Current Affairs Quiz - July, 2024

Notes:
Recently, officials reported a 6% Non Performing Assets (NPA) rate under the Emergency Credit Line Guarantee Scheme (ECLGS), launched by India in 2020 to aid businesses hit by Covid-19. The scheme, managed by the Ministry of Finance’s Department of Financial Services and National Credit Guarantee Trustee Company Ltd (NCGTC), provides 100% guaranteed coverage to lenders. Phases ECLGS 1.0 to 4.0 expanded its scope across sectors. Sanctions are based on borrower assessments, with no collateral or fees.

Notes:
Madhya Pradesh topped the ‘Best Performing State’ category in the Prime Minister SVANidhi scheme, aimed at supporting street vendors affected by COVID-19. Assam was second in the ‘Innovation and Best Practices Award’ category. In urban local bodies, Delhi’s Municipal Corporation led in loan performance, followed by Bengaluru and Ahmedabad. Kerala secured first place in the DAY-NULM SPARK category, with Uttar Pradesh and Rajasthan also recognized. The PM SVANidhi scheme provides affordable loans and promotes digital transactions.

Notes:
India aims to achieve $500 billion in electronics manufacturing by 2030, targeting $350 billion from finished goods and $150 billion from components. The NITI Aayog report, launched by Vice Chairman Suman Bery, analyzes the sector’s growth and challenges, highlighting a rise from $48 billion in 2017 to $101 billion in 2023, largely due to mobile phone manufacturing. The report outlines interventions needed for India to become a global electronics manufacturing hub.

Notes:
The Telangana government initiated the first phase of its farm loan waiver scheme, crediting Rs 6,098 crore to over 11 lakh farmers’ accounts. Farm loan waivers relieve farmers of debt repayment obligations, with the government assuming their outstanding loans by funding banks and financial institutions. This measure addresses challenges like disputed land ownership, depleting groundwater, poor soil quality, rising input costs, and low crop productivity.

Notes:
The Union Government plans to raise the upper limit of short-term crop loans under the Modified Interest Subvention Scheme (MISS) from Rs 3 lakh to Rs 5 lakh. Implemented from Kharif 2006-07, MISS offers subsidized short-term credit to farmers and is active from 2022-23 to 2024-25. Interest subvention is available to various banks, and the scheme is managed by NABARD and RBI. Eligible recipients include owner cultivators, tenant farmers, and SHGs.

Notes:
Dar es Salaam, Tanzania’s largest city and a key economic hub in East Africa, faces severe water shortages due to aging infrastructure, rapid urbanization, and inadequate government response. Located along the Indian Ocean, the city’s growing population and outdated water systems exacerbate the crisis, impacting residents’ daily lives and regional economic activities.

Notes:
The Gujarat government launched the Shramik Basera Scheme 2024 to provide temporary housing for financially unstable laborers. The scheme will establish 17 housing structures in Ahmedabad, Gandhinagar, Vadodara, and Rajkot. Laborers can stay for INR 5 per day. Aimed at improving the living standards of construction workers, the scheme will accommodate 15,000 workers and has a budget of INR 1500 crores.

Notes:
Jharkhand Chief Minister Hemant Soren announced village-level camps to enroll women in the ‘Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,’ providing Rs 1,000 per month to women aged 21-49. At a Sahibganj district event, he unveiled projects worth Rs 88 crore. The scheme, approved on June 28, will benefit 45 lakh women and cost the state Rs 5,500 crore annually, aiming to empower and make women self-reliant.

Notes:
Since 2010, India observes National Income Tax Day on July 24, commemorating the first imposition of income tax by Sir James Wilson in 1860. The day highlights the importance of timely tax payments for national development. The first observance marked the 150th anniversary in 2010. The Income Tax Act of 1922 established the framework for direct tax administration, later consolidated by the 1961 Act after Independence.

Notes:
For the fiscal year 2024-25, the Union Budget allocated a record ₹2.55 lakh crore to the Ministry of Railways, marking a 5.85% increase from the previous year’s ₹2.41 lakh crore. Despite this significant funding boost, the Economic Survey 2023-24 highlights limited progress on key safety initiatives, including the deployment of the automatic train protection system Kavach and the overhaul of signaling systems at railway stations.