PM SVANidhi Scheme
- The PM SVANidhi Scheme is a programme by the Ministry of Housing and Urban Affairs (MoHUA). The aim of this scheme is to help street vendors become part of the formal economy and create opportunities for them to grow.
- Over 50 lakh street vendors all over the country have benefited from this scheme. These vendors are crucial contributors to the urban economy by providing necessary goods and services.
- The scheme doesn’t stop at providing micro-credits. It also helps vendors to access the benefits of digital transactions.
- Banks and Digital Payment Aggregators (DPAs) are collaborating with the scheme. They provide digital onboarding and training to the vendors.
- Till now, the scheme has achieved 113.2 Crore digital transactions. The total amount transacted is ₹1,33,003 Crores.
- Cashbacks of ₹58.2 Crore have been disbursed to vendors participating in the scheme.
- The project does more than just offer small loans; it’s also a stepping stone to a variety of welfare programs for the vendors and their families.
- A new initiative called “SVANidhi se Samriddhi” was launched on January 4, 2021. This programme’s main goal is to link the families of these beneficiaries to eight different socio-economic welfare programmes run by the Government of India, ensuring comprehensive development.
- As evidence of its success, more than 51 lakh sanctions have been issued under these programs to date, directly contributing to the betterment of the families of beneficiary street vendors.
- The PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) Scheme was launched on June 1, 2020.
- This initiative is designed to assist urban street vendors with small, collateral-free loans up to ₹50,000.
- Incentives are given for regular loan repayments, which include a 7% interest subsidy.
- There are also cashback rewards up to ₹1,200 per annum for digital transactions.
- The scheme uses an Aadhaar-based e-KYC for identity verification, and all processes are managed via an IT platform.
- To keep applicants informed, updates on application status are sent through SMS.
- Various lending institutions, such as NBFCs/MFIs and DPAs, are involved in this scheme, all working together to reduce urban poverty in India.
Source: PIB
Conocarpus Trees
- In recent years, numerous Conocarpus trees (known locally as Saptaparni) have been planted in Gujarat. However, the civic bodies are now being compelled to remove them due to government orders prohibiting their cultivation. This decision comes as a result of concerns regarding the environmental and health risks associated with this species.
- Conocarpus is a plant that grows quickly and can survive in high temperatures.
- This plant doesn’t require fresh water streams but can grow using drainage and sewerage waters.
- It’s extensively planted in areas such as the Sabarmati Riverfront in Ahmedabad, Ram Van in Rajkot, and public gardens across districts in Gujarat.
- As part of the ‘mission million trees’ in Vadodara, 24,000 Conocarpus trees were planted in 2017-18.
- It’s recognised that Conocarpus contributes little to the ecosystem beyond aesthetics; it doesn’t house birds or enrich biodiversity.
- The government and environmentalists consider the plant harmful to the environment and human health.
- Conocarpus trees bloom in winter and spread pollen, which may cause colds, coughs, asthma, and allergies.
- They are evergreen, boasting dark green shiny leaves that are not edible for wild or domestic animals.
- The roots of Conocarpus extend deep into the soil, potentially damaging telecommunication lines, drainage networks, and freshwater systems.
Source: Down To Earth
New Malaria Vaccine Approved For Children
- The University of Oxford developed a new anti-malaria vaccine for children, which received approval from the World Health Organization (WHO) on October 2, 2023.
- This R21/Matrix-M vaccine is the second one to receive WHO’s recommendation. The body had earlier recommended the RTS,S/AS01 vaccine.
- Malaria poses a significant threat to children in Africa, causing nearly 500,000 deaths annually.
- The R21 vaccine is under review for prequalification by the WHO. Once approved, GAVI (Global Vaccine Alliance) and UNICEF can purchase it.
- Some African countries such as Burkina Faso, Ghana, and Nigeria will start using the vaccine in early 2024. By mid-2024, it will be available in other countries at a cost of $2 to $4 per dose.
- Two expert groups, the Strategic Advisory Group of Experts on Immunization (SAGE) and the Malaria Policy Advisory Group, suggested the vaccine’s approval to the WHO.
- The WHO also recommended a vaccine against dengue from Takeda Pharmaceuticals for children aged 6 to 16 living in areas with a high risk of infection. Dengue, like malaria, is a mosquito-borne disease.
Source: Down To Earth
New Proposal For Pension
- A committee led by the Finance Secretary is assessing a new proposal for the New Pension System (NPS) intended for government employees.
- Some states suggest a compromise: offer a lower, but guaranteed pension.
- These states seek a pension based on the minimum of a pay grade, not the last salary drawn – a practice followed under the Old Pension Scheme (OPS).
- Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have already switched back to the OPS from the NPS.
- Currently, the government contributes 14% under NPS, and the employee contributes 10% of their salary plus DA.
- Under the OPS, retired government employees receive defined benefits – a monthly pension equal to 50% of their final salary.
- The NPS, which applies to employees who joined service after January 2004, defines contributions, but benefits depend on the market.
- In March 2023, the Central government informed Parliament it’s not considering any proposal to restore OPS for its staff recruited after January 1, 2004.
Source: Indian Express
LFPR, UER, ER
- The Labour Force Participation Rate (LFPR) represents the portion of people aged 15 and older who are either employed or unemployed but are actively seeking work. It’s the percentage of this group in relation to the total working-age population.
- The Unemployment Rate (UER) is the ratio of individuals who are actively seeking employment but have not yet secured a job. It’s a percentage of the total labour force.
- In India, the UER often under-represents the real extent of joblessness. This is because the LFPR tends to decrease when unemployed individuals, who have been unsuccessful in their job search, become discouraged and stop looking for work. As they exit the labour force, the ratio of unemployed individuals to the total labour force reduces, lowering the UER.
- When the UER falls, it can be misleading. It doesn’t necessarily mean that more people are employed. Instead, it might be a result of more people giving up on their job search and thus exiting the labour force, reducing the LFPR.
- The Employment Rate (ER) provides a more accurate measure of employment status. ER represents the percentage of employed individuals within the working-age population. It is not affected by the LFPR, and therefore, it doesn’t present a skewed view of the unemployment rate when the LFPR decreases.
Source: Indian Express (Demand for jobs is falling, employment rate lower than in 2017: what data show, October 4)
Nagorno-Karabakh Standoff
- On September 20th, Azerbaijan asserted complete control over the disputed Nagorno-Karabakh region as local forces, primarily Armenians, consented to disarm and disband. Overnight, hundreds of Armenians from the area fled, apprehensive of potential ethnic cleansing by Azerbaijan.
- The region of Nagorno-Karabakh, predominantly inhabited by Armenians but also home to Azeris, is located within Azerbaijan’s recognised international borders.
- This region lies in the South Caucasus, a geographical area located between Eastern Europe and Western Asia, which includes present-day Armenia, Azerbaijan, and Georgia.
- The conflict between Azerbaijan and Armenia dates back to World War 1 when the Ottomans, collaborating with Azeris, targeted Armenians. This escalated into a full-scale war in 1920, incorporating Nagorno-Karabakh into the Azerbaijan Democratic Republic.
- When the Soviet Union was formed, both Armenia and Azerbaijan became member states, and Nagorno-Karabakh was recognized as an autonomous region within Azerbaijan.
- The dissolution of the Soviet Union in 1991 reignited the conflict, with Armenian forces declaring Nagorno-Karabakh as an independent region. The resulting war, which lasted until 1994, claimed around 30,000 lives.
- In 1994, a Russia-mediated ceasefire was agreed upon, but the international borders remained undefined. A brief war ensued in 2016, but it ended without a resolution.
Source: The Hindu (How has Nagorno-Karabakh standoff ended?, October 4)
2023 Physics Nobel Prize
The Royal Swedish Academy of Sciences has awarded the 2023 Physics Nobel Prize to Pierre Agostini, Ferenc Krausz and Anne L’Huillier. Read More.
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2023 Nobel Prize In Medicine
Katalin Karikó and Drew Weissman won the 2023 Nobel Prize in Medicine. Their research on mRNA vaccine development helped combat COVID-19.