In the year 2011-12, National Highways Authority of India (NHAI) has awarded 49 projects of 6491 Kms. In addition, Ministry of Road Transport & Highways (M/o RT&H) has awarded 9 projects of 908 Kms. through state agencies. Thus 58 projects of 7400 Kms. have already been awarded. This is about 40% more than the best ever that was in the last year.
In addition, 3 projects in NHAI of 318 Kms. and 5 projects in the Ministry of 664 Kms. i.e. 982 Kms. in all, bids have been received, which are under evaluation and decision is to be taken soon.
Friday, March 30, 2012
Per Capita Power Consumption
The per capita consumption of electricity in the country during the year 2009-10 was 778.63 kWh per annum as against the global average of 2730 kWh for the year 2009.
As per the National Electricity Policy 2005, per capita availability of electricity is to be increased to over 1000 units by 2012. However, it is estimated that per capita consumption in the country would reach 1257 units by the end of the 12th Plan (2016-17).
As per the report of Working Group on Power for the 12th Plan, capacity addition requirement during 12th Plan is 75,785 MW on all India basis, based on the Mid-Term Appraisal capacity addition target of 62,374 MW during 11th Plan. The capacity of 75,785 MW comprises 9,204 MW hydro, 63,781 MW thermal and 2,800 MW nuclear capacity. In addition, a grid interactive renewable capacity addition of about 18,500 MW during 12th Plan has been considered for the generation planning studies.
Several steps have been taken to improve the power situation including per capita power availability in the country. These include delicensing of thermal generation, introduction of Ultra-Mega Power Projects (UMPP), investor friendly New Hydro Policy 2008, initiatives for augmentation of domestic manufacturing capacity of power plant equipment, adoption of super-critical technologies, liberalization of mega power policy, enhancing availability of skilled and trained manpower and acceleration in generation capacity addition.
As per the National Electricity Policy 2005, per capita availability of electricity is to be increased to over 1000 units by 2012. However, it is estimated that per capita consumption in the country would reach 1257 units by the end of the 12th Plan (2016-17).
As per the report of Working Group on Power for the 12th Plan, capacity addition requirement during 12th Plan is 75,785 MW on all India basis, based on the Mid-Term Appraisal capacity addition target of 62,374 MW during 11th Plan. The capacity of 75,785 MW comprises 9,204 MW hydro, 63,781 MW thermal and 2,800 MW nuclear capacity. In addition, a grid interactive renewable capacity addition of about 18,500 MW during 12th Plan has been considered for the generation planning studies.
Several steps have been taken to improve the power situation including per capita power availability in the country. These include delicensing of thermal generation, introduction of Ultra-Mega Power Projects (UMPP), investor friendly New Hydro Policy 2008, initiatives for augmentation of domestic manufacturing capacity of power plant equipment, adoption of super-critical technologies, liberalization of mega power policy, enhancing availability of skilled and trained manpower and acceleration in generation capacity addition.
Rating Agencies
Presently, six credit rating agencies (CRAs) are registered with SEBI, namely:
1. CRISIL Limited
2. Fitch Ratings India Private Ltd.
3. ICRA Limited
4. Credit Analysis & Research Ltd. (CARE)
5. Brickwork Ratings India Pvt. Ltd.
6. SME Rating Agency of India Ltd. (SMERA)
SEBI (Credit Rating Agencies) Regulations, 1999 have prescribed a comprehensive Code of Conduct to be followed by all SEBI registered CRAs which, inter alia, states that a CRA shall at all times exercise due diligence, ensure proper care and exercise independent professional judgment in order to achieve and maintain objectivity and independence in the rating process.
SEBI has mandated a half yearly internal audit for credit rating agencies which covers all aspects of CRA operations and procedures, including investor grievance redressal mechanism and compliance with the provisions of the securities laws. The Board of Directors of CRAs is required to consider the report and take appropriate measures to rectify the deficiencies and the CRAs send the Action Taken Report to SEBI.
SEBI has prescribed various transparency and disclosure requirements for CRAs. These provide the various disclosures like rating procedure, default studies, income from rating services and non-rating services, measures to deal with conflict of interest, obligations in respect of rating of structured products, unsolicited credit ratings, etc. SEBI has also standardized rating symbols and definitions to be followed uniformly by the CRAs.
1. CRISIL Limited
2. Fitch Ratings India Private Ltd.
3. ICRA Limited
4. Credit Analysis & Research Ltd. (CARE)
5. Brickwork Ratings India Pvt. Ltd.
6. SME Rating Agency of India Ltd. (SMERA)
SEBI (Credit Rating Agencies) Regulations, 1999 have prescribed a comprehensive Code of Conduct to be followed by all SEBI registered CRAs which, inter alia, states that a CRA shall at all times exercise due diligence, ensure proper care and exercise independent professional judgment in order to achieve and maintain objectivity and independence in the rating process.
SEBI has mandated a half yearly internal audit for credit rating agencies which covers all aspects of CRA operations and procedures, including investor grievance redressal mechanism and compliance with the provisions of the securities laws. The Board of Directors of CRAs is required to consider the report and take appropriate measures to rectify the deficiencies and the CRAs send the Action Taken Report to SEBI.
SEBI has prescribed various transparency and disclosure requirements for CRAs. These provide the various disclosures like rating procedure, default studies, income from rating services and non-rating services, measures to deal with conflict of interest, obligations in respect of rating of structured products, unsolicited credit ratings, etc. SEBI has also standardized rating symbols and definitions to be followed uniformly by the CRAs.
Telecom Penetration in Rural Areas
The Minister of State for Communications & Information Technology SHRI MILIND DEORA, informed Rajya Sabha today that at present the rural tele-density is approximately 38% as compared to urban tele-density of 168%. Under the Report of the Working Group on the Telecom Sector for the 12th Five Year Plan, for increasing telecom penetration in rural areas, following are proposed:
- Mobile access to all villages and rural density of at least 60% by 2017.
- Completion of National Optical Fibre Network (NOFN).
- Initiate necessary policy changes for encouraging the sharing of active and passive infrastructure in order to address the various infrastructure issues related to rural areas.
- Development of Broadband kiosks, on the lines of STD PCOs, in the rural areas to provide easy access to rural people to Broadband services.
- Encouragement for use of facilities like m-banking and e-governance projects.
- Development of low cost customer premises equipment and application in regional languages.
It is, therefore expected that rural areas of the country will offer high growth opportunity in the 12th Five Year Plan.
The cellular Operators Association of India have suggested the following for consideration:
- Ensuring provision of Low cost Handset.
- Development of Regional Content.
- Affordability of service through rationalization of levies and duties.
- Reduction in Universal Service Obligation (USO) Levy.
- Financial inclusion through Mobile Banking.
- Automating Government Services and Government Service delivery mechanism.
- Mobile access to all villages and rural density of at least 60% by 2017.
- Completion of National Optical Fibre Network (NOFN).
- Initiate necessary policy changes for encouraging the sharing of active and passive infrastructure in order to address the various infrastructure issues related to rural areas.
- Development of Broadband kiosks, on the lines of STD PCOs, in the rural areas to provide easy access to rural people to Broadband services.
- Encouragement for use of facilities like m-banking and e-governance projects.
- Development of low cost customer premises equipment and application in regional languages.
It is, therefore expected that rural areas of the country will offer high growth opportunity in the 12th Five Year Plan.
The cellular Operators Association of India have suggested the following for consideration:
- Ensuring provision of Low cost Handset.
- Development of Regional Content.
- Affordability of service through rationalization of levies and duties.
- Reduction in Universal Service Obligation (USO) Levy.
- Financial inclusion through Mobile Banking.
- Automating Government Services and Government Service delivery mechanism.
Jan Aushadhi Stores
The Government India, Department of Pharmaceuticals, launched Jan Aushadhi Campaign in November, 2008 by way of opening up of Jan Aushadhi Stores in the Government Hospitals to make available quality medicines at affordable prices to all, by way of supply of medicines through Central Pharma Public Sector Undertakings (CPSUs) and others. To begin with, at least one Jan Aushadhi Store in each district is intended to be opened, wherever the State Governments taking into account their prevailing Health Policy, extend their support and cooperation in allotting the space in the Government Hospitals or any other suitable locations and also identifying the agencies amongst NGOs, Charitable/cooperative/Hospitals and Government Bodies, to manage such stores.
Presently, Jan Aushadhi Stores have presence in the States of Punjab, Haryana, Odisha, Andhra Pradesh, Rajasthan, Delhi, Uttrakhand, West Bengal, Chandigarh, Jammu & Kashmir and Himachal Pradesh.
Presently, Jan Aushadhi Stores have presence in the States of Punjab, Haryana, Odisha, Andhra Pradesh, Rajasthan, Delhi, Uttrakhand, West Bengal, Chandigarh, Jammu & Kashmir and Himachal Pradesh.
Schemes to make Indian Agriculture Climate Resilient
Ministry of Agriculture has intensified implementation of various schemes/programmes to make Indian Agriculture climate resilient by embedding and mainstreaming various adaption measures. Notable among these schemes/programmes are Macro Management of Agriculture, Rashtriya Krishi Vikas Yojana, National Food Security Mission, National Horticulture Mission and National Mission on Micro Irrigation.
Further, Ministry of Agriculture has been implementing National Network Project on Climate Change and has also launched National Initiative on Climate Resilient Agriculture for studying impacts of climate change on Indian Agriculture.
Agro produce has not registered any decline due to climate change and advancement of the seasonal cycle period. On the contrary, production of food grain has reached a record level of 244.78 million tonne during 2010-11. During the same period, country has also witnessed highest ever production in wheat, pulses, oilseeds and cotton.
Further, Ministry of Agriculture has been implementing National Network Project on Climate Change and has also launched National Initiative on Climate Resilient Agriculture for studying impacts of climate change on Indian Agriculture.
Agro produce has not registered any decline due to climate change and advancement of the seasonal cycle period. On the contrary, production of food grain has reached a record level of 244.78 million tonne during 2010-11. During the same period, country has also witnessed highest ever production in wheat, pulses, oilseeds and cotton.
National Sample Survey Office
The National Sample Survey Office (NSSO) under the Ministry of Statistics & Programme Implementation was established in 1950, with the objective of obtaining comprehensive and continuing information relating to social, economic, demographic, industrial and agricultural statistics through sample surveys on countrywide basis. It has been, therefore, instrumental in developing a strong database that has helped the Central as well as State Governments in development planning and policy formulations.
The NSSO has four Divisions namely, Survey Design & Research Division (SDRD), Data Processing Division (DPD), Field Operations Division (FOD) and Coordination & Publication Division (CPD) to carry out different responsibilities. Each of these Divisions, except the CPD, is headed by Additional Director General. All these four Divisions function under the guidance of Director-General & Chief Executive Officer (DG&CEO). SDRD located at Kolkata is responsible for planning of the survey, finalization of sample design, schedules, instructions and tabulation programme, report writing, etc. DPD with its headquarters at Kolkata process the data collected through socio-economic surveys through its six Data Processing Centres across the country. The Field Operations Division (FOD) is responsible for collection of data from the field on various surveys of the NSSO. The FOD with head quarters at New Delhi functions through a network of 6 Zonal Offices, 49 Regional Offices and 116 Sub-Regional Offices spread throughout the length and breadth of the country. CPD coordinates the activities of all the Divisions.
The National Sample Survey Office (NSSO) functions under the overall direction of National Statistical Commission (NSC). The National Statistical Commission has the requisite independence and autonomy of decision making in the collection; processing and the publication of NSS data. The autonomy includes the choice of subjects or items on which data have to be collected in a given field of investigation or in a given period, the frequency with which the data on any item are to be collected, the preparatory or pilot work to be undertaken on different subjects, the sample design to be adopted, the tabulation to be prepared, the form in which the data are to be collected and processed and the analysis and publication of results.
Every year NSSO conducts not only large-scale sample surveys in the form of NSS Rounds covering a variety of socio-economic topics, but also other important surveys in the field of Industrial Statistics (Annual Survey of Industries), Agricultural Statistics and Retail Prices.
Employment in Tourism Sector
An Inter-Ministerial Coordination Committee has been constituted under the Chairmanship of the Principal Secretary to the Prime Minister to facilitate resolution of Inter-Ministerial issues involved in the development of tourism in the country.
As per the Tourism Satellite Account for India (2002-03), the contribution of Tourism in the Gross Domestic Product (GDP) and employment of the Country, in 2007-08, has been estimated to be 5.92% and 9.24% respectively.
In addition to various other initiatives, the Ministry of Tourism has taken the initiative of identifying developing and promoting the nascent/upcoming niche products of the tourism industry such as Cruise, Adventure, Medical & Wellness, Golf, Polo, Meetings Incentives Conferences and Exhi8bitions (MICE) and Film Tourism. This is done in order to overcome the aspect of ‘seasonality’ to promote India as a 365 days destination, attract tourists with specific interests and to ensure repeat visits for the products in which India has comparative advantage.
As per the Tourism Satellite Account for India (2002-03), the contribution of Tourism in the Gross Domestic Product (GDP) and employment of the Country, in 2007-08, has been estimated to be 5.92% and 9.24% respectively.
In addition to various other initiatives, the Ministry of Tourism has taken the initiative of identifying developing and promoting the nascent/upcoming niche products of the tourism industry such as Cruise, Adventure, Medical & Wellness, Golf, Polo, Meetings Incentives Conferences and Exhi8bitions (MICE) and Film Tourism. This is done in order to overcome the aspect of ‘seasonality’ to promote India as a 365 days destination, attract tourists with specific interests and to ensure repeat visits for the products in which India has comparative advantage.
Credit Guarantee Fund Scheme
The Credit Guarantee Fund Scheme is being operated by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). CGTMSEexamines and approve the proposals received from the Member Lending Institutions and also monitors the implementation of the scheme and undertakes awareness programmes amongst the stakeholders.
Wednesday, March 28, 2012
Cargo Traffic at Major Ports Register Growth Despite Slow Down in the Global Economy
Cargo Traffic at India’s 12 major ports during April – February, 2011-12 was 510.8 million tones, which was 1.59 per cent more than the cargo traffic of the same period last year. This was achieved despite the slow down in the global economy. This was stated by Union Minister of Shipping, Shri G.K. Vasan while addressing the Consultative Committee meeting of his Ministry, here today. Shri Vasan said at the overall commodity level during April – February, 2011-12, Coal, Container, Other Cargo, Fertilizers and Fertilizer Raw Material and POL cargo posted growth of 9.4%, 6.7%, 5.9%, 1.9% and 0.2% respectively.
The Shipping Minister informed the Members that during April-February, 2011-12, Ennore Port recorded highest growth in traffic at 47%. Cochin Port stood second at 13.7% followed by VO Chidambarnar Port at Tuticorin in Tamil Nadu at 13.2%. He said, amongst the major Ports, Kandla Port handled the maximum cargo of 75.4 million tones with a share of 14.8% in total cargo handled at major ports followed by Visakhapatnam with a share 12.2% and JNPT with a share of 11.8% which stood second and third respectively.
Shri Vasan informed the meeting that around 95% of India’s foreign trade by volume and 70% by value is transported through sea. He said 12 Major Ports account for 75% of the total cargo by volume handled at Indian Ports. The volume of cargo traffic handled by Ports is mainly shaped by the levels and changes in both global and domestic activities.
Cargo traffic in iron ore (mainly export) in particular was adversely affected during April-February, 2011-12 and dropped by 28.6 per cent. In terms of composition of cargo traffic handled at major ports, the largest commodity group (with share in percent in total cargo handled) was POL (32.0%) followed by Container traffic (21.4%), other cargo (17.8%), Coal (14.0%), Iron ore (11.0%) and Fertilizer & FRM (3.8%). Major ports which recorded negative growth in traffic during April-February 2011-12 were: Mormugao (20.0%), Haldia Dock Complex (HDC) (9.5%), Chennai Port (7.8%), Kolkata Dock System (KDS) (3.8%) and Paradip (1.6%).
The Members of Parliament participating in the discussion while appreciating the efforts of the Ministry of Shipping in the handling of major ports in the country gave various suggestions for improving the working of these ports. There was a suggestion for urgently filling up the Class III and Class IV vacancies in various ports in the country. One Member suggested that various Ports should take adequate pollution control measures. Another Member was of the view that security of Indian shipping personnel in International waters should be of utmost priority. There was a suggestion for proper Disaster Management Policy also. While thanking the Members for their valuable suggestions for the development of the maritime sector, Shri Vasan said that these suggestions would guide the Ministry of Shipping in optimising the cargo mix at our ports.
The Shipping Minister informed the Members that during April-February, 2011-12, Ennore Port recorded highest growth in traffic at 47%. Cochin Port stood second at 13.7% followed by VO Chidambarnar Port at Tuticorin in Tamil Nadu at 13.2%. He said, amongst the major Ports, Kandla Port handled the maximum cargo of 75.4 million tones with a share of 14.8% in total cargo handled at major ports followed by Visakhapatnam with a share 12.2% and JNPT with a share of 11.8% which stood second and third respectively.
Shri Vasan informed the meeting that around 95% of India’s foreign trade by volume and 70% by value is transported through sea. He said 12 Major Ports account for 75% of the total cargo by volume handled at Indian Ports. The volume of cargo traffic handled by Ports is mainly shaped by the levels and changes in both global and domestic activities.
Cargo traffic in iron ore (mainly export) in particular was adversely affected during April-February, 2011-12 and dropped by 28.6 per cent. In terms of composition of cargo traffic handled at major ports, the largest commodity group (with share in percent in total cargo handled) was POL (32.0%) followed by Container traffic (21.4%), other cargo (17.8%), Coal (14.0%), Iron ore (11.0%) and Fertilizer & FRM (3.8%). Major ports which recorded negative growth in traffic during April-February 2011-12 were: Mormugao (20.0%), Haldia Dock Complex (HDC) (9.5%), Chennai Port (7.8%), Kolkata Dock System (KDS) (3.8%) and Paradip (1.6%).
The Members of Parliament participating in the discussion while appreciating the efforts of the Ministry of Shipping in the handling of major ports in the country gave various suggestions for improving the working of these ports. There was a suggestion for urgently filling up the Class III and Class IV vacancies in various ports in the country. One Member suggested that various Ports should take adequate pollution control measures. Another Member was of the view that security of Indian shipping personnel in International waters should be of utmost priority. There was a suggestion for proper Disaster Management Policy also. While thanking the Members for their valuable suggestions for the development of the maritime sector, Shri Vasan said that these suggestions would guide the Ministry of Shipping in optimising the cargo mix at our ports.
Tuesday, March 27, 2012
Size of the Indian Economy
The share of different countries in world GDP based on purchasing power parity (PPP) in 2010 is as under:
| Country | Advanced Economies | United States of America | United Kingdom | Germany | Japan | India |
| Share | 52.1% | 19.5% | 2.9% | 4.0% | 5.8% | 5.5% |
Source: World Economic Outlook, database IMF.
As per news release dated 26th December, 2011 of Centre for Economics and Business Research Ltd. London, United Kingdom, India will move from being the 9th largest economy in 2010 to become the 5th largest economy by 2020.
The Approach Paper to the Twelfth Five Year Plan (2012-17) proposes a faster, more inclusive and sustainable growth with a target of 9 per cent increase in GDP. The key requirements for achieving the goal are better performance in agriculture (at least 4 per cent growth), faster creation of jobs in manufacturing, development of appropriate infrastructural facilities, strong efforts at health, education and skill development, improving the implementation of flagship programmes and focus on backward region and vulnerable groups. In this connection, certain specific measures taken by government inter alia, include enhancing higher level of investment for agriculture sector including irrigation projects, promoting Micro Small & Medium Enterprises (MSME) sector by way of higher allocation of funds, enhancing investment in the infrastructure sector focusing on Public Private Partnership and a number of legislative measures to develop the financial sector etc.
Employment Guarantee Scheme
The Minister for Housing and Urban Poverty Alleviation Kumari Selja has said that the Scheme of Swarna Jayanti Shahari Rozgar Yojana (SJSRY) in implementation from 1997 has been revamped recently in the year 2009. The livelihoods conditions in urban areas are vastly different from those in rural areas.
In a written reply in the Lok Sabha today she said, in the urban areas what is perhaps more required is skill development of the urban poor as well as facilitation of sustainable self-employment opportunities for them instead of focusing on unskilled wage employment as is the case in Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS). The recently revised guidelines of SJSRY lays considerable focus on skill development of the urban poor to enhance their employability, so as to enable them to take advantage of increasing job opportunities in the urban areas.
In a written reply in the Lok Sabha today she said, in the urban areas what is perhaps more required is skill development of the urban poor as well as facilitation of sustainable self-employment opportunities for them instead of focusing on unskilled wage employment as is the case in Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS). The recently revised guidelines of SJSRY lays considerable focus on skill development of the urban poor to enhance their employability, so as to enable them to take advantage of increasing job opportunities in the urban areas.
Definition of Slum
The Minister for Housing and Urban Poverty Alleviation Kumari Selja has said that the Ministry of Housing and Urban Poverty Alleviation set up a Committee to look into various aspects of Slum Statistics / Census and issues regarding conduct of slum census 2011 under the chairmanship of Pranab Sen. The Pranab Sen Committee submitted its report on 30th August, 2010. The Committee has defined Slums as:
“A Slum is a compact settlement of at least 20 households with a collection of poorly built tenements, mostly of temporary nature, crowded together usually with inadequate sanitary and drinking water facilities in unhygienic conditions”.
In a written reply in the Lok Sabha today she said, this definition has been adopted for Rajiv AwasYojana with a special dispensation for North Eastern & special category states, where such settlements of 10 -15 houses would be considered as slums.
She said, the Government of India launched the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) on 3rd December, 2005 to assist cities and towns in taking up housing and infrastructural facilities for the urban poor including slum dwellers in 65 cities in the country under the Basic Services to the Urban Poor (BSUP) Programme for the urban poor in the country. For other cities/towns, the Integrated Housing and Slum Development Programme (IHSDP) was launched with the objective to strive for holistic slum development, with a healthy and enabling environment by providing shelter and basic infrastructure facilities to the slum dwellers. The Mission period is from 2005-2012.
Kumari Selja said, the Ministry is also implementing the Interest Subsidy Scheme for Housing the Urban Poor (ISHUP), which is meant to provide 5% interest subsidy on loans upto Rs.1.0 lakh for construction and purchase of houses for the EWS and LIG beneficiaries of the urban poor including Slum dwellers. This Scheme has now been dovetailed with Rajiv Awas Yojana.
She said, in pursuance of the Government’s vision of creating a Slum-free India, a new scheme ‘Rajiv Awas Yojana’ (RAY) has been launched on 02.06.2011. The Phase I of Rajiv Awas Yojana is for a period of two years from the date of approval of the scheme with an outlay of Rs.5,000 crores while Phase II will be for the remaining period of the twelfth plan period.
The Minister said, the Scheme will provide financial assistance to States that are willing to assign property rights to slum dwellers for provision of decent shelter and basic civic and social services for slum redevelopment, and for creation of affordable housing stock. Fifty percent (50 %) of the cost of provision of basic civic and social infrastructure and amenities and of housing, including rental housing, and transit housing for in-situ redevelopment – in slums would be borne by the Centre, including operation & maintenance of assets created under this scheme. For the North Eastern and Special Category States, the share of the Centre would be 90% including the cost of land acquisition, if required.
She said, the Affordable Housing in Partnership Scheme, which encourages public private partnerships for the creation of affordable housing stock, has been dovetailed into RAY. Under this scheme, central support is provided at the rate of Rs.50,000 per unit of affordable dwelling unit or 25% of the cost of civic infrastructure (external and internal), whichever is lower.
“A Slum is a compact settlement of at least 20 households with a collection of poorly built tenements, mostly of temporary nature, crowded together usually with inadequate sanitary and drinking water facilities in unhygienic conditions”.
In a written reply in the Lok Sabha today she said, this definition has been adopted for Rajiv AwasYojana with a special dispensation for North Eastern & special category states, where such settlements of 10 -15 houses would be considered as slums.
She said, the Government of India launched the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) on 3rd December, 2005 to assist cities and towns in taking up housing and infrastructural facilities for the urban poor including slum dwellers in 65 cities in the country under the Basic Services to the Urban Poor (BSUP) Programme for the urban poor in the country. For other cities/towns, the Integrated Housing and Slum Development Programme (IHSDP) was launched with the objective to strive for holistic slum development, with a healthy and enabling environment by providing shelter and basic infrastructure facilities to the slum dwellers. The Mission period is from 2005-2012.
Kumari Selja said, the Ministry is also implementing the Interest Subsidy Scheme for Housing the Urban Poor (ISHUP), which is meant to provide 5% interest subsidy on loans upto Rs.1.0 lakh for construction and purchase of houses for the EWS and LIG beneficiaries of the urban poor including Slum dwellers. This Scheme has now been dovetailed with Rajiv Awas Yojana.
She said, in pursuance of the Government’s vision of creating a Slum-free India, a new scheme ‘Rajiv Awas Yojana’ (RAY) has been launched on 02.06.2011. The Phase I of Rajiv Awas Yojana is for a period of two years from the date of approval of the scheme with an outlay of Rs.5,000 crores while Phase II will be for the remaining period of the twelfth plan period.
The Minister said, the Scheme will provide financial assistance to States that are willing to assign property rights to slum dwellers for provision of decent shelter and basic civic and social services for slum redevelopment, and for creation of affordable housing stock. Fifty percent (50 %) of the cost of provision of basic civic and social infrastructure and amenities and of housing, including rental housing, and transit housing for in-situ redevelopment – in slums would be borne by the Centre, including operation & maintenance of assets created under this scheme. For the North Eastern and Special Category States, the share of the Centre would be 90% including the cost of land acquisition, if required.
She said, the Affordable Housing in Partnership Scheme, which encourages public private partnerships for the creation of affordable housing stock, has been dovetailed into RAY. Under this scheme, central support is provided at the rate of Rs.50,000 per unit of affordable dwelling unit or 25% of the cost of civic infrastructure (external and internal), whichever is lower.
Introduction on Interst Free Banking
The Reserve Bank of India (RBI) has received references from the India Centre for Islamic Finance for introducing interest-free banking in the country in order to ensure inclusive growth with innovation in accordance with recommendations of the Raghuram Rajan Committee.
RBI has informed that in the current statutory and regulatory framework, it is not legally feasible for banks in India to undertake Islamic banking activities in India or for branches of Indian banks abroad to undertake Islamic banking outside India.
RBI has informed that in the current statutory and regulatory framework, it is not legally feasible for banks in India to undertake Islamic banking activities in India or for branches of Indian banks abroad to undertake Islamic banking outside India.
New Base Rate System
The Reserve Bank of India (RBI) has issued guidelines on Base Rate system replacing the Bench Prime Lending Rate system (BPLR) with effect from July 1, 2010. In terms of these guidelines, banks determine their actual lending rate on loans and advances with reference to the Base Rate. All categories of loans are priced only with reference to the Base Rate, which are announced by banks after seeking approval from their respective Boards. Since the Base Rate will be the minimum rate for all loans, banks are not permitted to resort to any lending below the Base Rate.
The Base Rate is aimed at enhancing transparency in lending rates of banks and enabling better assessment of transmission of monetary policy.
The Base Rate is aimed at enhancing transparency in lending rates of banks and enabling better assessment of transmission of monetary policy.
Management of Funds Under NPS
The investment of pension funds of Government employees, who are covered as subscribers to the New Pension System (NPS), was hitherto being made through a pooling arrangement whereby the funds of such employees were credited to a pool account (pending reconciliation of subscribers’ contribution details) from which such funds were allocated to pension fund managers for immediate investment in the best interest of the subscribers. These funds of the Government employees are being managed based on the investment Pattern prescribed by the Government.
The pension funds of the Government employees, who are covered by NPS, are managed by three pension fund managers, namely, SBI Pension Funds (Pvt.) Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited.
The Pool account is proposed to be discontinued from 1st May, 2012. Thereafter, it would be possible for the individual subscribers to exercise their individual choices regarding investment pattern and the pension fund manager.
NPS is a defined contribution based pension system where the actual returns would be determined by the market based returns.
The pension funds of the Government employees, who are covered by NPS, are managed by three pension fund managers, namely, SBI Pension Funds (Pvt.) Limited, UTI Retirement Solutions Limited and LIC Pension Fund Limited.
The Pool account is proposed to be discontinued from 1st May, 2012. Thereafter, it would be possible for the individual subscribers to exercise their individual choices regarding investment pattern and the pension fund manager.
NPS is a defined contribution based pension system where the actual returns would be determined by the market based returns.
Scheme for Training of Agriculture Students to Establish Agri-Clinics and Agri-Business Centres
Government has launched a scheme ‘Establishment of Agriclinic and Agri-business Centres’. The Scheme aims to:
(i) Provide gainful self-employment opportunities to unemployed agricultural graduates, agricultural diploma holders, intermediate in agriculture and biological science graduates with PG in agri-related courses;
(ii) Support agricultural development; and
(iii) Supplement efforts of pubic extension by necessarily providing extension services to the farmers as per local needs of farmers.
Since inception of the scheme, 27,894 candidates have been trained and 9,949 of them have established agri-ventures up to February, 2012.
Salient features of the scheme:
(i) The National Institute of Agricultural Extension Management (MANAGE) is the Implementing Agency for training component of the Scheme. Two months’ free residential training is imparted to the selected eligible candidates on Agri-Entrepreneurship Development followed by one-year handholding support after completion of training, .through Nodal Training Institutes.
(ii) The Scheme has a provision of credit support (start up loan) upto ` 20 lakhs for individual projects and ` 100 lakhs for a group project.
(iii) There is a provision of credit linked back-ended composite subsidy on the bank loan availed by trained candidates under the Scheme. The subsidy is 44% in respect of women, SC/ST & all categories of candidates from North-Eastern and Hill States; and 36% in respect of all other categories
(iv) National Bank for Agriculture and Rural Development (NABARD) is the Implementing Agency for disbursement of subsidy and monitoring the credit support to agri-clinics and agribusiness centres through the banks.
Measures to Promote and Develop Co-Operative Sector in the Country
Government has taken various steps to promote and develop the co-operative sector in the country. These include inter-alia, framing of national policy on co-operatives, enactment of Multi-state Co-operative Societies Act, 2002, enactment of the Constitution (Ninety Seventh Amendment) Act, 2011, implementation of recommendation of Prof. Vaidyanathan Committee for revival of short term cooperative credit structure, constitution of high powered committee on co-operatives etc. Besides, the Government is implementing two plan schemes namely the Central Sector Scheme for Cooperative Education & Training through the National Cooperative Union of India (NCUI) and National Council for Cooperative Training (NCCT) and the Central Sector Scheme for assistance to National Cooperative Development Corporation (NCDC) Programmes for development of cooperatives.
The main objectives of the Central Sector Scheme for Cooperative Education & Training are to create awareness about cooperatives amongst the general public, training to the employees working in the cooperative societies and to apprise the members and non-officials of cooperatives about their rights and duties.
The objective of the Restructured Central Sector Scheme for assistance to NCDC programmes for Development of Cooperatives is development of agriculture and rural development through cooperatives. The scheme has three main components namely i) marketing, processing, storage programmes in cooperatives under the least developed States, ii) share capital participation in growers’ / weavers’ cooperative spinning mills and iii) integrated cooperative development projects in selected districts. Under the scheme, the subsidy is provided by the Government and loan component is provided by NCDC from its own sources.
The main objectives of the Central Sector Scheme for Cooperative Education & Training are to create awareness about cooperatives amongst the general public, training to the employees working in the cooperative societies and to apprise the members and non-officials of cooperatives about their rights and duties.
The objective of the Restructured Central Sector Scheme for assistance to NCDC programmes for Development of Cooperatives is development of agriculture and rural development through cooperatives. The scheme has three main components namely i) marketing, processing, storage programmes in cooperatives under the least developed States, ii) share capital participation in growers’ / weavers’ cooperative spinning mills and iii) integrated cooperative development projects in selected districts. Under the scheme, the subsidy is provided by the Government and loan component is provided by NCDC from its own sources.
Interest Rates on Post Office-operated Small Savings raised by 0.5 per cent
The Union government on 26 March 2012 raised interest rates on post office-operated small savings like Monthly Income Scheme (MIS) and Public Provident Fund (PPF) by up to 0.5%. Interest rates on time deposits of one and two years were increased by 0.5% each to 8.2% and 8.3% respectively, while rates for popular MIS were increased by 0.3% to 8.5%.
The new rates will be effective from 1 April 2012 and will remain valid during 2012-13.
The government as part of economic liberalisation process had freed the interest rates on banks deposits giving freedom to lenders to fix rates depending upon the asset-liability position. It had however continued to fix rates for small savings schemes.
The measure adopted by the government helped to make the small savings more attractive to investors. The attractiveness of the small savings schemes vis-a-vis fixed deposit schemes operated by banks will thus be maintained.
The revised interest rates are as follows:
Shyamala Gopinath Committee
The revision in rates was based on the Shyamala Gopinath Committee's recommendations for Comprehensive Review of National Small Savings Fund.
The panel had advised the government to link interest rates on small savings to market rates. It had also advised the government to notify interest rates afresh at the beginning of every financial year based on the average yields on government securities of similar maturity with a positive rate spread of 25 basis points.
Yield on the benchmark government year bond ranged from 7.8% to 8.97% in the calendar year 2011 leading to upward revision in the interest rates on savings deposits. This is first revision in interest rates after the NSSF was revamped in December 2011 in line with the recommendations.
The new rates will be effective from 1 April 2012 and will remain valid during 2012-13.
The government as part of economic liberalisation process had freed the interest rates on banks deposits giving freedom to lenders to fix rates depending upon the asset-liability position. It had however continued to fix rates for small savings schemes.
The measure adopted by the government helped to make the small savings more attractive to investors. The attractiveness of the small savings schemes vis-a-vis fixed deposit schemes operated by banks will thus be maintained.
The revised interest rates are as follows:
- Interest rate on PPF was increased by 0.2% to 8.8%.
- Savings deposit rate remain unchanged at 4%. The interest rate in savings bank accounts - the rates for time deposits of one and two years stand increased by 50 basis points each to 8.2 per cent and 8.3 per cent, respectively.
- Interest rate for three-year time deposits increased from 8% to 8.4%. Similarly, interest rate on five-year time deposit has been raised from 8.3% to and 8.5%.
- Five-year recurring deposits to fetch an interest of 8.4% as against 8% at present
- Rate for senior citizens savings scheme (SCSS) hiked to 9.3% from 9%.
- National Savings Certificates (NSC) having maturity of five and ten years will now attract 8.6% and 8.9%, respectively.
Shyamala Gopinath Committee
The revision in rates was based on the Shyamala Gopinath Committee's recommendations for Comprehensive Review of National Small Savings Fund.
The panel had advised the government to link interest rates on small savings to market rates. It had also advised the government to notify interest rates afresh at the beginning of every financial year based on the average yields on government securities of similar maturity with a positive rate spread of 25 basis points.
Yield on the benchmark government year bond ranged from 7.8% to 8.97% in the calendar year 2011 leading to upward revision in the interest rates on savings deposits. This is first revision in interest rates after the NSSF was revamped in December 2011 in line with the recommendations.
Thursday, March 22, 2012
GENERAL AWARENESS PRACTICE MCQs
1. Recently, 139 greater flamingos were electrocuted at which one of the following Wildlife Sanctuaries?
a. Kutch Desert Wildlife Sanctuary
b. Keoladev Ghana Wildlife Sanctuary
c. Kaziranga Wildlife Sanctuary
d. Manas Wildlife Sanctuary
2. The Government of India has set up a mechanism to access all intelligence data.The name of this mechanism is:
a. Indian Intelligence Grid (INTEL GRID)
b. National Intelligence Grid (NATGRID)
c. Indian Spy
d. Third Eye
3. Which one of the following Indian photographers was declared the Grand Prix winner among 60,000 entries in the International Nikon Photo Contest?
a. Raghu Rai
b. Homai Vyarawalla
c. S Paul
d. Debarshi Duttagupta
4. Who is the current Chief Justice of India?
a. KG Balakrishnan
b. YK Sabharwal
c. RC Lohati
d. HS Kapadia
5. The South Asian Football Federation Cup (SAFF) Championship was recently organised in:
a. Chennai
b. Mumbai
c. Panaji
d. New Delhi
6. An enclave has been named as ‘Mahatma Gandhi District’ in which of the following cities of the USA?
a. New York
b. Los angles
c. Chicago
d. Houston
7. Which one of the following personalities was recently appointed as the Chairperson of the Press Council of India (PCI)?
a. Altamas Kabir
b. Raju Ramachandran
c. Markandey Katju
d. Mrs Vibha Bhargava
8. According to the Environmental Performance Index (EPI) - 2010, which of the following countries leads
the world in addressing pollution control and natural resource management challenges?
a. Switzerland
b. Iceland
c. New Zealand
d. Australia
9. Stem cell therapy is best suitable for:
a. Leukemia
b. Parkinson's disease
c. Spinal cord injuries
d. All of the above
10. The term ‘Jasmine Revolution’ is best defined as:
a. A women’s uprising in Yemen
b. A code name given to the ‘SlutWalk movement’ in Canada
c. A pro-democracy demonstration in Tunisia
d. An anti-apartheid drive in South Africa
11. Who is/are the author(s) of the book Steve Jobs?
a. Steve Jobs
b. Walter Isaacson
c. Jay Elliot and William L Simon
d. Christopher Hurt
12. Who among the following has been elected as the new Prime Minister of Japan recently?
a. Taro Aso
b. Yukio Hatoyama
c. Naoto Kan
d. Yoshihiko Noda
13. Who among the following personalities has been declared the winner of the Man Booker Prize - 2011?
a. Tomas Transtromer
b. Jules A Hoffman
c. Julian Barnes
d. Saul Perlmutter
14. Bhagyam Oilfields are located in which one of the following states?
a. Gujarat
b. Maharashtra
c. Rajasthan
d. Andhra Pradesh
15. Koodankulam Nuclear Power Plant is being set up with the help of which of the following countries?
a. France
b. UK
c. USA
d. Russia
16. India’s first double-decker train was flagged off between which of the following stations?
a. Howrah and Dhanbad
b. Mumbai and Pune
c. New Delhi and Bhopal
d. Bengaluru and Mangalore
17. LED, a common display technology, stands for:
a. Laser Emitting Diode
b. Light Emitting Dipole
c. Light Emitting Diode
d. Laser Emitting Display
18. Which of the following social activists has been selected for the prestigious Indira Gandhi Prize for Peace, Disarmament and Development 2011, for her sustained work towards empowering women?
a. Ela Bhatt
b. Kiran Bedi
c. Arundhati Roy
d. Medha Patkar
19. Who among the following has been named as Chief Executive Officer (CEO) of the cricket World Cup 2015 Local Organising Committee?
a. James Strong
b. Dr. Danny Jordaan
c. John Harnden
d. Haroon Lorgat
20. ‘Vivek Express’, which recently became the longest distance travelling train by replacing Himsagar Express, covers what distance?
a. 3725 km
b. 4286 km
c. 5006 km
d. 4056 km
21. An on-board TV service, the first of its kind on Indian Railways, will be provided in which of the following trains?
a. Rajdhani Express
b. Duronto Express
c. Shatabdi Express
d. Deccan Odyssey
22. What is the name of the natural preservative that can prevent food from rotting by destroying the bacteria that make meat, fish, eggs and dairy products decompose?
a. Bisin
b. Disodium ETA
c. BHA
d. BHT
23. What is ‘Memogate’?
a. A secret report of the KGB blaming the USA for disintegration of the former USSR
b. A scandal regarding the deployment of NATO troops in Afghanistan
c. A scandal involving the Pakistani Ambassador to the US seeking help to avert a military takeover in Pakistan
d. A scandal related to with the Memorandum of Understanding (MoU) signed between the US Government and
Air France
24. Choose the incorrect option:
(Aircraft company) - (Country)
a. Airbus - France
b. Tupolev - Russia
c. Embraer - USA
d. Bombardier - Canada
25. Who among the following personalities has won the most nominations for the 2012 Grammy Awards?
a. Kanye West
b. Lady Gaga
c. Adele
d. Rihanna
26. Name the first Indian spy satellite that will be operational by 2014 to keep an eye on neighboring
regions?
a. SPY-Sat
b. Eagle
c. AWACS
d. CCI-Sat
27. VR Raghunath is associated with which of the following sports?
a. Football
b. Rowing
c. Hockey
d. Archery
28. According to the recent Global Livability Survey, which city of the world has been judged as the world’s most livable city?
a. Mexico City
b. Melbourne
c. London
d. New Delhi
29. The Bonn conference, which was held recently, involved which of the following countries?
a. Libya
b. Yemen
c. Egypt
d. Afghanistan
30. Which one of the following countries has the largest number of illiterate adults in the world, according to UNESCO’s Education for All Global Monitoring Report-2011?
a. Brazil
b. Indonesia
c. India
d. China
31. Recently, which of the following singers was honoured with the first Hridaynath award for her contribution to Indian music?
a. Asha Bhosle
b. Lata Mangeshkar
c. Abida Parveen
d. Hemlata
32. Who is the only batsman in the cricket to score 7,000 ODI runs with a strike rate of over 100?
a. Adam Gilchrist
b. Shahid Afridi
c. Virender Sehwag
d. Ricardo Powell
33. Sebastian Vettel drives for which of the following teams?
a. McLaren
b. Ferrari
c. Mercedes
d. Red Bull
ANSWERS:
1. (a) Kutch Desert Wildlife Sanctuary
2. (b) Na_ onal Intelligence Grid (NATGRID)
3. (d) Debarshi Du_ agupta
4. (d) HS Kapadia
5. (d) New Delhi
6. (d) Houston
7. (c) Markandey Katju
8. (b) Iceland
9. (d) All of the above
10. (c) A pro-democracy demonstra_ on in Tunisia
11. (b) Walter Isaacson
12. (d) Yoshihiko Noda
13. (c) Julian Barnes
14. (c) Rajasthan
15. (d) Russia
16. (a) Howrah and Dhanbad
17. (c) Light Emi_ ng Diode
18. (a) Ela Bha_
19. (c) John Harnden
20. (b) 4286 km
21. (c) Shatabdi Express
22. (a) Bisin
23. (c) A scandal involving the Pakistani Ambassador to the US seeking help to avert a military takeover in Pakistan
24. (c) Embraer - USA
25. (a) Kanye West
26. (d) CCI-Sat
27. (c) Hockey
28. (b) Melbourne
29. (d) Afghanistan
30. (c) India
31. (b) Lata Mangeshkar
32. (c) Virender Sehwag
33. (d) Red Bull
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