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Wednesday, February 08, 2023

Current Affairs-February 7, 2023

 

INDIA

  • Indian Oil Corporation (IOC) will recycle 100 million discarded PET bottles annually to make eco-friendly uniforms for staff.
  • Reliance Industries (RIL) and Ashok Leyland unveiled India’s first Hydrogen Internal Combustion Engine (H2-ICE) powered truck at the India Energy Week in Bengaluru.
  • India’s Domestic Air Traffic Reaches 86% of Pre-Covid Level in 2022: International Air Transport Association (IATA).
  • Telangana presents a tax-free budget of ₹2.9 lakh crore for 2023-24 fiscal.
  • First-time Haj package costs reduced by around Rs 50,000 under new Haj Policy.

ECONOMY

  • North Korea stole more cryptocurrency assets in 2022 than in any other year: UN Security Council Report.
  • Tech microsavings platform Siply acquires digital chit-fund platform myPaisaa for $7.5 million.
  • The government has set up a special committee to examine the need for a separate competition law for digital companies.
  • IL&FS initiates its largest pay-out to date in IL&FS Financial Services (IFIN) amounting to ₹3,200 cr to eligible Creditors.
  • SEBI releases Operational guidelines on green bonds.

WORLD

  • China confirms that a balloon identified by Washington and Bogota flying over Latin America is Chinese, after a similar device was shot down by the United States.
  • A major earthquake struck Turkey and Syria, killing more than 2,600 people.
  • China and Australia Trade Ministers hold their first meeting since 2019.
  • U.K. faces biggest round of health service strikes after staff demand pay hike.

SPORTS

  • Australia’s T20 World Cup-winning captain Aaron Finch announces retirement from International Cricket.
  • Titas Sadhu, Indian Women cricket player, bagged the ‘Emerging Hero’ award at Sportstar East Sports Conclave 2023.

What are Primary Agricultural Credit Societies?

 The Union Budget has announced Rs 2,516 crore for computerisation of 63,000 Primary Agricultural Credit Societies (PACS) over the next five years, with the aim of bringing greater transparency and accountability in their operations and enabling them to diversify their business and undertake more activities.

What are Primary Agricultural Credit Societies (PACS)?

PACS are village level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure headed by the State Cooperative Banks (SCB) at the state level. Credit from the SCBs is transferred to the district central cooperative banks, or DCCBs, that operate at the district level. The DCCBs work with PACS, which deal directly with farmers.

Since these are cooperative bodies, individual farmers are members of the PACS, and office-bearers are elected from within them. A village can have multiple PACS. PACS are involved in short term lending — or what is known as crop loan. At the start of the cropping cycle, farmers avail credit to finance their requirement of seeds, fertilisers etc. Banks extend this credit at 7 per cent interest, of which 3 per cent is subsidised by the Centre, and 2 per cent by the state government. Effectively, farmers avail the crop loans at 2 per cent interest only.

A report published by the Reserve Bank of India on December 27, 2022 put the number of PACS at 1.02 lakh. At the end of March 2021, only 47,297 of them were in profit. The same report said PACS had reported lending worth Rs 1,43,044 crore and NPAs of Rs 72,550 crore. Maharashtra has 20,897 PACS of which 11,326 are in losses.

Why are PACS attractive?

The attraction of the PACS lies in the last mile connectivity they offer. For farmers, timely access to capital is necessary at the start of their agricultural activities. PACS have the capacity to extend credit with minimal paperwork within a short time.

With other scheduled commercial banks, farmers have often complained of tedious paperwork and red tape. For farmers, PACS provide strength in numbers, as most of the paperwork is taken care of by the office-bearer of the PACS.

In the case of scheduled commercial banks, farmers have to individually meet the requirement and often have to take the help of agents to get their loans sanctioned. NABARD’s annual report of 2021-22 shows that 59.6 per cent of the loans were extended to the small and marginal farmers.

Since PACS are cooperative bodies, however, political compulsions often trump financial discipline, and the recovery of loans is hit. Chairpersons of PACS participate in electing the office-bearers of DCCBs. Political affiliations are important here as well.

Where is computerisation needed?

Dr Hema Yadav, director of Pune-based Vaikunt Mehta National Institute of Cooperative Management pointed out that while SCBs and DCCBs are connected to the Core Banking Software (CBS), PACS are not. Some PACS use their own software, but a compatible platform is necessary to bring about uniformity in the system.

Computerisation of PACS has already been taken up by a few states, including Maharashtra. The Maharashtra State Cooperative Bank has plans to directly lend to PACS in districts where the DCCBs are either financially weak or have lost their banking licence. In such a scenario computerisation of PACS would help.

Written by Parthasarathi Biswas

Source: Indian Express, 8/02/23

Tuesday, February 07, 2023

Quote of the Day February 7, 2023

 

“An early-morning walk is a blessing for the whole day.”
Henry David Thoreau (1817-1862), Writer
“प्रातःकाल का भ्रमण पूरे दिन के लिए वरदान होता है।”
हेनरी डेविड थोरो (१८१७-१८६२), लेखक

National Digital Library

 According to the National Statistical Commission, the literacy rate in India is 73%. However, the financial literacy rate is very less, around 24%. Compared to the other emerging economies of the world, the financial literacy rate of India is very low. To inculcate reading habits and to increase the financial literacy of the country the GoI is to launch National Digital Library. The announcement about the library was made by the finance minister Smt Nirmala Sitaraman during her budget presentation.


About the National Digital Library

  • The library will mainly focus on adolescents and children
  • Financial organizations will contribute age-appropriate financial materials to the library
  • The main objective of the National Digital Library is to encourage the habit of reading among children
  • Under this initiative, the state governments will be encouraged to create physical libraries at ward levels and panchayats. Also, they shall provide infrastructure facilities to access the resources of the National Digital Library
  • Materials will also be contributed in the regional language

Why is National Digital Library launched?

During the COVID pandemic, India faced extreme learning losses. The habit of learning and the significance of knowledge vanished.

Significance

Experts from the education sector believe that the union budget 2023-24 mainly focuses on making India a knowledge-driven economy. This is to be done by strengthening the underprivileged sectors in the country.

What is Hybrid Warfare?

 


Hybrid Warfare is a strategy used in the military. It includes the techniques of conventional warfare, cyber warfare, and irregular warfare. Today hybrid warfare techniques are increasing. Countries are using political influences to disrupt the governance of their enemy state, causing cyber troubles to the enemy state, and using other indirect measures to counter their enemies.

What is Hybrid Warfare?

It uses the following three warfare techniques

  • Conventional Warfare: Here conventional weapons and normal war field tactics are used. The forces primarily target the opponent and the fight is direct, face-to-face.
  • Irregular Warfare: Here the war is fought for legitimacy. It has a goal. It can be fought even within a state. Mostly, this warfare includes non-military actors
  • Cyber Warfare: Here the country makes cyber-attacks on enemy states. It can be on its military system or it can be on the civilian cyber hubs of the enemy country.

Why is the term coming up now?

BALTIC SEA PIPELINE EXPLOSIONS. In October 2022, the Nord Stream Pipeline exploded and leaked gases into the sea. The western world is blaming Russia and Russia suspects UK’s hands in the explosion. Suspicions began when the investigating officers found burnt explosives near the pipeline. Countries believe that the explosion might have been caused by their enemies to disrupt the normal functioning of their state. This is one of the techniques of hybrid warfare.

Economic & Political Weekly: Table of Contents

 

Here are 5 simple ways to improve your writing skills

 Writing is often a daily task in many professions spanning several industries, with the simplest reasons being sending emails and creating presentations. While grammar and spelling are only a small part, your writing's ability to effectively convey the intended message depends greatly on several factors, including accuracy, clarity, persuasiveness, and more.

Many people find writing scary, especially those who don't write often or for a living. The good news is that writing doesn't have to be painful, with discipline and an eagerness to learn, virtually anyone can develop their writing abilities. Do you want to improve as a writer? Here are some methods one can use to start writing more professionally, right away.

How to get better at writing?

With time and practice, writing is a skill that you can improve, just like any other. The following are some tips for improving your written communication:

1. Review fundamentals of grammar and spelling

Spelling and grammar are the cornerstones of effective writing. Correct grammar and spelling convey to your reader your professionalism and gives out the right attention to detail. Additionally, it facilitates comprehension of your text.

You must also understand when and how to employ less frequent punctuation such as colons and semicolons, which can offer creative solutions to sentence structure and improve your writing.

2. Read the type of content you intend to write

Knowing how a finished product might appear can give you a better feel for what you are trying to achieve. Read funny short stories if you want to write them yourself. How can I write a book review? Look for a few and note their structure. Pay attention to their strengths and the qualities that appeal to you. In fact, when working on a school assignment, you can ask your teacher for samples of well-written submissions from previous students as well.

3. Check for errors

Although it may be tempting to submit your work as soon as you're done, give yourself time to go through it again and look for any flaws, no matter how minor. Here are some suggestions for proofreading to keep in mind:

  • Before you edit, put your work away. Try taking a day or two off from writing so you can return to it with a fresh mind. Allotting 20 minutes separately to this task can help you in tackling you manage your deadline as well.
  • Start with minor adjustments, then go on to more significant ones. Starting with simple modifications might help you establish a proofreading routine, allow you to reread your work, and avoid any possible distractions.
  • Check your writing for typos, consistency issues, and grammar mistakes. After that, address any structural or transition issues that are more important.

4. Request feedback

Asking for comments is a great way to determine how someone other than yourself would understand your writing, whether you're writing emails or essays. Have a clear concept of the topics you want the proofreader to pay specific attention to, such as the argument's persuasiveness, structure, or conclusion.

Reach out to a trusted friend, relative, coworker, or teacher. If you're a student, you can also check with the writing resource centre at your school. Look up independent writing workshops, community colleges, or online writing courses.

5. Consider the structure

Grammar and spelling help you write consistently and articulately, but a good structure makes sure the reader understands your main points.

Preparing an outline will frequently help in building a structure for your article. An outline can help you picture the flow of your essay, explain the points that need more research or consideration, and highlight the main points of each section.

There are many different writing styles, though most of them focus on simple words, short sentences, and direct language so as to engage readers while also conveying the message effectively. While you should preserve your unique conversational tone, you can also improve your writing style with deliberate choices about structure and usage.

Source: The Telegraph, 28/01/23