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PIB 29th June 2021

CONTENT

  1. AGNI PRIME MISSILE
  2. ECONOMIC RELIEF FOR SECOND WAVE OF PANDEMIC
  3. P V NARASIMHA RAO

AGNI PRIME MISSILE

Focus: GS III- Technology

Why in News ?

Defence Research and Development Organisation (DRDO) successfully flight tested a New Generation Nuclear Capable Ballistic Missile Agni P from Dr APJ Abdul Kalam island off the coast of Odisha, Balasore.

About Agni-Prime missile:

  • Agni P is a new generation advanced variant of Agni class of missiles.
  • It is a canisterised missile with range capability between 1,000 and 2,000 kms.
  • New generation advanced variant of the Agni class of missiles and nuclear-capable weapon
  • made fully of a composite material.
  • Missile can hit targets up to a range of 2000 km.
  • It is very short and light in comparison with other missiles in this class.
  • Innovative Guidance and Control mechanisms and state-of-the-art navigation systems have been introduced.

ECONOMIC RELIEF FOR SECOND WAVE OF PANDEMIC

Focus: GS III- Indian Economy

Why in News?

Union Finance & Corporate Affairs Minister  announced a slew of measures to provide relief to diverse sectors affected by the 2nd wave of COVID-19 pandemic. 

The measures announced today can be clubbed into 3 broad categories:-
  • Economic Relief from Pandemic
  • Strengthening Public Health
  • Impetus for Growth & Employment

8 Various Relief Measures Announced

  1. 1.10 lakh crore Loan Guarantee Scheme for COVID Affected sectors
  • Under this new scheme, additional credit of Rs 1.1 lakh crore will flow to the businesses.
  • This includes Rs 50,000 crore for health sector and Rs 60,000 crore for other sectors, including tourism.
  • The health sector component is aimed at up scaling medical infrastructure targeting underserved areas.
  • Guarantee cover will be available both for expansion and new projects related to health/medical infrastructure in cities other than 8 metropolitan cities.
  • While the guarantee cover will be 50% for expansion & 75% for new projects.
  • In case of aspirational districts, the guarantee cover of 75% will be available for both new projects and expansion.
  • Maximum loan admissible under the scheme is Rs. 100 crore and guarantee duration is up to 3 years. Banks can charge a maximum interest of 7.95% on these loans.
  • Loans for other sectors will be available with an interest cap of 8.25% p.a.
  • Thus the loans available under the scheme will be much cheaper compared to the normal interest rates without guarantee of 10-11%.
  1. Emergency Credit Line Guarantee Scheme
  • Emergency Credit Line Guarantee Scheme as part of Atma Nirbhar Bharat Package in May, 2020
  • Additional 1.5 lakh Cr.ECLGS-1.0, 2.0 and 3.0 have resulted in credit disbursal of 2.69 lakh Crore to 1.1crore units by 12 Public Sector Banks, 25 Private Sector Banks, and 31 Nonbanking Financial Companies.
  • Limit of admissible guarantee and loan amount proposed to be increased above existing level of 20% of outstanding on each loan.
  • Overall cap of admissible guarantee to be raised from Rs. 3 lakh crore to Rs. 4.5 lakh crore.
  1. Credit Guarantee Scheme to Facilitate Loans
  • To 25 Lakh Persons Through Micro Finance Institutions (MFIs).
  • Interest Rate on Loans from banks to be capped at MCLR plus 2% and maximum loan to the individual at Rs 1.25 lakh
  • Maximum loan tenure 3 years, 80% of assistance to be used by MFI for incremental lending, interest at least 2% below maximum rate prescribed by RBI.
  • Focus on new lending not repayment of old loans.
  1. Scheme for Tourists guides/ stakeholders
  • Financial support to more than 11,000 Registered Tourist Guides/Travel and Tourism Stakeholders.
  • To discharge liabilities and restart businesses impacted due to COVID-19.
  • Loans will be provided with 100 % guarantee up to the following limits
  1. Free Tourist Visa to 5 Lakh Tourists
  • Once Visa issuance is restarted, the first 5 lakh Tourists Visas will be issued free of charge.
  • Benefit will be available only once per tourist.
  • The scheme will be applicable till 31st March, 2022 or till 5,00,000 visas are issued, whichever is earlier
  • Total financial implications- Rs 100 Crore
  1. Atmanirbhar Bharat Rozgar Yojana extended
  • Incentivizes employers for creation of new employment, restoration of loss of employment through EPFO.
  • Approved outlay Rs. 22,810 crore for 58.50 lakh estimated beneficiaries.
  • Last date for registration is 30.06.2021.
  • Subsidy provided for two years from registration for new employees drawing monthly wages less than Rs. 15000
  • Scheme extended from 30.6.2021 to 31.03.2022.
  1. Additional Subsidy for DAP & P&K fertilizers
  • Additional subsidy to farmers for DAP and P&K fertilizers was announced recently.
  • Farmers to get additional protein-based fertilizer subsidy of nearly Rs.14,775 crore.
  1. Pradhan Mantri Garib Kalyan Anna Yojana (PMGKY)
  • Free food grains will be provided to the poor from May to November 2021.
  • 5 kg of food grains will be provided free of cost to NFSA beneficiaries from May to November 2021.
  • Estimated financial implications are Rs 93,869 cr, bringing the total cost of PMGKY to Rs 2,27,841 Crore.
  • The total cost of the scheme in 2020-21 was Rs. 133,972 crore.

P V NARASIMHA RAO

Focus: Facts for prelims

Why in News?

The Prime Minister has paid tribute to former Prime Minister, Shri PV Narasimha Rao Ji on his 100th birth anniversary.

About PV Narasimha Rao:

  • PV Narasimha Rao was born on 28th June 1921 in erstwhile Nizam’s Hyderabad state.
  • He was a freedom fighter, academician, and literary figure.
  • His term as the Prime Minister of India was 1991-1996.
  • He was born to a farmer’s family in Lanepalli (Telangana’s Warangal District.)
  • He was a pioneer of all rural economies and rural welfare.
  • The sectors where he made initiatives to bring development are (but not limited to):
    • Clean Water
    •  Development of Women and Children in Rural Areas
    • Primary health care
    • Primary Education sector
    • Empowerment of Artisans
    • Animal Husbandry and Poultry
    • Small Industries
    • Khadi and Village Industries
    • Textiles, etc.
  • He is also called as the pioneer of inclusive growth.
  • In his tenure, the fund to implement schemes for rural development was increased to Rs.30000 crores in the 8th Five Year Plan, from Rs. 7000 crore in Seventh Five Year Plan.
  • During his tenure, the foreign exchange had increased 15 fold in 1996. It was Rs. 3000 crores in 1991.
  • With his economic reforms, the GDP hovered around 7-7.5 percent.
  • He published ‘SahasraPhan’, a Hindi translation of the famous Telugu Novel ‘Veyi Padagalu’.
  • He sought to dismantle the restrictions imposed under the license raj, reduce red tape and make Indian industries more competitive. 
  • He is known for bringing the policy of economic liberalisation in India.
  • The economic liberalisation in India is referred to the liberalisation of the country’s economic policies.
  • It was initiated in 1991 with the goal of making the economy more market- and service-oriented, and expanding the role of private and foreign investment.
  • In terms of foreign policy, he established diplomatic relations with Israel.
  • The Look East Policy of India was also initiated during his tenure.
  • He is also known for reversing decades of unfriendly relations between India and the United States by bringing them together.
  • The 73rd and 74th Constitutional Amendments Act empowering local bodies were enacted during his tenure.

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