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First ever “Credit Guarantee Scheme” for Livestock Sector launched for rebooting rural economy by leveraging MSMEs

The Indian government has introduced a pioneering “Credit Guarantee Scheme” for the Livestock Sector aimed at revitalizing the rural economy and empowering Micro, Small & Medium Enterprises (MSMEs).

The Department of Animal Husbandry & Dairying (DAHD) has established a Credit Guarantee Fund Trust of Rs 750 crore to provide credit guarantee coverage to eligible lending institutions, enabling improved access to finance for the underserved livestock sector.

Significance of the Credit Guarantee Scheme:

The Credit Guarantee Scheme holds substantial importance for the livestock sector and the overall rural economy by:

Empowering Unprivileged Entrepreneurs:

  • The scheme focuses on supporting first-generation entrepreneurs and underprivileged sections of society who lack collateral security for their ventures in the livestock sector.
  • It provides them with financial assistance and access to credit facilities.

Boosting Livestock Sector:

  • By providing credit guarantee coverage, the scheme encourages investments in dairy and meat processing, animal feed plants, breed improvement technology, waste management, and veterinary vaccine and drug manufacturing facilities.
  • This will enhance the productivity and growth of the livestock sector.

Objectives of the Credit Guarantee Scheme:

Ensuring Project Viability:

  • The primary objective of the scheme is to prioritize project viability over collateral security, ensuring that lenders evaluate credit facilities based on the sustainability and potential of the assets financed.

Bridging the Financial Gap:

The scheme facilitates access to finance for the unserved and underserved segments of the livestock sector, enabling them to receive financial support from lending institutions.

Encouraging MSME Participation:

  • By extending credit guarantee to MSMEs, the scheme encourages their active participation in the livestock sector, which contributes significantly to rural economic development.

Key Points:

Establishment of Credit Guarantee Fund Trust:

  • The DAHD has established a Credit Guarantee Fund Trust of Rs 750 crore to provide credit guarantee coverage to eligible lending institutions up to 25% of credit facilities extended to MSMEs in the livestock sector.

Stimulus Package under AtmaNirbhar Bharat Abhiyan:

  • The establishment of the credit guarantee fund trust was approved under the Prime Minister’s AtmaNirbhar Bharat Abhiyan stimulus package of Rs. 15,000 crores for Animal Husbandry Infrastructure Development Fund (AHIDF).

Collaboration with NABARD:

  • DAHD collaborated with NABSanrakshan Trustee Company Private Limited, a wholly owned subsidiary of NABARD, to establish the Credit Guarantee Fund Trust for extending credit guarantee to MSMEs under the AHIDF scheme.

Rule-based B2B Portal:

  • The credit guarantee portal has been developed as a rule-based B2B portal, facilitating the enrollment of eligible lending institutions, issuance/renewal of credit guarantee cover, and settlement of claims under the scheme.

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Jaguar Land Rover appoints Adrian Mardell as CEO for three years

Tata Motors-owned Jaguar Land Rover (JLR) has appointed Adrian Mardell as Chief Executive Officer for a three-year term. He was appointed Interim CEO on November 16, 2022, having been Chief Financial Officer and a member of the JLR Board of Directors for three years prior, Tata Motors said in a regulatory filing.

Mardell was appointed the interim chief executive officer on November 16, 2022, having been chief financial officer and a member of the JLR Board of Directors for three years prior, the company said in an exchange filing. It also announced the appointment of Richard Molyneux as chief financial officer of JLR. Molyneux was appointed acting chief financial officer on December 12, 2022, following six years as finance director of operations at Jaguar Land Rover.

Mardell joined Jaguar Land Rover in 1990, and held a variety of financial positions until 2008, when he became Deputy Chief Financial Officer and Operations Controller, and subsequently Chief Transformation Officer.

Future plans of Tata Motors

  • Tata motors announced its plans to build a $5.2 billion electric car battery factory in the U.K. The plant is expected to become one of Europe’s largest battery cell manufacturing sites when it begins production in 2026.
  • The largest investment in the U.K. automotive industry in decades is all set to create 4,000 jobs directly and thousands more in supply chains, according to Britain government.
  • The new plant will supply batteries to JLR as well as other brands.
  • The plant is expected to produce about 40 gigawatt hours of battery cells every year, enough to provide half the U.K.’s electric vehicle batteries, Reuters reported citing Energy Security Secretary Grant Shapps.

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HDFC Bank becomes 2nd most valuable company; TCS falls to 3rd place

HDFC Bank achieved a significant milestone by surpassing Tata Consultancy Services (TCS) to become the second most valuable company in India based on market capitalization. The recent merger of its parent company HDFC into itself further bolstered the bank’s position.

Key Points:

HDFC Bank’s Market Capitalization:

  • HDFC Bank’s market capitalization stood at Rs 12,72,718.60 crore, overtaking TCS’ valuation of Rs 12,66,891.65 crore on the BSE.
  • The bank’s shares closed at Rs 1,688.50 apiece, registering a slight increase of 0.22% on the BSE.

TCS’ Performance:

  • TCS’ shares dipped by 0.25% to end at Rs 3,462.35 each on the same trading day.
  • During the day, TCS experienced a decline of 1% to Rs 3,436.

Merger of HDFC:

  • HDFC, the parent company of HDFC Bank, completed its merger into the bank on July 1.
  • The USD 40 billion merger marked the largest deal in the history of Indian corporate mergers.
  • The merger was driven by changes in regulatory requirements, which limited the benefits of HDFC continuing as a non-bank lending entity.

Top Five Valued Companies:

  • Reliance Industries retains its position as India’s most valued firm, with a market valuation of Rs 17,72,455.70 crore.
  • HDFC Bank follows in the second spot, followed by TCS, ICICI Bank (Rs 6,96,538.85 crore), and Hindustan Unilever (Rs 6,34,941.79 crore).
Rank Company Market Capitalization (Rs crore)
1 Reliance Industries 17,72,455.70
2 HDFC Bank 12,72,718.60
3 TCS 12,66,891.65
4 ICICI Bank 6,96,538.85
5 Hindustan Unilever 6,34,941.79

Ranking of Banks by Market Capitalization:

  • HDFC Bank holds the top spot as the country’s most valuable bank with a market valuation of Rs 12,72,718.60 crore.
  • ICICI Bank ranks second with a market valuation of Rs 6,96,538.85 crore, followed by State Bank of India (Rs 5,44,356.70 crore).

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Govt appoints Sat Pal Bhanoo as Managing Director of Life Insurance Corp

Sat Pal Bhanoo, who currently serves as the Additional Zonal Manager at LIC of India’s Zonal Office in Bhopal, has been appointed as the new Managing Director of the company. He will take charge from Siddhartha Mohanty, who has been appointed as chairman of the firm in April,2023.

Sat Pal Bhanoo’s appointment as the Managing Director of LIC is effective from the date he assumes office until the date of his superannuation, which is December 31, 2025, or until further orders, whichever comes earlier.

FSIB Proposes Sat Pal Bhanoo for LIC Managing Director Role; Siddhartha Mohanty Approved as Interim Chairman

The Financial Services Institutions Bureau (FSIB), which oversees the appointment of directors in state-owned banks and financial institutions, put forward Sat Pal Bhanoo as the candidate for the Managing Director position at LIC.
Previously, M. Jagannath had been appointed as one of the managing directors on the LIC board and assumed the position on March 13, 2023. Additionally, Siddhartha Mohanty’s appointment as the interim chairman of LIC was also approved by the FSIB.

Key people of LIC

S.No Name Designation
1 Shri. Suchindra Mishra Government Nominee Director
2 Smt. Mini Ipe Managing Director
3 Shri. M. Jagannath Managing Director
4 Shri. Tablesh Pandey Managing Director

 

About LIC

LIC, which stands for Life Insurance Corporation of India, holds the distinction of being the largest state-owned insurance company in India. Its establishment dates back to 1956, and it functions under the oversight of the Government of India, with the Insurance Regulatory and Development Authority (IRDA) governing its operations.

The primary objective of LIC revolves around providing life insurance coverage to individuals while promoting the practice of saving and long-term financial planning. To cater to the diverse needs of its customers, the company offers a range of life insurance policies, including term insurance, endowment plans, whole-life policies, money-back plans, and unit-linked insurance plans (ULIPs).

Furthermore, LIC extends its services to include pension and annuity products.

Key takeaways for competitive examinations

  • Headquarters of Life Insurance Corporation of India: Mumbai

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CM Baghel launched new rural housing scheme: Gramin Awaas Nyay Yojna

CM Bhupesh Baghel announced the launching of New Rural Housing Scheme named Gramin Awaas Nyay Yojna on 19th July to provide free housing facility to the poor.

What’s in News?

A new housing scheme named Gramin Awaas Nyay Yojna launched by the Chhattisgarh Government, CM Bhupesh Baghel, with an objective to provide the free housing facility to the poor in the state. Gramin Awaas Nyay Yojna will cover up those families who are not eligible for PM Awaas Yojna based on 2011 SECC, based on the new survey conducted by the Department of Panchayat and Rural Development.

About the Gramin Awaas Nyay Yojna:

Gramin Awaas Nyay Yojna is a new housing scheme of Chhattisgarh launched on 19th July with an objective to provide pucca house to those poor families who are ineligible for PM Awaas Yojna 2011 SECC. The data of the beneficiaries will be collected by the survey which will be conducted by the Department of Panchayat and Rural Development.

Features of the Gramin Awaas Nyay Yojna:

  • This scheme is announced during the monsoon assembly session 2023.
  • This scheme is one of the Nyay schemes started by Chief Minister of Chhattisgarh, Bhupesh Baghel.
  • A budget of 100 crore rupees has been allocated for Gramin Awas Nyay Yojna.
  • With the implementation of this scheme, families living in rural areas no longer need to worry about their pucca house.

Beneficiaries under Gramin Awaas Nyay Yojna:

  • Only citizens of Chhattisgarh are eligible to avail the benefits of this scheme.
  • Only poor families residing in the rural areas can avail the benefits of this scheme.
  • Those families who are ineligible under the PM Awaas Yojna 2011 SECC will be the beneficiary under the Gramin Awaas Nyay Yojna.

Required documents under the Gramin Awaas Nyay Yojna:

  • Aadhar Card
  • Residence Certificate
  • Income Certificate
  • Ration Card

 

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India supports U.N. on Black Sea initiative

India has thrown its weight behind the United Nations’ efforts to continue the Black Sea Grain initiative and has called for a swift resolution to the impasse. The Black Sea Initiative holds significant importance for Ukraine’s agricultural sector, known as “Europe’s breadbasket,” which faces disruptions due to the Russian invasion in February 2022.

Key Points:

Impact of the Russian Invasion:

  • Russia’s invasion of Ukraine in February 2022 disrupted the Black Sea trade route, historically responsible for 90% of Ukraine’s grain exports.
  • This interference, coupled with other challenges like droughts and COVID-19 supply disruptions, put immense pressure on the global food supply, leading to fears of a potential hunger crisis and surging food prices.

The Black Sea Grain Project:

  • In response to the food crisis, Turkey and the UN mediated the Black Sea Grain Initiative in July 2022.
  • The agreement allowed three Ukrainian Black Sea ports (Odesa, Chornomorsk, and Pivdennyi) to export commercial fertilizer and food.
  • Teams from Ukraine, Russia, Turkey, and the UN were involved in inspecting ships leaving these ports, ensuring safe navigation through a predetermined path to Istanbul, avoiding minefields.

The Initiative’s Effects:

China top recipient of food, feed under Black Sea Grain Initiative | World Grain

  • The Black Sea Grain Initiative ensured the continuity of Ukraine’s grain exports via the Black Sea route, contributing to stabilizing world food prices and preventing severe food shortages.
  • However, contrary to the UN’s initial vision, not all grain reached food-insecure regions, with China emerging as the largest purchaser, buying approximately 25% of Ukrainian grain shipments.

Impact on Ukraine’s Economy:

  • The Black Sea Grain Initiative played a crucial role in mitigating the economic hardship caused by the Russian invasion in Ukraine.
  • Since the war’s onset, Ukraine’s agricultural output has decreased by nearly 35%, with prolonged battles making planning and planting increasingly difficult and elevating costs.
  • Agricultural areas near conflict zones continue to face risks from landmines, even in areas liberated from conflict.

Challenges of Alternative Routes:

India supports U.N. on Black Sea initiative - Believers IAS Academy

  • Due to insufficient infrastructure and capacity, utilizing train, truck, or canal routes into European ports to handle the same grain volumes remains a challenge.
  • Attempts to use alternate channels led to political unrest, as farmers in neighboring European nations expressed concerns about Ukrainian grain flooding local markets and driving up costs.

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Japan becomes second Quad partner to sign semiconductor pact with India

In a significant move, India and Japan have solidified their partnership by signing an agreement to jointly develop the semiconductor ecosystem. The deal aims to bolster the resilience of the global supply chain, particularly in the crucial semiconductor industry. This marks Japan as the second Quad partner, after the United States, to join hands with India in this endeavor.

Diverse Scope of Cooperation

  • The memorandum signed by Union Minister for Electronics and IT, Ashwini Vaishnaw, and Japan’s Minister of Economy, Trade, and Industry, Yasutoshi Nishimura, encompasses various areas of collaboration.
  • These include semiconductor design, manufacturing, equipment research, and talent development.
  • The ultimate goal is to enhance the semiconductor supply chain’s robustness and ensure its reliability.

Creation of an “Implementation Organization”

To facilitate efficient cooperation between the two nations, they will establish an “implementation organization.” This organization will foster government-to-government and industry-to-industry collaborations. By streamlining communication and coordination, both countries seek to expedite progress in the semiconductor ecosystem.

Japan’s Semiconductor Expertise

  • Japan’s prominence in the semiconductor industry cannot be understated. With approximately 100 semiconductor manufacturing plants, it stands among the top five countries with a robust semiconductor ecosystem.
  • As the semiconductor industry is projected to grow from USD 650 billion to a staggering USD 1 trillion, it necessitates significant talent growth across multiple locations worldwide.
  • Japan recognizes India’s complementary strengths and envisions a mutually beneficial partnership.

Transferring Key Technologies to India

  • The collaboration between Japan and India holds immense potential for India’s semiconductor ambitions.
  • Japan boasts global leaders in critical semiconductor elements such as raw wafer materials, chemicals, gases, and lenses used in chip manufacturing equipment and display technologies.
  • By transferring this valuable knowledge and expertise to India, both nations hope to achieve a momentous milestone in the semiconductor industry.

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Gaganyaan Human spaceflight mission: ISRO successfully tested service module propulsion system

ISRO successfully tested Gaganyaan Human Spaceflight Mission on 19th July at ISRO Propulsion Complex (IPRC) at Mahendragiri in Tamil Nadu.

Whats’s in News?

The Indian Space Research Organization (ISRO) successfully tested Gaganyaan Human Spaceflight Mission on 19th July at ISRO Propulsion Complex (IPRC) at Mahendragiri in Tamil Nadu.

It involves sending a crew of three members to a 400 km orbit for a three-day mission and bringing them back safely to Earth, with a planned landing in Indian Sea Waters.

Gaganyaan Human Spacecraft Mission:

Gaganyaan Human Spaceflight Mission has been successfully tested by ISRO on 19th July. It send a crew of three members to a 400 km orbit for a three-day mission and bringing them back safely to Earth with a planned landing in Indian Sea Waters.

Gaganyaan Human Spacecraft Mission involved five liquid apogee motor (LAM) engines with a thrust of 440 Newton and 16 reaction control system (RCS) thrusters with a thrust of 100 N. The Gaganyaan project aims to demonstrate India’s capability for human spaceflight.

Service module of Gaganyaan:

The Service Module of Gaganyaan incorporates a regulated bi-propellant based propulsion system, fulfilling various critical functions such as orbit injection, circularisation, on-orbit control, de-boost manoeuvring and SM-based abort procedures during the ascent phase.

During the mission’s ascending phase, the 440 N thrust LAM engine provide the primary propulsive force, while the RCS thrusters ensure precise attitude correction.

Recent Hot Tests:

The recent hot tests of the System Demonstration Model simulated the fluid circuit of the Service Module Propulsion System, including the propellant tank feed system, helium pressurisation system, flight-qualified thrusters and control components. According to ISRO, the first hot test of the Phase-2 test series successfully demonstrated the integrated performance of the Gaganyaan SMPS. The test lasted for 250 seconds and involved continuous firing of LAM engines and RCS thrusters. The SMPS has advanced in demonstrating its integrated performance in the full configuration with the successful completion of this hot test.

Previous Hot Tests:

As part of the Phase-1 test series, ISRO conducted five hot tests which accumulated a total duration of 2,750 seconds. This earlier phase involved five 440 N engines of LAM and eight 100 N RCS thrusters.                                                                                                                                                                         More Sci-Tech News Here

 

 

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RBI cancels licence of Uttar Pradesh-based United India Co-operative Bank

Due to inadequate capital and poor earning prospects, the Reserve Bank of India (RBI) has decided to cancel the registration certificate of United India Cooperative Bank Ltd, based in Bijnor, Uttar Pradesh.
Due to the revocation of its license, “United India Co-operative Bank Limited, Bijnor, Uttar Pradesh,” is now promptly restricted from conducting banking operations. This includes a range of activities, such as the acceptance and repayment of deposits, as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949.

RBI’s Assessment

As per the RBI’s assessment, United India Cooperative Bank lacks sufficient capital and promising earning prospects. Moreover, the bank has failed to comply with the banking regulation act’s requirements.

The RBI has determined that the bank’s continuation poses a threat to the interests of its depositors, as its current financial position may hinder its ability to fully repay its depositors.

Central Bank Guidelines and United India Cooperative Bank’s Data

As per the central bank’s guidelines, in the event of liquidation, each depositor would be eligible to receive a deposit insurance claim amount for their deposits, subject to a monetary limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

According to the data provided by United India Cooperative Bank, an overwhelming majority of its depositors, specifically 99.98%, are entitled to receive the full amount of their deposits from DICGC.

About co-operative bank

A co-operative bank is a relatively small financial institution where its members act as both owners and customers. These banks operate under the regulation of the Reserve Bank of India (RBI) and are officially registered under the States Cooperative Societies Act.

These banks are established with the aim of serving the financial requirements of a specific community, such as a village or a particular group of people. Members come together to pool their resources and offer essential banking services like loans and savings accounts to support the financial needs of their community.

Key takeaways for competitive examinations

Chairman of Deposit Insurance and Credit Guarantee Corporation: Dr M.D. Patra

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Rakesh Pal appointed as 25th Director General of Indian Coast Guard

Rakesh Pal has been appointed as the 25th Director General (DG) of the Indian Coast Guard (ICG). He is an alumnus of the Indian Naval Academy and joined the Indian Coast Guard in January 1989. The Ministry of Defence states that he underwent professional specialisation in Gunnery and Weapons Systems at Indian Naval School Dronacharya, Kochi, and completed an Electro-Optics Fire Control Solution course in the United Kingdom.

Rakesh Pal holds the distinction of being the First Gunner of ICG. He received the Tatrakshak Medal in 2013 and the President Tatrakshak Medal in 2018 for his outstanding service.

According to the Ministry of Defence

Rakesh Pal was promoted to the rank of Additional Director General in February 2022 and was stationed at the Coast Guard Headquarters in New Delhi. He was given the additional charge of Director General Coast Guard in February 2023. During the period, many significant operations and exercises were accomplished that includes the seizure of drugs and narcotic substances and gold worth crores of rupees, rescue of mariners during severe cyclonic storms, joint exercises with the Foreign Coast Guards, anti-poaching operations, humanitarian assistance during cyclones and naturals calamities and Coastal Security exercises.

Career of 34-year career

Throughout his distinguished 34-year career, Rakesh Pal has held numerous significant positions. Notably, he served as Commander Coast Guard Region (North West) in Gandhinagar, Deputy Director General (Policy & Plans), and Additional Director General Coast Guard at Coast Guard Headquarters, New Delhi.

Additionally, he has been entrusted with prestigious staff roles such as Director (Infra and Works) and Principal Director (Administration) at Coast Guard Headquarters, New Delhi.

Rakesh Pal possesses extensive sea experience and has commanded various classes of ICG ships, including ICGS Samarth, ICGS Vijit, ICGS Sucheta Kriplani, ICGS Ahalyabai, and ICGS C-03. Moreover, he has successfully commanded two Coast Guard bases in Gujarat’s forward area, namely Okha and Vadinar, as confirmed by the official statement.

Important takeaways for all competitive exams: 

  • Indian Coast Guard Founded: 1 February 1977;
  • Indian Coast Guard  Headquarters: Indian Coast Guard Headquarters, New Delhi.

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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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