry members in curriculum development ensured that the training programs were aligned with industry 4.0 requirements. This collaboration bridged the skills gap and facilitated a smooth transition for trainees into the automotive sector.

Vision:

The certification ceremony for the cluster-based Training of Trainers project highlighted the commitment of the Ministry of Skill Development & Entrepreneurship to create a pool of highly skilled trainers. By prioritizing Training of Trainers (ToT) programs, the government aims to build a competent and robust workforce across various sectors, thereby multiplying the impact of skill development initiatives.

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Welcome to the Current Affairs Section of Adda247. If you are preparing for Government Job Exams, then it is very important for you to read the Daily Current Affairs. All the important updates based on current affairs are included in this Daily Current Affairs 2024 article.

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