- AGNI PRIME MISSILE
- ECONOMIC RELIEF FOR SECOND WAVE OF PANDEMIC
- 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
- 1.10 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%.
- 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.
- 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.
- 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
- 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
- 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.
- 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.
- 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.