Government Renames DIPP as Department for Promotion of Industry and Internal Trade
i. The Department of Industrial Policy and Promotion (DIPP) has been renamed as the Department for Promotion of Industry and Internal Trade with a mandate to deal with matters related to start-ups, facilitating ease of doing business among others.
ii. The newly-named department under the Ministry of Commerce and Industry will look into matters related to promotion of internal trade, including retail trade, welfare of traders and their employees, facilitating ease of doing business and start-ups.
Punjab Government Approves ‘Smart Village Campaign’ Worth Of Rs 385 Crores
i. The Punjab government approved a rural development scheme worth Rs 384.40 crore to supplement the ongoing works to build village infrastructure and provide essential amenities.
ii. Named ‘Smart Village Campaign’, the scheme would be financed with funds from the 14th Financial Commission and MGNREGA works. The SVC is aimed at improving the condition of rural areas by supplementing the ongoing government schemes for building infrastructure and providing essential amenities.
- Punjab CM: Capt. Amarinder Singh, Governor: VP Singh Badnore.
DAC Approves Indigenous Construction of 6 Submarines Worth Rs40000 cr
i. The Defence Acquisitions Council, DAC chaired by Defence Minister Nirmala Sitharaman approved indigenous construction of six submarines worth 40 thousand crore rupees. It is the second project under the Ministry’s ambitious strategic partnership model aiming to boost the government’s Make in India’ program.
ii. DAC has also approved the acquisition of about five thousand MILAN Anti Tank Guided Missiles for the Army.
2019 Announced As The International Year Of The Periodic Table
i. The United Nations announced 2019 as the International Year of the Periodic Table of the Chemical Elements to highlight its first publication in 1869. The periodic table was first designed by the Russian scientist Dmitri Ivanovich Mendeleev.
ii. The announcement by the United Nations will help to raise the profile of how chemistry can provide solutions to global challenges in agriculture, education, energy and health. This year marks the 150th anniversary of the first publication of the periodic table by Mendeleev.
Interim Budget 2019: Complete Highlights
i. Finance minister Piyush Goyal presented the Interim Budget for 2019-20 amid heightened expectations that he will announce an income support scheme for distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs.
Ujjivan Small Finance Bank Launches Kisan Suvidha Loan
i. ‘Kisan Suvidha loan’ for small and marginal farmers has been launched by Ujjivan Small Finance Bank. The scheme will attempt to reach the bottom of the pyramid with products and services.
ii. Kisan Suvidha loan can be used by farmers for both agriculture and allied activities. It provides loans to individuals with an amount ranging from Rs. 60000 to Rs. 2 Lakh to fulfill the customized needs of the mass market segment.
- Ujjivan Small Finance Bank Headquarters: Bengaluru, MD and CEO: Samith Ghosh.
Paytm Acquired Hotel Booking Platform, Night Stay
i. Paytm has launched hotel bookings on its platform and acquired Night Stay, which offers deals on last-minute bookings at luxury hotels, as the Alibaba-backed payments and e-commerce company expands its travel business.
ii. Paytm plans to invest Rs 500 crore in scaling up its travel operations and has partnered with more than 5,000 hotels across the budget, luxury and business segments.
3 Public Sector Banks Freed From PCA Framework
i. Bank of India, Bank of Maharashtra and Oriental Bank of Commerce have been allowed to exit the PCA framework fully. The three lenders were part of 11 government-owned banks put under the framework in 2017 and 2018.
ii. In December, the government had announced a capital infusion of Rs 10,000 crore for Bank of India, Rs 5,500 crore for Oriental Bank of Commerce and Rs 4,500 crore for Bank of Maharashtra, which helped the banks coming out of the framework.
Ranks and Reports
India’s Unemployment Rate Hit 4 Decade High Of 6.1% In 2017-18: NSSO
i. As per the National Sample Survey Office’s (NSSO’s) periodic labor force survey (PLFS) India’s unemployment rate hit a 45 year high of 6.1% in 2017-18. It is the first comprehensive survey on employment conducted by a government agency after demonetization.
ii. Unemployment is higher in urban areas which is 7.8% as compared to 5.3% in rural areas of the country. The unemployment rate is at its highest level as in 1972-73. The rate of jobless rural males rose to 17.4% from 5%and among rural jobless females, the rate became 13.6% from 4.8%.