Daily Current Affairs : 26/1/2019

by

Daily Current Affairs for UPSC CSE

Topics Covered

  1. Civilian Awards
  2. Gallantry Awards
  3. Prime Minister’s Economic Advisory Council (EAC-PM)
  4. Insolvency and Bankruptcy code
  5. KALIA Scheme

1 . Civilian Awards

Context : President Ramnath Kovind on Friday conferred the Bharat Ratna, the nation’s highest civilian honour on former president Pranab Mukherjee, alongwith social activist Nanaji Deshmukh (posthumous), and Assamese musician Bhupen Hazarika (posthumous).
The Padma Awards for the year 2019 were also announced

About Bharat Ratna

  • Bharat Ratna is the highest civilian award of the Republic of India. Instituted in 1954, the award is conferred “in recognition of exceptional service/performance of the highest order”, without distinction of race, occupation, position, or sex
  • The award was originally limited to achievements in the arts, literature, science, and public services, but the government expanded the criteria to include “any field of human endeavour” in December 2011
  • The recommendations for the Bharat Ratna are made by the Prime Minister to the President, with a maximum of three nominees being awarded per year.
  • Recipients receive a Sanad (certificate) signed by the President and a peepal-leaf–shaped medallion; there is no monetary grant associated with the award. Bharat Ratna recipients rank seventh in the Indian order of precedence.
  • The first recipients of the Bharat Ratna were politician C. Rajagopalachari, philosopher Sarvepalli Radhakrishnan, and scientist C. V. Raman, who were honoured in 1954
  • Though usually conferred on India-born citizens, the Bharat Ratna has been awarded to one naturalised citizen, Mother Teresa, and to two non-Indians, Pakistan national Khan Abdul Ghaffar Khan and former South African President Nelson Mandela.

Padma awards

  • Padma Awards were instituted in the year 1954. Except for brief interruptions during the years 1977 to 1980 and 1993 to 1997, these awards have been announced every year on Republic Day. The award is given in three categories, viz. Padma Vibhushan, Padma Bhushan and Padma Shri, in the decreasing order of importance.
  • Padma Vibhushan for “exceptional and distinguished service”. Padma Vibhushan is the second-highest civilian award in India.
  • Padma Bhushan for “distinguished service of a high order”. Padma Bhushan is the third-highest civilian award in India .
  • Padma Shri is awarded for “distinguished service”. Padma Shri is the fourth-highest civilian award in India.

Details of the Award

  • The decoration comprises a sanad (Certificate) issued under the hand and seal of the President and a Medallion.
  • The recipients are also given a replica of the medallion, which they can wear during any ceremonial/State functions etc., if they desire.

Arjuna Award

  • The award given by the Government of India to recognize outstanding achievement in National sports.

Dada Saheb Phalke Awards

  • The Dada Saheb Phalke Award is India’s highest award in cinema given annually by the Government of India for lifetime contribution to Indian cinema.

2 . Gallantry Awards

Context : In a rare gesture, the Chief of the Army Staff, General Bipin Rawat, has been awarded the Param Vishisht Seva Medal (PVSM) for distinguished service on the eve of the 70th Republic Day.

Wartime gallantry awards

  • Param Vir Chakra — Highest military award, equivalent to the Victoria Cross (which was replaced once India gained its independence).
  • Maha Vir Chakra – Maha Vir Chakra is the second highest military decoration in India and is awarded for acts of conspicuous gallantry in the presence of the enemy, whether on land, at sea or in the air.
  • Vir Chakra – Third in precedence in the awards for wartime gallantry.

Peacetime gallantry awards

  • Ashok Chakra Award – An Indian military decoration awarded for valour, courageous action or self-sacrifice away from the battlefield. It is the peacetime equivalent of the Param Vir Chakra.
  • Kirti Chakra – Second in order of precedence of peacetime gallantry awards.
  • Shaurya Chakra – Third in order of precedence of peacetime gallantry awards.

3 . Prime Minister’s Economic Advisory Council (EAC-PM)

Context : The Prime Minister’s Economic Advisory Council (EAC-PM) on Friday said that the agriculture sector should be bolstered through increased credit flows and schemes such as the Mahatma Gandhi National Rural Employment Guarantee Scheme. The Council also added that it strongly felt that the government should not deviate from its fiscal consolidation 

About EAC – PM

  • Economic Advisory Council to the Prime Minister (PMEAC) is a non-constitutional, non-permanent and independent body constituted to give economic advice to the Government of India, specifically the Prime Minister.
  • The council serves to highlight key economic issues facing the country to the government of India from a neutral viewpoint.
  • It advises the Prime Minister on economic issues like inflation, microfinance, and industrial output

Functions

  1. Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon;
  2. Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either be suo-moto or on a reference from the Prime Minister or anyone else;
  3. Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy;
  4. Attending to any other task as may be desired by the Prime Minister from time to time.

4 . Insolvency and Bankruptcy code

Context : In a whoop of victory for credits markets and entrepreneurship, the Supreme Court on Friday upheld the constitutionality of the Insolvency and Bankruptcy Code (IBC), saying the law sends a clear message that India is no longer “the defaulter’s paradise

About Insolvency and Bankruptcy Code

  • The Code creates time-bound processes for insolvency resolution of companies and individuals.  These processes will be completed within 180 days.  If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.
  • The resolution processes will be conducted by licensed insolvency professionals (IPs).  These IPs will be members of insolvency professional agencies (IPAs).  IPAs will also furnish performance bonds equal to the assets of a company under insolvency resolution.
  • Information utilities (IUs) will be established to collect, collate and disseminate financial information to facilitate insolvency resolution.
  • The National Company Law Tribunal (NCLT) will adjudicate insolvency resolution for companies.  The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for individuals.
  • The Insolvency and Bankruptcy Board of India will be set up to regulate functioning of IPs, IPAs and IUs.

5 . Krushak Assistance for Livelihood and Income Augmentation (KALIA)

About the Scheme

  • All farmers will be provided Rs 10,000 per family as assistance for cultivation. Each family will get Rs 5,000 separately in the kharif and rabi seasons, for five cropping seasons between 2018-19 and 2021-22.
  • Under the scheme, Rs 10,180 crore will be spent over three years until 2020-21 in providing financial assistance to cultivators and landless agricultural labourers.
  • Scheme targets all farmers ie. whether you own one acre or five acres financial assistance will be provided.
  • Scheme also targets 10 lakh landless households, and specifically SC and ST families. They will be supported with a unit cost of Rs 12,500 for activities like goat rearing, mushroom cultivation, beekeeping, poultry farming and fishery. The beneficiary is encouraged to choose an activity with which he is familiar because these trades require some skill and network. The idea is to identify an existing capacity and build on it
  • Note : Dairy production, has deliberately been kept out because keeping a cow is more expensive, while milk production needs to have a collection route or agency that processes and refines this low shelf-life product
  • KALIA scheme includes a life insurance cover of Rs 2 lakh and additional personal accident coverage of the same amount for 57 lakh households. Crop loans up to Rs 50,000 are interest-free.
  • Scheme also has provisions to assist the elderly, sick and differently-abled population who are unable to take up cultivation, by providing Rs 10,000 per household per year. This is meant to be used for sustenance but it will not be implemented immediately

Benefits of the Scheme over Loan Waiver

  • Loan waiver appease a few farmers but KALIA’s main targets are rural activities as a whole.
  • Scheme will support farming on a small scale, sharecropping, fishing, animal herding, which are not covered under bank loans, but are caught in debt traps set up by local moneylenders.
  • Farm loan waiver will reduce credit available to farmers in the long term, while income support can be used to make a repayment or at least activate a bank account which can then receive a loan.

Leave a comment

error: Content is protected !! Copying and sharing on Social media / websites will invite legal action