Current News Indian Economy
Revision of TMA Scheme for Specified Agriculture Products
On 10th September 2021, the Centre has revised "Transport and Marketing Assistance" (TMA) scheme for Specified Agriculture Products’.
About the Scheme
- In February 2019, the Department of Commerce had introduced ‘Transport and Marketing Assistance (TMA) for Specified Agriculture Products Scheme’ to provide assistance for the international component of freight, to mitigate disadvantage of higher freight costs faced by the Indian exporters of agriculture products.
- The scheme was initially applicable for exports effected during the period from 01.03.2019 to 31.03.2020 and was later extended for exports effected up to 31.03.2021.
- Now the Department has notified ‘Revised Transport and Marketing Assistance (TMA) for Specified Agriculture Products Scheme’ for exports effected on or after 01.04.2021 up to 31.03. 2022. The existing scheme will remain in operation for exports effected up to 31.03.2021.
Following major changes have been made in the revised scheme:
- Dairy products, which were not covered under the earlier scheme, will be eligible for assistance under the revised scheme.
- Rates of assistance have been increased, by 50% for exports by sea and by 100% for exports by air.
- Enhanced assistance under the revised scheme is expected to help Indian exporters of agricultural products to meet rising freight and logistics costs.
News Crux Appointment & Resignation
G. C. Murmu elected as the Chairman of ASOSAI
The Comptroller and Auditor General of India has been elected as the Chairman of Assembly of Asian Organization of Supreme Audit Institutions (ASOSAI) from 2024-2027 and India will host the 16th Assembly of ASOSAI in 2024.
- The CAG, as the Chairman, will be the Chief Executive of ASOSAI and represent ASOSAI in its dealings with national and international organizations.
- The ASOSAI is one of the Regional Groups of the International Organization of Supreme Audit Institutions (INTOSAI) which aims to promote understanding and cooperation among member institutions through the exchange of ideas and experiences in the field of public audit.
- Established in 1979 with 11 members, the membership of the ASOSAI consists of Charter Members, Members and Associate Members. The membership has since grown to 47 SAIs. The Assembly consists of all members of the Organization and meets once in three years.
News Crux Persons In News
After joining Central Coalfields Limited (CCL) as Excavation Engineer on 10th September 2021, she became the first woman Excavation Engineer to work in an Open Cast Mine of CCL.
News Crux Appointment & Resignation
Sardar Iqbal Singh Lalpura takes charge as the Chairman, NCM
- On 10th September 2-21, Sardar Iqbal Singh Lalpura took charge as the Chairman, National Commission for Minorities.
- The Union Government set up the National Commission for Minorities (NCM) under the National Commission for Minorities Act, 1992.
- Initially five religious communities, viz., Muslims, Christians, Sikhs, Buddhists and Zoroastrians (Parsis) were notified as minority communities by the Union Government. Further vide notification dated 27th January 2014, Jains were also notified as another minority community.
Current News Ecology & Environment
‘Orca’: World’s Largest CO2 capturing Plant
The world's largest plant designed to suck carbon dioxide out of the air and turning it into rock started running on 8th September 2021 in Iceland.
- The plant, named Orca, after the Icelandic word "orka" meaning "energy".
- Constructed by Switzerland's Climeworks and Iceland's Carbfix, when operating at capacity the plant will draw 4,000 tonnes of carbon dioxide (CO2) out of the air every year – equivalent to the emissions from about 870 cars.
- To collect the carbon dioxide, the plant uses fans to draw air into a collector, which has a filter material inside.
- Once the filter material is filled with CO2, the collector is closed and the temperature is raised to release the CO2 from the material after which the highly concentrated gas can be collected.
- The CO2 is then mixed with the water before being injected at a depth of 1,000 metres into the nearby basalt rock where it is petrified.
- Proponents of so called carbon capture and storage (CCS) believe these technologies can become a major tool in the fight against climate change.
Current News Indian Economy Survey And Index
Household Indebtedness in India: NSS (77th Round) Findings
On 10th September 2021, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation released the ‘All India Debt & Investment Survey 2019’.
- It was conducted during the period January – December, 2019 as a part of 77th round of National Sample Survey (NSS). Prior to this the survey was carried out in NSS 26th round (1971-72), 37th round (1981-82), 48th round (1992), 59th round (2003) and 70th round (2013).
- The main objective of the survey on Debt & Investment was to collect basic quantitative information on the assets and liabilities of the households as on 30.6.2018. Besides, the survey gathered information on the amount of capital expenditure incurred by the households during the Agricultural Year 2018-19 (July-June), under different heads, like residential buildings, farm business and non-farm business.
The following indicators were generated from the survey of All India Debt & Investment:
- Average value of Assets (AVA): The average value of all the physical and financial assets owned per household as on 30.06.2018.
- Incidence of Indebtedness (IOI): The percentage of the indebted households as on 30.06.2018.
- Average amount of Debt (AOD): The average amount of cash dues as on 30.06.2018 per household.
- Average Fixed Capital Expenditure by the households during 01.07.2018 to 30.06.2019
Findings on Household Indebtedness
Incidence of Indebtedness (IOI) as on 30.06.2018
- Incidence of Indebtedness was about 35% in Rural India (40.3% cultivator households, 28.2% non-cultivator households) compared to 22.4% in Urban India (27.5% self-employed households, 20.6% other households).
- In Rural India, 17.8% households were indebted to institutional credit agencies only (21.2% cultivator households, 13.5% non-cultivator households) against 14.5% households in Urban India (18% self-employed households, 13.3% other households)
- About 10.2% of the households were indebted to non-institutional credit agencies only in Rural India (10.3% cultivator households, 10% non-cultivator households) compared to 4.9% households in Urban India (5.2% self-employed households, 4.8% other households)
- About 7% of the households were indebted to both institutional credit agencies & non-institutional credit agencies in Rural India (8.8% cultivator households, 4.7% non-cultivator households) against 3% households in Urban India (4.3% self-employed households, 2.5% other households)
Average amount of Debt (AOD) per Household
- Rural Households: Average amount of debt was Rs. 59,748 among rural households (Rs. 74,460 for cultivator households, Rs. 40,432 for non-cultivator households)
- Urban Households: Average amount of debt was Rs. 1,20,336 among urban households (Rs. 1,79,765 for self-employed households, Rs. 99,353 for other households)
- In Rural India, the share of out standing cash debt from institutional credit agencies was 66% against 34% from non-institutional credit agencies. In Urban India, the share of outstanding cash debt from institutional credit agencies was 87% compared to 13% from non-institutional credit agencies.
Average amount of Debt per Indebted Household (AODL)
- Rural India: Average amount of debt was Rs. 1,70,533 among indebted households in Rural India (Rs. 1,84,903 for cultivator households, Rs. 1,43,557 for non-cultivator households)
- Urban India: Average amount of debt was Rs. 5,36,861 among indebted households in Urban India (Rs. 6,52,768 for self-employed households, Rs. 4,82,162 for other households)