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PM-KISAN scheme
Context:
PM to launch PM-KISAN scheme from Gorakhpur in Uttar Pradesh.
About Pradhan Mantri Kisan Samman Nidhi Yojana (PM KISAN):
- The Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) was announced in the interim Budget 2019-20.
- Under the Scheme, Rs 6,000 will be given per year to small and marginal farmer families having combined landholding/ownership of up to 2 hectares.
- The amount will be given in three instalments of Rs.2000 each.
- The amount will be transferred directly to the bank account of beneficiaries through Direct Benefit Transfer. DBT will ensure transparency in the entire process and will save time for the farmers.
- PM KISAN is a Central Sector Scheme with 100% funding from the Government of India. The Scheme becomes effective from 1.12.2018 for transfer of benefit to eligible beneficiaries.
- State Government and UT Administration will identify the farmer families which are eligible for support as per scheme guidelines.
Objectives of the scheme:
- The Scheme was introduced to augment the income of the Small and Marginal Farmers (SMFs). It is estimated to benefit more than 12 crore small and marginal farmers.
- The PM-KISAN scheme aims to supplement the financial needs of the SMFs in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm income at the end of each crop cycle.
- This would also protect them from falling in the clutches of moneylenders for meeting such expenses and ensure their continuance in the farming activities.
Working Groups to study and recommend measures to facilitate trade, promote exports.
Context:
The Central Board of Indirect Taxes and Customs (CBIC) has constituted three Working Groups to study and recommend measures to facilitate trade, promote exports and improve compliance
The Working Groups will focus on:
- Improving the legislative structure of customs tariff and update it to suit the emerging and future needs of the economy and industry. Special focus would be given to creating a comprehensive export tariff structure to enhance India’s export competitiveness.
- Export promotion and facilitation with emphasis on boosting exports through e-commerce, addressing the trade facilitation barriers faced in India’s export markets and improving the quality of logistics services for exporters.
- Enhancing compliance, plugging loopholes to improve revenue collection on customs and curb IGST refund frauds.
Conference on the Future of Indian Banking.
Context:
NITI Aayog co-hosted a conference on “The Future of Indian Banking” with the Foundation for Economic Growth and Welfare (EGROW Foundation).
Aim of the conference:
The conference aimed to increase and elevate the discourse on the banking sector in India, and help develop insights to inform the continued evolution of the Indian banking sector for optimally supporting the growing credit needs of the Indian economy.
Key messages from the deliberations:
- Technology has become critically important for banking already and will continue to become more important in future. This will serve to bring banking closer to the customer, including those in rural areas, and also bring tremendous efficiencies with greater speed of service at a much lower cost.
- Appropriate skilling of banking human resources is necessary to keep pace with best credit practices and new technology-based banking paradigm. In addition, banking staff needs to be trained to prepare for a larger role of banking in expanding the Indian economy.
- The banking industry has to be continuously prepared for fraud and rising cybersecurity risks.
- The banking industry requires a suitable vigilance mechanism for trustworthy banking but with a clear mandate to distinguish between deliberate action, criminal negligence, error in judgment or unforeseeable business risk.
- There may be a need to think again in terms of specialised and sector-based banking.
- Public sector banks have consistently supported social banking, unlike private and foreign banks. Public sector banks should continue to do so.
- To compete effectively globally there is a need for bigger banks in India.
- There is a need for more research on banking sector issues, specific to the Indian context.
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