1st February, 2024 Current Affairs

NATIONAL
Cabinet approves Signing and ratification of Bilateral Investment Treaty between India and UAE

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has given its approval for signing and ratification of Bilateral Investment Treaty between the Government of the Republic of India and the Government of the United Arab Emirates.
• The Treaty is expected to improve the confidence of the investors, especially large investors, resulting in an increase in Foreign Investments and Overseas Direct Investment (ODI) opportunities and this may have a positive impact on employment generation.
• The approval is expected to increase investments in India and is likely to help in realizing the goal of Atmanirbhar Bharat by encouraging domestic manufacturing, reducing import dependence, increasing exports etc.

Cabinet approves extension of Animal Husbandry Infrastructure Development Fund

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the continuation of Animal Husbandry Infrastructure Development Fund (AHIDF) to be implemented under Infrastructure Development Fund (IDF) with an outlay of Rs.29,610.25 crore for another three years up to 2025-26. The scheme will incentivize investments for Dairy processing and product diversification, Meat processing and product diversification, Animal Feed Plant, Breed multiplication farm, Animal Waste to Wealth Management (Agri-waste management) and Veterinary vaccine and drug production facilities.
• Government of India will provide 3% interest subvention for 8 years including two years of moratorium for loan up to 90% from the scheduled bank and National Cooperative Development Corporation (NCDC), NABARD and NDDB. The eligible entities are individuals, Private Companies, FPO, MSME, Section 8 companies. Now the Dairy Cooperatives will also avail benefits for modernization, strengthening of the dairy plants.
• Government of India will also provide credit guarantee to the MSME and Dairy Cooperatives up to the 25% of the credit borrowed from the Credit Guarantee Fund of Rs.750 crore.
• The AHIDF has so far created an impact by adding 141.04 LLPD (Lakh Ltr. Per Day) of milk processing capacity, 79.24 lakh metric ton of feed processing capacity and 9.06 Lakh metric ton of meat processing capacity by adding to the supply chain since the inception of the scheme. The scheme has been able to increase processing capacity by 2-4% in dairy, meat and animal feed sector.
• Animal Husbandry sector presents an opportunity for the investors to invest in the Livestock sector making this sector a lucrative one ranging from value addition, cold chain and integrated units of Dairy, Meat, Animal Feed units to technologically assisted Livestock and Poultry farms, Animal Waste to wealth Management and Setting up of Veterinary Drugs/ Vaccine units.
• After inclusion of new activities like technologically assisted breed multiplication farms, strengthening of veterinary drugs and vaccine units, Animal waste to wealth management, the scheme will exhibit a huge potential for the upgradation of infrastructure in Livestock sector.
• The scheme will be a channel towards employment generation directly and indirectly to 35 lakh people through entrepreneurship development and aims for wealth creation in the livestock sector. So far, the AHIDF has benefitted directly /indirectly approximately to 15 lakh farmers.
•  AHIDF is emerging a path towards achieving the Prime Minister’s goal of doubling farmers’ income, tapping the livestock sector by bringing the private sector investment, bringing in the latest technologies for processing and value addition, and last but not the least contributing to the Nation’s economy by promoting the export of Livestock products. Such investments in processing and value addition infrastructure by eligible beneficiaries would also promote export of these processed and value- added commodities.
• Thus,investment by incentivisation in AHIDF would not only leverage private investment 7 times but would also motivate farmers to invest more on inputs thereby driving higher productivity leading to increase in farmers income.

RBI imposes restrictions on Paytm Payments Bank

• Reserve Bank of India (RBI) has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms.
• The Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliance and continued material supervisory concerns in the bank, warranting further supervisory action. The regulator had, in March 2022, directed Paytm Payments Bank to stop on-boarding new customers and appoint an IT audit firm to conduct a comprehensive System Audit.
• Paytm Payments Bank will not be allowed to accept deposits or undertake credit transactions or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and NCMC (National Common Mobility Cards), among others, post-February 29, 2024.
• However, any interest, cashback, or refunds may be credited anytime. Further, the entity will need to permit withdrawal or utilisation of balances by customers, including from their savings and current bank accounts, prepaid instruments, FASTags, and NCMC, without any restrictions and up to the available balance. Other than fund transfers, utilisation, or withdrawal, no other banking services and BBPOU (Bharat BillPay Operating Units) and UPI facility should be provided by the bank after February 29, 2024

Also Read: Sports: Weekly Current Affairs Bitbank (January 8 to 14, 2024): In which sports category did Aman Sehrawat secure a gold medal at the 2024 Zagreb Open?

                         >> Download Current Affairs PDFs Here

                              Download Sakshi Education Mobile APP

ECONOMY
Fiscal deficit in 2024-25 is estimated to be 5.1 percent of GDP

• The fiscal deficit in 2024-25 is estimated to be 5.1 percent of GDP. This is in adherence to the path of fiscal consolidation to reduce the fiscal deficit below 4.5 percent by 2025-26.
• The States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at a global scale. A framework for a rating of the centres based on the quality of facilities and services will be established. Long-term interest-free loans will be provided to States for financing such development on a matching basis.
• That in the past ten years, the Government has assisted 25 crore people to come out of multi-dimensional poverty. ‘Direct Benefit Transfer’ of 34 lakh crore rupees into PM-Jan Dhan accounts has led to the savings of 2.7 lakh crore rupees for the Government.
• The PM-SVANidhi scheme has provided credit assistance to 78 lakh street vendors. Narendra Modi government started PM-JANMAN Yojana which reaches out to particularly vulnerable tribal groups, who have remained outside the realm of development so far. PM-Vishwakarma Yojana initiated by the Centre provides end-to-end support to artisans and craftspeople engaged in 18 trades.

Railways to implement three major economic corridor programmes

• Some major programmes for railways have also been proposed in the interim Budget.
• Finance Minister announced that three major economic railway corridor programmes will be implemented which include Energy, mineral and cement corridors, Port connectivity corridors, and High-traffic density corridors.
• She also announced that forty thousand normal rail bogies will be converted to the Vande Bharat standards to enhance the safety, convenience, and comfort of passengers.
• The government will form a high-powered committee for an extensive consideration of the challenges arising from fast population growth and demographic changes. The committee will be mandated to make recommendations for addressing these challenges comprehensively in relation to the goal of ‘Viksit Bharat’.

Published date : 09 Feb 2024 04:17PM