General Studies- II
Topic– Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and bodies constituted for the protection and betterment of these vulnerable sections.
SWAMIH Fund
Context:
Union Minister for Finance & Corporate Affairs handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.
- The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund.
- The SWAMIH Fund was launched by Smt. Sitharaman in November 2019.
- Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed.
What is the SWAMIH Fund?
SWAMIH investment fund, was setup as an alternative investment fund to provide last-mile funding to the stressed affordable and middle-income housing projects in the country.
- In November 2019, the central government announced a Rs 25,000-crore SWAMIH Investment Fund to help complete over 1,500 stalled housing projects.
- It included those housing projects that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings.
- The move was to help 4.58 lakh housing units across the country.
- Only RERA-registered projects with a positive net worth are to be provided funding.
Fund Management:
- The fund was set up as Category-II Alternative Investment Fund registered with the Securities and Exchange Board of India (SEBI).
- It will be managed by SBICAP Ventures Limited (SVL), a wholly owned subsidiary of SBI Capital Markets Ltd.
Significance:
The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes.
- Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes.
- This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.
What is the ‘Alternative Investment Fund’?
Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
An alternative investment is a financial asset that does not fall into one of the conventional equity/income/cash categories.
Categories of ‘Alternative Investment Fund’ (AIFs):
- Category I AIFs: These generally invest in start-ups or early stage ventures which the government or regulators consider as socially or economically desirable. g. venture capital funds, infrastructure funds.
- Category II AIFs: AIFs which do not fall in Category I and III and which do not undertake leverage or borrowing other than to meet day-to-day operational requirements and as permitted in the SEBI (Alternative Investment Funds) Regulations, 2012. g. real estate funds, private equity funds.
- Categories III AIFs: AIFs which employ diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives. e.g. hedge funds, private investment in Public Equity Funds.
General Studies-II
Topic- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
BRICS Employment Working Group (EWG) Meeting
Context:
Recently, 1st BRICS Employment Working Group (EWG) Meeting was held in New Delhi in virtual format.
India has assumed BRICS Presidency this year.
Participants:
Apart from representatives of member nations i.e Brazil, Russia, India, China and South Africa, the representatives of International Labour Organization (ILO) and International Social Security Agency (ISSA) participated and made valuable interventions and suggestions on the agenda issues.
What is BRICS?
BRICS is the group composed by the five major emerging countries – Brazil, Russia, India, China and South Africa.
- It together represents about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
- The acronym BRIC was coined by by economist ‘Jim O’Neill’ of Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century.
- In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government.
- In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.
BRICS Presidency:
BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
- The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings.
Objectives:
The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
- The BRICS countries act as one to promote a more legitimate international system, including advocating reform of the UN Security Council.
- The BRICS group is a South-South framework for cooperation.
- To provide an alternative of the current governance of Western financial institutions like the International Monetary Fund and the World Bank for that they have announced the establishment of the bank.
General Studies- II
Topic– Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes;
PM-KISAN Scheme
Context:
PM releases 8th instalment of financial benefit under PM-KISAN. For the first time, farmers of West Bengal will benefit from this scheme.
What is the PM-Kisan scheme?
The Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan Yojana) is a government scheme through which, all small and marginal farmers will get up to Rs 6,000 per year as minimum income support.
This 75,000-crore scheme aims to cover 125 million farmers, irrespective of the size of their landholding in India.
When did the PM-Kisan scheme come into effect?
The PM Kisan Yojana came into effect from December 1, 2018. It was launched by prime minister Narendra Modi-led government.
Key features of the scheme:
- Under the PM Kisan Yojana, income support of Rs 6000 per annum is provided to all eligible farmer families across the country in three equal installments of Rs 2,000 each every four months.
- The scheme defines family as husband, wife and minor children.
- The fund of Rs 2,000 is directly transferred to the bank accounts of the farmers/farmer’s family.
Who is eligible for PM Kisan scheme?
- Landholding farmers’ families with cultivable landholding in their names can apply under this scheme.
- Farmers from both the urban and rural areas.
- Small and marginal farmer’s families.
Who is not eligible for PM Kisan scheme?
- Institutional landholders
- Present or retired officers and employees of state/central government as well as PSUs and government autonomous bodies.
- Beneficiaries with higher economic status are not eligible.
- Those who pay income tax
- Farmer families holding constitutional posts
- Professionals like doctors, engineers and lawyers
- Retired pensioners with a monthly pension of over Rs 10,000
Significance:
Around 12 crore small and marginal farmer families are expected to benefit from this.
- It would not only provide assured supplemental income to the most vulnerable farmer families, but would also meet their emergent needs especially before the harvest season.
- It would pave the way for the farmers to earn and live a respectable living.
Concerns about the Scheme:
PM-Kisan yojana completely disregards landless tenants and poor rural households that do not own land.
The amount transferred under the scheme accounts only a tenth of the production cost per hectare or consumption expenditure for a poor household.
- The support is largely symbolic and not sustentative.
- The cash transfer is not linked to the size of the farmer’s landholding.
- There has been a huge delay in disbursements.
Chrome Facts for Prelims
GOA MARITIME SYMPOSIUM (GMS) – 2021
Towards fostering friendly relations with its maritime neighbours, Indian Navy hosted ‘GMS-21’ under the aegis of Naval War College, Goa.
- Owing to the COVID-19 pandemic, the event for the first time was hosted in virtual mode.
- With online participation of Naval representatives from 13 Indian Ocean Littoral countries, which included India, Bangladesh, Comoros, Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri Lanka and Thailand.
- The theme for GMS-21 was focused on “Maritime Security and Emerging Non-Traditional Threats: A Case for Proactive Role for IOR Navies.”
Eid-ul-Fitr
Eid al-Fitr, also called al-ʿĪd al-Ṣaghīr, Turkish Ramazan Bayrami is first of two canonical festivals of Islam.
- Eid al-Fitr marks the end of Ramadan, the Muslim holy month of fasting.
- Muslims observe every year the month of Ramadan, to acknowledge Allah’s revelation of the Quran to the Prophet Muhammad.
- It is celebrated during the first three days of Shawwal, the 10th month of the Islamic calendar.
Akshaya Tritiya
Akshaya Tritiya is one of the most holy and auspicious days celebrated by the Hindus across the country. It is believed that anything that commences on this day will always emerge victorious.
According to mythology and ancient history, this day marks a lot of important incidents:
- Lord Ganesha and Ved Vyasa strated writing the epic Mahabharata on this day.
- This day is also celebrated as the birth anniversary of Lord Parashurama, the sixth incarnation of Lord Vishnu.
- On this day, Goddess Annapurna was born.
- On this day, the River Ganges descended from the heaven on earth.
- In Jainism, this day is celebrated to commemorate Lord Adinatha, their first God.
